Janus Henderson Forty Fund

Investor Summary

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.

Fund Strategy

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.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
12.16%	-12.25%	-12.25%

Executive Summary

The Forty Fund returned -12.25% in Q1 2026, underperforming the Russell 1000 Growth Index which returned -9.78%. Stock selection in consumer discretionary detracted while industrials contributed to relative performance. Key detractors included Oracle, which declined despite gaining hyperscale market share with a $500+ billion backlog, due to concerns over infrastructure funding and AI disruption of legacy software. DraftKings fell on weaker 2026 guidance and competitive pressures from prediction markets. Contributors included Eaton, benefiting from data center power management opportunities, and Howmet Aerospace, capitalizing on aircraft parts demand and defense industry growth. The managers remain constructive on markets despite near-term uncertainty from Middle East conflicts and oil price volatility. They emphasize that AI demand will continue exceeding supply, driving capital investment in critical bottlenecks. The team maintains focus on rigorous fundamental analysis to identify companies positioned to benefit from AI transformation while using market volatility to find compelling opportunities missed by other investors.

Forward Outlook

We remain constructive on the broader market outlook, despite near-term uncertainty. We do not expect events in the Middle East to materially disrupt U.S. economic activity. Consumer spending has held up well, particularly among higher-income households supported by asset appreciation.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 15 2026	2026 Q1	DKNG, ETN, HWM, ORCL	AI, Data centers, growth, large cap, software, technology	ORCL DKNG ETN HWM	The fund underperformed in Q1 2026 as Oracle and DraftKings detracted despite strong fundamentals, while Eaton and Howmet contributed through data center and aerospace exposure. Managers remain constructive, emphasizing AI-driven capital investment opportunities and using their long-term approach to capitalize on market volatility to find mispriced growth companies.
Jan 16 2026	2025 Q4	AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM	AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology	ORCL ETN LLY MDGL	Forty Fund underperformed in Q4 as AI volatility hurt Oracle and Eaton despite strong fundamentals. Healthcare outperformed with Eli Lilly's GLP-1 success and Madrigal's MASH leadership. Managers remain optimistic on 2026 given stable growth, potential Fed easing, and secular trends in AI, life sciences, and digital transformation through disciplined stock selection.
Oct 16 2025	2025 Q3	AAPL, AMZN, ARGX, AVGO, CMG, DKNG, GOOGL, MA, MDGL, MELI, META, MRVL, MSFT, NVDA, ORCL, SHOP, TSM	AI, Cloud, growth, healthcare, large cap, semiconductors, technology	ORCL US MELI US	The Forty Fund focuses on companies aligned with secular growth themes like AI, cloud, and onshoring. Oracle and TSMC drove performance through AI positioning, while Marvell was exited due to data center weakness. Despite Q3 underperformance, managers remain optimistic about broadening economic growth from Fed rate cuts and continued secular trends driving long-term compounding opportunities.
Jul 24 2025	2025 Q2	AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH	aerospace, AI, Cloud, growth, healthcare, semiconductors, technology	ORCL AVGO HWM ORCL AVGO HWM UNH MA	Forty Fund outperformed with 19.34% returns driven by AI infrastructure plays Oracle and Broadcom, plus aerospace recovery story Howmet. Healthcare holdings detracted on policy uncertainty. Managers focus on secular growth themes including AI deployment, cloud migration, and onshoring trends. Added to AI names during April weakness, increasingly targeting application layer beneficiaries as AI monetization accelerates.
Mar 31 2025	2025 Q1	AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM	AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility	HWM ICE MRVL DDOG	The fund outperformed during Q1's risk-off rotation despite trade policy headwinds. Strong stock selection in consumer discretionary and financials offset tech weakness. Aerospace and financial services holdings demonstrated resilience while AI-related positions faced guidance pressures. Managers remain focused on competitively advantaged companies positioned for market share gains, expecting AI growth to shift toward application-layer beneficiaries.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 15 2026

2026 Q1

DKNG, ETN, HWM, ORCL

AI, Data centers, growth, large cap, software, technology

ORCL
DKNG
ETN
HWM

The fund underperformed in Q1 2026 as Oracle and DraftKings detracted despite strong fundamentals, while Eaton and Howmet contributed through data center and aerospace exposure. Managers remain constructive, emphasizing AI-driven capital investment opportunities and using their long-term approach to capitalize on market volatility to find mispriced growth companies.

