| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.42% | -3.07% | -3.07% |
The Global Sustainable Equity Fund returned -3.07% in Q1 2026 versus -3.57% for the MSCI World Index during a volatile quarter marked by geopolitical escalation and AI disruption fears. The Iran conflict and closure of the Strait of Hormuz created the largest oil supply disruption on record, driving Brent crude from $80 to over $113 and forcing markets to reprice risk. Stock selection in AI infrastructure companies like Keysight and TSMC aided performance, while exposure to companies facing AI disruption concerns detracted. The fund benefited from its focus on enabling technologies across the AI infrastructure stack, with hyperscalers planning over $650 billion in AI capex for 2026. Asset allocation was a headwind due to exclusionary criteria limiting exposure to energy and utilities. The managers emphasize durable business models with pricing power and exposure to long-duration sustainability themes, positioning the portfolio to navigate volatility while benefiting from secular trends in energy transition and AI infrastructure.
The fund invests in quality companies with robust competitive advantages and exposure to multi-year secular trends, emphasizing durable business models with pricing power that can navigate volatility and compound through cycles while benefiting from long-duration sustainability themes.
The investment backdrop may be less forgiving than the liquidity-supported regimes investors have grown accustomed to. Higher energy prices can reintroduce inflation volatility, and volatility typically widens dispersion. While AI is accelerating productivity potential, it also is accelerating energy and infrastructure demand. Geopolitics is raising the cost of fossil fuel dependence, but it is strengthening the strategic imperative to accelerate renewables.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 15 2026 | 2026 Q1 | BLX.TO, EXPN.L, KEYS, MSFT, SGOBF, TSM | AI, energy, geopolitics, infrastructure, sustainability, technology | - | Fund outperformed during volatile quarter marked by Iran conflict and AI disruption fears. Strong stock selection in AI infrastructure companies like Keysight and TSMC offset headwinds from exclusionary criteria limiting energy exposure. Managers focus on durable franchises with pricing power positioned for long-term sustainability themes and AI infrastructure buildout. |
| Jan 16 2026 | 2025 Q4 | 1299.HK, AAPL, AJG, EXPN.L, GOOGL, IFX.DE, KEYS, KLAC, MMC, MU, NTDOY, NVDA, ORCL, PGR, SPOT, STN.TO, TMUS, TSM, UBER, WD, WK | AI, Climate, Energy Transition, global, semiconductors, sustainability, technology | - | The fund underperformed in Q4 as early 2025 winners gave back gains and insurance holdings lagged. AI momentum continued with TSMC raising guidance on explosive demand, while the energy transition accelerated with record clean tech investment. The manager initiated AI-enabling positions while maintaining focus on sustainable companies positioned for long-term secular trends. |
| Oct 16 2025 | 2025 Q3 | 1299.HK, AJG, APTV, ARGX, IFC.TO, MCK, MSFT, NVDA, ORCL, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TEL, TSM, WOLSF | AI, Electrification, Esg, global, infrastructure, semiconductors, sustainability, technology | - | Janus Henderson's Global Sustainable Equity Fund underperformed in Q3 2025 despite strong AI and electrification holdings, hurt by weak tech stock selection and insurance exposure. The fund maintains conviction in sustainable investing while embracing AI as a transformative catalyst, positioning for opportunities from 2025 policy changes and global economic trends. |
| Jul 22 2025 | 2025 Q2 | 1299.HK, AJG, APG, ICLR, MCK, MMC, MSFT, NVDA, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TMUS, TSM, UBER, WAB | AI, Energy Transition, Esg, global, growth, Quality, sustainability, technology | - | The fund outperformed in Q2 2025 despite market volatility, benefiting from industrials and technology exposure while insurance holdings detracted. Managers remain confident in secular sustainability trends, noting record $2 trillion green transition spending and AI adoption acceleration. The strategy focuses on quality companies positioned for long-term sustainability themes regardless of political cycles. |
| May 31 2025 | 2025 Q1 | AAPL, APG, ICLR, LLY, MCK, NXT, PGR, PRY.MI, STN, SU.PA, UNH, WAB | AI, Energy Transition, Esg, growth, industrials, sustainability |
NXTR PRY.MI APG ICLR MCK PGR |
The fund outperformed in May driven by industrial holdings including Nextracker and Prysmian, benefiting from energy transition themes. Despite Trump administration policy uncertainties around tariffs and deregulation, the manager remains confident in corporate sustainability resilience and focuses on free cash flow generating companies positioned for long-term growth beyond political cycles. |
| Dec 31 2024 | 2024 Q4 | - | Equity, Esg, global, Sustainable, Value Assessment | - | The Janus Henderson Global Sustainable Equity Fund delivered strong outperformance over both 5-year (15.4% vs 13.4% benchmark) and 10-year (12.4% vs 12.1% benchmark) periods while maintaining its sustainable investing mandate. With competitive charges and top-tier sector rankings, the fund has provided clear value to investors despite a fixed management fee structure. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI continued to dominate market sentiment with hyperscalers planning over $650 billion in AI-related capex for 2026. The fund benefited from exposure to AI infrastructure companies like Keysight and TSMC, while some holdings faced disruption fears from AI advancement. |
