Janus Henderson Global Sustainable Equity Fund

Investor Summary

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.

Fund Strategy

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.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.15%	16.17%	10.86%

Executive Summary

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.

Forward Outlook

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.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 13 2026	2026 Q2	6532.T, 6861.T, 8789.T, ASML, BBVA, CBRS, EBS.VI, EXPGY, FICO, ICE, MCK, MU, NTDOY, PRY.MI, SPACEX, SPGI, SPOT, STX, TSM, UBER	AI, energy security, Geopolitical Risk, infrastructure, semiconductors, sustainability, technology	STX MU TSM MCK SPOT ICE	The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends.
Apr 15 2026	2026 Q1	BLX.TO, EXPN.L, KEYS, MSFT, SGOBF, TSM	AI, energy, geopolitics, infrastructure, sustainability, technology	-	Fund outperformed during volatile quarter marked by Iran conflict and AI disruption fears. Strong stock selection in AI infrastructure companies like Keysight and TSMC offset headwinds from exclusionary criteria limiting energy exposure. Managers focus on durable franchises with pricing power positioned for long-term sustainability themes and AI infrastructure buildout.
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	-	The fund underperformed in Q4 as early 2025 winners gave back gains and insurance holdings lagged. AI momentum continued with TSMC raising guidance on explosive demand, while the energy transition accelerated with record clean tech investment. The manager initiated AI-enabling positions while maintaining focus on sustainable companies positioned for long-term secular trends.
Oct 16 2025	2025 Q3	1299.HK, AJG, APTV, ARGX, IFC.TO, MCK, MSFT, NVDA, ORCL, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TEL, TSM, WOLSF	AI, Electrification, Esg, global, infrastructure, semiconductors, sustainability, technology	-	Janus Henderson's Global Sustainable Equity Fund underperformed in Q3 2025 despite strong AI and electrification holdings, hurt by weak tech stock selection and insurance exposure. The fund maintains conviction in sustainable investing while embracing AI as a transformative catalyst, positioning for opportunities from 2025 policy changes and global economic trends.
Jul 22 2025	2025 Q2	1299.HK, AJG, APG, ICLR, MCK, MMC, MSFT, NVDA, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TMUS, TSM, UBER, WAB	AI, Energy Transition, Esg, global, growth, Quality, sustainability, technology	-	The fund outperformed in Q2 2025 despite market volatility, benefiting from industrials and technology exposure while insurance holdings detracted. Managers remain confident in secular sustainability trends, noting record $2 trillion green transition spending and AI adoption acceleration. The strategy focuses on quality companies positioned for long-term sustainability themes regardless of political cycles.
May 31 2025	2025 Q1	AAPL, APG, ICLR, LLY, MCK, NXT, PGR, PRY.MI, STN, SU.PA, UNH, WAB	AI, Energy Transition, Esg, growth, industrials, sustainability	NXTR PRY.MI APG ICLR MCK PGR	The fund outperformed in May driven by industrial holdings including Nextracker and Prysmian, benefiting from energy transition themes. Despite Trump administration policy uncertainties around tariffs and deregulation, the manager remains confident in corporate sustainability resilience and focuses on free cash flow generating companies positioned for long-term growth beyond political cycles.
Dec 31 2024	2024 Q4	-	Equity, Esg, global, Sustainable, Value Assessment	-	The Janus Henderson Global Sustainable Equity Fund delivered strong outperformance over both 5-year (15.4% vs 13.4% benchmark) and 10-year (12.4% vs 12.1% benchmark) periods while maintaining its sustainable investing mandate. With competitive charges and top-tier sector rankings, the fund has provided clear value to investors despite a fixed management fee structure.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 13 2026

2026 Q2

6532.T, 6861.T, 8789.T, ASML, BBVA, CBRS, EBS.VI, EXPGY, FICO, ICE, MCK, MU, NTDOY, PRY.MI, SPACEX, SPGI, SPOT, STX, TSM, UBER

AI, energy security, Geopolitical Risk, infrastructure, semiconductors, sustainability, technology

STX
MU
TSM
MCK
SPOT
ICE

The fund delivered 16.17% in Q2 2026, outperforming on concentrated AI infrastructure exposure as hyperscaler capex surged past 60% growth. Seagate, Micron, and TSMC drove returns while perceived AI disruption victims lagged. Managers trimmed AI winners after exceptional performance and rotated into undervalued quality names with durable moats. The portfolio balances genuine AI beneficiaries with resilient businesses, maintaining focus on sustainability, energy security, and companies positioned for multi-year secular trends.

Apr 15 2026

2026 Q1

BLX.TO, EXPN.L, KEYS, MSFT, SGOBF, TSM

AI, energy, geopolitics, infrastructure, sustainability, technology

Fund outperformed during volatile quarter marked by Iran conflict and AI disruption fears. Strong stock selection in AI infrastructure companies like Keysight and TSMC offset headwinds from exclusionary criteria limiting energy exposure. Managers focus on durable franchises with pricing power positioned for long-term sustainability themes and AI infrastructure buildout.

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

The fund underperformed in Q4 as early 2025 winners gave back gains and insurance holdings lagged. AI momentum continued with TSMC raising guidance on explosive demand, while the energy transition accelerated with record clean tech investment. The manager initiated AI-enabling positions while maintaining focus on sustainable companies positioned for long-term secular trends.

