Janus Henderson Global Technology And Innovation Fund Q2 2025 Commentary: Returns and Performance Analysis.

The Janus Henderson Global Technology and Innovation Fund returned 26.36% in Q2 2025, outperforming the S&P 500 Index's 10.94% return. The MSCI All Country World Information Technology Index returned 23.29%. The fund's performance was driven by holdings in Apple, Taiwan Semiconductor, and Amphenol.

The Janus Henderson Global Technology and Innovation Fund reported a strong performance in Q2 2025, returning 26.36% and outperforming the S&P 500 Index's 10.94% return. The MSCI All Country World Information Technology Index returned 23.29% during the same period. The fund's impressive performance was driven by significant contributions from holdings in Apple Inc. (AAPL), Taiwan Semiconductor Manufacturing Co. Ltd. (TSM), and Amphenol Corp. (APH).

The quarter began with the tech sector facing challenges, including tariffs and questions about the commercial viability of AI-related capital expenditure. However, by June, these concerns had dissipated as evidence emerged that demand for AI capacity was strong. Companies like Microsoft Corp. (MSFT) reported that their AI investments were paying off, and investors gained confidence in the theme.

Apple Inc. (AAPL) faced headwinds, including tariff risks and exposure to China, but Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) and Amphenol Corp. (APH) were significant contributors to the fund's performance. Taiwan Semiconductor is a key manufacturer of complex AI chips, while Amphenol benefits from the growth in AI capacity, as data centers require extensive cabling.

The fund's underweights in NVIDIA Corp. (NVDA) and Oracle Corp. (ORCL) detracted from performance. NVIDIA reported better-than-expected earnings despite writing down its China business, while Oracle maintained strong margins on its incremental business.

The outlook for the tech sector remains promising, with U.S. economic growth proving resilient and other regions stabilizing. The role of technology in catalyzing economic growth is significant, and AI is expected to drive further innovations and growth.

References:
[1] https://seekingalpha.com/article/4816337-janus-henderson-global-technology-and-innovation-fund-q2-2025-commentary