INTERIM REPORT & ACCOUNTS For the six months ended 30 November 2020
Janus Henderson UK Property PAIF Janus Henderson UK Property PAIF A
Who are Janus Henderson Investors?
Global Strength
15% 13%
£277.1B 55% 46% 30% 41%
Assets under Over 346 More than 2,000 27 Over 4,300 management Investment professionals employees Offi ces worldwide companies met by investment teams in 2019 North America EMEA & LatAm Asia Pacifi c
Source: Janus Henderson Investors. Staff and assets under management (AUM) data as at 30 September 2020. AUM data excludes exchange-traded note (ETN) assets.
Who we are The notion of “connecting” is powerful – it has shaped our evolution and our world today. At Janus Henderson Investors (Janus Henderson), we seek to benefi t clients through the connections we make.
Connections enable strong relationships with clients based on trust and insight as well as the fl ow of ideas among our investment teams and our engagement with companies, all of which allow us to make a positive diff erence. These connections are central to our values as a fi rm, to what active management stands for and to the outperformance we seek to deliver.
Our commitment to active management off ers clients the opportunity to outperform passive strategies over the course of market cycles. Through times of both market calm and growing uncertainty, our managers apply their experience weighing risk versus reward potential – seeking to ensure clients are on the right side of change.
Why Janus Henderson Investors? At Janus Henderson, we believe in linking our world-class investment teams and experienced global distribution professionals with our clients around the world.
Active because active matters We selectively invest in what we believe are the most compelling opportunities. Our investment teams are free to form their own views and seek to actively position portfolios to connect clients with their fi nancial goals.
Global strength to deliver local solutions We off er true global reach with a presence in all major markets, combined with the responsiveness, tailored solutions and personal touch you would expect from a local partner.
Empowering clients through knowledge shared We connect our clients with insights and knowledge that empower them to make better investment and business decisions. Contents
Authorised Corporate Director’s (ACD) report* Page 1
Authorised status* Page 1
Comparative tables Page 9
Real estate expense ratio and ongoing charge fi gure Page 17
Risk and reward profi le* Page 19
Portfolio statement* Page 20
Financial statements
Consolidated statement of total return Page 23
Consolidated statement of change in net assets attributable to shareholders Page 23
Consolidated balance sheet Page 24
Director’s statement Page 24
Company statement of total return Page 25
Company statement of change in net assets attributable to shareholders Page 25
Company balance sheet Page 26
Director’s statement Page 26
Consolidated and company statement of cash fl ows Page 27
Notes to the fi nancial statements Page 28
Distribution tables Page 29
Further information Page 37
* These collectively comprise the Authorised Corporate Director’s Report Authorised Corporate Director’s (ACD) report for the six months ended 30 November 2020
We are pleased to present the Interim Report and Accounts for the Janus Henderson UK Property PAIF (the ‘company’) and its subsidiaries (together, the ‘group’) for the six months ended 30 November 2020.
Authorised status The company is a stand alone open-ended investment company (OEIC) with variable capital authorised by the Financial Conduct Authority (FCA) on 10 April 2014, and has registered number IC000995. It is a non-Undertakings for Collective Investment in Transferable Securities (non-UCITS) retail scheme complying with chapter 5 of the Collective Investment Schemes Sourcebook (COLL). On 27 May 2016 the company adopted Property Authorised Investment Fund status as defi ned in Part 4A of the Tax Regulations and the Glossary to the FCA Handbook.
Shareholders are not liable for the debts of the company. Shareholders are not liable to make any further payment after they have paid the price on the purchase of shares.
The company qualifi es as an alternative investment fund (AIF) in accordance with the directive 2011/61/EU, the Alternative Investment Fund Managers Directive (AIFMD) of the European Parliament as amended from time to time.
Statement of Authorised Corporate Director’s (ACD) responsibilities The FCA’s COLL requires the ACD to prepare fi nancial statements for each annual accounting year and interim accounting period, which give a true and fair view, in accordance with the Statement of Recommended Practice (SORP) for Authorised Funds issued by the Investment Management Association (IMA) in May 2014, United Kingdom Generally Accepted Accounting Practice (UK GAAP) (United Kingdom Accounting Standards, comprising the Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland), of the fi nancial aff airs of the Company and its revenue/expenditure for the period. The ACD is responsible for the management of the Company in accordance with its Instrument of Incorporation, Prospectus and the OEIC Regulations. The ACD is also responsible for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Brexit update With eff ect from 1 January 2021, UK domiciled investment funds that had previously operated under the UCITS regulations will cease to be classed as UCITS and will instead become ‘UK UCITS’. From the same date, UK domiciled non-UCITS Retail Schemes (NURS) will cease to be classed as EU AIFs and instead will be classed as third country AIFs. The way in which the funds are managed will not be impacted by this change.
Value assessment The board of Henderson Investment Funds Limited (HIFL) present the value assessment report for the period to 31 December 2019, made available on our website www.janushenderson.com. Access by this link (https://www.janushenderson.com/en-gb/adviser/notice/ value-assessment-report).
Over the period 2015 to 2019, the UK’s fi nancial services regulator, the FCA, carried out a study of the asset management industry to understand how asset managers compete to deliver value to investors. The fi ndings of this study have given rise to a range fo FCA initiatives, one being for the Board of the ACD (the body responsible for an investment fund) in the UK to perform detailed assessments of whether funds are providing value to investors, and publish an annual statement summarising the outcome of this process, known as the value assessment.
The value assessment considers a minimum of seven criteria set by the FCA; while investment performance and quality of service are clearly important factors, costs and charges paid by investors are also key considerations. At Janus Henderson, ensuring value is delivered to investors has always been central to our process and therefore the value assessment is an extension to the existing ongoing monitoring processes that provide oversight of how the funds are managed on your behalf.
The report contains an overview of the process that Janus Henderson undertook to perform this assessment along with the conclusions.
Janus Henderson UK Property PAIF 1 Authorised Corporate Director’s (ACD) report (continued)
COVID-19 The outbreak of the novel coronavirus (‘COVID-19’) and subsequent global pandemic has impacted the global fi nancial markets and economies during the period to 30 November 2020.
New variants of coronavirus are rapidly emerging around the world. These new strains are proving more infectious than the original strain which began the pandemic. As the northern hemisphere has moved into winter, coronavirus rates have been rising in parts of Europe and the USA. The impact of COVID-19 and infl uenza has put the pressure on hospitals and other healthcare facilities. In response to the threat presented by the second wave, European countries and many US states have instituted population lockdowns that involve varying restrictions on movement, meeting people, work, schooling, shopping, hospitality and entertainment.
Vaccines are the most eff ective way to prevent infections, and in the UK and around the world mass vaccination programmes have started to counter the threat of the second wave.
The worldwide spread of COVID-19 has created signifi cant uncertainty in the global economy. The impact of COVID-19 during the eriodp has been taken into account in the recognition and measurement of the fund’s primary statements at 30 November 2020.
Returns from UK commercial property are predominantly derived from rental income, typically paid on a quarterly basis by the tenant that occupies the property. During the COVID-19 lockdown many businesses were forced to shut. This has aff ected the ability of some businesses to pay rent, notably within the leisure and retail sectors, and may also put downward pressure on the capital values of properties with distressed tenants. A reduction in rental receipts will, over the course of this year and possibly beyond, impact the level of income distributions that UK commercial property funds can make to investors.
We are working with all our tenants and off ered to move to monthly rents and rent deferrals to assist their cashfl ow. We believe it is important to support tenants through this challenging time rather than risk vacant properties when the crisis is over.
2 Janus Henderson UK Property PAIF Authorised Corporate Director’s (ACD) report (continued)
Service providers
Name Address Regulator Authorised Corporate Henderson Investment Funds Registered Offi ce: Authorised and regulated by Director (ACD) and Limited 201 Bishopsgate the Financial Conduct Authority Alternative Investment Fund Member of the Investment London Manager (AIFM) Association (IA) EC2M 3AE Registered in England The ultimate holding company is No 2678531 Janus Henderson Group plc. Dealing - 0845 608 8703 Enquiries - 0800 832 832
Directors of the Authorised R Chaudhuri Corporate Director (ACD) A Crooke G Foggin G Fogo S Hillenbrand H J de Sausmarez P Shea* F Smith* *Independent
Investment Manager Henderson Global Investors 201 Bishopsgate Authorised and regulated by Limited London the Financial Conduct Authority The ultimate holding company is EC2M 3AE Janus Henderson Group plc.
Sub-Investment Manager Nuveen Real Estate 201 Bishopsgate Authorised and regulated by Management Limited London the Financial Conduct Authority EC2M 3AE
Shareholder Administrator SS&C Financial Services SS&C House Authorised and regulated by International Limited and St Nicholas Lane the Financial Conduct Authority SS&C Financial Services Basildon Europe Limited Essex SS15 5FS
Depositary NatWest Trustee and 250 Bishopsgate Authorised and regulated by the Depositary Services Limited London Prudential Regulation Authority The ultimate holding company EC2M 4AA and regulated by the Financial is the Royal Bank of Scotland Conduct Authority Group plc
Independent Auditors PricewaterhouseCoopers 141 Bothwell Street Institute of Chartered LLP Glasgow Accountants in England and G2 7EQ Wales
Legal Advisers Eversheds Sutherland One Wood Street The Law Society (International) LLP London EC2V 7WS
Independent Valuer CB Richard Ellis Limited Kingsley House Royal Institution of Chartered Wimpole Street Surveyors (RICS) London W1G 0RE
Property Managers Lambert Smith Hampton UK House Group Limited 180 Oxford Street London W1D 1NN
Realm Ltd The Farmhouse Farm Road Street Somerset BA16 0FB
Janus Henderson UK Property PAIF 3 Authorised Corporate Director’s (ACD) report (continued)
Investment Fund Managers Marcus Langlands Pearse and Ainslie McLennan, Nuveen Real Estate Management Limited.
