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Glossary

Sector: an area of the economy in which businesses share the same or a related product or service

Structural growth: dramatic shift in the way a country, industry, or market operates, usually brought on by major economic developments.

Thematics: focus on powerful, long-term global trends that are transforming the world and creating a wealth of investment opportunities

Yield: The level of income on a security, typically expressed as a percentage rate.

Valuation discount: refers to the deficiency in value that a buyer estimates for a company compared to its peers in the same industry

Value trades: picking stocks that appear to be trading for less than their intrinsic or book value

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References made to individual securities should not constitute or form part of any offer or solicitation to issue, sell, subscribe or purchase the security. Janus Henderson Investors, one of its affiliated advisor, or its employees, may have a position mentioned in the securities mentioned in the report.

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