Jan 16 2026

2025 Q4

AAPL, AMZN, ARGX, AVGO, DHR, ETN, GOOGL, LLY, MA, MDGL, MELI, MSFT, NVDA, ORCL, TSM

AI, Cloud, growth, healthcare, large cap, Pharmaceuticals, technology

ORCL
ETN
LLY
MDGL

Forty Fund underperformed in Q4 as AI volatility hurt Oracle and Eaton despite strong fundamentals. Healthcare outperformed with Eli Lilly's GLP-1 success and Madrigal's MASH leadership. Managers remain optimistic on 2026 given stable growth, potential Fed easing, and secular trends in AI, life sciences, and digital transformation through disciplined stock selection.

Oct 16 2025

2025 Q3

AAPL, AMZN, ARGX, AVGO, CMG, DKNG, GOOGL, MA, MDGL, MELI, META, MRVL, MSFT, NVDA, ORCL, SHOP, TSM

AI, Cloud, growth, healthcare, large cap, semiconductors, technology

ORCL US
MELI US

The Forty Fund focuses on companies aligned with secular growth themes like AI, cloud, and onshoring. Oracle and TSMC drove performance through AI positioning, while Marvell was exited due to data center weakness. Despite Q3 underperformance, managers remain optimistic about broadening economic growth from Fed rate cuts and continued secular trends driving long-term compounding opportunities.

Jul 24 2025

2025 Q2

AAPL, AMZN, ARGX, AVGO, DHR, HWM, MA, META, MSFT, NVDA, ORCL, TSM, UNH

aerospace, AI, Cloud, growth, healthcare, semiconductors, technology

ORCL
AVGO
HWM
ORCL
AVGO
HWM
UNH
MA

Forty Fund outperformed with 19.34% returns driven by AI infrastructure plays Oracle and Broadcom, plus aerospace recovery story Howmet. Healthcare holdings detracted on policy uncertainty. Managers focus on secular growth themes including AI deployment, cloud migration, and onshoring trends. Added to AI names during April weakness, increasingly targeting application layer beneficiaries as AI monetization accelerates.

Mar 31 2025

2025 Q1

AAPL, AMZN, AVGO, DDOG, GOOGL, HWM, ICE, LLY, LVS, MA, MELI, META, MNST, MRVL, MSFT, NVDA, ORCL, PCVX, TSM

AI, growth, large cap, Risk Appetite, technology, Trade Policy, volatility

HWM
ICE
MRVL
DDOG

The fund outperformed during Q1's risk-off rotation despite trade policy headwinds. Strong stock selection in consumer discretionary and financials offset tech weakness. Aerospace and financial services holdings demonstrated resilience while AI-related positions faced guidance pressures. Managers remain focused on competitively advantaged companies positioned for market share gains, expecting AI growth to shift toward application-layer beneficiaries.