Investment objective and policy The company aims to achieve a high income together with some growth of both income and capital. The company will be a Property Authorised Investment Fund (PAIF) for tax purposes at all times.
The company invests at least 60% of its assets in UK commercial real estate and in shares and bonds of UK companies in the real estate industry.
The company is actively managed with reference to the IA UK Direct Property Sector average, which is based on a peer group of broadly similar funds, as this can provide a useful comparator for assessing the company’s performance.
Performance summary Cumulative performance Six months One year Three years Five years Since inception 31 May 20 - 30 Nov 19 - 30 Nov 17 - 30 Nov 15 - 29 Aug 14 - 30 Nov 20 30 Nov 20 30 Nov 20 30 Nov 20 30 Nov 20 %%%%% Class I accumulation (Net) 0.3 (2.2) 6.3 9.8 156.6 IA UK Direct Property Sector1 (0.9) (3.8) (0.7) 4.2 -2
Discrete performance 30 Nov 19 - 30 Nov 18 - 30 Nov 17 - 30 Nov 16 - 30 Nov 15 - 30 Nov 20 30 Nov 19 30 Nov 18 30 Nov 17 30 Nov 163 %%%%% Class I accumulation (Net) (2.2) 2.7 5.9 7.6 (4.0) IA UK Direct Property Sector1 (3.8) (1.5) 4.9 7.3 (2.3)
Source: Morningstar Class I accumulation (Net), bid to bid, net of fees and net income reinvested as at 12 noon valuation point.
Benchmark values are as at close of business.
Class I accumulation is disclosed as it is the representative share class.
Benchmark usage Peer group: IA UK Direct Property Sector Peer group usage: Comparator Peer group description: The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The fund’s ranking within the sector (as calculated by a number of data providers) provides a useful performance comparison against other funds with similar aims.
Please remember that past performance is not a guide to future performance. The value of an investment and the revenue from it can fall as well as rise as a result of market and currency fl uctuations and you may not get back the amount originally invested.
1 The IA UK Direct Property Sector is used from 31/10/2018. Prior to this it was made up of the IA OE Property. 2 Benchmark return is not quoted as the company inception date is earlier than the benchmark inception date. 3 The company converted to a PAIF on 27 May 2016
4 Janus Henderson UK Property PAIF Authorised Corporate Director’s (ACD) report (continued)
Special Purpose Vehicles (SPV) Status During the period ended 30 November 2020, the company held investments in a number of Special Purpose Vehicles (SPV); these SPVs are corporate structures whose objective was to buy and hold real estate investment properties. The position and current status of the SPV’s held by Janus Henderson UK Property PAIF as at 30 November 2020 are as below:
SPVs included in consolidation These SPVs have been purchased with the intention of protecting the lease position and not transferring the properties to become direct holdings of the company. These SPVs are included within the subsidiary undertakings in the consolidated fi nancial statements.
The Square Bermondsey Limited The SPV was acquired in February 2015 and is directly held by the company. The SPV is held in its capacity as a freeholder of the block of units split between residential fl ats, retail and offi ce units. Bermondsey Square was an asset purchased and the freehold lease was granted to the SPV as part of the acquisition of the property. In order to protect its position the SPV will not be liquidated.
Gilesgate Durham Limited The SPV was acquired in July 2015 and is directly held by the company. The SPV was set up to hold a long lease in a student accommodation development in Durham. The property is owned by the company. In order to protect its position the SPV will not be liquidated.
The following three SPVs have been purchased with the intention of transferring the properties out of the corporate structures into the Janus Henderson UK Property PAIF and liquidating the remaining SPVs. As the properties have yet to be transferred, these SPVs are included within subsidiary undertakings in the consolidated fi nancial statements.
Click Corby s.a.r.l. The asset was acquired in December 2015 and is directly held by the company. The liquidation of the SPV is expected to commence shortly after company’s reporting date, during which the property asset will be transferred to the company.
Click Cabot Park s.a.r.l The asset was acquired in December 2015 and is directly held by the company. The liquidation of the SPV is expected to commence shortly after company’s reporting date, during which the property asset will be transferred to the company.
Double Click Crewe s.a.r.l. The asset was acquired in December 2015 and is directly held by the company. The liquidation of the SPV is expected to commence shortly after company’s reporting date, during which the property asset will be transferred to the company.
The company does not accrue daily income for the properties held within an SPV structure and revenue is recognised on the declaration of a dividend only. When the SPV is dissolved all the net assets of the SPV are treated as capital in the net asset value of the company.
When the property is transferred out of the SPV, the rental income will accrue on a daily basis, impacting income, as with all other properties.
SPVs excluded from the consolidation The following SPVs have been excluded from the consolidation as the properties/leases have been transferred to the company and the shell is due to be liquidated. These have therefore been included within Investments in the company’s Balance Sheet and the group’s Consolidated Balance Sheet.
Capital Business Park s.a.r.l. The SPV was acquired in April 2014 and since acquisition, the liquidation progress has been minimal. As a result, the administrator’s engagement was reviewed and a new administrator (TMF) was appointed. The property was transferred to the company in April 2016. The SPV is currently in liquidation.
Penryn Kingston Limited The SPV was acquired in October 2015 and is directly held by the company. The SPV was set up to hold a long lease (over 21 years) in a student accommodation development in Kingston. The lease was granted to the university on 18 December 2017 and the wind up of the SPV is in progress. This continues to be pursued.
Janus Henderson UK Property PAIF 5 Authorised Corporate Director’s (ACD) report (continued)
Minority holdings within SPVs Cabot Park Management Limited The SPV was acquired in December 2015. Click Cabot Park Sarl owns 731 B shares in this SPV which operates a service charge at Cabot Park. This is a minority holding and there is no involvement or responsibility for the directorship or administration of the company. The remaining shares are held by the other tenants on site.
Eurohub (II) Corby Management Company Limited Click Corby Sarl owns 35 B shares in this SPV which operates a service charge at Corby. This is a minority holding and there is no involvement or responsibility for the directorship or administration of the company. The remaining other shares are held by the other tenants on site.
6 Janus Henderson UK Property PAIF Authorised Corporate Director’s (ACD) report (continued)
Investment review The company returned 0.3% based on Class I accumulation (Net) over the period under review, compared with a fall of 0.9% in the IA UK Direct Property Sector peer group benchmark.
Dealing suspension update On 16 March 2020, the board of HIFL was advised by CB Richard Ellis Limited (CBRE), the appointed independent valuer of the Janus Henderson UK Property PAIF (the company), that with immediate eff ect they had material uncertainty around the valuation of UK physical properties across the market, and therefore by inference the assets in the portfolio, due to the COVID-19 pandemic.
This material uncertainty extended across all UK property fund valuations issued by CBRE and was agreed to by all independent fund valuers. Given this uncertainty, the board of HIFL decided to temporarily suspend dealings in the company and Fund and its associated Janus Henderson UK Property PAIF Feeder Fund (the fund) to protect the interests of all investors. This decision is consistent with the new rules issued by the FCA.
Dealing requests received since the 12-noon valuation point on 16 March 2020 have not been accepted during the suspension period. The decision to suspend dealing was taken in agreement with the company’s depositary and the FCA has been informed.
The dealing suspension has allowed the valuer time to better understand the impact that the coronavirus crisis is having on direct property market valuations. During September 2020 CBRE advised that the material uncertainty clause would be removed from all properties held by the company.
The investment team have been able to complete property sales during the period of suspension, but the property market remains challenging compared to prior to the pandemic. Further property sales are ongoing, and we are continuing to monitor their progress closely to ensure the broad balance of the portfolio and the company credentials remain. The investment team are working hard to ensure they achieve the best price possible on behalf of investors.
Lifting of Temporary Dealing Suspension (update published 27 January 2021) Following the most recent review of progress made to prepare the company for reopening, the Board of HIFL, which is the ACD for the UK Property PAIF, intends to end the current dealing suspension with eff ect from midday on 24 February 2021.
The decision to resume dealing has been taken in agreement with the company’s depositary. The Financial Conduct Authority (FCA) has also been informed.
We will continue to monitor the funds and the market in the lead up to the planned resumption of dealing. Should anything materially change, we will issue further updates.
Property overview The managers aim to provide a reliable stream of rental income, and some potential for long-term income and capital growth. The company retains a broad mix of high-quality assets across sectors and geographies, with a focus on location, depth of occupational demand, and strength of tenant and lease length.