Oct 16 2025

2025 Q3

1299.HK, AJG, APTV, ARGX, IFC.TO, MCK, MSFT, NVDA, ORCL, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TEL, TSM, WOLSF

AI, Electrification, Esg, global, infrastructure, semiconductors, sustainability, technology

Janus Henderson's Global Sustainable Equity Fund underperformed in Q3 2025 despite strong AI and electrification holdings, hurt by weak tech stock selection and insurance exposure. The fund maintains conviction in sustainable investing while embracing AI as a transformative catalyst, positioning for opportunities from 2025 policy changes and global economic trends.

Jul 22 2025

2025 Q2

1299.HK, AJG, APG, ICLR, MCK, MMC, MSFT, NVDA, PGR, PRY.MI, SGO.PA, SPOT, SU.PA, TMUS, TSM, UBER, WAB

AI, Energy Transition, Esg, global, growth, Quality, sustainability, technology

The fund outperformed in Q2 2025 despite market volatility, benefiting from industrials and technology exposure while insurance holdings detracted. Managers remain confident in secular sustainability trends, noting record $2 trillion green transition spending and AI adoption acceleration. The strategy focuses on quality companies positioned for long-term sustainability themes regardless of political cycles.

May 31 2025

2025 Q1

AAPL, APG, ICLR, LLY, MCK, NXT, PGR, PRY.MI, STN, SU.PA, UNH, WAB

AI, Energy Transition, Esg, growth, industrials, sustainability

NXTR
PRY.MI
APG
ICLR
MCK
PGR

The fund outperformed in May driven by industrial holdings including Nextracker and Prysmian, benefiting from energy transition themes. Despite Trump administration policy uncertainties around tariffs and deregulation, the manager remains confident in corporate sustainability resilience and focuses on free cash flow generating companies positioned for long-term growth beyond political cycles.

Dec 31 2024

2024 Q4

Equity, Esg, global, Sustainable, Value Assessment

The Janus Henderson Global Sustainable Equity Fund delivered strong outperformance over both 5-year (15.4% vs 13.4% benchmark) and 10-year (12.4% vs 12.1% benchmark) periods while maintaining its sustainable investing mandate. With competitive charges and top-tier sector rankings, the fund has provided clear value to investors despite a fixed management fee structure.