QUARTER	THEMES	TAGS
2026 Q1	AI AI remained a powerful investment theme with continued share price gains for companies supplying the AI supply chain. Demand for AI compute will continue to exceed supply for the foreseeable future, fueling ongoing capital investment and opportunities for companies in critical bottlenecks such as memory, compute, and power generation.	Compute Infrastructure Memory Power Hyperscale
	Data Centers Eaton has growing opportunity to supply data centers, resulting in strong order and backlog growth. Howmet has longer-term opportunity tied to production of gas turbines to power data centers. Hyperscalers are expanding their 2026 capital spending plans.	Power Management Infrastructure Cooling Turbines Capital Spending
2025 Q4	Rates The SARB cut interest rates by 25 basis points in November 2025, bringing the repo rate to 6.75%. The SARB predicts a 75-basis-point decline in the repo rate over the next 15 months, with the repo rate expected to stand at 6.0% by March 2027. The Fund is positioned to benefit from this declining rate environment.	Interest Rates SARB Repo Rate Monetary Policy
	Inflation SA's consumer price inflation for November 2025 came in at 3.5% and is expected to remain subdued, reaching 3.0% by February 2026. The SA Reserve Bank's new inflation target of 3%, with a 1 percentage point tolerance band, contributed towards lower inflation expectations and positive sentiment.	CPI Inflation Target Price Stability
2025 Q3	AI Excitement around artificial intelligence was a strong driver of market gains. Oracle emerged as a leading player in the AI market with strong competitive position and close relationships with leading AI and hyperscaler partners. The fund sees accelerating demand for AI cloud-based workloads driving rapid hyperscaler investment in AI infrastructure, with revenue-generating opportunities moving beyond infrastructure to the application layer.	Cloud Infrastructure Hyperscalers Applications Productivity Workflow
	Semiconductors Taiwan Semiconductor Manufacturing Company benefited from its position as the world's dominant chip manufacturer and leading supplier of graphics processing units for companies like NVIDIA at the forefront of AI buildout. However, Marvell Technology faced weaker than anticipated data center revenues and near-term slowing in custom application-specific integrated circuits sales.	Foundries GPUs Data Centers Custom Silicon Manufacturing
	Cloud Oracle's Cloud Infrastructure business showed exceptional forward guidance with several multibillion-dollar contracts leading to large increases in remaining performance obligations. The fund sees cloud migration as a secular driver of economic growth alongside other digitization trends.	Infrastructure Migration Contracts Revenue Visibility Digitization
	Data Centers The fund identified opportunities in power management companies benefiting from the surge in data center construction needed to support AI infrastructure. Data center construction is being driven by accelerating demand for AI cloud-based workloads.	Construction Power Management Infrastructure AI Workloads Investment
	E-commerce MercadoLibre, a leading online retailer and financial technology company in Latin America, faced increased competition from other online retailers such as Amazon and Shopee. Despite competitive pressures, the fund believes MercadoLibre remains the dominant operator in a Latin American region where e-commerce and financial technology are underpenetrated.	Latin America Competition Financial Technology Underpenetrated Dominant
	Onshoring The fund is upbeat on reshoring as a secular driver of economic growth, leading to new investments in domestic manufacturing in industries from semiconductors to pharmaceuticals. This represents a structural shift in manufacturing location preferences.	Domestic Manufacturing Semiconductors Pharmaceuticals Investment Structural
2025 Q2	AI Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and the productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base.	Infrastructure Hyperscalers Applications Enterprise Productivity
	Cloud Oracle has successfully established itself as a major cloud provider by procuring GPU availability ahead of other hyperscalers and making architectural decisions that allow smaller, compartmentalized clouds versus competitors' mega-clouds. This technology advantage has helped Oracle win sovereign deals globally.	Infrastructure GPU Sovereign Architecture Hyperscalers
	Semiconductors Broadcom benefits from hyperscalers' interest in a second source behind NVIDIA's merchant silicon. The company leads in custom silicon development, offering lower cost and better efficiency for specific workloads. Custom silicon has gained share relative to merchant chips.	Custom Silicon Merchant Efficiency Workloads Share
	Data Centers Power management companies are benefiting from the surge in data center construction needed to support AI infrastructure. These themes are driving massive infrastructure and capacity buildouts from AI chips and cloud data centers.	Construction Power Infrastructure Capacity Buildouts
	Onshoring Industrial stocks benefited from reshoring trends as part of durable secular growth themes including deglobalization. These trends are driving domestic manufacturing and infrastructure buildouts.	Manufacturing Domestic Deglobalization Industrial Trends
	Aerospace Howmet Aerospace continued to benefit from cyclical aerospace recovery and aftermarket demand. The company has gained market share by investing through the down cycle while competitors pulled back, and benefits from industrial gas turbine demand supporting power generation needs for AI infrastructure.	Recovery Aftermarket Turbine Power Generation Market Share
2025 Q1	AI Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services.	Infrastructure Hyperscalers Applications Software Productivity
	Trade Policy The administration's trade policy has injected significant concern and uncertainty into markets. Investors are trying to understand how long tariffs will remain in place, consumer response to expected materially higher prices, and potential inflationary impact on the economy.	Tariffs Inflation Consumer Uncertainty Policy
	Risk Appetite Market performance reflected a rotation to a risk-off environment with defensive-oriented sectors outperforming cyclical sectors, value stocks leading growth stocks, dividend-paying companies performing relatively well, and the Magnificent 7 tech stocks significantly lagging the broader market.	Risk-off Defensive Value Dividends Rotation

QUARTER

THEMES

AI

AI remained a powerful investment theme with continued share price gains for companies supplying the AI supply chain. Demand for AI compute will continue to exceed supply for the foreseeable future, fueling ongoing capital investment and opportunities for companies in critical bottlenecks such as memory, compute, and power generation.

Compute Infrastructure Memory Power Hyperscale

Data Centers

Eaton has growing opportunity to supply data centers, resulting in strong order and backlog growth. Howmet has longer-term opportunity tied to production of gas turbines to power data centers. Hyperscalers are expanding their 2026 capital spending plans.

