Q4 2010 perkins us strategic value fund exp0411 citywire web

FOR INSTITUTIONAL INVESTOR USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Q4| 10

TABLE OF CONTENTS

Perkins Investment Management Overview

Perkins Investment Process

Perkins US Strategic Value Fund

Appendix

PERKINS US STRATEGIC VALUE FUND

Introduced by Janus Capital International Limited

PERKINS INVESTMENT MANAGEMENT OVERVIEW

3

WHY PERKINS?

• Singular approach to investing for 30 years

• Established and experienced investment team

• Disciplined valuation process measures downside risk before upside potential

• Co-managed portfolios designed to provide consistency of investment process over time

• Historical outperformance in down quarters with high participation in up quarters, on average

4

30-YEAR HISTORY OF MANAGING CLIENT ASSETS

Perkins Today (as of 31/12/10)

• $19.8 billion in total AUM

• Independent subsidiary of Janus Capital Group

– ~78% owned by Janus Capital Group

– Perkins Investment Management singular focus on value investing

– Janus Capital Group: Core business functions (global distribution and marketing; risk management and trading; operations;

human resources; legal)

1980 1985 20031998 2006 2008

Janus Capital

Group takes 30%

ownership stake

in Perkins

Perkins assumed

management of

Perkins US

Strategic Value

Fund

2010

Mid Cap Value

strategy launches

Large Cap Value

strategy launches

Perkins is

founded

Small Cap Value

strategy launchesJanus acquires

additional 50%

ownership stake

Launch of Perkins

Global Value

Fund

Launch of Perkins

Global Value

Fund

5

PERKINS INVESTMENT TEAM

Chief Executive Officer

Peter Q. Thompson

Chief Investment Officer

Jeff Kautz, CFA

Client Portfolio Managers

Valerie Newman, CFA

Ron Zia

Portfolio Managers

Bob Perkins

Tom Perkins

Jeff Kautz, CFA

Gregory Kolb, CFA

Todd Perkins

Kevin Preloger

Ted Thome, CFA

Justin Tugman, CFA

5

Energy &

Utilities

Consumer

StaplesHealthcare

Consumer

Discretionary

Financials Technology

IndustrialsMaterials

Transportation

Non-U.S.

Generalists

Portfolio Managers

Client Portfolio Managers

Investment Research

REITHomebuilder

Lodging

6

PERKINS INVESTMENT STRATEGIES

Primary Benchmark Strategy Inception Portfolio Managers Strategy AUM Available Vehicles

SMALL CAP VALUERussell 2000®

Value IndexJuly 1, 1988

Todd Perkins

Bob Perkins

Justin Tugman, CFA

$2.9 billion Separate Account

MID CAP VALUERussell Midcap®

Value IndexOctober 1, 1998

Tom Perkins

Jeff Kautz, CFA$13.5 billion

Separate Account

U.S. Mutual Fund

LARGE CAP VALUERussell 1000®

Value IndexOctober 1, 2006

Tom Perkins

Kevin Preloger$137.6 million

Separate Account

U.S. Mutual Fund

ALL CAP VALUERussell 3000®

Value IndexJanuary 1, 2010

Tom Perkins

Todd Perkins

Jeff Kautz, CFA

$1.2 billionSeparate Account

Offshore Mutual Fund

GLOBAL VALUE MSCI World Index July 1, 2001 Gregory Kolb, CFA $100.9 million

Separate Account

U.S. Mutual Fund

Offshore Mutual Fund

VALUE PLUS INCOMERussell 1000®

Value IndexJuly 30, 2010

Jeff Kautz, CFA

Ted Thome, CFA

Gibson Smith*

Darrell Watters*

$22.4 millionSeparate Account

U.S. Mutual Fund

As of 31 December 2011

*Gibson Smith and Darrell Watters, Janus Investment Management, manage the fixed income portion of Perkins Value Plus Income Portfolio.

