Objective The Fund aims to provide a return, from a combination of capital growth and income over the long term (5 years or more). Investment policy The Fund invests at least two-thirds of its assets in shares (equities) and equity-related securities of smaller companies, in any industry, in Europe (including UK). Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may also invest in other assets including companies of any size, in any region, 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 activelymanaged with reference to theEMIXSmallerEuropean Companies Index, which is broadly representative of the companies in which itmayinvest, as this can provide a useful comparator for assessing the Fund's performance.The investmentmanager 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 focuses on meetings and calls with company management, along with the use of quantitative filters, to identify potential companies for investment. Emphasis is placed on the robustness of a company’s business model, an analysis of what drives the business, what its competitive advantage is, and the sustainability of returns. The Fund maintains a well-diversified portfolio of smaller companies but will also hold some companies regarded as medium sized. The liquidity of the company (the degree to which shares can be quickly bought or sold in the market at a price reflecting its intrinsic value) is important in determining whether to invest and the size of the holding for the Fund. 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 5 years. 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 dealing day, as defined in the Company's Prospectus. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.janushenderson.com.