Power Management Infrastructure Cooling Turbines Capital Spending

2025 Q4

Rates

The SARB cut interest rates by 25 basis points in November 2025, bringing the repo rate to 6.75%. The SARB predicts a 75-basis-point decline in the repo rate over the next 15 months, with the repo rate expected to stand at 6.0% by March 2027. The Fund is positioned to benefit from this declining rate environment.

Interest Rates SARB Repo Rate Monetary Policy

Inflation

SA's consumer price inflation for November 2025 came in at 3.5% and is expected to remain subdued, reaching 3.0% by February 2026. The SA Reserve Bank's new inflation target of 3%, with a 1 percentage point tolerance band, contributed towards lower inflation expectations and positive sentiment.

CPI Inflation Target Price Stability

2025 Q3

AI

Excitement around artificial intelligence was a strong driver of market gains. Oracle emerged as a leading player in the AI market with strong competitive position and close relationships with leading AI and hyperscaler partners. The fund sees accelerating demand for AI cloud-based workloads driving rapid hyperscaler investment in AI infrastructure, with revenue-generating opportunities moving beyond infrastructure to the application layer.

Cloud Infrastructure Hyperscalers Applications Productivity Workflow

Semiconductors

Taiwan Semiconductor Manufacturing Company benefited from its position as the world's dominant chip manufacturer and leading supplier of graphics processing units for companies like NVIDIA at the forefront of AI buildout. However, Marvell Technology faced weaker than anticipated data center revenues and near-term slowing in custom application-specific integrated circuits sales.

Foundries GPUs Data Centers Custom Silicon Manufacturing

Cloud

Oracle's Cloud Infrastructure business showed exceptional forward guidance with several multibillion-dollar contracts leading to large increases in remaining performance obligations. The fund sees cloud migration as a secular driver of economic growth alongside other digitization trends.

Infrastructure Migration Contracts Revenue Visibility Digitization

Data Centers

The fund identified opportunities in power management companies benefiting from the surge in data center construction needed to support AI infrastructure. Data center construction is being driven by accelerating demand for AI cloud-based workloads.

Construction Power Management Infrastructure AI Workloads Investment

E-commerce

MercadoLibre, a leading online retailer and financial technology company in Latin America, faced increased competition from other online retailers such as Amazon and Shopee. Despite competitive pressures, the fund believes MercadoLibre remains the dominant operator in a Latin American region where e-commerce and financial technology are underpenetrated.

Latin America Competition Financial Technology Underpenetrated Dominant

Onshoring

The fund is upbeat on reshoring as a secular driver of economic growth, leading to new investments in domestic manufacturing in industries from semiconductors to pharmaceuticals. This represents a structural shift in manufacturing location preferences.

Domestic Manufacturing Semiconductors Pharmaceuticals Investment Structural

2025 Q2

AI

Hyperscalers continue essential AI infrastructure investments with accelerating demand expected as compute costs decline. The fund is increasingly focused on application layer beneficiaries and the productivity AI could create over the next decade. Early signs show enterprise software companies successfully monetizing AI through their installed base.

Infrastructure Hyperscalers Applications Enterprise Productivity

Cloud

Oracle has successfully established itself as a major cloud provider by procuring GPU availability ahead of other hyperscalers and making architectural decisions that allow smaller, compartmentalized clouds versus competitors' mega-clouds. This technology advantage has helped Oracle win sovereign deals globally.

Infrastructure GPU Sovereign Architecture Hyperscalers

Semiconductors

Broadcom benefits from hyperscalers' interest in a second source behind NVIDIA's merchant silicon. The company leads in custom silicon development, offering lower cost and better efficiency for specific workloads. Custom silicon has gained share relative to merchant chips.

Custom Silicon Merchant Efficiency Workloads Share

Data Centers

Power management companies are benefiting from the surge in data center construction needed to support AI infrastructure. These themes are driving massive infrastructure and capacity buildouts from AI chips and cloud data centers.

Construction Power Infrastructure Capacity Buildouts

Onshoring

Industrial stocks benefited from reshoring trends as part of durable secular growth themes including deglobalization. These trends are driving domestic manufacturing and infrastructure buildouts.