PERKINS INVESTMENT PROCESS

8

THREE-STEP INVESTMENT PROCESS

There is no assurance that the investment process will consistently lead to successful investing.

9

INVESTMENT PHILOSOPHY

• We believe in the timeless adage of the power of compounding and in

doing so our focus is on mitigating losses in difficult markets.

• We invest in securities we believe to have favourable reward to risk ratios

by focusing first on rigorous downside analysis prior to determining upside

potential.

• We seek to outperform both our benchmark and peers over a full market

cycle by building diversified portfolios of what we believe to be financially

strong, undervalued stocks.

10

STEP 1: IDENTIFY AND QUALIFY OPPORTUNITIES

Analysts and portfolio managers identify what we believe to be undervalued companies

• Sector-specific screening

• Attractive relative and absolute valuation ratios (P/E, P/BV, P/CF)

• Stocks that have underperformed in the most recent 6-18 month period

Analysts determine what we believe to be high-quality companies

• Thorough fundamental analysis

• Strong balance sheets

– Low debt ratios

– Financial flexibility

• Solid recurring free cash flows

• Committed management/significant insider ownership

11

STEP 2: CALCULATE REWARD/RISK RATIO

Conservative downside price target

• Model top line contraction and margin

compression for earnings risk

• Compare stock valuations to previous trough or

recession levels

• Build in margin of safety

Conservative upside price target

• Normalise margins and earnings

• Compare stock valuations to previous normalised

(not peak) levels

• Emphasise mean reversion

Reward to risk ratio

at least 1.5 to 1.0

Reward

Risk

Analysts calculate reward to risk ratio

12

Portfolio managers make final investment decision

• Analysts write up recommendation and discuss with portfolio manager

• Tracker portfolios reflect real-time analyst conviction

Portfolio managers build diversified portfolios

• Initial positions 30-50 bps, build position gradually

• Maximum position size at firm of 4%

• Typically no more than 20% in any sector with exception of financials which is limited to 35%

1.5 : 1.0 Reward/Risk ratio

Initiate or add to existing position


Position on watch


Exiting position

LOW TRADE-OFF HIGH TRADE-OFF

Reward/risk ratio drives portfolio management decisions

STEP 3: INVESTMENT DECISION AND PORTFOLIO CONSTRUCTION

13

Risk management is inherent in the Perkins

investment process.

Investment risk management infrastructure is

designed to increase portfolio managers'

awareness of risk at the portfolio level,

including:• Identify stocks that have underperformed over a 6-18

month period and reflect low expectations

• Perform rigorous balance sheet analysis

• Stress test income statements and cash flows

• Set conservative price targets assuming mean

reverting multiples and margins

• Invest in attractive risk / reward relationships

• Build well diversified portfolios

• Start and exit positions slowly, in response to

changing risk/reward ratios

• Monitor intended active risk positions and offer ways to

manage them prudently

• Ensure bottom up approach does not create

unintended market cap, style tilt, or benchmark risks

• Provide performance attribution for portfolio managers

and analysts

• Monthly risk review between Janus’ senior risk

manager and Perkins' portfolio management team

INVESTMENT PROCESS RISK MANAGEMENT STRATEGIC / FIRM LEVEL RISK MANAGEMENT

Multiple levels of risk management combined with a disciplined investment approach,

helps Perkins manage overall investment risk.

SEEKING TO MINIMISE RISK AT MULTIPLE LEVELS

Any portfolio risk management process discussed includes an effort to monitor and manage risk which should not be confused with and does not imply low risk or the ability to control risk.

15


• The Perkins US Strategic Value Fund seeks to build a diversified portfolio of what we believe to be high

quality, undervalued US domiciled stocks with favourable reward to risk characteristics.