The focus of the majority of this year, but particularly over June to November 2020, has been the pandemic and the alterations that we have all had to make to our lives and how business is conducted in order to protect lives. This was very much accentuated over the full lockdown in spring, but has continued to be the challenge for the team. We have worked to undertake sales and increase the company’s cash weighting and deliver outperformance through good asset management and although not guaranteed the protection of income. We have also kept a keen eye on how the UK’s exit from the European Union will move forward.
The company was valued at £1.9bn on 30 November 2020.
Asset management – including refurbishment work to improve valuations and attract a better quality of tenant, changing the planning use of assets to increase rental revenue, or renegotiating existing leases to extend tenancies – were important elements of the work undertaken during the period.
Janus Henderson UK Property PAIF 7 Authorised Corporate Director’s (ACD) report (continued)
Portfolio review The company ended the period holding 61 properties, which accounted for 74.2% of the portfolio’s value, while 22.8% was held in cash. The sector breakdown showed standard retail at 3.9%, retail warehouses at 13.2%, supermarkets at 2.9%, outlet malls at 3.4%, industrials at 24.2%, offi ces at 16% and alternatives, which includes leisure, at 10.6%.
As at 30 November 2020, the company’s average lease term, weighted by income, was 9.4 years, while the vacancy rate stood at 4.8% versus the Investment Property Databank (IPD) average of 9.3% (September 2020). The company’s geographical focus remained biased towards London and southeast England (58.9%). The top 10 tenants included well-known corporate names such as Kuehne & Nagel, J Sainsbury and the University of Law. The IPD Rental Information Service (IRIS) report judged the company to have a strong tenant base with a weighted risk score of 71.7 percentile versus 67.4 percentile in the IPD UK IRIS Report 2020Q3.
Acquisitions and disposals The company made four sales and no purchases during the period. The sales were made up of:
Foxbridge House, Orpington, Kent B&Q, Mucklow Hill, Halesowen, Birmingham Heathcote Industrial Estate, Warwick Chaucer House, The Offi ce Park, Leatherhead, Surrey
Strategic asset management During the period, the fund managers focused on enhancing the quality of the assets held and, where possible, enhancing capital value and income growth. Examples of some of the key initiatives include:
- New 25-year lease completed with a supermarket operator in High Wycombe - Various asset management at the retail warehouse park in Wigan - Lease extension completed on a logistics unit in Corby - Various asset management at an offi ce building in Wimbledon - Agreement exchanged regarding a care home site in Cambridge following receipt of planning permission - Various asset management at the outlet mall at Dalton Park, Durham - Various asset management at the industrial estate in Luton - Various asset management at the retail warehouse park in Crayford
Market commentary Investment volumes in the UK commercial property market have been considerably lower than in any other recent cycle. The decline has been driven by the inability of property investors to access available sites during the lockdown earlier this year and the economic uncertainty that has gone with both COVID-19 and Brexit. Since May, there have been investments brought to the market but these have, mainly, been from sectors deemed most resilient in this environment, such as industrial logistics and alternatives. It was only in the autumn that there was a bit more stock that came to the market from other sectors. Transactions have taken considerably longer than the normal 12-week length of time and this has not been about pricing but more about wider macroeconomic uncertainty.
Unsurprisingly, retail and leisure, which have had the hardest time during the lockdown, have been the slowest markets in terms of activity. Administrations are likely to continue in these sectors.
Active investors have continued to favour a lower-risk approach, focused on high-quality properties in sought-after locations and occupied by fi nancially strong tenants.
Outlook We expect the economy to remain challenged during this winter and into 2021, as this most extraordinary pandemic situation continues along with the impact of the recent Brexit deal decision. As a result, sticking to the fundamentals of the portfolio is key. Tenant quality, lease length, rent collection, income returns, rental growth, property location and relevancy, carbon effi ciency, core bricks and mortar, and investment liquidity are the main drivers of what we will look to deliver in the company. Having resilient, stable assets has served us well this year and we expect that this will help to continue diff erentiating us in 2021.
8 Janus Henderson UK Property PAIF Comparative tables for the six months ended 30 November 2020
Class A accumulation Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 231.48 236.82 231.18 214.24 Return before operating charges* 3.21 0.30 11.11 21.86 Operating charges - non property expenses (1.92) (3.88) (3.82) (3.63) Operating charges - property expenses (0.64) (0.96) (0.90) (0.57) Return after operating charges* 0.65 (4.54) 6.39 17.66 Distributions on accumulation shares (3.32) (8.36) (8.26) (7.95) Retained distributions on accumulation shares 3.07 7.56 7.51 7.23 Closing net asset value per share 231.88 231.48 236.82 231.18 * after direct transaction costs of: 0.06 - - -
Performance Return after charges 0.28% (1.92%) 2.76% 8.24%
Other information Closing net asset value (£000s) 69,937 69,816 151,957 211,606 Closing number of shares 30,161,427 30,161,427 64,167,018 91,533,548 Operating charges - non property expenses (annualised) 1.68% 1.65% 1.65% 1.65% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 251.12 251.92 251.58 Lowest share price (pence) n/a 234.60 228.84 212.48
Janus Henderson UK Property PAIF 9 Comparative tables (continued)
Class A income Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 96.94 102.34 103.12 99.54 Return before operating charges* 1.25 (0.10) 4.62 8.79 Operating charges - non property expenses (0.80) (1.66) (1.69) (1.66) Operating charges - property expenses (0.27) (0.41) (0.40) (0.26) Return after operating charges* 0.18 (2.17) 2.53 6.87 Distributions on income shares (1.28) (3.23) (3.31) (3.29) Closing net asset value per share 95.84 96.94 102.34 103.12 * after direct transaction costs of: 0.02 - - -
Performance Return after charges 0.19% (2.12%) 2.45% 6.90%
Other information Closing net asset value (£000s) 6,294 6,366 9,705 25,006 Closing number of shares 6,567,488 6,567,488 9,483,520 24,249,558 Operating charges - non property expenses (annualised) 1.68% 1.65% 1.65% 1.65% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 107.09 112.39 113.20 Lowest share price (pence) n/a 100.42 101.66 97.85
Class E accumulation Six months to 24/06/19 - 30/11/20 31/05/20 (pence (pence per share) per share) Change in net assets per share Opening net asset value per share 232.32 234.901 Return before operating charges* 3.22 1.90 Operating charges - non property expenses (1.36) (2.57) Operating charges - property expenses (0.64) (0.90) Return after operating charges* 1.22 (1.57) Distributions on accumulation shares (3.34) (8.37) Retained distributions on accumulation shares 2.97 7.36 Closing net asset value per share 233.17 232.32 * after direct transaction costs of: 0.06 -
Performance Return after charges 0.53% (0.67%)
Other information Closing net asset value (£000s) 2,393 2,384 Closing number of shares 1,026,301 1,026,301 Operating charges - non property expenses (annualised) 1.18% 1.16% Operating charges - property expenses (annualised) 0.56% 0.41% Direct transaction costs 0.03% 0.00%
Prices Highest share price (pence) n/a 251.81 Lowest share price (pence) n/a 234.87
1 Class E accumulation launched on 24 June 2019 and this is the fi rst published price.
10 Janus Henderson UK Property PAIF Comparative tables (continued)
Class E income Six months to 24/06/19 - 30/11/20 31/05/20 (pence (pence per share) per share) Change in net assets per share Opening net asset value per share 97.38 101.532 Return before operating charges* 1.21 0.47 Operating charges - non property expenses (0.57) (1.10) Operating charges - property expenses (0.27) (0.38) Return after operating charges* 0.37 (1.01) Distributions on income shares (1.24) (3.14) Closing net asset value per share 96.51 97.38 * after direct transaction costs of: 0.02 -
Performance Return after charges 0.38% (0.99%)
Other information Closing net asset value (£000s) 797 804 Closing number of shares 825,460 825,460 Operating charges - non property expenses (annualised) 1.18% 1.16% Operating charges - property expenses (annualised) 0.56% 0.41% Direct transaction costs 0.03% 0.00%
Prices Highest share price (pence) n/a 107.23 Lowest share price (pence) n/a 100.75
