Key Takeaways

• While the drivers of performance have changed compared to last year, the Trust’s diversification via the ‘bucket’ or ‘sleeve’ system has enabled it to perform well in the first half of 2021.
• The domestic economy is recovering faster than expected – providing a positive backdrop for businesses within the Large companies, Recovery, and Natural Resources
• Setting a 20% upper limit on the Recovery bucket cushions the portfolio against potentially structurally declining industries.

References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the security. Janus Henderson Investors, one of its affiliated advisor, or its employees, may have a position mentioned in the securities mentioned in the report.