• Benchmark: Russell 3000 Value Index (primary), S&P 500 Index (secondary)

• Perkins management fund inception: 22/09/2003

• AUM: $1.3 billion*

• Market Capitalisation: No less than 10% in any of the market cap bands and no more than 50% in the

small cap band. The bands are defined as follows in USD:

Large >$10 billion

Mid $2 to 10 billion

Small <$2 billion

* As at 31 December 2010

16

HISTORICAL MARKET CAPITALISATION BREAKDOWN Perkins US Strategic Value Fund 31/12/10

--

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

100.00

Se

p-0

3

De

c-0

3

Ma

r-04

Ju

n-0

4

Se

p-0

4

De

c-0

4

Ma

r-05

Ju

n-0

5

Sep

-05

De

c-0

5

Ma

r-06

Ju

n-0

6

Se

p-0

6

De

c-0

6

Ma

r-07

Ju

n-0

7

Se

p-0

7

De

c-0

7

Ma

r-08

Ju

n-0

8

Sep

-08

De

c-0

8

Ma

r-09

Ju

n-0

9

Se

p-0

9

De

c-0

9

Ma

r-10

Jun

-10

Se

p-1

0

De

c-1

0

<2B

2-10B

>10B

Source: Janus Fund Accounting

% o

f e

qu

ity a

sse

ts

17

PERFORMANCE Perkins US Strategic Value Fund as of 31/12/10

Average Annual Total Returns (%)

Q4 2010

Year-to-

Date 1 Year 3 Years 5 Years 10 Years

Since

Inception

(30/11/00)

Since PM

Inception

(22/09/03)

Perkins US Strategic Value Fund (I$acc) 9.71 12.25 12.25 1.78 5.05 4.92 5.08 8.71

Russell 3000 Value Index 10.92 16.23 16.23 -3.91 1.45 3.63 4.14 5.74

S&P 500 Index 10.76 15.06 15.06 -2.86 2.29 1.41 1.45 4.98

Difference

(Return vs Russell 3000 Value Index)-1.21 -3.98 -3.98 +5.69 +3.60 +1.29 +0.94 +2.97

Difference

(Return vs S&P 500 Index)-1.05 -2.81 -2.81 +4.64 +2.76 +3.51 +3.63 +3.73


The results are presented net of fees and are annualised for periods of one year or longer.

Past performance cannot guarantee future results.

Your principal may be at risk during certain market periods.

On 22 September 2003 Perkins assumed management of Perkins US Strategic Value Fund

Since Inception I$acc: 30/11/00.

The index returns are provided to represent the investment environment existing during the time periods shown. For comparison purposes, the index is fully invested, which includes the reinvestment of dividends and capital

gains. The returns for the index do not include any transaction costs, management fees or other costs. Composition of each individual portfolio may differ from securities in the corresponding benchmark index. The index is

used as a performance benchmark only, as Janus does not attempt to replicate an index. Because Janus’ sector weightings are a residual of portfolio construction, significant differences between sector weightings in client

portfolios and the index are common.

Perkins US Strategic Value Fund was previously known as Janus US Strategic Value Fund. Name change effective 19/05/2009. The Fund's investment objective and management remains the same.

18

PERFORMANCE AND REWARD/RISK STATISTICS Perkins US Strategic Value Fund vs. benchmark 31/12/10

Perkins US Strategic Value Fund vs. S&P 500 Index

Since PM Inception Average Up and Down Monthly Returns

10/03 – 12/10

Reward and Risk Statistics (I-Share Class) 3-Year

Alpha 4.94

Information Ratio 0.92

Sharpe Ratio 0.05

Standard Deviation 20.66

Beta 0.84

R-Squared 0.94

Perkins US Strategic Value Fund vs. Russell 3000® Value Index

Since PM Inception Average Up and Down Monthly Returns

10/03 – 12/10


Up and down calendar months are determined by the returns of the index shown.