2 Class E income launched on 24 June 2019 and this is the fi rst published price.
Janus Henderson UK Property PAIF 11 Comparative tables (continued)
Class G accumulation Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 68.08 69.10 66.95 61.14 Return before operating charges* 0.96 0.12 3.25 6.76 Operating charges - non property expenses (0.26) (0.50) (0.49) (0.46) Operating charges - property expenses (0.19) (0.28) (0.26) (0.16) Return after operating charges* 0.51 (0.66) 2.50 6.14 Distributions on accumulation shares (1.02) (2.53) (2.49) (2.36) Retained distributions on accumulation shares 0.88 2.17 2.14 2.03 Closing net asset value per share 68.45 68.08 69.10 66.95 * after direct transaction costs of: 0.02 - - -
Performance Return after charges 0.75% (0.96%) 3.73% 10.04%
Other information Closing net asset value (£000s) 1 1 26 901 Closing number of shares 836 836 37,412 1,345,967 Operating charges - non property expenses (annualised) 0.75% 0.73% 0.73% 0.73% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 73.74 71.77 69.39 Lowest share price (pence) n/a 68.48 66.29 61.11
Class G income Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 55.17 57.74 57.71 54.83 Return before operating charges* 0.67 (0.14) 2.50 5.20 Operating charges - non property expenses (0.21) (0.41) (0.42) (0.40) Operating charges - property expenses (0.15) (0.23) (0.22) (0.14) Return after operating charges* 0.31 (0.78) 1.86 4.66 Distributions on income shares (0.71) (1.79) (1.83) (1.78) Closing net asset value per share 54.77 55.17 57.74 57.71 * after direct transaction costs of: 0.01 - - -
Performance Return after charges 0.56% (1.35%) 3.22% 8.50%
Other information Closing net asset value (£000s) 105,074 105,849 997 3,119 Closing number of shares 191,853,698 191,853,698 1,726,206 5,404,679 Operating charges - non property expenses (annualised) 0.75% 0.73% 0.73% 0.73% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 60.64 60.46 60.32 Lowest share price (pence) n/a 57.01 57.15 54.34
12 Janus Henderson UK Property PAIF Comparative tables (continued)
Class I accumulation Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 143.98 146.31 141.89 130.09 Return before operating charges* 2.01 0.23 6.87 13.95 Operating charges - non property expenses (0.61) (1.23) (1.20) (1.13) Operating charges - property expenses (0.40) (0.60) (0.56) (0.35) Return after operating charges* 1.00 (1.60) 5.11 12.47 Distributions on accumulation shares (2.13) (5.28) (5.18) (4.96) Retained distributions on accumulation shares 1.85 4.55 4.49 4.29 Closing net asset value per share 144.70 143.98 146.31 141.89 * after direct transaction costs of: 0.04 - - -
Performance Return after charges 0.69% (1.09%) 3.60% 9.59%
Other information Closing net asset value (£000s) 135,399 134,724 185,463 181,174 Closing number of shares 93,570,840 93,570,840 126,760,665 127,686,827 Operating charges - non property expenses (annualised) 0.85% 0.84% 0.84% 0.84% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 155.97 151.94 147.05 Lowest share price (pence) n/a 144.96 140.47 129.59
Class I income Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 110.75 116.04 116.04 110.67 Return before operating charges* 1.36 (0.29) 5.05 10.18 Operating charges - non property expenses (0.47) (0.96) (0.97) (0.94) Operating charges - property expenses (0.31) (0.47) (0.45) (0.29) Return after operating charges* 0.58 (1.72) 3.63 8.95 Distributions on income shares (1.42) (3.57) (3.63) (3.58) Closing net asset value per share 109.91 110.75 116.04 116.04 * after direct transaction costs of: 0.03 - - -
Performance Return after charges 0.52% (1.48%) 3.13% 8.09%
Other information Closing net asset value (£000s) 99,666 100,433 191,151 374,092 Closing number of shares 90,681,788 90,681,788 164,733,199 322,396,202 Operating charges - non property expenses (annualised) 0.85% 0.84% 0.84% 0.84% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 121.77 121.46 121.28 Lowest share price (pence) n/a 114.48 114.90 109.31
Janus Henderson UK Property PAIF 13 Comparative tables (continued)
Class Z accumulation Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 128.58 129.84 125.11 113.83 Return before operating charges* 1.82 0.38 6.07 12.41 Operating charges - non property expenses (0.03) (0.05) (0.04) (0.04) Operating charges - property expenses (0.36) (0.53) (0.49) (0.31) Return after operating charges* 1.43 (0.20) 5.54 12.06 Distributions on accumulation shares (2.20) (5.77) (4.65) (4.42) Retained distributions on accumulation shares 1.81 4.71 3.84 3.64 Closing net asset value per share 129.62 128.58 129.84 125.11 * after direct transaction costs of: 0.03 - - -
Performance Return after charges 1.11% (0.15%) 4.43% 10.59%
Other information Closing net asset value (£000s) 1 1 3,161 4,040 Closing number of shares 452 452 2,434,342 3,229,275 Operating charges - non property expenses (annualised) 0.04% 0.04% 0.03% 0.03% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 139.10 134.84 129.65 Lowest share price (pence) n/a 128.65 123.86 113.54
Class Z income Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 107.38 112.34 111.50 105.39 Return before operating charges* 1.20 (0.43) 4.68 9.73 Operating charges - non property expenses (0.02) (0.04) (0.03) (0.03) Operating charges - property expenses (0.30) (0.46) (0.43) (0.28) Return after operating charges* 0.88 (0.93) 4.22 9.42 Distributions on income shares (1.51) (4.03) (3.38) (3.31) Closing net asset value per share 106.75 107.38 112.34 111.50 * after direct transaction costs of: 0.03 - - -
Performance Return after charges 0.82% (0.83%) 3.78% 8.94%
Other information Closing net asset value (£000s) 1 1 16,834 13,416 Closing number of shares 478 478 14,985,364 12,032,907 Operating charges - non property expenses (annualised) 0.04% 0.04% 0.03% 0.03% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 118.36 117.56 116.49 Lowest share price (pence) n/a 110.84 110.41 104.26
14 Janus Henderson UK Property PAIF Comparative tables (continued)
Class F gross accumulation Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 116.34 116.71 111.70 101.64 Return before operating charges* 1.62 0.15 5.48 10.36 Operating charges - non property expenses (0.02) (0.04) (0.03) (0.03) Operating charges - property expenses (0.32) (0.48) (0.44) (0.27) Return after operating charges* 1.28 (0.37) 5.01 10.06 Distributions on accumulation shares (1.77) (4.44) (4.27) (3.95) Retained distributions on accumulation shares 1.77 4.44 4.27 3.95 Closing net asset value per share 117.62 116.34 116.71 111.70 * after direct transaction costs of: 0.03 - - -
Performance Return after charges 1.10% (0.32%) 4.49% 9.90%
Other information Closing net asset value (£000s) 1,413,973 1,410,923 1,851,185 2,178,870 Closing number of shares 1,202,119,972 1,212,710,679 1,586,080,528 1,950,704,189 Operating charges - non property expenses (annualised) 0.03% 0.03% 0.03% 0.03% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 125.65 120.98 115.54 Lowest share price (pence) n/a 115.62 110.56 100.71
Class G gross income Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence (pence (pence (pence per share) per share) per share) per share) Change in net assets per share Opening net asset value per share 98.92 103.62 103.59 98.33 Return before operating charges* 1.43 0.30 5.10 10.16 Operating charges - non property expenses (0.37) (0.75) (0.75) (0.72) Operating charges - property expenses (0.27) (0.42) (0.40) (0.26) Return after operating charges* 0.79 (0.87) 3.95 9.18 Distributions on income shares (1.47) (3.83) (3.92) (3.92) Closing net asset value per share 98.24 98.92 103.62 103.59 * after direct transaction costs of: 0.03 - - -
Performance Return after charges 0.80% (0.84%) 3.81% 9.34%
Other information Closing net asset value (£000s) 29 29 34 113 Closing number of shares 29,179 29,179 32,606 108,837 Operating charges - non property expenses (annualised) 0.75% 0.73% 0.73% 0.73% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 108.87 108.53 108.30 Lowest share price (pence) n/a 102.32 102.59 97.45
Janus Henderson UK Property PAIF 15 Comparative tables (continued)
Class I gross accumulation Six months to Year to Year to Year to 30/11/20 31/05/20 31/05/19 31/05/18 (pence per (pence per (pence per (pence per share) share) share) share) Change in net assets per share Opening net asset value per share 109.67 110.88 107.04 98.19 Return before operating charges* 1.53 0.17 5.17 9.96 Operating charges - non property expenses (0.47) (0.93) (0.91) (0.85) Operating charges - property expenses (0.30) (0.45) (0.42) (0.26) Return after operating charges* 0.76 (1.21) 3.84 8.85 Distributions on accumulation shares (1.62) (4.04) (3.91) (3.73) Retained distributions on accumulation shares 1.62 4.04 3.91 3.73 Closing net asset value per share 110.43 109.67 110.88 107.04 * after direct transaction costs of: 0.03 - - -
Performance Return after charges 0.69% (1.09%) 3.59% 9.01%
Other information Closing net asset value (£000s) 24,966 24,796 38,905 34,128 Closing number of shares 22,609,030 22,609,030 35,086,762 31,883,693 Operating charges - non property expenses (annualised) 0.85% 0.84% 0.84% 0.84% Operating charges - property expenses (annualised) 0.56% 0.41% 0.39% 0.26% Direct transaction costs 0.03% 0.00% 0.00% 0.00%
Prices Highest share price (pence) n/a 118.66 114.98 110.78 Lowest share price (pence) n/a 109.84 105.95 97.29
Retained distributions disclosed on net accumulation share classes include income tax suff ered and therefore are lower than the actual distributions paid to Investors. This aff ects the performance when compared to the related income share class.
Direct transaction costs are stated afer deducting the proportion of the amounts collected from dilution adjusments that relate to direct transaction costs.
Performance values are at close of business on a bid basis, which will diff er from those in the Performance summary.
The company suspended dealing in its shares on 16 March 2020 therefore no highest and lowest share prices are stated for the six months ended 30 November 2020. For the year ended 31 May 2020, the highest and lowest share prices represent the period of 1 June 2019 to 15 March 2020.
Operating charges Operating charges are expenses associated with the maintenance and administration of the fund on a day-to-day basis that are actually borne by the share class.
Share class launches and closures There were no share classes launched or closed during the period.