QUARTER	THEMES	TAGS
2026 Q2	AI AI infrastructure buildout dominated returns this quarter, with hyperscaler capex commitments rising to over 60% growth versus 31% consensus at year start. The fund increased exposure to AI infrastructure bottlenecks including memory, chip production, storage, and power equipment. Concerns about overinvestment and diminishing returns persist, but supply-demand imbalances remain acute across high-bandwidth memory, advanced packaging, and power availability.	Infrastructure Hyperscalers Memory Semiconductors Data Centers
	Semiconductor Cycle Semiconductor companies tied to AI infrastructure were among the strongest performers, with TSMC, Micron, and Seagate delivering exceptional returns. Memory demand continues to outpace supply additions, driven by high-bandwidth memory for AI accelerators and agentic workloads. TSMC maintains process technology leadership and pricing power at the leading edge, while Seagate benefits from accelerating exabyte growth and HAMR technology improving storage density.	Memory Foundries Storage HAMR HBM
	Energy Transition The energy crisis from the US-Iran conflict and Strait of Hormuz closure reinforced the case for diversified, domestically sited power and grid infrastructure to support both energy security and AI growth. The fund maintains exposure to power equipment, cooling, and grid infrastructure as bottlenecks in the AI buildout. Climate volatility remains relevant with NOAA assigning 63% probability to a very strong El Niño this winter.	Energy Security Grid Infrastructure Power Equipment Renewables Climate
	Oil Oil prices remained elevated through most of the quarter due to the US naval blockade of Iran and closure of the Strait of Hormuz, with Brent briefly above $120. Towards quarter end, a ceasefire framework triggered a sharp fall in oil prices, though tanker traffic and Gulf infrastructure remained below pre-conflict levels. Markets compressed the risk premium faster than facts on the ground improved.	Brent Iran Strait of Hormuz Geopolitical Risk
	Resilience Geopolitical shocks and rapid AI adoption highlight the importance of resilience as a framework rather than a fair-weather philosophy. The fund focuses on quality companies with robust competitive advantages, pricing power, and exposure to multi-year secular trends. The quarter served as a real-world stress test, with the portfolio positioned to navigate both opportunities and risks in an evolving landscape.	Quality Moats Pricing Power Secular Trends
	Data Centers Hyperscaler capital expenditure commitments for 2026 now run at more than 60% growth, with combined plans exceeding $725 billion and Moody's projecting close to $1 trillion in 2027. The market narrative has shifted towards a potential $3-4 trillion annual capex run rate by 2030. Power availability is increasingly the binding constraint on deployment, with high-bandwidth memory sold out through 2026 and TSMC's advanced packaging remaining constrained.	Hyperscalers Capex Power Infrastructure
	P&C Insurance The fund added to selected insurance names during the quarter, viewing climate volatility as an opportunity where hardening pricing and disciplined underwriting may convert into shareholder value. NOAA assigns a 63% probability to a very strong El Niño this winter, increasing the risk of droughts, floods, and cyclones. Tokio Marine Holdings was initiated as a new position.	Climate Risk Pricing Underwriting El Niño
2026 Q1	AI AI continued to dominate market sentiment with hyperscalers planning over $650 billion in AI-related capex for 2026. The fund benefited from exposure to AI infrastructure companies like Keysight and TSMC, while some holdings faced disruption fears from AI advancement.	Infrastructure Capex Disruption Hyperscalers Innovation
	Energy Transition The Iran conflict and energy shock paradoxically strengthened the case for energy transition as fossil fuel supply routes became fragile. Renewables are increasingly viewed as energy security assets rather than just decarbonization tools.	Security Renewables Geopolitics Infrastructure Policy
	Semiconductors TSMC rallied due to its pivotal role in the AI-capex cycle and dominant position in advanced process nodes. The fund focuses on enabling technologies and bottlenecks across the AI infrastructure stack including memory and semiconductor capital equipment.	Foundries Memory Equipment Advanced Bottlenecks
	Geopolitical The escalation of the Iran war and closure of the Strait of Hormuz created the largest sudden oil-supply disruption on record. This introduced energy insecurity dynamics and forced markets to relearn risk premia pricing.	Iran Oil Supply Risk Disruption
2025 Q4	AI Manager believes AI sector is experiencing bubble-like conditions with excessive speculation and risk-taking. Concerns about rising debt levels and massive CAPEX spending by major tech companies for AI infrastructure. Software stocks have fallen sharply in 2026 as valuations come back to haunt them and fears of AI cannibalization rise.	Artificial Intelligence Software Valuations Speculation Bubble
	Energy Manager purchased Occidental Petroleum at start of 2026, believing oil prices are currently depressed and energy sector has underperformed significantly. Views oil as the only commodity not performing well, with energy sector performing as poorly versus S&P 500 as during dot-com bubble.	Oil Energy Sector Commodities Underperformance
	Medical Devices Manager has been rotating into med-tech stocks to shift exposure away from mega-cap technology. Made acquisition of Grail and swapped Zoetis for Boston Scientific, though Boston Scientific fell sharply after missing earnings expectations in February.	Medical Technology Healthcare Rotation Devices
2025 Q3	AI AI has emerged as a transformative force driving a new Industrial Revolution, reshaping industries at unprecedented pace and moving beyond data centers into the physical world. The fund maintains balanced exposure to AI themes, classifying holdings as AI enablers, beneficiaries, bottlenecks, or immune sectors to ensure diversification and resilience.	Data Centers Cloud Semiconductors Infrastructure
	Energy Transition Companies exposed to electrification outperformed given the level of investment going toward infrastructure build-out required to support AI deployment. The fund invests in companies that harness AI to drive positive environmental and social outcomes as part of sustainable progress.	Electrification Infrastructure Grid Upgrade Renewable Components
	Semiconductors TSMC posted solid results underpinned by strong earnings and sustained momentum in AI, playing a pivotal role in enabling the rapidly expanding AI infrastructure ecosystem. Companies exposed to memory saw resurgence as the AI boom drives demand for high-capacity data storage solutions.	Foundries Memory Chip Designers Semi Equipment
2025 Q2	AI AI growth narrative recovered after initial concerns around Chinese AI tool DeepSeek dissipated. Many AI-exposed companies reported impressive earnings and guided for increased spending on AI, while companies across sectors increased AI adoption for business efficiencies. TSMC benefited as a critical enabler of the rapidly expanding AI infrastructure ecosystem.	Artificial Intelligence Infrastructure Semiconductors Computing Adoption
	Energy Transition Global spending on the green transition hit a record high, topping $2 trillion for the first time. The world now invests nearly twice as much in clean energy than in fossil fuels each year. Solar and wind power are now cheaper than traditional fossil-fuel generation in many regions, creating a self-reinforcing cycle.	Clean Energy Renewable Power Solar Wind Decarbonization
	Semiconductors TSMC reported solid revenue growth and raised guidance on continued strength in high-performance computing and AI workloads. As the world's leading semiconductor manufacturer supplying over half of global chip demand, TSMC is positioned as a critical enabler of AI infrastructure with leadership in advanced process nodes.	Foundries AI Chips Manufacturing Process Technology Computing
2025 Q1	Energy Transition The fund benefits from investments in renewable energy infrastructure including solar trackers, cables for wind and solar projects, and companies enabling the broader energy transition. Nextracker's solar tracker solutions and Prysmian's cables for renewable energy projects demonstrate strong performance in this theme.	Solar Renewables Grid Upgrade Energy Storage Wind
	AI The fund's holdings benefit from artificial intelligence applications and innovation. Nextracker's solutions feed into the broader AI value chain, and the company has strong potential to harness returns from AI applications and innovation.	Data Centers Cloud Semiconductors Software Infrastructure
	Industrial Automation The fund maintains significant exposure to industrial companies including Schneider Electric, Stantec, and Wabtec, which benefit from automation trends and industrial modernization. The material overweight position in industrials contributed strongly to outperformance.	Automation Industrial Software Electrical Equipment Process Automation Industrial IoT
2024 Q4	ESG The fund invests in companies that derive at least 50% of their revenues from products and services contributing to positive environmental or social change. The fund applies exclusionary screens to avoid companies involved in environmentally and socially harmful activities.	Sustainable Environmental Social Exclusionary

QUARTER

THEMES

AI

AI infrastructure buildout dominated returns this quarter, with hyperscaler capex commitments rising to over 60% growth versus 31% consensus at year start. The fund increased exposure to AI infrastructure bottlenecks including memory, chip production, storage, and power equipment. Concerns about overinvestment and diminishing returns persist, but supply-demand imbalances remain acute across high-bandwidth memory, advanced packaging, and power availability.

