Objective The Fund aims to provide capital growth over the long term. Performance target: To outperform the FTSEWorld Europe Index, after the deduction of charges, over any 5 year period. Investment policy The Fund invests at least 75% of its assets in a concentrated portfolio of shares (equities) and equity-related securities of companies, of any size, in any industry, in theEEA(andUKif not part of the EEA). Companies will have their registered office in the EEA or the United Kingdom if not part of the EEA. The Fund may also invest in other assets including cash and money market instruments. The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently. The Fund is actively managed with reference to the FTSEWorld Europe Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund's performance target and the level above which performance fees may be charged (if applicable). The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index, but at times the Fund may hold investments similar to the index. Strategy The investment manager looks to invest in good quality large ormid-sized European companies capable of delivering a sustainable or improving return on capital over the long term, with some tactical exposure to companies benefiting from a short-term market or stock-specific catalyst. The Fund utilises a proprietary and adaptive screening tool based on fundamental research to deliver a comparable thesis for every stock under consideration, to help foster greater consistency and conviction in analysis and decision making. Smaller companies are not normally a significant focus of the portfolio. Distribution policy This share class accumulates incomewhich is retained within the price of the share class. Recommendation This Fund may not be appropriate for investors who plan to withdraw their money within the short term. The Fund is designed to be used only as one component of several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. You can buy, sell or switch shares in the Fund on any business day, as defined in the Fund Prospectus. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.janushenderson.com.