Summary

• The Janus Henderson Growth and Income Fund returned -4.61% in the first quarter of 2026, while the S&P 500 Index returned -4.33%.
• Rising inflation expectations pushed long-term bond yields higher and dampened hopes for Federal Reserve rate cuts during the quarter.
• Lam Research benefited from demand for graphics processing units and central processing units, which is driving the need for additional semiconductor capacity.
• Portfolio management reduced exposure to software and financials, reallocating to industrials, materials, and utilities to maintain the portfolio's overall risk profile during market volatility.
• Portfolio management continues to expect mid-teens earnings growth in 2026 and low-teens growth in 2027 as companies realize productivity gains from technology investments.

At a glance

Performance

The Fund returned -4.61% and the S&P 500® Index returned -4.33%.

Contributors/detractors

Stock selection in the information technology and consumer discretionary sectors contributed to relative performance, while an underweight allocation to energy