The Janus Henderson Global Research Growth Fund seeks long-term growth of capital by investing primarily in equity securities selected for their growth potential. It uses MSCI World Index ex Australia, net dividends reinvested, in AUD as the benchmark. The Fund is suitable for investor seeking exposure to growth securities and will understand the risks associated with investing in foreign securities as it is considered as a high risk investment.
Tile Janus Henderson Global Research Growth Fund (Fund) had a negative return and lagged the AISCI Wand ex-Austraka Max (net drvidends reinvested) in ADD (Benchmark) for the month. A fund overweight and stock selection in the information technology sector dampened relative performance. Stock sesecbon in trie consumer erscretionary also nun resuns. Stock selection in industrials and matenals contnbuted CO relative performance.
A number of information technology sectors were relative detractors. as they gave back ground after strong performance earlier in the year. These ins ided semiconductor equipment manufacturer ASML Holding. as shares declined despite the company’s solid second-quarter earnings. ASML’s management team has voiced caution over the near-term business outlook. given elevated customer inventory levels and global economic uncertanty. This caution has worted on me stock performance in recent months. Desple this uncertainty. we reman upbeat on longer-term prospects for the company gwen its strong compebtwe positioning, track record or innovation. and attractive rex/reward. AdOlionally. we expect mat the rollout of °Wheel inteeigence will cove more demand for advanced semiconductors. and for me specialized equipment used to produce them.
Relative performance was also dampened by our position in Remoci Ricard. This leading goobal sons company owns brands such as Absolut vodka and hiumm champagne. The stock has faced neadwinds as the company management team has warned of stowing beverage sires in the US. and espeoally n Chma, vmere the post-reopening recovery has been weaker than anticipated. On a positive note. the company has experexecl market gams in other areas. such as inaa. I he management learn has also reiterated a commitment to margin improvement. especially as inflation pressures have abated. We remain invested in Remcci Ricard due to its strong market positioning and cinerslied product portfolio.
Relative performance benefited from our investment n T ea Resources. a Canadian miner Of copper, zinc, and coking coal. Despite economic headvanos. tne company nes reported progress in improving reducing expenses and improving its operating margins The company has also benefited from higher zinc pnces 7 he company management nas continued to express an interest in spinning off its coking coal business. venal would arow d to locus more on as green metals (copper) business.
Ferguson. another contributor. provides &twang super*, and otner building products to Coln the residential and commercial markets. The company reported solid quarterly restAts. showing resilience in both its revenue growth and margins despite economic neadwinds for construction. Adoitionally. Ferguson nas continued to gain share and grow at a raster pace than its end markets. We continue to me Ferguson tor its strong competitive position and tts large and growsng market share.
What is Janus Henderson Global Rsrch Gr Janus Henderson Global Rsrch Gr is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Large Growth Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Janus Henderson Global Rsrch Gr has Assets Under Management of 22.50 M with a management fee of 1.25%, a performance fee of 0.00% and a buy/sell spread fee of 0.6%.
How has the investment product performed recently? The recent investment performance of the investment product shows that the Janus Henderson Global Rsrch Gr has returned 0% in the last month. The previous three years have returned 10.92% annualised and 12.18% each year since inception, which is when the Janus Henderson Global Rsrch Gr first started.
How is risk measured in this investment product? There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Janus Henderson Global Rsrch Gr first started, the Sharpe ratio is NA with an annualised volatility of 12.18%. The maximum drawdown of the investment product in the last 12 months is -2.93% and -23.07% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.
What is the relative performance of the investment product? Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Janus Henderson Global Rsrch Gr has a 12-month excess return when compared to the Foreign Equity - Large Growth Index of 6.68% and 1.98% since inception.
Does the investment product produce Alpha over its Peers? Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Janus Henderson Global Rsrch Gr has produced Alpha over the Foreign Equity - Large Growth Index of NA% in the last 12 months and NA% since inception.
What are similar investment products? For a full list of investment products in the Foreign Equity - Large Growth Index category, you can click here for the Peer Investment Report.
What level of diversification will Janus Henderson Global Rsrch Gr provide? Janus Henderson Global Rsrch Gr has a correlation coefficient of 0.97 and a beta of 1.01 when compared to the Foreign Equity - Large Growth Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.
How do I compare the investment product with its peers? For a full quantitative report on Janus Henderson Global Rsrch Gr and its peer investments, you can click here for the Peer Investment Report.
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Performance Commentary - August 31, 2023 The Janus Henderson Global Research Growth Fund (Fund) outperformed the MSCI World ex-Australia Index (net dividends reinvested) in AUD (Benchmark)for the month. Stock selection in the financials and health care sectors lifted relative performance. Stock selection in the information technology and consumer staples sectors detracted.
