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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Janus UK Smaller Companies Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund delivered 11.29% in Q2 2026, outperforming on strength in AI-related infrastructure, semiconductors, and EV charging. After a lost decade, UK small caps trade below long-term averages with stabilizing earnings."
The Janus Henderson UK Smaller Companies Fund returned 11.29% in Q2 2026, outperforming its benchmark which returned 9.34%. Key contributors included Computacenter, which benefited from strong hyperscaler demand related to AI infrastructure and FTSE 100 inclusion; Renishaw, driven by semiconductor and defense sector demand; and Luceco, which saw strong growth in EV charging markets. Detractors included Serco, affected by US defense contract delays and UK political uncertainty; Serica, impacted by falling oil prices; and Rathbones, which issued a profit warning. The managers initiated positions in cybersecurity firm NCC and consultancy Elixir International while exiting JTC and Bytes Group. Despite near-term headwinds from geopolitical tensions, sticky inflation, and UK political instability following Prime Minister Starmer's resignation, the managers believe UK small-cap valuations remain attractive below long-term averages. They see potential catalysts in political stability, deregulation, and persistent M&A activity. The portfolio is positioned to withstand challenging conditions while participating in any upswing through disciplined selection of cash-generative growth businesses.
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