Manufacturing Domestic Deglobalization Industrial Trends

Aerospace

Howmet Aerospace continued to benefit from cyclical aerospace recovery and aftermarket demand. The company has gained market share by investing through the down cycle while competitors pulled back, and benefits from industrial gas turbine demand supporting power generation needs for AI infrastructure.

Recovery Aftermarket Turbine Power Generation Market Share

2025 Q1

AI

Despite uncertainty around AI spending pace pressuring tech stocks, the fund expects infrastructure spending to continue as hyperscalers expand capacity. As compute costs decline, demand for AI applications should accelerate, with growth potentially shifting toward software and data-rich companies that can monetize AI through productivity gains and new services.

Infrastructure Hyperscalers Applications Software Productivity

Trade Policy

The administration's trade policy has injected significant concern and uncertainty into markets. Investors are trying to understand how long tariffs will remain in place, consumer response to expected materially higher prices, and potential inflationary impact on the economy.

Tariffs Inflation Consumer Uncertainty Policy

Risk Appetite

Market performance reflected a rotation to a risk-off environment with defensive-oriented sectors outperforming cyclical sectors, value stocks leading growth stocks, dividend-paying companies performing relatively well, and the Magnificent 7 tech stocks significantly lagging the broader market.

Risk-off Defensive Value Dividends Rotation

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Apr 15, 2026	Fund Letters	Janus Henderson Forty Fund	DKNG	DraftKings Inc	Gambling	Casinos & Gaming	Bull	NASDAQ	AI technology, Customer Engagement, Digital gaming, iGaming, prediction markets, Sports betting	Login
Apr 15, 2026	Fund Letters	Janus Henderson Forty Fund	ETN	Eaton Corporation plc	Specialty Industrial Machinery	Electrical Components & Equipment	Bull	New York Stock Exchange	AI infrastructure, data centers, energy efficiency, Industrial Equipment, liquid cooling, Power management	Login
Apr 15, 2026	Fund Letters	Janus Henderson Forty Fund	HWM	Howmet Aerospace Inc	Aerospace & Defense	Aerospace & Defense	Bull	New York Stock Exchange	aerospace components, aftermarket services, Aircraft Parts, Data-Center Power, Defense, Gas turbines	Login
Apr 15, 2026	Fund Letters	Janus Henderson Forty Fund	ORCL	Oracle Corporation	Software - Infrastructure	Systems Software	Bull	NASDAQ	AI-Resistant, cloud infrastructure, Database, Enterprise software, hyperscale, Mission-critical systems	Login
Jan 16, 2026	Fund Letters	Nick Schommer	ORCL	Oracle Corporation	Information Technology	Application Software	Bull	New York Stock Exchange	AI, cloud, hyperscale, infrastructure, Rpo	Login
Jan 16, 2026	Fund Letters	Nick Schommer	ETN	Eaton Corporation plc	Industrials	Electrical Equipment	Bull	New York Stock Exchange	AI, datacenters, Electrification, Margins, Power	Login
Jan 16, 2026	Fund Letters	Nick Schommer	LLY	Eli Lilly and Company	Health Care	Pharmaceuticals	Bull	New York Stock Exchange	Diabetes, Glp1, Obesity, pharmaceuticals, pipeline	Login
Jan 16, 2026	Fund Letters	Nick Schommer	MDGL	Madrigal Pharmaceuticals, Inc.	Health Care	Biotechnology	Bull	NASDAQ	Adoption, Biotech, Druglaunch, Liverdisease, MASH	Login
Oct 16, 2025	Fund Letters	Nick Schommer	ORCL US	Oracle Corp.	Information Technology	Systems Software	Bull	NYSE	AI, cloud, growth, infrastructure, Margins, Software, valuation	Login
Oct 16, 2025	Fund Letters	Nick Schommer	MELI US	MercadoLibre, Inc.	Consumer Discretionary	Internet & Direct Marketing Retail	Bull	NASDAQ	Dominance, e-commerce, Fintech, growth, Latin America, Margins, platform	Login
Jul 24, 2025	Fund Letters	Nick Schommer	AVGO	Broadcom Inc.	Information Technology	Electronic Components	Bull	NASDAQ	AI, custom silicon, efficiency, hyperscalers, semiconductors	Login
Jul 24, 2025	Fund Letters	Nick Schommer	HWM	Howmet Aerospace Inc.	Industrials	Systems Software	Bull	New York Stock Exchange	Aerospace, aftermarket, Gas turbines, market share, Power generation	Login
Jul 24, 2025	Fund Letters	Nick Schommer	ORCL	Oracle Corp.	Information Technology	Consumer Finance	Bull	New York Stock Exchange	AI, cloud, Gpu, Rpo, Sovereign Deals	Login
Jun 30, 2025	Fund Letters	Janus Henderson Forty Fund	AVGO	Broadcom Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI infrastructure, custom silicon, GPU Alternative, hyperscaler, Merchant Silicon, semiconductors	Login
Jun 30, 2025	Fund Letters	Janus Henderson Forty Fund	HWM	Howmet Aerospace Inc.	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, aftermarket, AI infrastructure, Aircraft Components, Cyclical Recovery, Industrial Gas Turbines, Power generation	Login
Jun 30, 2025	Fund Letters	Janus Henderson Forty Fund	ORCL	Oracle Corporation	Information Technology	Systems Software	Bull	NASDAQ	AI infrastructure, cloud infrastructure, Enterprise software, Gpu, hyperscaler, SaaS, sovereign cloud	Login
Jun 30, 2025	Fund Letters	Janus Henderson Forty Fund	MA	Mastercard Incorporated	Information Technology	Data Processing & Outsourced Services	Bull	NYSE	Alternative Payments, digital payments, Fintech, payment processing, stablecoin, Transaction Processing	Login
Jun 30, 2025	Fund Letters	Janus Henderson Forty Fund	UNH	UnitedHealth Group Incorporated	Health Care	Managed Health Care	Bull	NYSE	Data Assets, healthcare, managed care, Medical costs, Medicare Advantage, Optum, Scale Advantages	Login
Mar 31, 2025	Fund Letters	Janus Henderson Forty Fund	HWM	Howmet Aerospace Inc	Industrials	Aerospace & Defense	Bull	NYSE	Aerospace, Aircraft Components, Boeing Supplier, Defense, manufacturing, market share gains, pandemic recovery	Login
Mar 31, 2025	Fund Letters	Janus Henderson Forty Fund	ICE	Intercontinental Exchange Inc	Financials	Financial Exchanges & Data	Bull	NYSE	Clearing Houses, Energy Trading, Financial Exchanges, Fixed Income Data, Interest Rate Volatility, Mortgage Technology, natural gas	Login
Mar 31, 2025	Fund Letters	Janus Henderson Forty Fund	MRVL	Marvell Technology Inc	Information Technology	Semiconductors	Bull	NASDAQ	AI infrastructure, Artificial Intelligence, custom silicon, data center, Growth Reset, hyperscalers, semiconductors	Login
Mar 31, 2025	Fund Letters	Janus Henderson Forty Fund	DDOG	Datadog Inc	Information Technology	Application Software	Bull	NASDAQ	AI inferencing, Application Performance, cloud monitoring, Devops, Observability Platform, SaaS, Security Monitoring	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Apr 15, 2026

