Janus Henderson Global Life Sciences Fund Q4 2025 Commentary

Janus Henderson Investors3.61K FollowersFollow5ShareSavePlay(13min)CommentsSummaryJanus Henderson Global Life Sciences Fund returned 18.66% and the MSCI World Health Care Index SM returned 10.60%.Security selection in biotechnology was the leading contributor to performance, followed by selection within devices and medical technology. Our underweight to pharmaceuticals detracted.We prioritize early commercial-stage firms with breakthrough products, late-stage clinically de-risked companies, and medical device businesses positioned in emerging growth markets for solid long-term potential. primeimages/E+ via Getty Images Portfolio management Andy Acker, CFA Daniel Lyons, Ph.D., CFA Investment environment Healthcare stocks were the top-performing sector during the fourth quarter, buoyed by steadfast innovation, growing relief over tariff concerns and drug pricing, and accommodative Federal Reserve (Fed) policy, which helped This article was written byJanus Henderson Investors3.61K FollowersFollowJanus Henderson Investors exists to help clients achieve their long-term financial goals. Formed in 2017 from the merger between Janus Capital Group and Henderson Global Investors, we are committed to adding value through active management. For us, active is more than our investment approach – it is the way we translate ideas into action, how we communicate our views and the partnerships we build in order to create the best outcomes for clients. While our investment managers have the flexibility to follow approaches best suited to their areas of expertise, overall our people come together as a team. This is reflected in our Knowledge. Shared ethos, which informs the dialogue across the business and drives our commitment to empowering clients to make better investment and business decisions.www.janushenderson.com