Infrastructure Capex Disruption Hyperscalers Innovation |
Energy TransitionThe Iran conflict and energy shock paradoxically strengthened the case for energy transition as fossil fuel supply routes became fragile. Renewables are increasingly viewed as energy security assets rather than just decarbonization tools. |
Security Renewables Geopolitics Infrastructure Policy | |
SemiconductorsTSMC rallied due to its pivotal role in the AI-capex cycle and dominant position in advanced process nodes. The fund focuses on enabling technologies and bottlenecks across the AI infrastructure stack including memory and semiconductor capital equipment. |
Foundries Memory Equipment Advanced Bottlenecks | |
GeopoliticalThe escalation of the Iran war and closure of the Strait of Hormuz created the largest sudden oil-supply disruption on record. This introduced energy insecurity dynamics and forced markets to relearn risk premia pricing. |
Iran Oil Supply Risk Disruption | |
| 2025 Q4 |
AIManager believes AI sector is experiencing bubble-like conditions with excessive speculation and risk-taking. Concerns about rising debt levels and massive CAPEX spending by major tech companies for AI infrastructure. Software stocks have fallen sharply in 2026 as valuations come back to haunt them and fears of AI cannibalization rise. |
Artificial Intelligence Software Valuations Speculation Bubble |
EnergyManager purchased Occidental Petroleum at start of 2026, believing oil prices are currently depressed and energy sector has underperformed significantly. Views oil as the only commodity not performing well, with energy sector performing as poorly versus S&P 500 as during dot-com bubble. |
Oil Energy Sector Commodities Underperformance | |
Medical DevicesManager has been rotating into med-tech stocks to shift exposure away from mega-cap technology. Made acquisition of Grail and swapped Zoetis for Boston Scientific, though Boston Scientific fell sharply after missing earnings expectations in February. |
Medical Technology Healthcare Rotation Devices | |
| 2025 Q3 |
AIAI has emerged as a transformative force driving a new Industrial Revolution, reshaping industries at unprecedented pace and moving beyond data centers into the physical world. The fund maintains balanced exposure to AI themes, classifying holdings as AI enablers, beneficiaries, bottlenecks, or immune sectors to ensure diversification and resilience. |
Data Centers Cloud Semiconductors Infrastructure |
Energy TransitionCompanies exposed to electrification outperformed given the level of investment going toward infrastructure build-out required to support AI deployment. The fund invests in companies that harness AI to drive positive environmental and social outcomes as part of sustainable progress. |
Electrification Infrastructure Grid Upgrade Renewable Components | |
SemiconductorsTSMC posted solid results underpinned by strong earnings and sustained momentum in AI, playing a pivotal role in enabling the rapidly expanding AI infrastructure ecosystem. Companies exposed to memory saw resurgence as the AI boom drives demand for high-capacity data storage solutions. |
Foundries Memory Chip Designers Semi Equipment | |
| 2025 Q2 |
AIAI growth narrative recovered after initial concerns around Chinese AI tool DeepSeek dissipated. Many AI-exposed companies reported impressive earnings and guided for increased spending on AI, while companies across sectors increased AI adoption for business efficiencies. TSMC benefited as a critical enabler of the rapidly expanding AI infrastructure ecosystem. |
Artificial Intelligence Infrastructure Semiconductors Computing Adoption |
Energy TransitionGlobal spending on the green transition hit a record high, topping $2 trillion for the first time. The world now invests nearly twice as much in clean energy than in fossil fuels each year. Solar and wind power are now cheaper than traditional fossil-fuel generation in many regions, creating a self-reinforcing cycle. |
Clean Energy Renewable Power Solar Wind Decarbonization | |
SemiconductorsTSMC reported solid revenue growth and raised guidance on continued strength in high-performance computing and AI workloads. As the world's leading semiconductor manufacturer supplying over half of global chip demand, TSMC is positioned as a critical enabler of AI infrastructure with leadership in advanced process nodes. |
Foundries AI Chips Manufacturing Process Technology Computing | |
| 2025 Q1 |
Energy TransitionThe fund benefits from investments in renewable energy infrastructure including solar trackers, cables for wind and solar projects, and companies enabling the broader energy transition. Nextracker's solar tracker solutions and Prysmian's cables for renewable energy projects demonstrate strong performance in this theme. |
Solar Renewables Grid Upgrade Energy Storage Wind |
AIThe fund's holdings benefit from artificial intelligence applications and innovation. Nextracker's solutions feed into the broader AI value chain, and the company has strong potential to harness returns from AI applications and innovation. |
Data Centers Cloud Semiconductors Software Infrastructure | |
Industrial AutomationThe fund maintains significant exposure to industrial companies including Schneider Electric, Stantec, and Wabtec, which benefit from automation trends and industrial modernization. The material overweight position in industrials contributed strongly to outperformance. |