Infrastructure Hyperscalers Memory Semiconductors Data Centers

Semiconductor Cycle

Semiconductor companies tied to AI infrastructure were among the strongest performers, with TSMC, Micron, and Seagate delivering exceptional returns. Memory demand continues to outpace supply additions, driven by high-bandwidth memory for AI accelerators and agentic workloads. TSMC maintains process technology leadership and pricing power at the leading edge, while Seagate benefits from accelerating exabyte growth and HAMR technology improving storage density.

Memory Foundries Storage HAMR HBM

Energy Transition

The energy crisis from the US-Iran conflict and Strait of Hormuz closure reinforced the case for diversified, domestically sited power and grid infrastructure to support both energy security and AI growth. The fund maintains exposure to power equipment, cooling, and grid infrastructure as bottlenecks in the AI buildout. Climate volatility remains relevant with NOAA assigning 63% probability to a very strong El Niño this winter.

Energy Security Grid Infrastructure Power Equipment Renewables Climate

Oil

Oil prices remained elevated through most of the quarter due to the US naval blockade of Iran and closure of the Strait of Hormuz, with Brent briefly above $120. Towards quarter end, a ceasefire framework triggered a sharp fall in oil prices, though tanker traffic and Gulf infrastructure remained below pre-conflict levels. Markets compressed the risk premium faster than facts on the ground improved.

Brent Iran Strait of Hormuz Geopolitical Risk

Resilience

Geopolitical shocks and rapid AI adoption highlight the importance of resilience as a framework rather than a fair-weather philosophy. The fund focuses on quality companies with robust competitive advantages, pricing power, and exposure to multi-year secular trends. The quarter served as a real-world stress test, with the portfolio positioned to navigate both opportunities and risks in an evolving landscape.

Quality Moats Pricing Power Secular Trends

Data Centers

Hyperscaler capital expenditure commitments for 2026 now run at more than 60% growth, with combined plans exceeding $725 billion and Moody's projecting close to $1 trillion in 2027. The market narrative has shifted towards a potential $3-4 trillion annual capex run rate by 2030. Power availability is increasingly the binding constraint on deployment, with high-bandwidth memory sold out through 2026 and TSMC's advanced packaging remaining constrained.

Hyperscalers Capex Power Infrastructure

P&C Insurance

The fund added to selected insurance names during the quarter, viewing climate volatility as an opportunity where hardening pricing and disciplined underwriting may convert into shareholder value. NOAA assigns a 63% probability to a very strong El Niño this winter, increasing the risk of droughts, floods, and cyclones. Tokio Marine Holdings was initiated as a new position.

Climate Risk Pricing Underwriting El Niño

2026 Q1

AI

AI continued to dominate market sentiment with hyperscalers planning over $650 billion in AI-related capex for 2026. The fund benefited from exposure to AI infrastructure companies like Keysight and TSMC, while some holdings faced disruption fears from AI advancement.

Infrastructure Capex Disruption Hyperscalers Innovation

Energy Transition

The Iran conflict and energy shock paradoxically strengthened the case for energy transition as fossil fuel supply routes became fragile. Renewables are increasingly viewed as energy security assets rather than just decarbonization tools.

Security Renewables Geopolitics Infrastructure Policy

Semiconductors

TSMC rallied due to its pivotal role in the AI-capex cycle and dominant position in advanced process nodes. The fund focuses on enabling technologies and bottlenecks across the AI infrastructure stack including memory and semiconductor capital equipment.

Foundries Memory Equipment Advanced Bottlenecks

Geopolitical

The escalation of the Iran war and closure of the Strait of Hormuz created the largest sudden oil-supply disruption on record. This introduced energy insecurity dynamics and forced markets to relearn risk premia pricing.

Iran Oil Supply Risk Disruption

2025 Q4

AI

Manager believes AI sector is experiencing bubble-like conditions with excessive speculation and risk-taking. Concerns about rising debt levels and massive CAPEX spending by major tech companies for AI infrastructure. Software stocks have fallen sharply in 2026 as valuations come back to haunt them and fears of AI cannibalization rise.

Artificial Intelligence Software Valuations Speculation Bubble

Energy

Manager purchased Occidental Petroleum at start of 2026, believing oil prices are currently depressed and energy sector has underperformed significantly. Views oil as the only commodity not performing well, with energy sector performing as poorly versus S&P 500 as during dot-com bubble.

Oil Energy Sector Commodities Underperformance

Medical Devices

Manager has been rotating into med-tech stocks to shift exposure away from mega-cap technology. Made acquisition of Grail and swapped Zoetis for Boston Scientific, though Boston Scientific fell sharply after missing earnings expectations in February.

Medical Technology Healthcare Rotation Devices

2025 Q3

AI

AI has emerged as a transformative force driving a new Industrial Revolution, reshaping industries at unprecedented pace and moving beyond data centers into the physical world. The fund maintains balanced exposure to AI themes, classifying holdings as AI enablers, beneficiaries, bottlenecks, or immune sectors to ensure diversification and resilience.