-3.66

3.07

-4.26

2.94

-6

0

6

Average Downmarket Return Average Upmarket Return

Ave

rag

e Q

ua

rte

rly R

etu

rn (%

)


S&P 500 Index

-3.54

3.12

-4.42

3.26

-6

0

6

Average Downmarket Return Average Upmarket ReturnAvera

ge Q

uart

erly R

etu

rn (

%)


Russell 3000® Value Index

19

PORTFOLIO SNAPSHOT Perkins US Strategic Value Fund 31/12/2010

TOP TEN HOLDINGS (10.96% of portfolio)

Perkins US Strategic Value

Value Fund (%)

State Street Corp. 1.50

URS Corp. 1.25

Allstate Corp. 1.13

Goldcorp Inc. 1.09

Vodafone Group PLC ADS 1.04

QEP Resources Inc. 1.03

Cisco Systems Inc. 0.99

Exxon Mobil Corp. 0.98

Kroger Co. 0.97

Discover Financial Services 0.97

.

Sector source: GICS. Holdings are subject to change without notice. Sector weights based upon ten Janus/ Perkins custom research sectors.

PORTFOLIO CHARACTERISTICS

Perkins US Strategic Value

Fund

Russell 3000®

Value Index

Number of Securities 165 1,965

Weighted Average Market Cap $31.8 B $63.3 B

Median Market Cap $6.4 B $932 M

Turnover Ratio (1-year trailing) 59.83% –

SECTOR BREAKDOWN

Perkins US Strategic

Value Fund (%)

Russell 3000®

Value Index (%)

Consumer Disc 7.33 7.92

Consumer Staples 6.93 9.30

Energy 14.12 12.15

Financials 22.39 28.40

Healthcare 16.06 11.91

Industrials 10.91 9.53

Information Tech 14.36 5.86

Materials 3.95 3.38

Telecomms 2.85 4.78

Utilities 1.11 6.78

APPENDIX

Janus Capital Group Overview

Perkins Assets Breakdown

Perkins Investment Team

Quarterly Performance

Disclosure

21

POWERFUL PROCESSES FROM THREE HIGHLY SPECIALISED MANAGERS

KEY BENEFITS:

• Each firm driven by a process

central to its investment

approach

• Broad choice of

complementary strategies

• Ability to align our strengths

with your needs

AUM data as of 31/12/10.

Janus Capital Group Inc. is a global asset manager offering individual investors and institutional clients complementary asset management disciplines. Janus Capital Management LLC, Perkins Investment Management LLC and

INTECH Investment Management LLC serve as investment advisers. Perkins and INTECH are indirect subsidiaries of Janus Capital Group Inc.

· Established: 1969

· AUM: $105.5B

Research-Driven Equity & Fixed Income

· Grounded in unconstrained, fundamental research

· Risk management overlay

· 40 years of experience

· Large, Mid and Small Cap Growth

· Global/International

· Fixed Income

· Core Blend

· Long/Short


· AUM: $44.1B

· Janus ownership: ~95%

Mathematical Equity

· Proprietary mathematical approach

· Risk-managed process

· Virtually no style drift


· Large Cap Growth

· Large Cap Value

· Large Cap Core

· Enhanced

· Global/International

· Long/Short


· AUM: $19.8B

· Janus ownership: ~78%

Value Equity

· Singular approach to value investing

· Disciplined valuation process

· Focus on downside analysis before upside potential


· Small Cap Value

· Mid Cap Value

· Large Cap

· All Cap Value

· Global Value

Janus Capital Group

Investment Manager Investment Approach Investment Strategies

22


Peter Q. Thompson, CEO

• Joined Perkins in 2009

• 16 years financial industry experience

• Providence College, B.A.; University of Chicago, M.B.A.

Jeff Kautz, CFA, CIO & Portfolio Manager

• Co-Portfolio Manager, Mid Cap Value, All Cap Value and Value

Plus Income



• University of Illinois, B.S.; University of Chicago, M.B.A.

Bob Perkins, Portfolio Manager

• Co-Portfolio Manager, Small Cap Value

• Founded Perkins in 1980


• Miami University, B.S.

Tom Perkins, Portfolio Manager

• Co-Portfolio Manager, Mid Cap Value, Large Cap Value and All

Cap Value



• Harvard College, B.A.

