Janus Henderson Overseas ADR Managed Account Q4 2025 Commentary

Janus Henderson Investors3.61K FollowersFollow5ShareSavePlay(7min)CommentsSummaryThe Portfolio returned 4.94% (gross) and the MSCI All Country World ex USA Index SM returned 5.11%.Relative performance benefited from our investments in European banks, such as Spain's Banco Bilbao Vizcaya Argentaria that have delivered robust earnings performance and high asset quality.AstraZeneca reported strong top- and bottom-line results and increased guidance, backed by rising sales of its oncology drugs.Several defense industry holdings were relative detractors for the quarter, including U.K.-based military contractor BAE Systems and German automotive and defense products manufacturer Rheinmetall.We see positive fundamentals for Europe, especially given the potential for fiscal stimulus and deregulation, while a new economic stimulus package could spur improved performance in Japan.

Getty Images At a glance Performance The Portfolio returned 4.94% (gross) and the MSCI All Country World ex USA Index SM returned 5.11%. Contributors/detractors Stock selection in the consumer discretionary and healthcare sectors contributed to relative performance, while stock selectionThis 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