Data Centers Cloud Semiconductors Infrastructure

Energy Transition

Companies exposed to electrification outperformed given the level of investment going toward infrastructure build-out required to support AI deployment. The fund invests in companies that harness AI to drive positive environmental and social outcomes as part of sustainable progress.

Electrification Infrastructure Grid Upgrade Renewable Components

Semiconductors

TSMC posted solid results underpinned by strong earnings and sustained momentum in AI, playing a pivotal role in enabling the rapidly expanding AI infrastructure ecosystem. Companies exposed to memory saw resurgence as the AI boom drives demand for high-capacity data storage solutions.

Foundries Memory Chip Designers Semi Equipment

2025 Q2

AI

AI growth narrative recovered after initial concerns around Chinese AI tool DeepSeek dissipated. Many AI-exposed companies reported impressive earnings and guided for increased spending on AI, while companies across sectors increased AI adoption for business efficiencies. TSMC benefited as a critical enabler of the rapidly expanding AI infrastructure ecosystem.

Artificial Intelligence Infrastructure Semiconductors Computing Adoption

Energy Transition

Global spending on the green transition hit a record high, topping $2 trillion for the first time. The world now invests nearly twice as much in clean energy than in fossil fuels each year. Solar and wind power are now cheaper than traditional fossil-fuel generation in many regions, creating a self-reinforcing cycle.

Clean Energy Renewable Power Solar Wind Decarbonization

Semiconductors

TSMC reported solid revenue growth and raised guidance on continued strength in high-performance computing and AI workloads. As the world's leading semiconductor manufacturer supplying over half of global chip demand, TSMC is positioned as a critical enabler of AI infrastructure with leadership in advanced process nodes.

Foundries AI Chips Manufacturing Process Technology Computing

2025 Q1

Energy Transition

The fund benefits from investments in renewable energy infrastructure including solar trackers, cables for wind and solar projects, and companies enabling the broader energy transition. Nextracker's solar tracker solutions and Prysmian's cables for renewable energy projects demonstrate strong performance in this theme.

Solar Renewables Grid Upgrade Energy Storage Wind

AI

The fund's holdings benefit from artificial intelligence applications and innovation. Nextracker's solutions feed into the broader AI value chain, and the company has strong potential to harness returns from AI applications and innovation.

Data Centers Cloud Semiconductors Software Infrastructure

Industrial Automation

The fund maintains significant exposure to industrial companies including Schneider Electric, Stantec, and Wabtec, which benefit from automation trends and industrial modernization. The material overweight position in industrials contributed strongly to outperformance.

Automation Industrial Software Electrical Equipment Process Automation Industrial IoT

2024 Q4

ESG

The fund invests in companies that derive at least 50% of their revenues from products and services contributing to positive environmental or social change. The fund applies exclusionary screens to avoid companies involved in environmentally and socially harmful activities.

Sustainable Environmental Social Exclusionary

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jul 13, 2026	Fund Letters	Janus Henderson Global Sustainable Equity Fund	STX	Seagate Technology Holdings plc	Computer Hardware	Technology Hardware, Storage & Peripherals	Bull	NASDAQ	AI infrastructure, Cloud storage, data storage, Free Cash Flow, HAMR Technology, Hard Disk Drives, margin expansion, semiconductors, Sustainability	Login
Jul 13, 2026	Fund Letters	Janus Henderson Global Sustainable Equity Fund	MU	Micron Technology, Inc.	Semiconductors	Semiconductors	Bull	NASDAQ	AI accelerators, AI infrastructure, Cyclical, DRAM, energy efficiency, High-Bandwidth Memory, memory semiconductors, Pricing power, Supply Constraint	Login
Jul 13, 2026	Fund Letters	Janus Henderson Global Sustainable Equity Fund	TSM	Taiwan Semiconductor Manufacturing Company Limited	Semiconductors	Semiconductors	Bull	New York Stock Exchange	Advanced Process Nodes, AI chips, Packaging Technology, Pricing power, semiconductor foundry, Supply Constraint, Taiwan, technology leadership	Login
Jul 13, 2026	Fund Letters	Janus Henderson Global Sustainable Equity Fund	MCK	McKesson Corporation	Medical Distribution	Health Care Distributors	Bull	New York Stock Exchange	consolidated market, customer relationships, Defensive growth, healthcare, Pharmaceutical Distribution, Scale Advantages, Specialty Pharmacy	Login
Jul 13, 2026	Fund Letters	Janus Henderson Global Sustainable Equity Fund	SPOT	Spotify Technology S.A.	Internet Content & Information	Interactive Media & Services	Bull	New York Stock Exchange	AI personalization, Audiobooks, Free Cash Flow, margin expansion, monetization, Music streaming, Podcasts, proprietary data, subscription model	Login
Jul 13, 2026	Fund Letters	Janus Henderson Global Sustainable Equity Fund	ICE	Intercontinental Exchange, Inc.	Financial Data & Stock Exchanges	Financial Exchanges & Data	Bull	New York Stock Exchange	Financial Exchanges, financials, Fixed Income Data, Mortgage Technology, network effects, proprietary data, Regulated Infrastructure	Login
May 31, 2025	Fund Letters	Janes Henderson Global Sustainable Equity Fund	NXTR	Nextracker Inc	Industrials	Electrical Equipment	Bull	NASDAQ	AI infrastructure, data centers, electrical equipment, renewable energy, software solutions, Solar, supply chain, Utility Scale	Login
May 31, 2025	Fund Letters	Janes Henderson Global Sustainable Equity Fund	PRY.MI	Prysmian SpA	Industrials	Electrical Equipment	Bull	Borsa Italiana	AI infrastructure, Cables, data centers, energy transition, ESG, Low-Carbon, renewable energy, telecommunications	Login
May 31, 2025	Fund Letters	Janes Henderson Global Sustainable Equity Fund	APG	APi Group Corporation	Industrials	Commercial Services & Supplies	Bull	NYSE	Energy Retrofits, Fire Detection, industrial services, infrastructure, Life Safety, security services, Specialty Services, Sustainable Development	Login
May 31, 2025	Fund Letters	Janes Henderson Global Sustainable Equity Fund	ICLR	ICON plc	Health Care	Life Sciences Tools & Services	Bull	NASDAQ	biotechnology, Clinical research, Clinical trials, Cro, drug development, Healthcare services, life sciences, Pharmaceutical	Login
May 31, 2025	Fund Letters	Janes Henderson Global Sustainable Equity Fund	MCK	McKesson Corporation	Health Care	Health Care Distributors	Bull	NYSE	Biosimilars, consolidated market, Defensive growth, GLP-1, healthcare, Pharmaceutical Distribution, Specialty Services, supply chain	Login
May 31, 2025	Fund Letters	Janes Henderson Global Sustainable Equity Fund	PGR	Progressive Corporation	Financials	Insurance	Bull	NYSE	Auto Insurance, Data Analytics, direct-to-consumer, Home Insurance, market share, risk assessment, Telematics, Usage-Based Insurance	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jul 13, 2026