Automation Industrial Software Electrical Equipment Process Automation Industrial IoT | |
| 2024 Q4 |
ESGThe fund invests in companies that derive at least 50% of their revenues from products and services contributing to positive environmental or social change. The fund applies exclusionary screens to avoid companies involved in environmentally and socially harmful activities. |
Sustainable Environmental Social Exclusionary |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| May 31, 2025 | Fund Letters | Janes Henderson Global Sustainable Equity Fund | NXTR | Nextracker Inc | Industrials | Electrical Equipment | Bull | NASDAQ | AI infrastructure, data centers, electrical equipment, renewable energy, software solutions, Solar, supply chain, Utility Scale | Login |
| May 31, 2025 | Fund Letters | Janes Henderson Global Sustainable Equity Fund | PRY.MI | Prysmian SpA | Industrials | Electrical Equipment | Bull | Borsa Italiana | AI infrastructure, Cables, data centers, energy transition, ESG, Low-Carbon, renewable energy, telecommunications | Login |
| May 31, 2025 | Fund Letters | Janes Henderson Global Sustainable Equity Fund | APG | APi Group Corporation | Industrials | Commercial Services & Supplies | Bull | NYSE | Energy Retrofits, Fire Detection, industrial services, infrastructure, Life Safety, security services, Specialty Services, Sustainable Development | Login |
| May 31, 2025 | Fund Letters | Janes Henderson Global Sustainable Equity Fund | ICLR | ICON plc | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | biotechnology, Clinical research, Clinical trials, Cro, drug development, Healthcare services, life sciences, Pharmaceutical | Login |
| May 31, 2025 | Fund Letters | Janes Henderson Global Sustainable Equity Fund | MCK | McKesson Corporation | Health Care | Health Care Distributors | Bull | NYSE | Biosimilars, consolidated market, Defensive growth, GLP-1, healthcare, Pharmaceutical Distribution, Specialty Services, supply chain | Login |
| May 31, 2025 | Fund Letters | Janes Henderson Global Sustainable Equity Fund | PGR | Progressive Corporation | Financials | Insurance | Bull | NYSE | Auto Insurance, Data Analytics, direct-to-consumer, Home Insurance, market share, risk assessment, Telematics, Usage-Based Insurance | Login |
| TICKER | COMMENTARY |
|---|---|
| KEYS | Keysight reported strong earnings above expectations, with order growth rising over 30% year-on-year. Management also significantly upgraded revenue growth forecasts. Keysight provides electronic design and testing solutions across semiconductors, aerospace, and batteries, benefiting from multiple secular tailwinds including AI-driven infrastructure, advanced communications and networking, and electrification across several sectors. |
| TSM | TSMC's stock price rallied due to continued strong earnings, reflecting its pivotal role in the AI-capex cycle. Its dominant market position, exposure to major AI-chip players -- including graphics processing units (GPUs), application-specific integrated circuits (ASICs), and custom silicon -- reinforced its status as a long-term winner from the AI revolution. The company's leadership in advanced process nodes and cutting-edge packaging technologies has cemented its position as AI chipmakers' foundry of choice, as well as a driving force behind global productivity improvements. |
| BLX.TO | Shares of Boralex rose following an agreement to be taken private by Canadian infrastructure investors Brookfield Asset Management and La Caisse. The company develops renewable power assets specializing in wind, hydroelectric, and energy storage projects. |
| MSFT | Microsoft shares underperformed amid concerns over near-term returns from elevated cloud infrastructure investment and slower growth in the legacy software segment. While we trimmed the position in favor of more attractively valued opportunities, our long-term thesis remains intact. Microsoft benefits from powerful network effects and a deeply embedded ecosystem across productivity, cloud, and developer platforms, reinforcing its competitive moat. Its carbon-neutral Azure cloud platform plays a critical role in enabling businesses to decarbonize energy-intensive computing operations across sectors globally. |
| SGOBF | Saint-Gobain was impacted by near-term headwinds from the prospect of weaker European construction activity, rising inflation, and higher interest rates. Despite recent mixed results, the business' transformation journey has been progressing well. Benefits from the transformation are yet to be reflected in the stock's valuation, and when this is combined with the future upturn in the industrial cycle, we expect significant growth potential. Saint-Gobain is an enabler of the energy transition through its high-performance insulation products, energy-efficient glazing systems, and sustainable construction solutions. |
| EXPN.L | Experian was caught in the market's broad rotation out of information services on disruption fears. Some investors branded Experian an "AI loser", arguing that AI-driven fintech and alternative data sources could commoditize credit scoring. We believe these fears are misplaced. Experian possesses unique proprietary data assets and entrenched client relationships, which would make it very difficult to disintermediate Experian's role. The company serves a crucial function in expanding financial inclusion by improving consumer credit access through more sophisticated risk assessment and fraud prevention. |
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