Summary

• The Janus Henderson Global Research Fund returned -5.16% and the MSCI World Index returned -3.57%.
• Fears of artificial intelligence disintermediation pressured shares of Intuit following news of a new AI-powered tax planning tool.
• The Janus Henderson Global Research Fund management exited the position in Workday because of concerns around slowing subscription revenue growth and higher levels of expected investments.
• Lam Research was a positive contributor after releasing a strong earnings report and a robust 2026 outlook.
• BAE Systems has benefited from its strong strategic positioning in early-stage platforms and key weapons systems, resulting in large military contracts, strong earnings growth, and a rising orders backlog.

At a glance

Performance

The Fund returned -5.16% and the MSCI World Index ^SM returned -3.57%.

Contributors/detractors

Stock selection in the financials and consumer staples sectors detracted from relative performance. An overweight in the energy sector

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