Fund Letters

Janus Henderson Global Sustainable Equity Fund

STX

Seagate Technology Holdings plc

Computer Hardware

Technology Hardware, Storage & Peripherals

Bull

NASDAQ

AI infrastructure, Cloud storage, data storage, Free Cash Flow, HAMR Technology, Hard Disk Drives, margin expansion, semiconductors, Sustainability

Jul 13, 2026

Fund Letters

Janus Henderson Global Sustainable Equity Fund

Micron Technology, Inc.

Semiconductors

Bull

NASDAQ

AI accelerators, AI infrastructure, Cyclical, DRAM, energy efficiency, High-Bandwidth Memory, memory semiconductors, Pricing power, Supply Constraint

Jul 13, 2026

Fund Letters

Janus Henderson Global Sustainable Equity Fund

TSM

Taiwan Semiconductor Manufacturing Company Limited

Semiconductors

Bull

New York Stock Exchange

Advanced Process Nodes, AI chips, Packaging Technology, Pricing power, semiconductor foundry, Supply Constraint, Taiwan, technology leadership

Jul 13, 2026

Fund Letters

Janus Henderson Global Sustainable Equity Fund

MCK

McKesson Corporation

Medical Distribution

Health Care Distributors

Bull

New York Stock Exchange

consolidated market, customer relationships, Defensive growth, healthcare, Pharmaceutical Distribution, Scale Advantages, Specialty Pharmacy

Jul 13, 2026

Fund Letters

Janus Henderson Global Sustainable Equity Fund

SPOT

Spotify Technology S.A.

Internet Content & Information

Interactive Media & Services

Bull

New York Stock Exchange

AI personalization, Audiobooks, Free Cash Flow, margin expansion, monetization, Music streaming, Podcasts, proprietary data, subscription model

Jul 13, 2026

Fund Letters

Janus Henderson Global Sustainable Equity Fund

ICE

Intercontinental Exchange, Inc.

Financial Data & Stock Exchanges

Financial Exchanges & Data

Bull

New York Stock Exchange

Financial Exchanges, financials, Fixed Income Data, Mortgage Technology, network effects, proprietary data, Regulated Infrastructure

May 31, 2025

Fund Letters

Janes Henderson Global Sustainable Equity Fund

NXTR

Nextracker Inc

Industrials

Electrical Equipment

Bull

NASDAQ

AI infrastructure, data centers, electrical equipment, renewable energy, software solutions, Solar, supply chain, Utility Scale

May 31, 2025

Fund Letters

Janes Henderson Global Sustainable Equity Fund

PRY.MI

Prysmian SpA

Industrials

Electrical Equipment

Bull

Borsa Italiana

AI infrastructure, Cables, data centers, energy transition, ESG, Low-Carbon, renewable energy, telecommunications

May 31, 2025

Fund Letters

Janes Henderson Global Sustainable Equity Fund

APG

APi Group Corporation

Industrials

Commercial Services & Supplies

Bull

NYSE

Energy Retrofits, Fire Detection, industrial services, infrastructure, Life Safety, security services, Specialty Services, Sustainable Development

May 31, 2025

Fund Letters

Janes Henderson Global Sustainable Equity Fund

ICLR

ICON plc

Health Care

Life Sciences Tools & Services

Bull

NASDAQ

biotechnology, Clinical research, Clinical trials, Cro, drug development, Healthcare services, life sciences, Pharmaceutical

May 31, 2025

Fund Letters

Janes Henderson Global Sustainable Equity Fund

MCK

McKesson Corporation

Health Care

Health Care Distributors

Bull

NYSE

Biosimilars, consolidated market, Defensive growth, GLP-1, healthcare, Pharmaceutical Distribution, Specialty Services, supply chain