Todd Perkins, Portfolio Manager

• Co-Portfolio Manager, Small Cap Value and All Cap Value



• DePaul University, B.A.

Kevin Preloger, Portfolio Manager

• Co-Portfolio Manager, Large Cap Value



• Northwestern University, B.A.

Justin Tugman, CFA, Portfolio Manager

• Co-Portfolio Manager, Small Cap Value

• Energy/Utility Analyst



• University of Wyoming, B.S.; Tulane University, M.B.A.

Gregory Kolb, CFA, Portfolio Manager

• Portfolio Manager, Global Value

• Joined Perkins in 2010 (after 9 years at Janus)


• Miami University, B.S.

Valerie Newman, CFA, Client Portfolio Manager



• University of Miami, B.B.A.

Ron Zia, Client Portfolio Manager



• University of Illinois, B.S.; DePaul University, M.B.A.

23


Randy Hughes, Director of Research



• Southern Illinois University, B.S.; Governors State University,

M.B.A.

Ted Thome, CFA, Portfolio Manager

• Co-Portfolio Manager, Value Plus Income

• Health Care Analyst



• United States Military Academy at West Point, B.S.; University

of Chicago, M.B.A.

Tim Urquhart, Analyst

• Consumer Staples Analyst



• Harvard University, B.A.; Northwestern University, M.B.A.

Alec Perkins, Analyst

• REIT/Homebuilder/Lodging Analyst



• Middlebury College, B.A.; University of California, Berkeley,

M.B.A.; Stanford University, M.A.

Chris Leshock, Analyst

• Materials/Transportation Analyst



• Marquette University, B.S.; DePaul University, M.B.A.

Patrick Schott, Analyst

• Industrials Analyst



• University of Minnesota, B.S.; University of Chicago, M.B.A.

Craig Kempler, CFA, Analyst

• Technology Analyst



• Denison University, B.A.; Indiana University, M.B.A.

Tim Jenkins, CFA, Analyst

• Consumer Discretionary Analyst



• University of Missouri, B.S.; St. Louis University, M.B.A.

Tom Reynolds, Analyst

• Financials Analyst



• Dartmouth College, B.A.; University of Chicago, M.B.A.

Chris Kirtley, Analyst

• International Analyst



• University of North Carolina, B.A.

24

QUARTERLY AND ANNUAL PERFORMANCE SINCE INCEPTION Perkins US Strategic Value vs. Russell 3000® Value Index

Returns include reinvestment of dividends and capital gains. Past performance is no guarantee of future results. Please see standardized performance on page 14.

The Fund's since inception date is 8/12/98; therefore, a full quarter of data was not available for third quarter 1998.

Dates

Perkins US

Strategic

Value Fund

I$acc

Russell

3000 Value

Index S&P 500 Index

Excess Return

(Perkins US Strategic Value

Fund v/s Russell 3000 Value

Index)

