| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 9.0% | -1.5% | 9.2% |
| 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| 9.2% | 12.8% | 16.0% | -15.3% | 17.9% |
The Janus Henderson Global Sustainable Equity Fund returned -1.54% in Q4 2025, underperforming the index return of 3.29%. Performance was impacted by weakness in early 2025 outperformers like Spotify, Nintendo, and Uber, along with insurance holdings and companies perceived vulnerable to AI disruption. The fund benefited from AI-related holdings including TSMC, which raised revenue guidance to 35% reflecting explosive AI demand, and Keysight Technologies. The investment environment featured continued monetary easing, with the Fed cutting rates and announcing $40 billion monthly Treasury purchases. AI remained dominant with NVIDIA reaching $5 trillion market cap, though valuation concerns created volatility. The manager initiated positions in Micron, CATL, and Jacobs Solutions while exiting T-Mobile and others. Looking ahead, 2026 could mark the fourth year of the bull market, supported by accommodative liquidity. The energy transition accelerated with global EV sales reaching 20% of new purchases and clean technology investment hitting $2 trillion. The manager maintains focus on quality companies with competitive advantages and exposure to multi-year secular trends.
The fund focuses on investing in sustainable companies that contribute to positive environmental or social change while navigating the AI-driven transformation of markets and the accelerating energy transition.
2026 could be the fourth year of the current bull market, supported by accommodative liquidity and robust macro conditions. Markets were narrow in 2025, and AI remains dominant, but bottlenecks in memory and power could temper growth, shifting narratives towards more linear trajectories. The manager believes we are at the dawn of a new age where AI's impact across the physical world will create myriad products and markets, similar to how smartphones unlocked new possibilities. They want to be long capital while staying vigilant for shifts in growth to protect and grow capital sustainably.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| 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 | - | AI remained a dominant trend with NVIDIA becoming the first company to reach $5 trillion market cap. The rally broadened to the AI value chain… |
| Oct 16 2025 | 2025 Q3 | IFC CN, PRY IM, SGO FP, SPOT, TEL, TSM | Artificial Intelligence, Data centers, Electrification, semiconductors, sustainability | - | The fund focuses on AI as a catalyst for sustainable development, linking intelligence and electrification as dual engines of global progress. It highlights Prysmian, TE… |
| Jul 22 2025 | 2025 Q2 | AJG, PGR, PRY IM, TSM | AI, Electrification, Renewables, semiconductors, sustainability | - | - |
| May 31 2025 | 2025 Q1 | - | - | - | - |
| Dec 31 2024 | 2024 Q4 | - | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Energy TransitionThe portfolio maintains significant exposure to electrification themes through companies like Bloom Energy, which provides clean, reliable power solutions for AI data centers. The energy transition represents a structural opportunity as companies race to build power infrastructure to support growing electricity demands from AI workloads. |
Electrification Clean Energy Power Generation Fuel Cells Grid Infrastructure | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
Sustainability2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term. |
Climate Commitments Resilient Temperature Disasters | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
ElectrificationPortfolio maintains largest absolute and relative exposure to Industrials sector representing conviction in Electrification theme. This includes companies like Bloom Energy providing power solutions for AI data centers and First Solar manufacturing solar panels. The theme benefits from energy transition and infrastructure needs. |
Power Solar Energy Storage Infrastructure Clean Energy | |
| 2025 Q2 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Sustainability2025 was one of the three hottest years ever recorded with climate-driven disasters causing significant costs. Despite political challenges, 84% of large companies maintained climate commitments and investor sentiment remained resilient with 70% committed to sustainability long-term. |
Climate Commitments Resilient Temperature Disasters |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| 1299.HK | Proceeds were deployed to three Asian companies: 1) Alibaba Group Holding is the largest Chinese e-commerce and cloud company, which has stabilized its e-commerce business and invested in the growing cloud business; 2) Asian insurance company AIA Group Limited is leveraging growing demand from Hong Kong, China and other Asian countries; and 3) Chinese company Ping An Insurance may benefiting from the structural demand for health and protection products given the aging population and limited coverage of national insurance. |
| AAPL | Apple Inc. represents 1.6% of company owned with cost basis of $6,255 million and market value of $61,962 million, providing $280 million in 2025 dividends. |
| AJG | Arthur J Gallagher faced continued negative sentiment around insurance-related companies, with shares underperforming due to a combination of investors moving away from typically more defensive stocks and company-specific factors. The company's earnings were impacted by accounting noise from the AssuredPartners acquisition and a miss on brokerage organic growth, which led to questions about growth deceleration. |
| EXPN.L | Experian's shares were -1% in 2025. Consistent with much of the rest of the portfolio, operating results remain solid. The company will almost certainly report double-digit growth in earnings for 2025, and the company has met or exceeded investors' expectations for the year. The challenges have not so much been financial but hypothetical – focussed on AI's potential to change competitive dynamics in their industry. Experian is valued on a prospective 4.5% equity FCF yield. We have added to the Strategy's investments this year. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| KEYS | Keysight is an electronic design and testing company. It is at the heart of the digital revolution, providing solutions to help accelerate innovation in industries such as communications, networking, electronics, semi-conductor, automotive, aerospace and battery. The company delivered a material acceleration in order growth and guided meaningfully above consensus, with core order growth reaching double digits and broad-based strength across its segments. |
| KLAC | KLA Corporation (KLAC) is a leading global semiconductor production equipment manufacturer, specializing in process control tools that detect and reduce defects in advanced chip manufacturing. The share price advance in 2025 reflects growing investor recognition of KLA's pricing power, structural growth, and mission-critical role in advanced semiconductor fabrication. We reduced the position during the year in order to capture strong gains, but the company remains a core portfolio holding. |
| MMC | We added global insurance broker Marsh & McLennan Companies Inc. (MMC), as well as specialty chemicals manufacturer Eastman Chemicals Co (EMN). Marsh strikes us as a quintessentially good business trading at a reasonable valuation – a relatively rare combination with broad market indices trading near all-time highs. |
| MU | Core gains were led by investments in the Technology sector including Micron |
| NTDOY | Nintendo delivered yet another solid quarter — this time despite a swirl of concerns around the Switch 2's holiday performance. The noise began with questionable 'third-party data' suggesting U.S. holiday sales were running roughly 35% below the original Switch's comparable 2017 period, spooking 'investors' and raising questions about whether the $449 price point was capping demand. Those fears only intensified after Walmart ran Cyber Monday promotional markdowns that were widely — and incorrectly — interpreted as company-led price cuts (Nintendo doesn't discount its hardware). We've decided to save our thoughts on recent concerns on memory pricing for a separate piece, but suffice it to say, the proximate causes behind the latest rounds of false panic in Nintendo's equity almost defy description. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| PGR | Cadence, Linde, United Rentals, and Progressive rounded out the top-five detractors in the quarter. |
| SPOT | Spotify is the world's leading audio streaming platform. Third-quarter results showed continued operating progress, with users increasing 11% to 713 million and subscribers growing 12% to 281 million. Meanwhile, operating income expanded to a mid-teens margin, alongside a record quarterly free cash flow. Despite the momentum, the shares weakened as investors reset near-term margin expectations. Spotify has been a top contributor to long-term Fund performance, and we remain confident that pricing, product innovation, advertising efficiency, and an expanding ecosystem can continue to widen margins over time, as reinforced this quarter by the launch of Spotify recommendations within ChatGPT. |
| TMUS | T-MOBILE US INC detracted -0.32% from relative performance |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| WK | the largest detractor was Workiva (-8.4%), which fell on no material news. The global reporting and compliance platform is one of the most recent additions to our portfolio |
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