May 31, 2025

Fund Letters

Janes Henderson Global Sustainable Equity Fund

PGR

Progressive Corporation

Financials

Insurance

Bull

NYSE

Auto Insurance, Data Analytics, direct-to-consumer, Home Insurance, market share, risk assessment, Telematics, Usage-Based Insurance

TICKER	COMMENTARY
STX	We added the position in Seagate in mid-January, and it returned more than 100% this quarter as execution remained strong, with accelerating exabyte growth, better pricing and high incremental margins. Demand for hard disk drives remains robust, supported by long-term customer agreements and rising storage needs from AI inference, multimodal models and physical AI. By increasing storage density through Mozaic and heat-assisted magnetic recording (HAMR), Seagate is improving mix, supporting pricing and creating a path to further gross margin expansion, stronger free cash flow and higher capital returns. HAMR also strengthens the sustainability case, allowing customers to store more data in the same physical footprint while reducing power, space and embodied-carbon intensity per terabyte.
MU	We added Micron to the portfolio towards the end of 2025. This quarter, Micron's shares returned more than 240% after results reinforced the growing strategic importance of memory to the AI infrastructure buildout. Its earnings benefited from stronger pricing, improving demand and a more constructive outlook, as demand for memory continues to outpace industry supply additions. Growth is being driven by high-bandwidth memory for AI accelerators, agentic workloads and data caching. Micron's latest energy-efficient memory products also allow AI workloads to run with higher performance and lower power consumption, while long-term customer agreements may improve earnings visibility and reduce cyclicality.
TSM	Shares in TSMC continued to perform well as the market recognised its role in the AI chip buildout. There is effectively only one firm at the leading edge, and TSMC combines multi-year demand visibility, sustained wafer supply tightness, pricing power and process technology leadership. Its exposure to major AI chip players, alongside leadership in advanced process nodes and cutting-edge packaging, reinforces its position as a key foundry for AI semiconductors.
MCK	McKesson's share price fell amid a wider derating of drug distributors, driven by GLP-1 cash-pay concerns, a switch into insurers and rising investor concerns around specialty pharmacy exposure ahead of a large wave of loss-of-exclusivity events over the next five years. The concern is that lower drug pricing could pressure distributor margins. Our investment thesis remains unchanged. We think McKesson is a leading player in a consolidated market with defensive growth characteristics, scale advantages and durable customer relationships.
SPOT	Spotify detracted despite solid results, as investors focused on softer operating income guidance and increased AI product investment. The subsequent May investor day reinforced our positive view of this investment. AI could deepen Spotify's proprietary taste-data moat, improve personalisation across music, podcasts and audiobooks, and create new monetisation layers through premium features, creator tools and add-ons. If execution is strong, Spotify may shift from a perceived AI loser to an AI beneficiary, with a stronger moat, better pricing power and a clearer path to its long-term margin and free-cash-flow targets.
ICE	ICE's shares fell alongside the broader exchange group, as investors worried that regulatory changes could introduce new competition in areas such as perpetual futures. Sentiment was further pressured by AI-disruption concerns around financial data businesses, while ICE's mortgage technology business remained weak as the pathway for lower interest rates was pushed out. We believe these concerns may be overstated. ICE retains durable moats across proprietary fixed income pricing data, regulated exchange infrastructure and mortgage technology.
SPGI	S&P Global was among the weakest performers over the quarter, falling into the perceived 'AI loser' bucket as the market reaction appears to have been broad-brush, penalising data providers where investors see potential vulnerability. In many cases, we believe this gave too little credit to the strength of existing moats, including proprietary data, regulation, customer relationships, workflow integration, brand strength and operating complexity that are not easily replicated by AI.
EXPGY	Experian was among the weakest performers over the quarter, falling into the perceived 'AI loser' bucket as the market reaction appears to have been broad-brush, penalising data providers where investors see potential vulnerability. In many cases, we believe this gave too little credit to the strength of existing moats, including proprietary data, regulation, customer relationships, workflow integration, brand strength and operating complexity that are not easily replicated by AI.
UBER	Uber was among the weakest performers, with weakness in selected internet and gaming platforms as the market penalised businesses perceived to face AI disruption risk. Some caution is warranted, but the market reaction appears to have been broad-brush.
NTDOY	Nintendo was among the weakest performers, with weakness in selected internet and gaming platforms as the market penalised businesses perceived to face AI disruption risk. Some caution is warranted, but the market reaction appears to have been broad-brush.
6861.T	Outside the technology sector, the fund benefited from idiosyncratic investment theses in Keyence, which was among the strongest contributors.
BBVA	Outside the technology sector, the fund benefited from idiosyncratic investment theses in BBVA, which was among the strongest contributors.
EBS.VI	Outside the technology sector, the fund benefited from idiosyncratic investment theses in Erste Group, which was among the strongest contributors.
PRY.MI	Prysmian was among the portfolio's strongest performers this quarter, benefiting from exposure to the infrastructure required to support AI growth.
ASML	ASML was among the portfolio's strongest performers this quarter, benefiting from exposure to the infrastructure required to support AI growth.
CBRS	We participated in one IPO during the quarter, Cerebras Systems, which develops specialised AI computing hardware and infrastructure, designed to train and run AI models faster than traditional graphics processing unit (GPU)-based systems.