16 Janus Henderson UK Property PAIF Real estate expense ratio and ongoing charge fi gure
The Real estate expense ratio (REER) is comprised of the Ongoing charge fi gure (OCF) and the Property expense ratio (PER) of the company. The OCF is based on the total expenses excluding any property related expenses included within the fi nancial statements for the period and the PER is based on the daily property expenses included within the fi nancial statements. The expense ratios are as indicated below:
30/11/20 31/05/20 % %
Class A accumulation Non-property expense ratio - OCF 1.68 1.651 Property expense ratio 0.56 0.41 Real estate expense ratio 2.24 2.061
Class A income Non-property expense ratio - OCF 1.68 1.651 Property expense ratio 0.56 0.41 Real estate expense ratio 2.24 2.061
Class E accumulation2 Non-property expense ratio - OCF 1.18 1.161 Property expense ratio 0.56 0.41 Real estate expense ratio 1.74 1.571
Class E income2 Non-property expense ratio - OCF 1.18 1.161 Property expense ratio 0.56 0.41 Real estate expense ratio 1.74 1.571
Class G accumulation Non-property expense ratio - OCF 0.75 0.731 Property expense ratio 0.56 0.41 Real estate expense ratio 1.31 1.141
Class G income Non-property expense ratio - OCF 0.75 0.731 Property expense ratio 0.56 0.41 Real estate expense ratio 1.31 1.141
Class I accumulation Non-property expense ratio - OCF 0.85 0.841 Property expense ratio 0.56 0.41 Real estate expense ratio 1.41 1.251
Class I income Non-property expense ratio - OCF 0.85 0.841 Property expense ratio 0.56 0.41 Real estate expense ratio 1.41 1.251
Class Z accumulation Non-property expense ratio - OCF 0.04 0.041 Property expense ratio 0.56 0.41 Real estate expense ratio 0.60 0.451
Class Z income Non-property expense ratio - OCF 0.04 0.041 Property expense ratio 0.56 0.41 Real estate expense ratio 0.60 0.451
Janus Henderson UK Property PAIF 17 Real estate expense ratio and ongoing charge fi gure (continued)
30/11/20 31/05/20 % %
Class F gross accumulation Non-property expense ratio - OCF 0.03 0.031 Property expense ratio 0.56 0.41 Real estate expense ratio 0.59 0.441
Class G gross income Non-property expense ratio - OCF 0.75 0.731 Property expense ratio 0.56 0.41 Real estate expense ratio 1.31 1.141
Class I gross accumulation Non-property expense ratio - OCF 0.85 0.841 Property expense ratio 0.56 0.41 Real estate expense ratio 1.41 1.251
The OCF and PER represent the total fund expenses and the total property expenses paid by the company in the period respectively against its average net asset value.
Although this fund is a non-UCITS, we have used this disclosure to enable comparison across our fund range.
1 The OCF and REER are blended rates refl ecting new General Administration Charge (GAC) rates which took eff ect from 5 May 2020. 2 Class E accumulation and Class E income launched on 24 June 2019. Annualised OCF and REER have been disclosed in the prior year comparative.
18 Janus Henderson UK Property PAIF Risk and reward profi le
The company currently has 13 types of share class in issue, Class A (accumulation and income), Class E (accumulation and income), Class G (accumulation and income), Class I (accumulation and income), Class Z (accumulation and income), Class F gross accumulation, Class G gross income and Class I gross accumulation.
The value of an investment and any income from it can go up or down. When you sell your shares they may be worth less than you paid for them.
Please note that:
• The company focuses on a particular asset class.
• The company focuses on a particular country.
The following risks apply to investments in the company. These could be triggered or made worse by unusual market conditions or unpredictable market events.
Buy-Sell Spread This company is dual priced. The price at which you buy shares in the company will incorporate the transaction costs incurred in buying physical properties. When you sell shares in the company the price you sell at incorporates the transaction costs incurred in selling physical properties. The diff erence between these prices is called the ‘spread’. This spread is currently c. 5% and refl ects the high transaction costs of buying and selling commercial property. Typically the buying price of an individualcommercial property can be 7-8% higher than the selling price. The spread of the company is not fi xed and may vary over time depending onthe composition of the company.
Charges to Capital Some or all of the ongoing charges may be taken from capital, which may erode capital or reduce potential for capital growth.
Counterparties The company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the company.
Country or Region If a company 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 diversifi ed.
Derivatives The company may use derivatives with the aim of reducing risk or managing the portfolio more effi ciently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
Illiquid Assets The company contains assets which may be hard to value or sell at the time and price intended. In particular, property investments may take a considerable time to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment. When many investors want to sell their shares, the company may have to delay processing these requests by suspending dealing in its shares so that a suffi cient value of properties can be sold to meet investors’ redemption requests.
Property Valuations Valuations are determined by independent property experts. The valuation of property is generally a matter of valuer’s opinion. The amount raised when a property is sold may be less than the valuation.
Tenant Risk Tenants in the company’s properties may become unable to pay their rent. As a result, the company’s income may be impacted and further costs incurred.
The full list of the company’s risks are contained in the ‘Risk Warnings’ section of the company’s prospectus.
Janus Henderson UK Property PAIF 19 Portfolio statement as at 30 November 2020
Holding Investment Market Percentage value of total £000 net assets %
Land and buildings (including Property under construction) 75.12% (31/05/2020: 78.67%) Direct Properties 74.19% (31/05/2020: 77.74%) Market values between £50m and £150m 26.49% (31/05/2020: 26.41%) Capital Business Park, Cambridge Dalton Park Outlet, Murton, County Durham Kuehne and Nagel, Commercial Park, Derby 3 King George Close, Romford Robin Retail Park, Loire Drive, Wigan Tower Retail Park, Crayford Road, Crayford Bilton Way, Dallow Road, Luton Crendon Industrial Estate, Thame, London 492,355 26.49
Market values between £25m and £50m 13.40% (31/05/2020: 13.35%) 2-14 Bunhill Row, London Kidwells Park, Kidswell Park Drive, Maidenhead Eddie Stobart Manor Park, Eastgate Road, Runcorn, Cheshire Blue Planet, Lowlands Road, Chatterley Valley 22-24 Worple Road, London Sainsbury’s, Butterley, Ripley John Lewis, 330 Purley Way, Croydon 248,989 13.40
Market values under £25m 34.30% (31/05/2020: 37.98%) Hanover Buildings, 56/84 Rose Street, Edinburgh Tesco Superstore, Sizer Way, Hythe, Southampton Bermondsey Square, London Penrhyn Kingston Limited 99-101, London Road, Croydon Cribbs Causeway Centre, The Laurels, Bristol 142-146 High Road, Kilburn, London Maidenhead Retail Park, Staff erton, Maidenhead Silver Sea, Cairdean House, Edinburgh Beacon Retail Park, Milton Keynes Bedford Riverside, Bedford Bowes House, Hailsham, East Sussex 1/2 Hardwick Street, London Premier Foods, Centrium, St.Albans Currys, 12 Trojan Way, Croydon Hounsdown Business Park,Southampton BP, D2 Business Park, Dyce Drive, Aberdeen Cineworld, Mary Ann Street, Cardiff Gallery Apartments, Glasgow The Maltings, Salisbury Trojan Way, Croydon 7-19 Amhurst Road, Hackney Laura Ashley, Bardon Iron Bridge Studios, Exeter, Devon Centron, Crompton Way, Crawley Milsom Place, Milsom Street, Bath Technology Drive, Broughton Road, Rugby
20 Janus Henderson UK Property PAIF Portfolio statement (continued)
Holding Investment Market Percentage value of total £000 net assets %
Market values under £25m (continued) Wycombe Sands Industrial Estate, High Wycombe DFS, Crittalls Corner, Sidcup Inverurie Retail Park, 5 Oldmeldrum Road, Inverurie 31 Clerkenwell Close and 8 Bowling Green Lane, London Homebase, 300 London Road, High Wycombe Waterside Retail Park, Ashbourne, Derbyshire B&Q Unit, Riverside Retail Park, Taunton Timet, 120 Holford Drive, Birmingham Kingsteignton Retail Park, Newton Abbot, Kingsteignton 38 Brushfi eld Street, London Gilesgate Durham Eccleshall Retail Park, Eccleshall Odeon Cinema, Kilmarnock 99-115 Lordship Lane, East Dulwich, London Prospect House, St George’s Road, London Solar Panels, 2 Solartron Road, Farnborough 637,417 34.30
Direct properties 1,378,761 74.19
Fair value adjustments 1 17,257 0.93
Land and buildings 1,396,018 75.12
Investments 0.11% (31/05/2020: 1.73%) Treasury Bills 0.00% (31/05/2020: 1.61%)
Special Purpose Vehicles which are not consolidated 0.11% (31/05/2020: 0.12%) Capital Business Park s.a.r.l2,6,7 2,123 0.11 Penryn Kingston Limited 2,5,6,7 - - 2,123 0.11
Investments 1,398,141 75.23
Janus Henderson UK Property PAIF 21 Portfolio statement (continued)
Holding Investment Market Percentage value of total £000 net assets %
Investments in subsidiaries 3.18% (31/05/2020: 3.05%) Special Purpose Vehicles which are consolidated 3.18% (31/05/2020: 3.05%) Double Click, Crewe s.a.r.l3,6,7 31,719 1.71 Click Cabot Park, s.a.r.l3,6,7 14,628 0.79 Click Corby s.a.r.l3,6,7 12,289 0.66 Gilesgate Durham Limited4,6,7 403 0.02 The Square Bermondsey Limited4,6,7 67 0.00 Investment in subsidiaries 59,106 3.18
Investment assets 1,457,247 78.41
Cash equivalents 20.15% (31/05/2020 15.32%) Certifi cates of deposit 139,272 7.49 Collective investment scheme 235,276 12.66 Cash equivalents 374,548 20.15
Other net assets 26,736 1.44 Total net assets 1,858,531 100.00
1 Relates to fi nance lease adjustment. 2 SPVs with properties/leases already transferred to the company and the shell is due to be liquidated in line with the accounting policy. 3 SPVs with properties due to be transferred to the company which are consolidated in the fi nancial statements. 4 SPVs which are consolidated in the fi nancial statements. 5 Due to rounding to nearest £1,000 6 Unquoted. 7 Related party to the company.
