Fund charges

Charges

The following sections explain the purpose of the charges disclosed within the Key Information Document (KID).

One-off charges taken before or after you invest - These are typically charged only in limited specific circumstances.

Entry charge

This is the maximum that might be taken out of your investment before the deal is placed in your specified fund(s).

For example, if you invest £1,000 into the A Share Class of a Fund, an entry charge of 5% means that £950 will be used to purchase shares in the fund.

Historically, the entry charge would cover the costs of setting up your investment, and may also cover payments to your financial adviser or any other firm through which you may invest. Today, it is sometimes used to discourage investment in a fund that has reached a certain size.

All entry charges can be found on the Key Information Document (KID).

Exit charge

Whilst Janus Henderson does not charge an exit charge by default, we may make a charge where the Manager suspects excessive trading by an investor (and specifically on subscriptions held for less than 90 days). The charge will be taken from your investment once your shares/units are sold.

Charges taken from the fund over the course of a year

Ongoing charges

The ongoing charge figure (OCF) is expressed as a percentage amount paid from the fund. The charge covers all aspects of operating the fund during the funds financial year. The ongoing charge includes fees paid for managing the fund, otherwise known as the annual management charge, all administration and oversight functions, which includes Trustee/Depositary, Custody, legal and audit fees. For funds that are registered for sale outside of the UK, the fee also includes registration costs.

Where a fund invests a substantial amount of its assets in other funds, the ongoing charge figure includes the impact of the charges made in those other funds.

Broker commissions, transfer taxes, stamp duty and a fund’s performance fee (where applicable) do not form part of the ongoing charge calculation.

All ongoing charges can be found in the KID and the fund fact sheets.

Charges taken from the fund under certain specific conditions

Performance Fees

Certain funds may be entitled to a performance related management fee, which becomes payable when the funds outperform their performance fee benchmark and high watermark (where applicable).

The latest performance fees payable can be found in the relevant fund’s KID.

Further information on how the performance fee is calculated can be found in the relevant Prospectus. For a free copy please contact Janus Henderson Investors at PO Box 9023, Chelmsford CM99 2WB or by calling our Investor Services team on 0800 832 832.

	Example Fund 1	Example Fund 2
Sum Invested (€)	€20,000	€20,000
Entry Charge	0.00%	5% (€1,000)
Ongoing Charge	0.3% (€60)	0.5% (€100)
Transaction Costs	0.06% (€12)	0.12% (€24)
Total Costs	€72	€1,124
Final Balance	€19,928	€18,876

Please note the above table is for illustrative purposes only. The period considered is 12 months and assumes the amount invested stayed the same. Past performance does not predict future returns. The value of an investment may rise as well as fall and you may not get back the amount originally invested.

	Esempio Fondo 1	Esempio Fondo 2
Somma investita (£)	20.000 £	20.000 £
Commissione di sottoscrizione	0,00%	5% (1.000 £)
Spese correnti	0,3% (60 £)	0,5% (100 £)
Costi di transazione	0,06% (12 £)	0,12% (24 £)
Costi totali	72 £	1.124 £
Bilancio finale	19.928 £	18.876 £

Nota: la suddetta tabella è solo a scopo illustrativo. Il periodo preso in considerazione è di 12 mesi e presuppone che l’importo investito resti invariato. La performance passata non è indicativa dei risultati futuri. Il valore di un investimento può diminuire oltre che aumentare e l'investitore potrebbe non recuperare l’importo inizialmente investito.

Pricing Policies

UK domiciled funds fit into three different types of methodology for pricing the portfolio.

Dual priced
Single swinging
Single priced with dilution levy

Janus Henderson only operates single swinging priced funds.

Single swinging priced funds

For each fund investors buy and sell shares or units at a single price which is approximately the midpoint between the funds' buying ("offer") and selling ("bid") prices. This use of a single price means that when buying shares or units you, as the investor, potentially pay a lower price than the fund itself would pay to buy the underlying investments in the fund. Equally, when you sell shares or units the price you receive will potentially be higher. Over time, the effect of this mis-match between prices, coupled with various dealing charges, taxes and commissions is to slightly reduce the value of the funds for continuing investors. This is called 'dilution'. In certain circumstances, a dilution adjustment may be applied to ensure fair treatment between investors joining, leaving or remaining in a fund. The price of the shares or units of a fund may be adjusted to protect its value from being reduced in the case of large scale movements into or out of that fund. Further details can be found in the full Prospectuses, under 'Dilution'.

Funds also incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission.

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