Excess Return

(Perkins US Strategic

Value Fund v/s S&P 500

Index)2001-Q1 -4.22 -5.4 -11.86 1.18 7.64

2001-Q2 2.35 5.35 5.85 -3.00 -3.50

2001-Q3 -20.40 -11.12 -14.68 -9.28 -5.72

2001-Q4 14.70 8 10.69 6.70 4.01

2001 -10.49 -4.33 11.89 -6.16 -22.38

2002-Q1 5.91 4.49 0.27 1.42 5.64

2002-Q2 -13.65 -8.03 -13.4 -5.62 -0.25

2002-Q3 -16.29 -18.96 -17.28 2.67 0.99

2002-Q4 1.00 8.91 8.44 -7.91 -7.44

2002 -22.67 -15.18 -22.1 -7.49 -0.57

2003-Q1 -3.12 -4.88 -3.15 1.76 0.03

2003-Q2 17.40 17.65 15.39 -0.25 2.01

2003-Q3 8.59 2.47 2.65 6.12 5.94

2003-Q4 15.02 14.35 12.18 0.67 2.84

2003 42.07 31.14 28.68 10.93 13.39

2004-Q1 5.68 3.33 1.69 2.35 3.99

2004-Q2 2.45 0.88 1.72 1.57 0.73

2004-Q3 -1.29 1.42 -1.87 -2.71 0.58

2004-Q4 9.79 10.62 9.23 -0.83 0.56

2004 17.35 16.94 10.88 0.41 6.47

2005-Q1 0.00 -0.26 -2.15 0.26 2.15

2005-Q2 2.46 1.96 1.37 0.50 1.09

2005-Q3 4.56 3.81 3.6 0.75 0.96

2005-Q4 2.22 1.21 2.09 1.01 0.13

2005 9.52 6.85 4.91 2.67 4.61

2006-Q1 5.20 6.59 4.21 -1.39 0.99

2006-Q2 -1.25 0.28 -1.44 -1.53 0.19

2006-Q3 2.39 5.88 5.67 -3.49 -3.28

2006-Q4 7.80 8.1 6.7 -0.30 1.10

25

QUARTERLY AND ANNUAL PERFORMANCE SINCE INCEPTION Perkins US Strategic Value vs. Russell 3000® Value Index

Returns include reinvestment of dividends and capital gains. Past performance is no guarantee of future results. Please see standardized performance on page 14.

The Fund's since inception date is 8/12/98; therefore, a full quarter of data was not available for third quarter 1998. Perkins US Strategic Value Fund was previously known as Janus US Strategic Value Fund. Name change effective

19/05/2009. The Fund's investment objective and management remains the same. As of 30 September 2010 *Gibson Smith and Darrell Watters manage the fixed income portion of Perkins Value Plus Income Portfolio.

Dates

Perkins US

Strategic

Value Fund

I$acc

Russell

3000 Value

Index S&P 500 Index

Excess Return

(Perkins US Strategic Value

Fund v/s Russell 3000 Value

Index)

Excess Return

(Perkins US Strategic

Value Fund v/s S&P 500

Index)2006 14.66 22.34 15.8 -7.68 -1.14

2007-Q1 3.65 1.26 0.64 2.39 3.01

2007-Q2 5.61 4.69 6.28 0.92 -0.67

2007-Q3 -0.19 -0.75 2.03 0.56 -2.22

2007-Q4 -3.16 -5.91 -3.33 2.75 0.17

2007 5.82 -1.01 5.49 6.83 0.33

2008-Q1 -4.35 -8.55 -9.44 4.20 5.09

2008-Q2 0.67 -5.17 -2.73 5.84 3.40

2008-Q3 -6.18 -5.26 -8.37 -0.92 2.19

2008-Q4 -20.24 -22.41 -21.94 2.17 1.70

2008 -27.94 -36.25 -37 8.31 9.06

2009-Q1 -8.25 -17 -11.01 8.75 2.76

2009-Q2 16.92 16.81 15.93 0.11 0.99

2009-Q3 16.96 18.59 15.61 -1.63 1.35

2009-Q4 3.89 4.17 6.04 -0.28 -2.15

2009 30.35 19.76 26.46 10.59 3.89

2010-Q1 4.90 7.05 5.39 -2.15 -0.49

2010-Q2 -9.34 -11.09 -11.43 1.75 2.09

2010-Q3 7.59 10.00 11.29 -2.41 -3.70

2010 12.25 16.23 15.06 -3.97 -2.81

26

DISCLAIMERS

Issued by Janus Capital International Limited, authorised and regulated by the Financial Services Authority.

This document does not constitute investment advice or an offer to sell, buy or a recommendation for securities, other than pursuant to an agreement in compliance with applicable laws, rules and

regulations. Janus Capital Group and its subsidiaries are not responsible for any unlawful distribution of this document to any third parties, in whole or in part, or for information reconstructed from this

presentation and do not guarantee that the information supplied is accurate, complete, or timely, or make any warranties with regards to the results obtained from its use. As with all investments, there are

inherent risks that each individual should address.

