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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Driven by strong earnings execution in Everplay, Computacenter, and Harworth Group, while initiating new positions in Volex, Boku, and Fever-Tree following valuation pullbacks."
The Janus Henderson UK Smaller Companies Fund returned 8.42% net of fees in the third quarter of 2026, trailing the Numis Smaller Companies ex Investment Companies Index return of 9.10% while outperforming the IA UK Smaller Companies peer group average of 6.62%. Year-to-date, the fund has delivered a net return of 12.18% against the benchmark's 11.02%. Total fund net assets stood at £164.30 million. The strategy maintained its disciplined, well-diversified growth investment framework, avoiding micro-cap illiquidity while seeking cash-generative, high-growth smaller companies positioned to weather current macroeconomic turbulence. Macroeconomic conditions remained mixed as domestic UK economic growth persisted with second-quarter GDP rising 0.5% and purchasing managers' indices expanding, offset by fiscal uncertainty under new Prime Minister Andy Burnham and elevated inflation rising to 3.1% in August. The Bank of England kept benchmark interest rates at 3.75% while warning of potential upward pressure from escalating Middle East tensions and Strait of Hormuz supply disruptions. Despite these headwinds, the managers view the disinflationary path as delayed rather than derailed. The team highlighted that UK small caps trade at steep valuation discounts relative to long-term history and global peers, supported by strong inbound merger and acquisition activity. Portfolio performance was propelled by strong earnings momentum from video games publisher Everplay, technology services provider Computacenter, and land developer Harworth Group, while Luceco, Elixirr International, and Oxford Biomedica detracted. Capital was actively redeployed into three new positions following valuation de-ratings: power and connectivity manufacturer Volex, emerging-market payments platform Boku, and premium beverages brand Fever-Tree. The fund also successfully exited holdings in Spire Healthcare, Harworth Group, and Advanced Medical Solutions following takeover completions.
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