JANUS HENDERSON UK PROPERTY A (PAIF)

Investment Process

The fund manager's strategy is to focus predominantly on prime (as opposed to secondary) bricks and mortar property assets. The portfolio managers apply research over the long and the short term, to identify those property sectors where outperformance is expected and where they feel they can best add value. Once purchased, properties are actively managed by a dedicated team of experienced investment professionals. Opportunities to add value include legal and physical improvements e.g. improving lease structures, diversifying tenant mix, refurbishments and amending planning consents. The team uses a four stage approach; Strategy, Target, Analyse and Return (“Star”). Strategy: identify an attractive overall opportunity; find the best way to access that opportunity; estimate its risk/return profile. Target: top-down macro analysis to select target markets. Analyse: build a live portfolio. Return: ongoing monitoring of investments. The investment process is agnostic of market conditions and is intended to be stable and robust through rising and falling value cycles, to which the UK property market is prone.