Fund Letters

Janus Henderson Forty Fund

DKNG

DraftKings Inc

Gambling

Casinos & Gaming

Bull

NASDAQ

AI technology, Customer Engagement, Digital gaming, iGaming, prediction markets, Sports betting

Apr 15, 2026

Fund Letters

Janus Henderson Forty Fund

ETN

Eaton Corporation plc

Specialty Industrial Machinery

Electrical Components & Equipment

Bull

New York Stock Exchange

AI infrastructure, data centers, energy efficiency, Industrial Equipment, liquid cooling, Power management

Apr 15, 2026

Fund Letters

Janus Henderson Forty Fund

HWM

Howmet Aerospace Inc

Aerospace & Defense

Bull

New York Stock Exchange

aerospace components, aftermarket services, Aircraft Parts, Data-Center Power, Defense, Gas turbines

Apr 15, 2026

Fund Letters

Janus Henderson Forty Fund

ORCL

Oracle Corporation

Software - Infrastructure

Systems Software

Bull

NASDAQ

AI-Resistant, cloud infrastructure, Database, Enterprise software, hyperscale, Mission-critical systems

Jan 16, 2026

Fund Letters

Nick Schommer

ORCL

Oracle Corporation

Information Technology

Application Software

Bull

New York Stock Exchange

AI, cloud, hyperscale, infrastructure, Rpo

Jan 16, 2026

Fund Letters

Nick Schommer

ETN

Eaton Corporation plc

Industrials

Electrical Equipment

Bull

New York Stock Exchange

AI, datacenters, Electrification, Margins, Power

Jan 16, 2026

Fund Letters

Nick Schommer

LLY

Eli Lilly and Company

Health Care

Pharmaceuticals

Bull

New York Stock Exchange

Diabetes, Glp1, Obesity, pharmaceuticals, pipeline

Jan 16, 2026

Fund Letters

Nick Schommer

MDGL

Madrigal Pharmaceuticals, Inc.

