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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Janus Henderson Forty Fund returned 19.00% in Q2 2026, outperforming the Russell 1000 Growth Index return of 16.74%. Stock selection and an overweight in healthcare drove relative performance, with UnitedHealth Group a top contributor following management changes and an improvement plan that exceeded first-quarter earnings targets. Information technology holdings benefited from AI-related spending, particularly Datadog, which grew revenue over 30% year-over-year as demand for observability solutions increased with AI workflows moving to the cloud. Oracle detracted amid concerns over capital spending plans to fund its AI capacity buildout, though the managers view the share price decline as an overreaction given strong execution. MercadoLibre also detracted as investments in logistics and technology pressured margins, but the fund held the position based on long-term enterprise value potential. The managers remain positive on the economic outlook, viewing AI infrastructure spending as transformative. They see demand for AI computing power exceeding supply for the foreseeable future, creating bottlenecks and pricing power across the supply chain. The fund balances investments in companies building AI capabilities with those benefiting from capital spending, while monitoring disruption risks and maintaining disciplined fundamental analysis.
The fund seeks to capitalize on the transformative AI infrastructure buildout by balancing investments in companies building AI capabilities with those benefiting from increased capital spending, while maintaining a long-term investment horizon focused on disciplined fundamental analysis to identify overlooked opportunities.
The managers remain positive on the economic outlook and market environment. Consumer spending has remained resilient, especially in upper-income households, and the manufacturing sector is showing signs of improvement. They view AI infrastructure spending as a transformative period with potential to reshape the broader economy. The fund continues to seek companies that can leverage AI to improve efficiency and profitability while monitoring disruption risks. The managers remain committed to disciplined fundamental analysis with a long-term investment horizon to seek compelling opportunities that may be overlooked by other investors.
As of Jul 17, 2026
The fund is managed by Nick Schommer, CFA, who brings 17 years of financial industry experience combined with distinguished military service in Iraq and Kuwait, managing the fund since December 8, 2017, and Brian Recht, who contributes 13 years of financial experience with prior Bain & Company consulting background, joining as portfolio manager on March 1, 2022. Both managers focus on five transformational themes: artificial intelligence, cloud computing, digitization, healthcare innovation, and deglobalization as key secular tailwinds offering durable growth prospects.
We believe our differentiated view from the market identifies growth where growth is scarce, positioning our investments to outperform the index over time. The fund focuses on wide-moat innovative companies with distinct competitive advantages that can capitalize on their competitive positioning to grow market share globally over multi-year periods. We pursue a fundamental research-driven approach, investing with conviction in 30-40 of our best large-cap growth ideas, targeting companies with sustainable competitive advantages operating in growing markets.
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Moderate Conviction Bullish
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