health care, a long term investment...

Health care, a long term

investment opportunity

This document is solely for the use of professionals and is not for general public distribution.

The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

1

Why Health Care?

Innovation: Accelerating innovation addressing unmet medical needs

Demographics: Aging global populations drive health care

spending growth

Globalisation: Rising standards of living lead to higher health care

spending globally

Diversification and Defensive Characteristics: Historically, the

sector has one of the lowest correlations to the broader equity markets

and has held up better in down markets

2

Why Health Care? Opportunities for Innovation

Cardiovascular Disease

Cardiovascular disease is the leading cause

of death worldwide – an estimated 17.3

million deaths each year. That’s one every

two seconds. The cost of cardiovascular

disease is estimated at $863 billion per year

worldwide.

$863B Annual global spend

Cancer

39.6% of people will be diagnosed with

cancer at some point during their

lifetimes. The number of new cases is

expected to rise by about 70% over the

next 2 decades. Cancers figure among

the leading causes of morbidity and

mortality worldwide, with approximately

14 million new cases and 8.2 million

cancer-related deaths in 2012.


Diabetes

The number of people with diabetes

globally has risen from 108 million in

1980 to 422 million in 2014. 9.3% of the

United States population has diabetes.

If current trends continue as many as 1 in

3 American adults will have diabetes in

2050. The total annual estimated cost of

diagnosed diabetes globally is $825

billion.


What are we seeking:

Innovative and differentiated therapies

addressing unmet medical needs Sources: American Cancer Society, 2010. World Health Organisation – Diabetes, June 2016.

Cancer Connect.net – http://news.cancerconnect.com/worldwide-cancer-has-biggest-economic-impact-of-any-cause-of-death.

3

Why Health Care? Innovation

Pace of innovation is accelerating

$1,000

$10,000

$100,000

$1,000,000

$10,000,000

$100,000,000

oore’s a

• The Human Genome Project was

completed in 2000

• It took over 13 years to complete and

cost over $3 billion

• Since that time there have been

dramatic improvements in genetic

analysis

• Leading to a better understanding of

the underlying causes of human

disease

Cost per Genome

Source: National Human Genome Research Institute. As of October 2015.

* Moore's law refers to a prediction by Intel co-founder Gordon Moore that the number of transistors on integrated circuits would double every two years. Moore’s law has

been credited with driving advances in the semiconductor industry that helped make computing widespread and affordable.

4

Why Health Care? Innovation

Pace of innovation is accelerating

Number of drugs receiving FDA approval Biotechnology sales

72

96

108

0

20

40

60

80

100

120

2008-2010 2011-2013 2014-2016$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

Top 40 Biotech Drugs

$161B

$ (

Bill

ions)

50% Increase

• 22 drugs approved in 2016, YTD the FDA has

approved 23 drugs, with 16 pending

• The 108 drugs approved between 2014–2016 is a

50% increase compared to the 3 year period

ending 31 December 2010

• Sales up 30x since 1999

Sources: FDA Sources: ISI Group and Janus Henderson Investors

5

Why Health Care? Innovation in Action

69%

58%

Hepatitis C

10%

25%

40%

70%

>95%

1989 1992 1998 2001 2011 2015

Source: Pharmaceutical Research and Manufacturers of America Source: American Association of Cancer Research

Hep C

identified

Inteferon

Interferon

/RBV

Peg IFN

/RBV

Peg IFN RBV/

Protease

Direct acting

antivirals

Melanoma

Survival rate

27%

Chemotherapy

1975 – 2010

Opdivo

December 2014

Opdivo &

Yervoy

October 2015

Cure rate

6

Why Health Care? Demographics

Health care spending to increase as the U.S. undergoes a demographic shift

U.S. Population Age 65+ (millions)

• 10K people a day in the U.S. turn 65 until 2030

Source: U.S. Census Bureau

7

Why Health Care? Demographics

Health care spending to increase as the U.S. undergoes a demographic shift

Health Care Spending Per Capita Medicare Spending Per Capita

• People over 65 spend 3x more on health care

than adults under 65 • Above 65, health care spending continues to

grow with age

Sources: Kaiser Family Foundation analysis of a 5 percent sample of Medicare claims from the Chronic Conditions Data Warehouse, 2011. Center for Medicare and Medicaid

Services, Office of the Actuary, National Health Statistics Group, 2010.

