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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Janus Henderson Global Sustainable Equity Fund returned 16.17% in Q2 2026, outperforming its benchmark by 301 basis points, driven primarily by overweight exposure to information technology and AI infrastructure. The quarter tested the resilience framework through geopolitical shocks, with the US-Iran conflict keeping oil prices elevated before a late-quarter ceasefire triggered a sharp decline. Despite macro volatility, markets focused on the durability of corporate earnings and the scale of the AI capital cycle, with hyperscaler capex commitments rising to over 60% growth. The fund increased exposure to AI infrastructure bottlenecks including memory, semiconductors, and power equipment, with Seagate, Micron, and TSMC among the strongest contributors. Conversely, companies perceived as facing AI disruption risk underperformed, including Intercontinental Exchange, S&P Global, and Spotify. After strong AI performance, managers trimmed winners and redeployed into quality businesses trading at attractive valuations. The portfolio maintains a barbell approach of genuine AI beneficiaries alongside resilient companies with durable moats, positioned to navigate both opportunities and risks in an evolving landscape where sustainability and energy security remain central themes.
The fund pursues a sustainability-focused growth strategy, investing in quality companies with robust competitive advantages, pricing power, and exposure to multi-year secular trends, with resilience as a core framework rather than a fair-weather philosophy.
The managers expect market leadership to potentially broaden after a period of narrow AI-driven returns. They remain focused on distinguishing genuine AI beneficiaries from companies merely carried by enthusiasm, with the most durable opportunities likely in the enabling layer where bottlenecks are most acute. The portfolio maintains a barbell approach of owning genuine AI beneficiaries alongside resilient, undervalued firms perceived as AI losers. They are alert to capital cycle risks and timing mismatches between capex and realised returns. Energy security and climate volatility remain central to the framework, reinforcing the case for diversified power infrastructure. The managers view the quarter as a real-world stress test of their resilience framework and believe the portfolio is well suited to navigate both opportunities and risks ahead.
As of Jul 15, 2026
Hamish Chamberlayne, CFA, serves as Head of Global Sustainable Equities and has managed the fund since December 31, 2013. He holds a master's degree in chemistry from the University of Oxford and has over 21 years of financial industry experience. Aaron Scully, CFA, joined as Portfolio Manager on June 28, 2019, and holds a B.S. in finance from Indiana University with 26 years of financial experience. The Global Sustainable Equity Strategy was originally launched in July 1991, making it a strategy with over 30 years of track record. The management team operates from both Denver, Colorado and London offices, bringing extensive experience in sustainable investing and ESG integration.
The guiding investment philosophy revolves around the question: 'Is the world a better place because of this company?' The fund believes there is a strong link between sustainable development, innovation and long-term compounding growth. The investment framework leads them to invest in companies that contribute to the development of a more sustainable global economy through their revenue alignment with environmental and social themes. The fund aims to deliver capital growth over the long term by investing in companies that contribute to positive environmental or social change. The high conviction portfolio aligns each holding to the UN Sustainable Development Goals and carries a carbon footprint that is 85% less than that of the MSCI World Index. The team has three objectives: to seek to deliver outstanding investment returns to clients; to be regarded as leaders in sustainable investing; and, as active investors, to play a part in making the world a better place.
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