The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 13, 2026
The Janus Henderson Global Sustainable Equity Fund delivered a net return of 1.86% in the third quarter of 2026, matching the MSCI World Index benchmark return of 1.86% and outperforming the IA Global peer group average of 0.38%, bringing year-to-date net performance to 12.92%. Relative performance was impacted by weakness in AI infrastructure, cooling, and electrification holdings, alongside an underweight stance in fossil energy which rallied roughly 15% amid crude oil rising above $100 per barrel, and zero exposure to mega-caps Apple and Meta. Offsetting these headwinds were strong gains from enterprise software holdings recovering from earlier AI disruption fears and solid operational execution from global specialty compounders. The macroeconomic backdrop was dominated by prolonged geopolitical conflict between the US and Iran, surging commodity costs, and tighter monetary policy marked by 25 basis point rate hikes from the Federal Reserve, ECB, and Bank of Japan, which drove 10-year Treasury yields up over 80 basis points. Concurrently, escalating physical climate risks from an intensifying El Niño added to global food inflation concerns. Within the equity market, the narrative pivoted from unconstrained AI capital expenditures toward return on investment scrutiny and agentic AI adoption, sparking significant divergence between cyclical infrastructure hardware and mission-critical software platforms with proprietary data moats. Top quarterly positive contributors included Microsoft, SAP, and Tokio Marine, each demonstrating resilient cloud adoption, strong pricing power, and expanding capital returns. Detractors were led by CATL, Nextpower, and Aptiv, prompting a full exit of Aptiv alongside divestments of Core & Main and Broadcom to reallocate capital into higher-conviction opportunities. Portfolio managers initiated new positions in Modine and Lumentum, added to Micron, Seagate, Disco, Prysmian, ON Semiconductor, and APi Group, and established a position in F5 to capture rising enterprise inference workloads, while systematically trimming stakes in Progressive, Intact, Waste Management, and SAP.
Investing in durable, high-quality companies with sustainable competitive advantages and pricing power provides structural resilience to navigate macroeconomic volatility while capitalizing on long-term secular growth in AI adoption and the global energy transition.
The managers maintain a constructive long-term view, watching interest rates, energy prices, and El Niño dynamics closely while favoring resilient companies with durable competitive moats, pricing power, and exposure to structural growth in AI and the energy transition.
Moderate Conviction Bullish
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