Cash equivalents 20.15% (31/05/2020: 15.30%) Holding Certifi cates of Deposit 7.49% (31/05/2020: 7.60%) GBP 10,000,000 ABN Amro Bank 0.065% 11/01/2021 10,001 0.54 GBP 10,000,000 ABN Amro Bank 0.07% 04/01/2021 10,001 0.54 GBP 10,000,000 Australia & New Zealand Bank Group 0.05% 11/01/2021 10,002 0.54 GBP 15,000,000 Barclays Bank 0.07% 01/12/2020 15,000 0.81 GBP 1,500,000 Barclays Bank 1.12% 14/04/2021 1,506 0.08 GBP 11,500,000 Handelsbanken 0.045% 31/03/2021 11,502 0.62 GBP 15,750,000 Lloyds Bank 0.05% 03/12/2020 15,750 0.85 GBP 10,000,000 MUFG Bank 0.04% 15/03/2021 10,002 0.54 GBP 15,000,000 National Australia Bank 0.05% 21/04/2021 15,003 0.81 GBP 9,500,000 Santander UK 0.05% 01/04/2021 9,502 0.51 GBP 10,000,000 Santander UK 0.05% 03/03/2021 10,002 0.54 GBP 18,000,000 Standard Chartered Bank 0.06% 04/12/2020 18,000 0.97 GBP 3,000,000 Standard Chartered Bank 0.23% 11/01/2021 3,001 0.16
139,272 7.49
Holding Collective Investment Scheme 12.66% (31/05/2020: 7.72%) 235,276,000 Deutsche Global Liquidity Managed Sterling Fund Platinum Class 235,276 12.66
Cash equivalents 374,548 - 20.15
22 Janus Henderson UK Property PAIF Consolidated statement of total return (unaudited) for the six months ended 30 November 2020
30/11/20 30/11/19 £000 £000 £000 £000
Income Net capital losses (8,894) (10,006) Revenue 44,311 50,568 Expenses (16,563) (10,528) Interest payable and similar charges (409) (410)
Net revenue before taxation 27,339 39,630 Taxation - (207)
Net revenue after taxation 27,339 39,423
Total return before distributions 18,445 29,417
Distributions (27,817) (40,647)
Change in net assets attributable to shareholders (9,372) (11,230) from investment activities
Consolidated statement of change in net assets attributable to shareholders (unaudited) for the six months ended 30 November 2020
30/11/20 30/11/19 £000 £000 £000 £000
Opening net assets attributable to shareholders* 1,856,127 2,449,418
Amounts receivable on issue of shares - 138,701 Amounts payable on cancellation of shares (12,553) (475,546) (12,553) (336,845)
Dilution adjustment - 10,070
Change in net assets attributable to shareholders (9,372) (11,230) from investment activities
Retained distributions on accumulation shares 24,329 35,656
Closing net assets attributable to shareholders 1,858,531 2,147,069
* The opening net assets attributable to shareholders for the current period do not equal the closing net assets attributable for the comparative period as they are not consecutive periods.
Janus Henderson UK Property PAIF 23 Consolidated balance sheet (unaudited) as at 30 November 2020
30/11/20 31/05/20 £000 £000 Fixed assets: Tangible assets: Land and buildings 1,452,468 1,515,541 Investments 2,123 32,075 Current assets: Debtors 17,705 21,959 Cash and bank balances 50,580 26,301 Cash equivalents 374,548 284,352
Total assets 1,897,424 1,880,228
Liabilities: Provisions for liabilities 1,350 - Creditors: Distributions payable 2,066 2,446 Finance lease payable 17,257 17,259 Other creditors 18,220 4,396
Total liabilities 38,893 24,101
Net assets attributable to shareholders 1,858,531 1,856,127
Director’s statement
This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority. I hereby certify the investment review and fi nancial statements on behalf of the Directors of Henderson Investment Funds Limited.
G Foggin (Director)
28 January 2021
24 Janus Henderson UK Property PAIF Company statement of total return (unaudited) for the six months ended 30 November 2020
30/11/20 30/11/19 £000 £000 £000 £000
Income Net capital losses (7,415) (8,688) Revenue 42,746 49,003 Expenses (16,477) (10,489) Interest payable and similar charges (409) (409)
Net revenue before taxation 25,860 38,105 Taxation - -
Net revenue after taxation 25,860 38,105
Total return before distributions 18,445 29,417
Distributions (27,817) (40,647)
Change in net assets attributable to shareholders from (9,372) (11,230) investment activities
Company statement of change in net assets attributable to shareholders (unaudited) for the six months ended 30 November 2020
30/11/20 30/11/19 £000 £000 £000 £000
Opening net assets attributable to shareholders* 1,856,127 2,449,418
Amounts receivable on issue of shares - 138,701 Amounts payable on cancellation of shares (12,553) (475,546) (12,553) (336,845)
Dilution adjustment - 10,070
Change in net assets attributable to shareholders (9,372) (11,230) from investment activities
Retained distributions on accumulation shares 24,329 35,656
Closing net assets attributable to shareholders 1,858,531 2,147,069
* The opening net assets attributable to shareholders for the current period do not equal the closing net assets attributable for the comparative period as they are not consecutive periods.
Janus Henderson UK Property PAIF 25 Company balance sheet (unaudited) as at 30 November 2020
30/11/20 31/05/20 £000 £000 Fixed assets: Tangible assets: Land and buildings 1,396,018 1,460,266 Investments 2,123 32,075 Investment in subsidiaries 59,106 56,522 Current assets: Debtors 17,433 21,823 Cash and bank balances 49,968 25,582 Cash equivalents 374,548 284,352
Total assets 1,899,196 1,880,620
Liabilities: Provisions for liabilities 1,350 - Creditors: Distributions payable 2,066 2,446 Finance lease payable 17,257 17,259 Other creditors 19,992 4,788
Total liabilities 40,665 24,493
Net assets attributable to shareholders 1,858,531 1,856,127
Director’s statement
This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority. I hereby certify the investment review and fi nancial statements on behalf of the Directors of Henderson Investment Funds Limited.
G Foggin (Director)
28 January 2021
26 Janus Henderson UK Property PAIF Consolidated and Company statement of cash fl ows (unaudited) for the six months to 30 November 2020
Group Company Group Company 30/11/20 30/11/20 30/11/19 30/11/19 £000 £000 £000 £000 Cash fl ows from operating activities Total return before distribution 18,445 18,445 29,417 29,417 Adjustments for: Taxation - - 207 - Interest payable and similar charges 409 409 410 409 Transaction charges paid from capital 1 1 10 10 Losses on investments 8,863 7,384 10,038 8,720 Decrease/(increase) in debtors 6,031 6,237 (4,881) (3,037) Increase in creditors 3,329 4,709 14,433 13,909 Cash generated from operations 37,078 37,185 49,634 49,428
Interest payable and similar charges - - (3) (2) Distribution paid on income shares (3,870) (3,870) (4,517) (4,517) Taxation paid - - (207) -
Net cash generated from operating activities 33,208 33,315 44,907 44,909
Cash fl ows from investing activities Purchases of investments 1,744 1,744 (46,712) (46,712) Sales of investments 92,487 92,487 163,854 163,854
Net cash infl ow from investing activities 94,231 94,231 117,142 117,142
Cash fl ows from fi nancing activities Issue of shares - - 27,634 27,634 Cancellation of shares (12,553) (12,553) (363,014) (363,014) Dilution adjustment - - 10,070 10,070 Finance lease payments (2) (2) (2) (2) Interest payable and similar charges (409) (409) (407) (407) Net cash outfl ow from fi nancing activities (12,964) (12,964) (325,719) (325,719)
Net increase/(decrease) in cash and cash equivalents 114,475 114,582 (163,670) (163,668) Cash and cash equivalents at beginning of period* 310,653 309,934 639,721 638,971
Cash and cash equivalents at end of period 425,128 424,516 476,051 475,303
* The cash and cash equivalents at the beginning of the period do not equal the closing net assets attributable for the comparative period as they are not consecutive periods.