6.125

18.424

$0

$2.000

$4.000

$6.000

$8.000

$10.000

$12.000

$14.000

$16.000

$18.000

$20.000

Adults <65 years Adult >65 years

3.0x

65

70

75

80

85

90

95

$5.5

62

$7.5

66

$9.7

60

$11.6

81

$13.4

66

$14.7

45

$15.7

32

8

Why Health Care? Globalisation

Higher GDP correlated with higher health care spending

GDP growth drives health care spending*

Source: * OECD Health Data 2011; WHO Global Health Expenditure Database as of 28 October 2011

9

Description Health Care

Energy Materials Industrials Consumer Discretionary

Consumer Staples

Financials Information Technology

Telecom Utilities

MSCI The World Index – Health Care 1.00

MSCI The World Index – Energy 0.52 1.00

MSCI The World Index – Materials 0.66 0.83 1.00

MSCI The World Index – Industrials 0.74 0.77 0.89 1.00

MSCI The World Index – Consumer Discretionary 0.73 0.66 0.81 0.93 1.00

MSCI The World Index – Consumer Staples 0.79 0.60 0.65 0.77 0.75 1.00

MSCI The World Index – Financials 0.72 0.67 0.79 0.91 0.89 0.72 1.00

MSCI The World Index – Information Technology 0.69 0.69 0.80 0.88 0.91 0.73 0.82 1.00

MSCI The World Index – Telecom Services 0.68 0.66 0.69 0.74 0.69 0.80 0.67 0.70 1.00

MSCI The World Index – Utilities 0.68 0.59 0.62 0.69 0.61 0.79 0.63 0.64 0.80 1.00

MSCI The World Index 0.81 0.80 0.89 0.97 0.94 0.83 0.93 0.92 0.80 0.75

Why Health Care? Diversification

The Health Care sector has had one of the lowest correlations to the global

market of all GICS sectors over the past decade

Source: Janus Henderson Investors, FactSet. Past performance is no guarantee of future results.

Correlation Matrix

Period: 7/2007 – 6/2017

Benchmark: MSCI The World Index – Gross Return

10

Why Health Care? Defensive Characteristics

Health Care has typically held up better in down markets with lower volatility

Performance and downside capture

MSCI World Health Care IndexSM averaged 63% downside capture of MSCI World IndexSM returns

Source: FactSet, as at 30 June 2017

Past performance is no guarantee of future results

Graph reflects market declines of 10% or greater in the MSCI World IndexSM since 2000

Cum

ula

tive r

etu

rns (

%)

-46,3

1%

-53,6

5%

-12,5

5%

-19,4

3%

-11,6

4%

-14,1

5

-34,5

4

-7,5

6

-9,5

6

-12,8

2

-60

-50

-40

-30

-20

-10

0

04/2000 -09/2002

11/2007 -02/2009

05/2010 -06/2010

05/2011 -09/2011

06/2015 -02/2016

MSCI World Index MSCI World Health Care Index Downside captureSM SM

31% 64%

60%

49%

110%

Beta

MSCI World Health Care IndexSM vs MSCI

World IndexSM

10 year period (01/07/07 –

31/06/17) 0.66

Standard deviation

10 Year Period (1/7/07 – 30/6/17)

MSCI World Health Care

IndexSM 13.53

MSCI World IndexSM 16.47

11

Why Health Care? Historical Valuations

$0

$100

$200

$300

0.0x

10.0x

20.0x

30.0x

40.0x

50.0x

60.0x

70.0x

Historical Health Care Valuations (1 Year Forward P/E)

