Janus Henderson Opportunistic Alpha Managed Account Q4 2025 Commentary

Janus Henderson Investors3.61K FollowersFollow5ShareSavePlay(7min)CommentsSummaryThe Portfolio returned -3.67% ((gross)) and the S&P 500® Index returned 2.66%.Oracle was relative detractor, amid volatility in AI-related stocks, though the company has emerged as a leading player in the AI market.Capital One Financial was a top positive contributor, aided by robust credit demand and improved credit metrics.Madrigal Pharmaceuticals was another relative contributor as a leader in the treatment of metabolic dysfunction-associated steatohepatitis.We are optimistic about the market environment in 2026, given the backdrop of continued stable economic growth. ismagilov/iStock via Getty Images At a glance Performance The Portfolio returned -3.67% (gross) and the S&P 500® Index returned 2.66%. Contributors/detractors Stock selection in the information technology sector detracted from relative performance. Stock selection in the consumer staples sector contributed.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