The Janus Henderson Global Sustainable Equity (ADR) Managed Account's third-quarter 2025 performance was shaped by a combination of strategic sector allocations and individual stock contributions. Notably, the decision to maintain lower exposure to consumer staples, healthcare, and real estate sectors positively influenced the portfolio's relative standing.
A closer look at individual holdings reveals several companies that significantly bolstered performance. Prysmian, a leader in cable manufacturing, and TE Connectivity, an innovator in electrical components, were among the strongest contributors. Additionally, TSMC, a prominent semiconductor manufacturer, played a crucial role in enhancing the portfolio's returns. Conversely, certain investments weighed down the overall performance. Spotify, the audio-streaming giant, experienced a period of underperformance, as did Intact Financial, an insurance provider, and Saint-Gobain, a major building products company. The portfolio's stock selection in the financial and communication services sectors was a primary factor behind its relative underperformance during this quarter.
Understanding investment dynamics involves continuously evaluating both successful strategies and areas requiring improvement. The fluctuations in portfolio performance are a testament to the dynamic nature of global markets and the ongoing need for rigorous analysis and adaptive strategies. Every quarter brings new lessons and opportunities to refine investment approaches, aiming for sustained positive impact and growth.
