European video outlook: investor positioning will matter in 2019Robert Schramm-Fuchs: Asset TVs Europe Maste…Beyond the metrics: which active techniques a…John Bennett: is the tide turning for Europe?John Bennett: European banks and value opport…John Bennett 2017 outlook: why the value sh…John Bennett: my approach to European long/sh…John Bennett update: the importance of self-…The Fund aims to provide an absolute (more than zero) return, typically over a 12-month period. An absolute return performance is not guaranteed over this specific, or any other, time period and particularly over the short term the Fund may experience periods of negative returns. Consequently your capital is in fact at risk. The Fund invests primarily in shares or derivatives of shares of companies with their registered office in or which do most of their business (directly or through subsidiaries) in Europe (including UK). The Fund takes long positions on shares it believes are promising (meaning that the Fund will gain to the extent these share prices may rise) and takes short positions in shares it believes are likely to decline in price (meaning the Fund will gain to the extent these share prices fall). At any time, all or a substantial proportion of the assets may consist of cash and near cash securities. The Fund makes extensive use of investment techniques, particularly those that involve derivatives, to obtain both its long and short investment exposure.

The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.

Potential investors must read the prospectus, and where relevant, the key investor information document before investing.

This website is for financial promotion purposes and is not investment advice.

Please note:the fund may invest up to 20% in shares or derivatives of shares of companies outside Europe.

This website is for financial promotion purposes and is not investment advice.

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.

Past performance is not a guide to future performance. Performance is shown on a Net Asset Value (NAV) basis with net income reinvested where applicable.

© Morningstar 2018. All rights reserved. NAV-NAV, net income reinvested where applicable.

Source: Morningstar, based on market prices at close on the date shown. We are not responsible for the accuracy or completeness of the information supplied by Morningstar. We take care to ensure that the information provided by Morningstar is correct but we neither warrant, represent nor guarantee the contents of the information, nor do we accept any responsibility for errors, inaccuracies, omissions or any inconsistencies therein. Prices may be subject to change, errors and omissions excepted.

© Morningstar 2019. All rights reserved. NAV-NAV, net income reinvested where applicable.

Source: Morningstar, based on market prices at close on the date shown. We are not responsible for the accuracy or completeness of the information supplied by Morningstar. We take care to ensure that the information provided by Morningstar is correct but we neither warrant, represent nor guarantee the contents of the information, nor do we accept any responsibility for errors, inaccuracies, omissions or any inconsistencies therein. Prices may be subject to change, errors and omissions excepted.

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

Certain classes within a fund may be able to charge a performance related management fee, which becomes payable when that class outperforms its performance fee benchmark and previous high watermark (where applicable).An indication of the historic performance fee payable can be found in the relevant KIID.

The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.

Past performance is not a guide to future performance.

You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or the Funds in which you have invested.

Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.

This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this fund.

The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.

If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.

The Fund may use derivatives towards the aim of achieving its investment objective. This can result in leverage, which can magnify an investment outcome and gains or losses to the Fund may be greater than the cost of the derivative. Derivatives also introduce other risks, in particular, that a derivative counterparty may not meet its contractual obligations.

Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.

If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless hedged), the value of your investment may be impacted by changes in exchange rates.

If the Fund or a specific share class of the Fund seeks to reduce risks (such as exchange rate movements), the measures designed to do so may be ineffective, unavailable or detrimental.

Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.

Funds 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 and Stamp Duty. View theportfolio transaction costsacross the Henderson UK Fund range.

This website is intended solely for the use of professionals, defined as Eligible Counterparties or Professional Clients, and is not for general public distribution. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

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Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Capital International Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355), Henderson Investment Funds Limited (reg. no. 2678531), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Henderson Management S.A. (reg no. B22848 at 2 Rue de Bitbourg, L-1273, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

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