Health Care

Biotechnology

Bull

NASDAQ

Adoption, Biotech, Druglaunch, Liverdisease, MASH

Oct 16, 2025

Fund Letters

Nick Schommer

ORCL US

Oracle Corp.

Information Technology

Systems Software

Bull

NYSE

AI, cloud, growth, infrastructure, Margins, Software, valuation

Oct 16, 2025

Fund Letters

Nick Schommer

MELI US

MercadoLibre, Inc.

Consumer Discretionary

Internet & Direct Marketing Retail

Bull

NASDAQ

Dominance, e-commerce, Fintech, growth, Latin America, Margins, platform

Jul 24, 2025

Fund Letters

Nick Schommer

AVGO

Broadcom Inc.

Information Technology

Electronic Components

Bull

NASDAQ

AI, custom silicon, efficiency, hyperscalers, semiconductors

Jul 24, 2025

Fund Letters

Nick Schommer

HWM

Howmet Aerospace Inc.

Industrials

Systems Software

Bull

New York Stock Exchange

Aerospace, aftermarket, Gas turbines, market share, Power generation

Jul 24, 2025

Fund Letters

Nick Schommer

ORCL

Oracle Corp.

Information Technology

Consumer Finance

Bull

New York Stock Exchange

AI, cloud, Gpu, Rpo, Sovereign Deals

Jun 30, 2025

Fund Letters

Janus Henderson Forty Fund

AVGO

Broadcom Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI infrastructure, custom silicon, GPU Alternative, hyperscaler, Merchant Silicon, semiconductors

Jun 30, 2025

Fund Letters

Janus Henderson Forty Fund

HWM

Howmet Aerospace Inc.

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace, aftermarket, AI infrastructure, Aircraft Components, Cyclical Recovery, Industrial Gas Turbines, Power generation

Jun 30, 2025

Fund Letters

Janus Henderson Forty Fund

ORCL

Oracle Corporation

Information Technology

Systems Software

Bull

NASDAQ

AI infrastructure, cloud infrastructure, Enterprise software, Gpu, hyperscaler, SaaS, sovereign cloud

Jun 30, 2025

Fund Letters

Janus Henderson Forty Fund

Mastercard Incorporated

Information Technology

Data Processing & Outsourced Services

Bull

NYSE

Alternative Payments, digital payments, Fintech, payment processing, stablecoin, Transaction Processing

Jun 30, 2025

Fund Letters

Janus Henderson Forty Fund

UNH

UnitedHealth Group Incorporated

Health Care

Managed Health Care

Bull

NYSE

Data Assets, healthcare, managed care, Medical costs, Medicare Advantage, Optum, Scale Advantages

Mar 31, 2025

Fund Letters

Janus Henderson Forty Fund

HWM

Howmet Aerospace Inc

Industrials

Aerospace & Defense

Bull

NYSE

Aerospace, Aircraft Components, Boeing Supplier, Defense, manufacturing, market share gains, pandemic recovery

Mar 31, 2025

Fund Letters

Janus Henderson Forty Fund

ICE

Intercontinental Exchange Inc

Financials

Financial Exchanges & Data

Bull

NYSE

Clearing Houses, Energy Trading, Financial Exchanges, Fixed Income Data, Interest Rate Volatility, Mortgage Technology, natural gas

Mar 31, 2025

Fund Letters

Janus Henderson Forty Fund

MRVL

Marvell Technology Inc

Information Technology

Semiconductors

Bull

NASDAQ

AI infrastructure, Artificial Intelligence, custom silicon, data center, Growth Reset, hyperscalers, semiconductors

Mar 31, 2025

Fund Letters

Janus Henderson Forty Fund

DDOG

Datadog Inc

Information Technology

Application Software

Bull

NASDAQ

AI inferencing, Application Performance, cloud monitoring, Devops, Observability Platform, SaaS, Security Monitoring