1 Y

ea

r F

orw

ard

P/E

S

&P

Bio

tech

nolo

gy S

ele

ct In

du

stry

Ind

ex

1 Y

ea

r Forw

ard

EP

S

$256

18.1x

17.0x

14.7x

S&P Biotechnology

Select Industry Index

S&P 500® Index S&P 500®

Health Care Index S&P Biotechnology

1 Year Forward EPS

Source: Bloomberg, as at 30 June 2017

12

v . o ll ealth are to s vera e o o vera e o otto

-

-

Why Health Care? The Case for Active Management

Active management based on fundamental research is important as:

• Binary nature of drug development often results in extreme outcomes

• Large disparity between winners and losers

10 Year Average Disparity of Returns for the Top

and Bottom 5 of sector (1/1/0731/12/16)

Average Performance of Top 5 and Bottom 5

Health Care Stocks

0

50

100

150

200

250

300

Sources: Janus Henderson Analytics, as at 31 December 2016. Sources: Wilshire 5000 Index. Includes average performance of stocks over $500

M in market cap.

When valuations fall and market and economic conditions change it is possible for

both actively and passively managed investments to lose value.

% D

iffe

rence in

perf

orm

ance

Annual sto

ck p

erf

orm

ance (

%)

13

Why Health Care? The Case for Active Management

90 “ he

Rule” 90

Source: BIO Industry Analysis, 2016.

14

Portfolio construction risk

Source: Janus Henderson Investors, as at 30 June 2017

Position management

Higher Lower Risk

Lower

Con

vic

tion

Higher

2.5% - 5.0% 1.0% - 2.5%

1.0% - 2.5% <1.0%

15

Portfolio construction risk

Value At Risk approach

Value at Risk Framework

• Assess downside risk in worst-case scenario from any foreseeable event

• Limit position size so worst- ase s enario i a t on ort olio won’t ex eed basis oints

• Example: If worst case is 50% drop in stock price, position size is no more than 2%

• Conservative approach: No probability weighting in assessing worst case risk

Any portfolio risk management process discussed includes an effort to monitor and manage risk which should not be confused with and does not imply low risk or the ability to control

certain risk factors.

Maximum position

2%

Maximum position

1.4%

Maximum position

3%

100 bps VAR

33% drawdown 50% drawdown 70% drawdown

Maximum drawdown

16

Nuvelo

Case study Clinical risk

0

10

20

30

40

50

Dec-04 Dec-05 Dec-06 Dec-07

Source: Nuvelo Press Releases, as at 30 June 2017

Note: Nuvelo was not owned in the Janus Global Life Sciences Fund

Positive

Phase 2 data

(De ‘ )

Negative

Phase 3 data

(De ‘ )

-74%

Clinical assessment

• Evaluated Phase 2

clinical results trials and

mechanism of action

• Interviewed key opinion

leaders

• Analyzed trial design

hesis: Positive hysi ian ex e tations or a new treat ent or eri heral vas ular disease didn’t translate into a tual

clinical benefits

Price

($)

17

Medivation

Case study Clinical risk

0

10

20

30

40

50

60

70

80

90

Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16

Source: Medivation Press Releases, as at 30 June 2017

Note: Medivation was not owned in the Janus Global Life Sciences Fund

Clinical assessment

• Evaluation of data from a

similar therapy at a later

stage of development

• Analysis of commercial

opportunity

• Proprietary statistical

modeling analyzing

probability of success

Clinical data for late

stage prostate cancer

(Nov ‘ )

FDA approval for late


( u ‘ )

Positive data for early


(O t ‘ ) FDA approval for

early stage prostate

an er ( e ‘ )

Pfizer acquisition for

$ ( e t ‘ )

+30%

Price

($)