Among individual holdings, relative performance once again benefited from our investment in information technology holding Nvidia. The graphics chlpmaker experienced accelerating demand for its data center graphics processing units (GPUs), which are used in generative artificial intelligence (Al) applications. NvIdla reported very strong second-quarter revenue growth that well exceeded analyst targets. It also raised guidance to reflect surging demand for its products from data centers, cloud service providers, consumer Internet companies, and Al startups. Moreover. it reported strength in its gaming business fueled by robust demand for its RTX 40x Ada Lovelace GPUs.
Alphabet was another standout performer. In July, the Google parent company reported results that exceeded analyst expectations across nearly ever metric. Revenues from its search business. YouTube advertising, and cloud-based offerings were especially strong. The company also announced a larger-than-anticipated headcount reduction. as the management team focused on managing expenses and expanding margins. This news continued to support the stock performance in August.
Elsewhere in the portfolio. pharmaceutical company Eli Lilly was a notable performer. The stock rose to a record high after the pharmaceutical company reported better-than-expected top- and bottom-line results and increased guidance, supported by surging demand for its diabetes drug Mounjaro. Mounjaro is also undergoing clinical trials as a treatment of obesity. Additionally. expectations are high for the company’s prospective treatment for early symptomatic Alzheimer’s disease.
On a negative note. Penrod Ricard was a prominent detractor from relative performance. This leading global spirits company owns brands such as Absolut vodka and Mumm champagne. The stock declined in August after the company’s management team warned of slowing sales In both China and the U.S.. as economic pressures have dampened consumer demand for high end spirits. On a positive note. company management indicated that easing cost pressures may help improve operating margins going forward. The company has also seen improved business trends in other markets, such as India.
Semiconductor equipment manufacturer ASML Holding was another detractor, as the stock has faced pressures following strong performance earlier in the year. Company management voiced caution about the near-term business outlook, given elevated customer inventory levels and global economic uncertainty. We remained invested in the company because of its strong competitive positioning. We also see positive long-term fundamentals for chipmakers, such as ASML Holding, tied to the deployment of Al capabilities.
Finally. worries over the near-term economic outlook for China weighed on stock performance for online retailer JD.com, another relative detractor. However, the company reported solid revenue and profits growth despite competitive and economic pressures. These results reflected improved supply-chain management and market-share gains.
Performance Commentary - July 31, 2023 The Janus Henderson Global Research Growth Fund (Fund) underperformed the MSCI World ex-Australia Index (net dividends reinvested) in AUD (Benchmark) for the month. Stock selection in the information technology (IT) sector detracted from relative performance. Stock selection in the consumer staples sector contributed.
Relative performance was hindered as several IT stocks gave background after very strong second-quarter performance. Microsoft was a notable detractor. The stock retreated in July after rallying in the second quarter on excitement around the technology company’s artificial intelligence (Al) initiatives, including its efforts to infuse Al through its Office. Azure. Search, and other products. While the company’s management hopes these efforts will strengthen long-term growth trends across its business, the benefits of this investment may not be realized until 2024 or beyond. As investors recognized this potential lag. the stock lost ground. Microsoft also reported weaker-than-expected earnings for the second quarter of 2023. and these results also weighed on the stock performance.
Hexagon. another laggard, is a technology company that develops sensor. software, and automation solutions used across industrial. manufacturing, and other industries. The stock sold off after Hexagon’s second-quarter results fell short of analyst expectations. Despite missing its earnings targets, the company reported positive business trends and new business wins. The company management team also reiterated a commitment to pursuing efficiency improvements.
Taiwan Semiconductor Manufacturing Company (TSMC) was another relative detractor. While TSMC reported better-than-expected second-quarter results, it disappointed investors by reducing its full-year guidance. Company management also warned that the cyclical downturn in chip demand may be deeper than expected, while the subsequent rebound in chip sales into 2024 may be more muted than anticipated. Despite near-term uncertainty, we remain upbeat on our longer-term outlook for TSMC given its strong competitive positioning and new product introductions across gaming, data center. automotive, software, and services. We also believe TSMC is well positioned as critical supplier of chips needed to support Al-related activities.
Performance Commentary - June 30, 2023 Among individual holdings. Parker-Hannifin was a top positive contributor to relative performance. Parker-Hannifin manufactures motion and control technologies and systems used in automation and other industrial and aerospace applications. The company reported better-than-expected revenue and earnings. and it raised its sales and earnings guidance for the fiscal year. The company is also exploring partnerships to utilize artificial intelligence (Al) and machine learning within its solutions.
Graphics chip company Nvtdia was another notable contributor. The company is experiencing a demand inflection for its data center graphics processor units (GPU). which are used in generative Al applications. It has also reported positive results and robust guidance. as investments in generative Al have fueled increased demand for its products from data centers. cloud service providers, consumer internet companies, and Al startups.
Microsoft was a relative detractor as the stock gave back some of its strong second-quarter performance. In April. the hardware and services company reported very strong first-quarter results, as both revenue and earnings-per-share growth exceeded analyst expectations. Additionally, Microsoft issued better-than-expected guidance as commercial bookings held up well despite a more challenging environment.
