Following our most recent review of the Janus Henderson Cautious Managed fund we have taken the decision to remove it from our Academy of Funds. The fund has been under the sole management of Stephen Payne since February 2018. This has been during a period where his co-manager Chris Burvill, manager of the fund since 2003, has unfortunately been on a period of long-term absence for medical reasons. Whilst we think Mr Payne has been managing the fund in a diligent and sensible manner over this period, his longer-term track record remains unproven in a multi-asset context. Mr Payne's experience as a fund manager to date is predominantly in UK equities and not a broader multi-asset approach. We will continue to monitor the fund to see how it performs under Mr Payne's stewardship.