TICKER	COMMENTARY
ORCL	Oracle was a relative detractor for the quarter. While Oracle has continued to gain share in the hyperscale market, with a backlog of more than $500 billion, the stock declined in the first quarter on market concerns over the company's ability to fund its ambitious infrastructure buildout. Concerns about potential disruption in Oracle's legacy software businesses also pressured the stock. We believe these concerns are overstated, as Oracle has multiple avenues for funding growth due to its solid balance sheet and strong operating cash flow. Additionally, we believe its software business is relatively insulated from AI competition given its focus on mission-critical systems that require precision and confidentiality. We remain invested in the stock.
DKNG	DraftKings, another relative detractor, is a leading online sports-betting and iGaming company. Shares fell after the company reported weaker initial 2026 guidance, partly reflecting higher operating costs and slower customer growth trends. These results fueled concerns that traditional sports betting may be losing ground to the growing popularity of the sports prediction markets. DraftKings is taking steps to bolster its competitive position through its expansion into the predictions market, where we believe it may benefit from its brand strength and economies of scale. We continue to see long-term opportunity for the company, especially given its commitment to innovation and the use of AI to drive customer engagement.
ETN	Relative performance benefited from our investment in Eaton, which provides energy-efficient power management solutions to numerous end markets. Investors have been particularly excited about Eaton's growing opportunity to supply data centers, a business that has resulted in strong order and backlog growth. Eaton's recent acquisition of Boyd Gaming has also strengthened its position in liquid-cooling technology, which may be another growth opportunity tied to data centers.
HWM	Aircraft components manufacturer Howmet Aerospace was another contributor. Strong competitive positioning has enabled Howmet to capitalize on rising demand for aircraft parts, both to meet a growing orders backlog in the airplane production market and to service aging commercial airline fleets. The company also has experienced rising demand from the defense industry, and it has a longer-term opportunity tied to its production of gas turbines to power data centers. We invested in Howmet several years ago, as we believed the potential of the business was not fully appreciated by other investors. Our confidence paid off, as the company has continued to build on its competitive advantages, while more than doubling its operating margins over the past decade.

TICKER

COMMENTARY

ORCL

Oracle was a relative detractor for the quarter. While Oracle has continued to gain share in the hyperscale market, with a backlog of more than $500 billion, the stock declined in the first quarter on market concerns over the company's ability to fund its ambitious infrastructure buildout. Concerns about potential disruption in Oracle's legacy software businesses also pressured the stock. We believe these concerns are overstated, as Oracle has multiple avenues for funding growth due to its solid balance sheet and strong operating cash flow. Additionally, we believe its software business is relatively insulated from AI competition given its focus on mission-critical systems that require precision and confidentiality. We remain invested in the stock.

DKNG

DraftKings, another relative detractor, is a leading online sports-betting and iGaming company. Shares fell after the company reported weaker initial 2026 guidance, partly reflecting higher operating costs and slower customer growth trends. These results fueled concerns that traditional sports betting may be losing ground to the growing popularity of the sports prediction markets. DraftKings is taking steps to bolster its competitive position through its expansion into the predictions market, where we believe it may benefit from its brand strength and economies of scale. We continue to see long-term opportunity for the company, especially given its commitment to innovation and the use of AI to drive customer engagement.

ETN

Relative performance benefited from our investment in Eaton, which provides energy-efficient power management solutions to numerous end markets. Investors have been particularly excited about Eaton's growing opportunity to supply data centers, a business that has resulted in strong order and backlog growth. Eaton's recent acquisition of Boyd Gaming has also strengthened its position in liquid-cooling technology, which may be another growth opportunity tied to data centers.

HWM

Aircraft components manufacturer Howmet Aerospace was another contributor. Strong competitive positioning has enabled Howmet to capitalize on rising demand for aircraft parts, both to meet a growing orders backlog in the airplane production market and to service aging commercial airline fleets. The company also has experienced rising demand from the defense industry, and it has a longer-term opportunity tied to its production of gas turbines to power data centers. We invested in Howmet several years ago, as we believed the potential of the business was not fully appreciated by other investors. Our confidence paid off, as the company has continued to build on its competitive advantages, while more than doubling its operating margins over the past decade.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Data Centers

Rates

Inflation

AI

Semiconductors

Cloud

Data Centers

E-commerce

Onshoring

AI

Cloud

Semiconductors

Data Centers

Onshoring

Aerospace

AI

Trade Policy

Risk Appetite

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Nick Schommer Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On:

Subscribe to receive email notification and updates for:

Janus Henderson Forty Fund