Janus Henderson Horizon Global Property Equities Fund on Tanger Inc.

The fund opened a new position in outlet-centre landlord Tanger during the quarter. The purchase came in an environment where mall REITs were among the leading property sectors and investors were favouring discounted, cyclical areas of the market. The managers also see resilient demand for high-quality space and falling new supply as supportive of landlord pricing power. The letter does not provide a more detailed company-specific valuation case for Tanger.