The Janus Henderson Global Research Fund encountered a challenging first quarter in 2026, as evidenced by its underperformance relative to the MSCI World Index. The fund posted a return of -5.16%, falling short of the index's -3.57%, primarily due to specific stock choices within the financial and consumer staples sectors. These strategic missteps contributed negatively to the fund's overall relative performance.
Amidst the evolving technological landscape, concerns regarding artificial intelligence (AI) significantly impacted certain holdings. Intuit experienced pressure on its share price following the announcement of a new AI-powered tax planning tool, highlighting investor apprehension about AI-driven disruption. In response to a perceived slowdown in subscription revenue growth and anticipated higher investment requirements, the fund management decided to divest its position in Workday. Conversely, Lam Research emerged as a positive contributor, driven by a robust earnings report and an optimistic outlook for 2026. BAE Systems also showed strong performance, benefiting from its strategic market positioning in early-stage platforms and critical weapons systems, securing substantial military contracts, impressive earnings growth, and a growing backlog of orders.
In a dynamic market influenced by technological advancements and shifting economic conditions, a proactive and adaptive investment strategy is crucial for long-term success. Focusing on companies with robust business models, solid financial health, and underappreciated competitive advantages can mitigate macroeconomic risks and enhance returns through astute stock selection. Such an approach fosters resilience and capitalizes on emerging opportunities in an ever-changing global environment.
