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Janus Henderson Capital Funds Plc Semi-Annual Report

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INTERIM REPORT & ACCOUNTS For the period from 1 January 2021 to 30 June 2021 (unaudited) 10 Earlsfort Terrace Dublin 2 Ireland Janus Henderson Capital Funds plc Janus Henderson Capital Funds plc is an investment company with variable capital incorporated with limited liability in Ireland under registration number 296610 and established as an umbrella fund with segregated liability between sub-funds. Who are Janus Henderson Investors? Source: Janus Henderson Investors, Staff and assets under management (AUM) data as at 30 June 2021. AUM data excludes Exchange-Traded Note (‘ETN’) assets. Who we are Janus Henderson Investors (‘Janus Henderson’) is a global asset manager offering a full suite of actively managed investment products across asset classes. As a company, we believe the notion of ‘connecting’ is powerful – it has shaped our evolution and our world today. At Janus Henderson, we seek to benefit clients through the connections we make. Connections enable strong relationships based on trust and insight as well as the flow of ideas among our investment teams and our engagement with companies. These connections are central to our values, to what active management stands for and to the long-term outperformance we seek to deliver. Our commitment to active management offers 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 financial goals. Global strength to deliver local solutions We offer 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. Table of Contents Directors and Other Information 1 Background of the Company 3 Market Review 5 Combined Company Financial Statements 7 Janus Henderson Balanced Fund 10 Janus Henderson Global Adaptive Capital Appreciation Fund 29 Janus Henderson Global Adaptive Capital Preservation Fund 35 Janus Henderson Global Adaptive Multi-Asset Fund 46 Janus Henderson Global Life Sciences Fund 57 Janus Henderson Global Research Fund 70 Janus Henderson Global Technology and Innovation Fund 80 Janus Henderson Opportunistic Alpha Fund 89 Janus Henderson US Balanced 2026 Fund 98 Janus Henderson US Forty Fund 112 Janus Henderson US Research Fund 121 Janus Henderson US Strategic Value Fund 130 Janus Henderson US Venture Fund 139 Janus Henderson Intech All-World Minimum Variance Core Fund 149 Janus Henderson Intech European Core Fund 167 Janus Henderson Intech Global Absolute Return Fund 177 Janus Henderson Intech Global All Country Low Volatility Fund 183 Janus Henderson Intech US Core Fund 189 Janus Henderson Global Real Estate Equity Income Fund 198 Janus Henderson Absolute Return Income Fund 207 Janus Henderson Absolute Return Income Fund (EUR) 221 Janus Henderson Absolute Return Income Opportunities Fund 231 Janus Henderson Flexible Income Fund 242 Janus Henderson Global High Yield Fund 258 Janus Henderson Global Investment Grade Bond Fund 272 Janus Henderson High Yield Fund 287 Janus Henderson Multi-Sector Income Fund 302 Janus Henderson US Short-Term Bond Fund 318 Notes to the Financial Statements 330 Fund Expense Limits 343 Securities Financing Transactions Regulations 344 Share Class Distribution Policy 345 Additional Information for Hong Kong Investors 347 Directors and Other Information for the financial period ended 30 June 2021 Board of Directors Sub-Investment Advisers Administrator Ian Dyble (UK) Janus Capital J.P. Morgan Administration Services Carl O’Sullivan (Ireland)* Management LLC (“JCM”) (Ireland) Limited Peter Sandys (Ireland)* 151 Detroit Street 200 Capital Dock Matteo Candolfini (Luxembourg) Denver, Colorado 80206 79 Sir John Rogerson’s Quay Jane Challice (UK) United States of America Dublin 2 Ireland Registered Office Intech Investment 10 Earlsfort Terrace Management LLC (“Intech”) Transfer Agent Dublin 2 CityPlace Tower International Financial Data Services Ireland 525 Okeechobee Boulevard (Ireland) Limited Suite 1800 Bishops Square Independent Auditors West Palm Beach, FL 33401 Redmond’s Hill PricewaterhouseCoopers United States of America Dublin 2 Chartered Accountants Ireland One Spencer Dock Perkins Investment North Wall Quay Management LLC (“Perkins”) Depositary Dublin 1 311 S. Wacker Drive, Suite. J.P. Morgan Bank (Ireland) PLC Ireland 6000, Chicago, Illinois 60606, 200 Capital Dock United States of America 79 Sir John Rogerson’s Quay Manager and