Thesis: We believed Medivation’s prostate cancer treatment possessed a higher probability of success for early stage

prostate cancer than the market anticipated

18

0

50

100

150

200

250

300

May-10 May-11 May-12 May-13 May-14 May-15

Pharmacyclics

Case study Commercial risk

Source: Pharamcyclics Press Releases, as at 30 June 2017

Note: Pharmacyclics was not owned in the Janus Global Life Sciences Fund

Commercial assessment

• Evaluation of IMS data to

track and extrapolate

early launch trends

• Interviews with key

opinion leaders to gauge

excitement level

• Evaluation of competitive

landscape

• Surveys of hematologists

to determine pace of

uptake

Thesis: Our proprietary surveys predicted rapid acceptance and sustained uptake of Pharmacyclics’ a e-changing

treatment for leukemia

Price

($) Positive data for CLL

(Jul ‘ )

Imbruvica approval

and launch

(Nov ‘ )

Abbvie buyout for

$20 B

(Mar ‘ )

19

Aegerion

Case Study Commercial risk

Source: Pharamcyclics Press Releases, as at 30 June 2017

Note: Pharmacyclics was not owned in the Janus Global Life Sciences Fund

Commercial assessment

• Evaluation of IMS data to

track and extrapolate

early launch trends

• Feedback from

physicians/market

surveys

• Assessment of the

competitive intensity from

other cholesterol fighting

drugs

• Patient compliance/side

effects

Thesis: Initial enthusias and ra id u ta e o e erion’s dru to hel lower LDL holesterol was not sustained

Price

($)

0

10

20

30

40

50

60

70

80

90

100

Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15

FDA approval

of Juxtapid

(De ‘ )

Initial rapid uptake

(Jan ‘ )

Guidance cuts

(May ‘ )

Guidance cuts

(O t ‘ )

PCSK9 competition launched

(Jul ‘ )

Global Life Sciences Fund

21

Global Life Sciences Investment Team

Experienced team of specialists

• Over 100 years of combined investment experience

Andy Acker, CFA Portfolio Manager

Analyst: Biotechnology

21 years of investment experience

Ethan Lovell Portfolio Manager Analyst: Global Pharmaceuticals / Devices

23 years of investment experience

Dan Lyons, Ph.D., CFA 17 years of

investment experience

Biotechnology

Andy Summers, CFA 19 years of


Specialty Pharmaceuticals

Aaron Schaechterle 10 years of


Health Care IT Medical Technology

Rich Carney, CFA 17 years of


Health Care Services

Ryan Smith Associate Analyst

Pharmaceuticals

John Scotti, DPhil 3 years of


Biotechnology


22

Portfolio Composition

Diversified across the sub sectors within health care

Portfolio Composition MSCI World Health Care IndexSM

(% of Index)


23

Performance (%) Q3 17 YTD 1 yr 3 yr 5 yr 10 yr Since PM

Inception

* (1/5/07)

Global Life Sciences Fund (Class I$acc Shares) 4.10 23.88 13.19 7.88 18.60 11.77 11.84

MSCI World Health Care IndexSM 2.42 18.77 12.41 6.72 13.85 8.72 8.22

Difference

(Fund vs MSCI World Health Care IndexSM) +1.68 +5.12 +0.78 +1.16 +4.75 +3.05 +3.62

Performance as at 30 September 2017

Strong performance versus health care sector

Source: Janus Henderson Investors, as at 30 September 2017

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualised.

* From 1/5/2007 to 11/1/2016, Andy Acker was sole Portfolio Manager. From 12/1/2016, Andy Acker and Ethan Lovell are Co-Portfolio Managers.

Past performance is not a guarantee of future results. There is no assurance that the investment process will consistently lead to successful investing.