An underweight position in electric vehicle (EV) manufacturer Tesla hindered relative performance. The stock performance has benefited from several positive developments. including a charging network agreement with Ford. The stock also benefited from increased attention on Tesla’s Al-powered and autonomous driving innovations. However, we remain concerned about consumer demand and elevated inventory levels. which have led the company to reduce vehicle prices in a number of markets. Given the potential pressure on margins. we remain comfortable with an underweight in the stock.
Performance Commentary - May 31, 2023 The Janus Henderson Global Research Growth Fund (Fund) outperformed the MSCI World ex-Australia Index (net dividends reinvested) In AUD (Benchmark), assisted by an overweight and stock selection in the information technology sector. Investments in the communication services sector also contributed, due in part to stock selection. By contrast, stock selection in the materials sector detracted from relative performance.
Among individual holdings, graphics chip company Nvidia was a top relative contributor. Nvidia has benefited from its diverse portfolio of new products, including gaming chips that use artificial intelligence (Al) to enhance graphics. NVIDIA delivered very strong revenue and earnings growth for the first quarter. Nvidia’s management team has also indicated that it expects data center demand to accelerate throughout 2023, as technology companies rush to deploy Al-related capabilities.
Alphabet was another positive contributor. The Google parent company reported better-than-expected first-quarter results, as its Search and YouTube revenues were relatively stable despite economic headwinds. Alphabets Google Cloud business also delivered its first quarter of profitability. Additionally, investors have responded positively to Google’s plans to Incorporate Al functionality into its Workspace apps.
Performance Commentary - April 30, 2023 The Janus Henderson Global Research Growth Fund (Fund) outperformed the MSCI World ex-Australia Index (net dividends reinvested) in AUD (Benchmark) for the month, aided by stock selection in the materials and information technology sectors. Investments in the health care and financials sectors detracted from relative performance, due in part to negative stock selection.
Top contributors among individual holdings included Teck Resources a cost-disciplined producer of steelmaking coal, copper, and zinc. The stock jumped higher on news that natural resources company Glencore made an unsolicited offer to acquire Teck Resources for a premium. Teck Resources reported better•han-expected results for the first quarter of 2023, while it maintained its lull-year outlook despite some weather-related production disruptions.
Relative performance also benefited from an overweight investment in computer hardware and services company Microsoft. Microsoft reported very strong quarterly results, as both revenue and earnings-per-share (EPS) growth exceeded analyst expectations These results showed strength across most major business lines, including Office 365, Dynamics. and Azure. Microsoft also issued better-than-expected guidance. Additionally, the stock has benefited from excitement around the company’s artificial intelligence (Al) Initiatives. The company’s management hope that infusing Al through Office. Azure. Search, and other products may strengthen long-term growth trends across the business.
Relative performance was lifted by the Fund’s underweight position in electric vehicle (EV) manufacturer Tesla, as the stock declined in April. While the company reported relative robust production metrics for the first quarter of 2023, the pace of vehicle demand remained depressed in China despite the lifting of COVID restrictions. Tesla also reported slowing vehicle demand in the U.S. even as it announced additional price cuts. Taken together, slower demand trends and price reductions have raised concerns over its near-term eamings outlook. For this reason, we remain comfortable with an underweight position in the stock relative to the Benchmark.
Performance Commentary - March 31, 2023 The Global Research Growth Fund (Fund) outperformed the MSCI World Index (net dividends reinvested) in AUD (Benchmark) for the month, aided by its overweight and stock selection in information technology (IT). Stock selection in industrials detracted from relative performance.
A strong rally in IT stocks benefited several holdings, including computer hardware and services company Microsoft. The stock has benefited from increased investor interest In Microsoft’s artificial intelligence (Al) initiatives. In late January, Microsoft announced it was investing $10 billion in OpenAI, the artificial intelligence company behind viral chatbot, ChatGPT. In February, Microsoft announced plans to integrate ChatGPT-related technology into its Bing search engine and Edge web browser. The company’s management hopes that such investments will expand its search capabilities and help it compete against other search engines.
IT hardware and services company Apple was another standout performer for the month. Earlier in the first quarter. Apple reported weaker-than-expected top-and bottom-line results, which reflected some slowing iPhone sales as well as headwinds from production disruptions and currency pressures. However, these results were better than Investors had expected given global macroeconomic pressures. These headwinds have shown some signs of easing, while the relaxation of China’s COVID-19 lockdowns has raised hopes for reduced supply chain Issues Additionally, Apple’s management team also outlined plans to Increase returns by further monetizing its services business, and by looking for market share expansion opportunities in the emerging markets.
Alphabet was a notable positive contributor, as the stock rebounded from February underperformance in a broad-based technology rally. In February. the Google parent company reported lower-than-expected revenue and earnings growth, which in part reflected currency and macroeconomic headwinds. In March. investors focused more on growth potential tied to the company’s longer-term initiatives. These included Al, where Google has outlined plans to introduce functionality into its Workspace apps such as Google Docs.
Performance Commentary - February 28, 2023 
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