In the third quarter of 2025, the Janus Henderson Global Research Fund reported a return of 5.49%, underperforming the MSCI World Index, which achieved a 7.27% return. Several factors influenced this divergence, particularly the fund's specific stock selections within various economic sectors and its overall sector weightings, which played a critical role in shaping its relative performance.
Specifically, the fund's investment decisions within the consumer discretionary and financials sectors negatively impacted its performance when compared to the benchmark index. Conversely, a strategic underweighting in the consumer staples sector proved beneficial, contributing positively to the fund's returns during the period. The broader investment landscape was characterized by a robust rally in global equities, driven by reduced trade tensions and indications of sustained economic expansion across numerous nations, with the U.S. market experiencing particularly strong gains fueled by anticipation of Federal Reserve interest rate adjustments.
Looking ahead, the fund continues to prioritize investments in businesses that exhibit strong operational models, healthy balance sheets, substantial cash flow generation, and leadership from proven management teams. This foundational strategy aims to navigate dynamic market conditions by focusing on fundamental quality and resilience, irrespective of short-term market fluctuations.
Investing in companies with solid fundamentals and ethical management is crucial for long-term growth and stability. By prioritizing responsible investment practices and focusing on businesses that contribute positively to the economy and society, we can foster a more sustainable and prosperous future for all stakeholders.