Janus Henderson UK Property PAIF 27 Notes to the fi nancial statements for the six months ended 30 November 2020
Accounting policies Basis of preparation The interim fi nancial statements have been prepared under the historical cost basis, as modifi ed by the revaluation of investments, and in accordance with the SORP for UK Authorised Funds issued by the IMA in May 2014, the FRS 102, the FCA’s COLL and the Company’s Instrument of Incorporation and Prospectus. The fi nancial statements have been prepared on a going concern basis.
The accounting policies, distribution policy and potential risks are consistent with those of the fi nancial statements for theyear ended 31 May 2020 and are described in those annual accounts.
Events after the Balance Sheet date Due to COVID-19 and the resultant market volatility, we have assessed the impact to the company’s net asset value after the balance sheet date. The impact to NAV per share is shown in the following table:
Price Price Movement 30 Nov 20 25 Jan 21 %
Class A accumulation 229.48 230.5 0.44 Class A income 95.50 95.30 (0.21) Class E accumulation 230.76 231.93 0.51 Class E income 96.14 96.03 (0.11) Class G accumulation 67.75 68.13 0.56 Class G income 54.57 54.53 (0.07) Class I accumulation 143.21 144.00 0.55 Class I income 109.49 109.40 (0.08) Class Z accumulation 128.31 129.15 0.65 Class Z income 106.34 106.37 0.03 Class F gross accumulation 116.24 117.15 0.78 Class G gross income 97.88 97.81 (0.07) Class I gross accumulation 109.17 109.88 0.65
28 Janus Henderson UK Property PAIF Distribution tables for the six months ended 30 November 2020 (in pence per share)
Interim distribution (accounting date 31 August 2020, paid on 30 October 2020) (continued) Group 1: shares purchased prior to 1 June 2020 Group 2: shares purchased on or after 1 June 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 30/10/20 31/10/19
Class A accumulation - Property income Group 1 0.5043 0.1009 0.4034 - 0.4034 0.6504 Group 2 0.5043 0.1009 0.4034 - 0.4034 0.6504
Class A accumulation - Interest income Group 1 0.0002 - 0.0002 - 0.0002 0.0405 Group 2 0.0002 - 0.0002 - 0.0002 0.0405
Class A accumulation - Dividend income Group 1 1.0771 - 1.0771 - 1.0771 1.0512 Group 2 1.0771 - 1.0771 - 1.0771 1.0512
Class A accumulation - Total 1.4807 1.7421
Class A income - Property income Group 1 0.2113 0.0423 0.1690 - 0.1690 0.2811 Group 2 0.2113 0.0423 0.1690 - 0.1690 0.2811
Class A income - Interest income Group 1 0.0001 - 0.0001 - 0.0001 0.0175 Group 2 0.0001 - 0.0001 - 0.0001 0.0175
Class A income - Dividend income Group 1 0.4510 - 0.4510 - 0.4510 0.4543 Group 2 0.4510 - 0.4510 - 0.4510 0.4543
Class A income - Total 0.6201 0.7529
Class E accumulation - Property income Group 1 0.7963 0.1593 0.6370 - 0.6370 0.8204 Group 2 0.7963 0.1593 0.6370 - 0.6370 0.8204
Class E accumulation - Interest income Group 1 0.0002 - 0.0002 - 0.0002 0.0505 Group 2 0.0002 - 0.0002 - 0.0002 0.0505
Class E accumulation - Dividend income Group 1 0.7911 - 0.7911 - 0.7911 0.8284 Group 2 0.7911 - 0.7911 - 0.7911 0.8284
Class E accumulation - Total 1.4283 1.6993
Class E income - Property income Group 1 0.3338 0.0668 0.2670 - 0.2670 0.3546 Group 2 0.3338 0.0668 0.2670 - 0.2670 0.3546
Class E income - Interest income Group 1 0.0001 - 0.0001 - 0.0001 0.0218 Group 2 0.0001 - 0.0001 - 0.0001 0.0218
Janus Henderson UK Property PAIF 29 Distribution tables (continued)
Interim distribution (accounting date 31 August 2020, paid on 30 October 2020) (continued) Group 1: shares purchased prior to 1 June 2020 Group 2: shares purchased on or after 1 June 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 30/10/20 31/10/19 Class E income - Dividend income Group 1 0.3316 - 0.3316 - 0.3316 0.3580 Group 2 0.3316 - 0.3316 - 0.3316 0.3580
Class E income - Total 0.5987 0.7344
Class G accumulation - Property income Group 1 0.3074 0.0615 0.2459 - 0.2459 0.3206 Group 2 0.3074 0.0615 0.2459 - 0.2459 0.3206
Class G accumulation - Interest income Group 1 0.0001 - 0.0001 - 0.0001 0.0205 Group 2 0.0001 - 0.0001 - 0.0001 0.0205
Class G accumulation - Dividend income Group 1 0.1768 - 0.1768 - 0.1768 0.1619 Group 2 0.1768 - 0.1768 - 0.1768 0.1619
Class G accumulation - Total 0.4228 0.5030
Class G income - Property income Group 1 0.2491 0.0498 0.1993 - 0.1993 0.2678 Group 2 0.2491 0.0498 0.1993 - 0.1993 0.2678
Class G income - Interest income Group 1 - - - - - 0.0172 Group 2 - - - - - 0.0172
Class G income - Dividend income Group 1 0.1434 - 0.1434 - 0.1434 0.1354 Group 2 0.1434 - 0.1434 - 0.1434 0.1354
Class G income - Total 0.3427 0.4204
Class I accumulation - Property income Group 1 0.6123 0.1225 0.4898 - 0.4898 0.6339 Group 2 0.6123 0.1225 0.4898 - 0.4898 0.6339
Class I accumulation - Interest income Group 1 0.0001 - 0.0001 - 0.0001 0.0404 Group 2 0.0001 - 0.0001 - 0.0001 0.0404
Class I accumulation - Dividend income Group 1 0.4012 - 0.4012 - 0.4012 0.3693 Group 2 0.4012 - 0.4012 - 0.4012 0.3693
Class I accumulation - Total 0.8911 1.0436
30 Janus Henderson UK Property PAIF Distribution tables (continued)
Interim distribution (accounting date 31 August 2020, paid on 30 October 2020) (continued) Group 1: shares purchased prior to 1 June 2020 Group 2: shares purchased on or after 1 June 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 30/10/20 31/10/19 Class I income - Property income Group 1 0.4710 0.0942 0.3768 - 0.3768 0.5027 Group 2 0.4710 0.0942 0.3768 - 0.3768 0.5027
Class I income - Interest income Group 1 0.0001 - 0.0001 - 0.0001 0.0321 Group 2 0.0001 - 0.0001 - 0.0001 0.0321
Class I income - Dividend income Group 1 0.3086 - 0.3086 - 0.3086 0.2929 Group 2 0.3086 - 0.3086 - 0.3086 0.2929
Class I income - Total 0.6855 0.8277
Class Z accumulation - Property income Group 1 1.0406 0.2081 0.8325 - 0.8325 0.7656 Group 2 1.0406 0.2081 0.8325 - 0.8325 0.7656
Class Z accumulation - Interest income Group 1 0.0094 - 0.0094 - 0.0094 0.0495 Group 2 0.0094 - 0.0094 - 0.0094 0.0495
Class Z accumulation - Dividend income Group 1 0.1527 - 0.1527 - 0.1527 0.0785 Group 2 0.1527 - 0.1527 - 0.1527 0.0785
Class Z accumulation - Total 0.9946 0.8936
Class Z income - Property income Group 1 0.8693 0.1739 0.6954 - 0.6954 0.6625 Group 2 0.8693 0.1739 0.6954 - 0.6954 0.6625
Class Z income - Interest income Group 1 0.0078 - 0.0078 - 0.0078 0.0428 Group 2 0.0078 - 0.0078 - 0.0078 0.0428
Class Z income - Dividend income Group 1 0.1274 - 0.1274 - 0.1274 0.0679 Group 2 0.1274 - 0.1274 - 0.1274 0.0679
Class Z income - Total 0.8306 0.7732
Class F gross accumulation - Property income Group 1 0.7359 - 0.7359 - 0.7359 0.8986 Group 2 0.7359 - 0.7359 - 0.7359 0.8986
Class F gross accumulation - Interest income Group 1 0.0002 - 0.0002 - 0.0002 0.0466 Group 2 0.0002 - 0.0002 - 0.0002 0.0466
Janus Henderson UK Property PAIF 31 Distribution tables (continued)
Interim distribution (accounting date 31 August 2020, paid on 30 October 2020) (continued) Group 1: shares purchased prior to 1 June 2020 Group 2: shares purchased on or after 1 June 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 30/10/20 31/10/19 Class F gross accumulation - Dividend income Group 1 0.1068 - 0.1068 - 0.1068 0.0735 Group 2 0.1068 - 0.1068 - 0.1068 0.0735
Class F gross accumulation - Total 0.8429 1.0187
Class G gross income - Property Income Group 1 0.4478 - 0.4478 - 0.4478 0.6059 Group 2 0.4478 - 0.4478 - 0.4478 0.6059
Class G gross income - Interest Income Group 1 - - - - - 0.0318 Group 2 - - - - - 0.0318
Class G gross income - Dividend Income Group 1 0.2570 - 0.2570 - 0.2570 0.2433 Group 2 0.2570 - 0.2570 - 0.2570 0.2433
Class G gross income - Total 0.7048 0.8810