The distribution of this document or the information contained in it may be restricted by law and may not be used in any jurisdiction or any circumstances in which its use would be unlawful. Should the

intermediary wish to pass on this document or the information contained in it to any third party, it is the responsibility of the intermediary to investigate the extent to which this is permissible under relevant

law, and to comply with all such law. Janus is not responsible for any unlawful distribution of this document to any third parties.

Past performance is not a guarantee of future results. There is no assurance that the investment process will consistently lead to successful investing.

Sector weightings, portfolio characteristics, market cap weightings and holdings are based on the fund. Such data may vary for each fund in the strategy due to asset size, market conditions, client

guidelines and diversity of portfolio holdings. Portfolio holdings are subject to change without notice.

Perkins Investment Management LLC will act as sub-adviser to Janus Capital International Limited. This information does not constitute or form part of an offer to provide discretionary or non-discretionary

investment management of advisory services, other than pursuant to an agreement in compliance with applicable laws, rules and regulations.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

An S&P Fund Management Rating represents an opinion only and should not be relied on when making an investment decision. Reproduction or distribution of S&P’s trade names or logos in any form is

prohibited except with the prior written permission of S&P. Visit funds.standardandpoors.com for full terms and conditions. Copyright 2010 © Standard & Poor’s, a division of The McGraw-Hill Companies,

Limited.

The gross performance results presented do not reflect the deduction of investment advisory fees, and returns will be reduced by such advisory fees, and other contractual expenses as described in the

individual contract and Form ADV Part II. Net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite but they do reflect the

deduction of model investment advisory fees based on the maximum fixed fee rate in effect for the respective time period. Actual advisory fees may vary among clients invested in the strategy shown and

may be higher or lower than model advisory fees. Composites may include accounts with performance-based fees. Returns for each client will be reduced by such fees and expenses as negotiated in any

client contract as discussed in Form ADV Part II. No account has been taken for taxation as the impact of taxation depends upon individual circumstances. To obtain a complete list and description of

composites and/or a presentation prepared in compliance with the GIPS standards, please contact [email protected] Janus Capital Funds Plc is a UCITS established under Irish law, with segregated

liability between funds. Investors are warned that they should only make their investments based on the most recent Prospectus which contains information about fees, expenses and risks, which is

available from all distributors and paying agents, it should be read carefully. An investment in the fund may not be suitable for all investors and is not available to all investors in all jurisdictions; it is not

available to US persons. Past performance is no guarantee of future results. The rate of return may vary and the principal value of an investment will fluctuate due to market and foreign exchange

movements. Shares, if redeemed, may be worth more or less than their original cost.

This is not a solicitation for the sale of shares and nothing herein is intended to amount to investment advice.

Portfolio holdings are subject to change without notice. The portfolio holdings presented represent securities held as of the period indicated and may not be representative of current or future investments.

No assumption should be made that the securities identified as being profitable will continue to be profitable. This material is provided for illustrative purposes only and should not be construed as an offer

to sell, or the solicitation of offers to buy, or a recommendation for any security.

Janus Capital Funds Plc is a UCITS established under Irish law, with segregated liability between funds. Investors are warned that they should only make their investments based on the most recent

Prospectus which contains information about fees, expenses and risks, which is available from all distributors and paying agents, it should be read carefully. An investment in the fund may not be suitable

for all investors and is not available to all investors in all jurisdictions; it is not available to US persons. Past performance is no guarantee of future results. The rate of return may vary and the principal

value of an investment will fluctuate due to market and foreign exchange movements. Shares, if redeemed, may be worth more or less than their original cost. This is not a solicitation for the sale of shares

and nothing herein is intended to amount to investment advice.

or authorised persons only.

For Institutional use Only. FRC-0111(43)0411 EM Inst

mailto:[email protected]

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