Summary

• The Janus Henderson Small-Mid Cap Value Fund returned 2.24% during the quarter, underperforming the Russell 2500 Value Index return of 4.77%.
• The fund sold the position in ICON following business headwinds related to canceled COVID vaccine trials and an accounting investigation that shook confidence in the management team.
• Janus Henderson added to its position in nCino, believing the financial technology company is relatively insulated from potential artificial intelligence competition due to its secure cloud-based services for small banks.
• Magnolia Oil & Gas was a positive contributor as shares rose on expectations that higher oil prices and infrastructure disruptions in the Middle East would drive stronger profits growth.
• The fund benefited from investments in Solstice Advanced Materials US and Littelfuse, which were supported by increased capital investments in computing capacity and data sectors to enable AI.

At a glance

Performance

The Fund returned 2.24% and the Russell 2500™ Value Index returned 4.77%.

Contributors/detractors

Stock selection in the healthcare and information technology sectors detracted from relative performance, while stock selection in the financials

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