24

Performance (%) Q3 17 YTD 1 yr 3 yr 5 yr 10 yr Since PM

Inception

* (1/5/07)

Global Life Sciences Fund (Class I$acc Shares) 4.10 23.88 13.19 7.88 18.60 11.77 11.84

MSCI World IndexSM 4.84 16.01 18.17 7.69 10.99 4.22 4.48

Difference

(Fund vs MSCI World IndexSM) -0.74 +7.87 -4.98 +0.19 +7.61 +7.55 +7.36


Strong performance versus the broad market


Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualised.

* From 1/5/2007 to 11/1/2016, Andy Acker was sole Portfolio Manager. From 12/1/2016, Andy Acker and Ethan Lovell are Co-Portfolio Managers.

Past performance is not a guarantee of future results. There is no assurance that the investment process will consistently lead to successful investing.

25


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Janus Global Life Sciences I $ Acc

MSCI World/Health Care NR USD

MSCI World NR USD


Note: Returns are for Janus Global Life Sciences I $acc, cumulative, net of fees. Rebased to 100 on 1 May 2007

Past performance is not a guide to future performance

+320.67%

+227.72%

%

+157.8%

26

Consistent Outperformance

Annualised Monthly Rolling 3 year Performance*(%)

-20

-10

0

10

20

30

-20 -10 0 10 20 30

84% of the time

Janus Global Life Sciences

Fund Class I$acc Shares

outperformed the MSCI World

Health Care Index 101 of 120

monthly rolling 3-year periods,

or 84% of the time over the last

10 years.

Outperformance

Underperformance

Glo

bal Life S

cie

nces F

und (

Annualis

ed

3 y

ear

retu

rn)

MSCI World Health Care Index (Annualised 3 year return)

* Through 30 September 2017

Past performance is not a guarantee of future results. See page 32 and 33 for complete performance and disclosure. Source: Janus Henderson Investors and Morningstar, Inc

27

Consistent Outperformance

Annualised Monthly Rolling 3 year Performance*(%)

Glo

bal Life S

cie

nces F

und (

Annualis

ed

3 y

ear

retu

rn)

MSCI World Health Care Index (Annualised 3 year return)

-20

-10

0

10

20

30

-20 -10 0 10 20 30

89% of the time

Global Life Sciences Fund

Class I$acc Shares

outperformed the MSCI World

Health Care Index 84 of 94

monthly rolling 3-year periods,

or 89% of the time since

i le entin our “Value at

Ris ” a roa h on / / .

Outperformance

Underperformance

* Data shown is or the “Value at Ris ” a roa h eriod ro / / – 30/9/17.

Past performance is not a guarantee of future results. See page 32 and 33 for complete performance and disclosure. Source: Janus Henderson Investors and Morningstar, Inc.

28

Why Global Life Sciences?

• Experienced and specialised investment team • Over 100 years of combined health care investment experience

• Differentiated fundamental research • Understand the science and the business

• Disciplined investment process • Diversified approach across industries, geographies and market capitalisations

• Value at Risk Framework

• Strong Performance • The Global Life Sciences Fund outperformed the MSCI World Health Care Index in 89% of the

rolling 3-year periods since implementing our “Value at Ris ” a roa h on 1/1/07

• The Fund’s lass I$a hares out er or ed the M I World Index by over b s er year

over the last 10 years*


Past performance is no guarantee of future results. See page 32 and 33 for performance.

* Average annualised outperformance since fund inception (1/4/00)

29

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procurement of its services by the recipient of this presentation or provided to any person or entity other than the recipient of this presentation.

Janus Capital Management LLC serves as investment adviser. Janus, INTECH and Perkins are registered trademarks of Janus International Holding LLC. © 2017, Janus Henderson Investors. The name

Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. For more information or to locate your ountry’s Janus

representative contact information, please visit www.janushenderson.com.

Effective 12th January 2016 Ethan Lovell was promoted to Co-Portfolio Manager of the Janus Global Life Sciences Fund and affiliated accounts, joining Andy Acker, who was previously sole manager of the

Fund.

© 2017, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.

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