TICKER

COMMENTARY

STX

We added the position in Seagate in mid-January, and it returned more than 100% this quarter as execution remained strong, with accelerating exabyte growth, better pricing and high incremental margins. Demand for hard disk drives remains robust, supported by long-term customer agreements and rising storage needs from AI inference, multimodal models and physical AI. By increasing storage density through Mozaic and heat-assisted magnetic recording (HAMR), Seagate is improving mix, supporting pricing and creating a path to further gross margin expansion, stronger free cash flow and higher capital returns. HAMR also strengthens the sustainability case, allowing customers to store more data in the same physical footprint while reducing power, space and embodied-carbon intensity per terabyte.

We added Micron to the portfolio towards the end of 2025. This quarter, Micron's shares returned more than 240% after results reinforced the growing strategic importance of memory to the AI infrastructure buildout. Its earnings benefited from stronger pricing, improving demand and a more constructive outlook, as demand for memory continues to outpace industry supply additions. Growth is being driven by high-bandwidth memory for AI accelerators, agentic workloads and data caching. Micron's latest energy-efficient memory products also allow AI workloads to run with higher performance and lower power consumption, while long-term customer agreements may improve earnings visibility and reduce cyclicality.

TSM

Shares in TSMC continued to perform well as the market recognised its role in the AI chip buildout. There is effectively only one firm at the leading edge, and TSMC combines multi-year demand visibility, sustained wafer supply tightness, pricing power and process technology leadership. Its exposure to major AI chip players, alongside leadership in advanced process nodes and cutting-edge packaging, reinforces its position as a key foundry for AI semiconductors.

MCK

McKesson's share price fell amid a wider derating of drug distributors, driven by GLP-1 cash-pay concerns, a switch into insurers and rising investor concerns around specialty pharmacy exposure ahead of a large wave of loss-of-exclusivity events over the next five years. The concern is that lower drug pricing could pressure distributor margins. Our investment thesis remains unchanged. We think McKesson is a leading player in a consolidated market with defensive growth characteristics, scale advantages and durable customer relationships.

SPOT

Spotify detracted despite solid results, as investors focused on softer operating income guidance and increased AI product investment. The subsequent May investor day reinforced our positive view of this investment. AI could deepen Spotify's proprietary taste-data moat, improve personalisation across music, podcasts and audiobooks, and create new monetisation layers through premium features, creator tools and add-ons. If execution is strong, Spotify may shift from a perceived AI loser to an AI beneficiary, with a stronger moat, better pricing power and a clearer path to its long-term margin and free-cash-flow targets.

ICE

ICE's shares fell alongside the broader exchange group, as investors worried that regulatory changes could introduce new competition in areas such as perpetual futures. Sentiment was further pressured by AI-disruption concerns around financial data businesses, while ICE's mortgage technology business remained weak as the pathway for lower interest rates was pushed out. We believe these concerns may be overstated. ICE retains durable moats across proprietary fixed income pricing data, regulated exchange infrastructure and mortgage technology.

SPGI

S&P Global was among the weakest performers over the quarter, falling into the perceived 'AI loser' bucket as the market reaction appears to have been broad-brush, penalising data providers where investors see potential vulnerability. In many cases, we believe this gave too little credit to the strength of existing moats, including proprietary data, regulation, customer relationships, workflow integration, brand strength and operating complexity that are not easily replicated by AI.

EXPGY

Experian was among the weakest performers over the quarter, falling into the perceived 'AI loser' bucket as the market reaction appears to have been broad-brush, penalising data providers where investors see potential vulnerability. In many cases, we believe this gave too little credit to the strength of existing moats, including proprietary data, regulation, customer relationships, workflow integration, brand strength and operating complexity that are not easily replicated by AI.

UBER

Uber was among the weakest performers, with weakness in selected internet and gaming platforms as the market penalised businesses perceived to face AI disruption risk. Some caution is warranted, but the market reaction appears to have been broad-brush.

NTDOY

Nintendo was among the weakest performers, with weakness in selected internet and gaming platforms as the market penalised businesses perceived to face AI disruption risk. Some caution is warranted, but the market reaction appears to have been broad-brush.

6861.T

Outside the technology sector, the fund benefited from idiosyncratic investment theses in Keyence, which was among the strongest contributors.

BBVA

Outside the technology sector, the fund benefited from idiosyncratic investment theses in BBVA, which was among the strongest contributors.

EBS.VI

Outside the technology sector, the fund benefited from idiosyncratic investment theses in Erste Group, which was among the strongest contributors.

PRY.MI

Prysmian was among the portfolio's strongest performers this quarter, benefiting from exposure to the infrastructure required to support AI growth.

ASML

ASML was among the portfolio's strongest performers this quarter, benefiting from exposure to the infrastructure required to support AI growth.

CBRS

We participated in one IPO during the quarter, Cerebras Systems, which develops specialised AI computing hardware and infrastructure, designed to train and run AI models faster than traditional graphics processing unit (GPU)-based systems.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductor Cycle

Energy Transition

Oil

Resilience

Data Centers

P&C Insurance

AI

Energy Transition

Semiconductors

Geopolitical

AI

Energy

Medical Devices

AI

Energy Transition

Semiconductors

AI

Energy Transition

Semiconductors

Energy Transition

AI

Industrial Automation

ESG

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Jenna Barnard Top Holdings

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Janus Henderson Global Sustainable Equity Fund