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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"The fund delivered strong outperformance driven by healthcare stock selection and AI-beneficiary technology holdings. Managers view AI infrastructure spending as a transformative economic driver, with computing power demand exceeding supply and creating pricing power across the supply chain."
The Janus Henderson Forty Fund returned 19.00% in Q2 2026, outperforming the Russell 1000 Growth Index return of 16.74%. Stock selection and an overweight in healthcare drove relative performance, with UnitedHealth Group a top contributor following management changes and an improvement plan that exceeded first-quarter earnings targets. Information technology holdings benefited from AI-related spending, particularly Datadog, which grew revenue over 30% year-over-year as demand for observability solutions increased with AI workflows moving to the cloud. Oracle detracted amid concerns over capital spending plans to fund its AI capacity buildout, though the managers view the share price decline as an overreaction given strong execution. MercadoLibre also detracted as investments in logistics and technology pressured margins, but the fund held the position based on long-term enterprise value potential. The managers remain positive on the economic outlook, viewing AI infrastructure spending as transformative. They see demand for AI computing power exceeding supply for the foreseeable future, creating bottlenecks and pricing power across the supply chain. The fund balances investments in companies building AI capabilities with those benefiting from capital spending, while monitoring disruption risks and maintaining disciplined fundamental analysis.
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