Distributor Dublin 2 Henderson Management, S.A. Janus Henderson Investors Ireland (“HMSA”) (Singapore) Limited (“JHISL”) 2 rue de Bitbourg 138 Market Street Legal Advisers L-1273 #34-03/04 CapitaGreen Arthur Cox LLP Luxembourg Singapore 10 Earlsfort Terrace Grand Duchy of Luxembourg 048946 Dublin 2 Ireland Investment Adviser Henderson Global Investors Limited Janus Capital (“HGIL”) Company Secretary International Limited (“JCIL”) 201 Bishopsgate Bradwell Limited 201 Bishopsgate London EC2M 3AE 10 Earlsfort Terrace London United Kingdom Dublin 2 EC2M 3AE Ireland United Kingdom Kapstream Capital PTY Limited (“Kapstream”) Level 5, 151 Macquarie Street Sydney NSW 2000 Australia Distributors Henderson Global Investors Limited 201 Bishopsgate London EC2M 3AE United Kingdom Janus Capital International Limited 201 Bishopsgate London EC2M 3AE United Kingdom Promoter Janus Capital International Limited 201 Bishopsgate London EC2M 3AE United Kingdom *Independent Director Janus Henderson Capital Funds plc / 30 June 2021 1 Directors and Other Information (continued) for the financial period ended 30 June 2021 Below is a list of the Funds’ Representatives/Paying Agents as of 30 June 2021. Country Representative/Paying Agent Country Representative/Paying Agent Austria Unicredit Bank Austria AG State Street Bank SpA Schottengasse 6-8 Via Col Moschin 16 1010 Wien 20136 Milan Austria Italy Belgium Caceis Luxembourg BGL BNP Paribas S.A. Avenue du Port 50 Avenue J.F. Kennedy 86C Bte 320 L-2951 B-1000 Bruxelles Luxembourg Denmark Skandinaviska Enskilda Banken AB Portugal BEST - Banco Eletrónico de Serviço Total (publ), S.A. Bernstorffsgade 50 Praça Marquês de Pombal, n°3, 3°, 1577 Copenhagen V Lisboa Denmark Portugal France BNP Paribas Spain Allfunds Bank S.A. Grands Moulins Estafeta 6 9 Rue du Débarcadère La Moraleja 93500 Pantin Alcobendas France Madrid Spain Germany State Street Bank GmbH Solmsstraße 83 Sweden Skandinaviska Enskilda Banken AB 60486 Frankfurt am Main Rasta Strandvag 5 Germany 169 79 Solna Sweden Greece National Bank of Greece 86 Eolou Street Switzerland Swiss Representative Zip 10232 First Independent Fund Services Athens Klausstrasse 33 Greece 8008 Zurich Switzerland Hong Kong Janus Henderson Investors Hong Kong Limited Swiss Paying Agent Suites 1911-15 Banque Cantonale de Genève One International Finance Centre Case Postale 2251 1 Harbour View Street 1211 Genève Central Switzerland Hong Kong Taiwan Janus Henderson Investors Taiwan Italy Allfunds Bank S.A. operating Limited through its Milan branch Suite 45 A-1, Taipei 101 Tower Via Bocchetto, 6 No. 7, Sec. 5 Xin Yi Road 20123 Milan Xin Yi District, Taipei Italy Taiwan, R.O.C. Banca Sella Holding S.p.A. UK Janus Capital International Limited Piazza Gaudenzio Sella 1 201 Bishopsgate I-13900 Biella London EC2M 3AE Italy United Kingdom Société Générale Securities Services SpA, Via S. Chiara 19 10122 Torino Italy 2 Janus Henderson Capital Funds plc / 30 June 2021 Background of the Company Janus Henderson Capital Funds plc (the “Company”) is Intech Sub-Advised Funds an open ended investment company with variable capital Janus Henderson Intech All-World Minimum Variance Core incorporated in Ireland on 19 November 1998, under Fund Registration No. 296610. Unless otherwise provided for Janus Henderson Intech Emerging Markets Managed in this report, all capitalised terms shall have the same Volatility Fund1 meaning herein as in the prospectus of the Company dated Janus Henderson Intech European Core Fund 30 June 2021 (the “Prospectus”). Janus Henderson Intech Global Absolute Return Fund(c) Janus Henderson Intech Global All Country Low Volatility The Company is authorised by the Central Bank of Ireland Fund(d) (the “Central Bank”), as an Undertaking for Collective Janus Henderson Intech Global All Country Managed Investment in Transferable Securities (“UCITS”) under Volatility Fund1 the European Communities UCITS Regulations 2011, Janus Henderson Intech Global Income Managed Volatility as amended and the Central Bank (Supervision and Fund(a) Enforcement) Act 2013 (Section 48(1)) (Undertakings Janus Henderson Intech US Core Fund for Collective Investment in Transferable Securities) Regulations 2019 (“UCITS Regulations”). The Company Alternative Investment Funds has been structured as an umbrella fund with segregated Janus Henderson Global Diversified Alternatives Fund(a)
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