Class I gross accumulation - Property income Group 1 0.4666 - 0.4666 - 0.4666 0.6030 Group 2 0.4666 - 0.4666 - 0.4666 0.6030
Class I gross accumulation - Interest income Group 1 0.0001 - 0.0001 - 0.0001 0.0306 Group 2 0.0001 - 0.0001 - 0.0001 0.0306
Class I gross accumulation - Dividend income Group 1 0.3057 - 0.3057 - 0.3057 0.2798 Group 2 0.3057 - 0.3057 - 0.3057 0.2798
Class I gross accumulation - Total 0.7724 0.9134
32 Janus Henderson UK Property PAIF Distribution tables (continued)
Interim distribution (accounting date 30 November 2020, paid on 29 January 2021) (continued) Group 1: shares purchased prior to 1 September 2020 Group 2: shares purchased on or after 1 September 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 29/01/21 31/01/20
Class A accumulation - Property income Group 1 0.7330 0.1466 0.5864 - 0.5864 0.8508 Group 2 0.7330 0.1466 0.5864 - 0.5864 0.8508
Class A accumulation - Interest income Group 1 - - - - - 0.0293 Group 2 - - - - - 0.0293
Class A accumulation - Dividend income Group 1 1.0034 - 1.0034 - 1.0034 1.0849 Group 2 1.0034 - 1.0034 - 1.0034 1.0849
Class A accumulation - Total 1.5898 1.9650
Class A income - Property income Group 1 0.3050 0.0610 0.2440 - 0.2440 0.3650 Group 2 0.3050 0.0610 0.2440 - 0.2440 0.3650
Class A income - Interest income Group 1 - - - - - 0.0126 Group 2 - - - - - 0.0126
Class A income - Dividend income Group 1 0.4176 - 0.4176 - 0.4176 0.4655 Group 2 0.4176 - 0.4176 - 0.4176 0.4655
Class A income - Total 0.6616 0.8431
Class E accumulation - Property income Group 1 1.0306 0.2061 0.8245 - 0.8245 1.1027 Group 2 1.0306 0.2061 0.8245 - 0.8245 1.1027
Class E accumulation - Interest income Group 1 - - - - - 0.0464 Group 2 - - - - - 0.0464
Class E accumulation - Dividend income Group 1 0.7171 - 0.7171 - 0.7171 0.7577 Group 2 0.7171 - 0.7171 - 0.7171 0.7577
Class E accumulation - Total 1.5416 1.9068
Class E income - Property income Group 1 0.4294 0.0859 0.3435 - 0.3435 0.4732 Group 2 0.4294 0.0859 0.3435 - 0.3435 0.4732
Janus Henderson UK Property PAIF 33 Distribution tables (continued)
Interim distribution (accounting date 30 November 2020, paid on 29 January 2021) (continued) Group 1: shares purchased prior to 1 September 2020 Group 2: shares purchased on or after 1 September 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 29/01/21 31/01/20 Class E income - Interest income Group 1 - - - - - 0.0199 Group 2 - - - - - 0.0199
Class E income - Dividend income Group 1 0.2988 - 0.2988 - 0.2988 0.3252 Group 2 0.2988 - 0.2988 - 0.2988 0.3252
Class E income - Total 0.6423 0.8183
Class G accumulation - Property income Group 1 0.3759 0.0752 0.3007 - 0.3007 0.3822 Group 2 0.3759 0.0752 0.3007 - 0.3007 0.3822
Class G accumulation - Interest income Group 1 - - - - - 0.0179 Group 2 - - - - - 0.0179
Class G accumulation - Dividend income Group 1 0.1551 - 0.1551 - 0.1551 0.1604 Group 2 0.1551 - 0.1551 - 0.1551 0.1604
Class G accumulation - Total 0.4558 0.5605
Class G income - Property income Group 1 0.3029 0.0606 0.2423 - 0.2423 0.3170 Group 2 0.3029 0.0606 0.2423 - 0.2423 0.3170
Class G income - Interest income Group 1 - - - - - 0.0149 Group 2 - - - - - 0.0149
Class G income - Dividend income Group 1 0.1249 - 0.1249 - 0.1249 0.1332 Group 2 0.1249 - 0.1249 - 0.1249 0.1332
Class G income - Total 0.3672 0.4651
Class I accumulation - Property income Group 1 0.7571 0.1514 0.6057 - 0.6057 0.7705 Group 2 0.7571 0.1514 0.6057 - 0.6057 0.7705
Class I accumulation - Interest income Group 1 - - - - - 0.0333 Group 2 - - - - - 0.0333
Class I accumulation - Dividend income Group 1 0.3547 - 0.3547 - 0.3547 0.3779 Group 2 0.3547 - 0.3547 - 0.3547 0.3779
34 Janus Henderson UK Property PAIF Distribution tables (continued)
Interim distribution (accounting date 30 November 2020, paid on 29 January 2021) (continued) Group 1: shares purchased prior to 1 September 2020 Group 2: shares purchased on or after 1 September 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 29/01/21 31/01/20
Class I accumulation - Total 0.9604 1.1817
Class I income - Property income Group 1 0.5789 0.1158 0.4631 - 0.4631 0.6068 Group 2 0.5789 0.1158 0.4631 - 0.4631 0.6068
Class I income - Interest income Group 1 - - - - - 0.0262 Group 2 - - - - - 0.0262
Class I income - Dividend income Group 1 0.2712 - 0.2712 - 0.2712 0.2977 Group 2 0.2712 - 0.2712 - 0.2712 0.2977
Class I income - Total 0.7343 0.9307
Class Z accumulation - Property income Group 1 0.9080 0.1816 0.7264 - 0.7264 0.8899 Group 2 0.9080 0.1816 0.7264 - 0.7264 0.8899
Class Z accumulation - Interest income Group 1 - - - - - 0.0420 Group 2 - - - - - 0.0420
Class Z accumulation - Dividend income Group 1 0.0896 - 0.0896 - 0.0896 0.0854 Group 2 0.0896 - 0.0896 - 0.0896 0.0854
Class Z accumulation - Total 0.8160 1.0173
Class Z income - Property income Group 1 0.7528 0.1506 0.6022 - 0.6022 0.7648 Group 2 0.7528 0.1506 0.6022 - 0.6022 0.7648
Class Z income - Interest income Group 1 - - - - - 0.0361 Group 2 - - - - - 0.0361
Class Z income - Dividend income Group 1 0.0741 - 0.0741 - 0.0741 0.0734 Group 2 0.0741 - 0.0741 - 0.0741 0.0734
Class Z income - Total 0.6763 0.8743
Class F gross accumulation - Property income Group 1 0.8554 - 0.8554 - 0.8554 1.0436 Group 2 0.8554 - 0.8554 - 0.8554 1.0436
Janus Henderson UK Property PAIF 35 Distribution tables (continued)
Interim distribution (accounting date 30 November 2020, paid on 29 January 2021) (continued) Group 1: shares purchased prior to 1 September 2020 Group 2: shares purchased on or after 1 September 2020
Gross Income tax Distribution Equalisation Total Total revenue (20%) per share distribution distribution per share per share 29/01/21 31/01/20 Class F gross accumulation - Interest income Group 1 - - - - - 0.0395 Group 2 - - - - - 0.0395
Class F gross accumulation - Dividend income Group 1 0.0683 - 0.0683 - 0.0683 0.0802 Group 2 0.0683 - 0.0683 - 0.0683 0.0802
Class F gross accumulation - Total 0.9237 1.1633
Class G gross income - Property Income Group 1 0.5424 - 0.5424 - 0.5424 0.7272 Group 2 0.5424 - 0.5424 - 0.5424 0.7272
Class G gross income - Interest Income Group 1 - - - - - 0.0259 Group 2 - - - - - 0.0259
Class G gross income - Dividend Income Group 1 0.2239 - 0.2239 - 0.2239 0.2467 Group 2 0.2239 - 0.2239 - 0.2239 0.2467
Class G gross income - Total 0.7663 0.9998
Class I gross accumulation - Property income Group 1 0.5772 - 0.5772 - 0.5772 0.7500 Group 2 0.5772 - 0.5772 - 0.5772 0.7500
Class I gross accumulation - Interest income Group 1 - - - - - 0.0254 Group 2 - - - - - 0.0254
Class I gross accumulation - Dividend income Group 1 0.2704 - 0.2704 - 0.2704 0.2862 Group 2 0.2704 - 0.2704 - 0.2704 0.2862
Class I gross accumulation - Total 0.8476 1.0616
36 Janus Henderson UK Property PAIF Further information
Shareholder enquiries
If you have any queries about your fund holding, either contact your professional adviser or telephone us on one of the numbers below:
For dealing enquiries including buying and selling shares please telephone at local rate: 0845 608 8703
The following line is also available:
Client Services: 0800 832 832 or you can contact us via e-mail at [email protected]
We may record telephone calls for our mutual protection and to improve customer service.
Janus Henderson UK Property PAIF 37 Important Information
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).
We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.
Unless otherwise stated, all data is sourced by Janus Henderson Investors. [Janus Henderson, Janus, Henderson, Perkins, Intech, Alphagen, VelocityShares, Knowledge. Shared and Knowledge Labs] are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.