Navigating the Shifting Sands: Janus Henderson Global Select Fund's Q3 2025 Journey

Well, another quarter has flown by, hasn't it? And frankly, Q3 2025 was quite the ride for global markets, presenting a really interesting mix of challenges and, believe it or not, some fantastic opportunities. Here at the Janus Henderson Global Select Fund, we’ve been busy, as always, meticulously navigating these currents, striving to deliver solid, long-term value for our investors.

You know, looking back at the quarter, it's clear that the global economic landscape remained… let’s just say 'dynamic.' We continued to see persistent inflationary pressures in various pockets, particularly impacting consumer discretionary spending in some regions. Interest rate expectations, as ever, were a constant talking point, influencing everything from bond yields to equity valuations. And then there were the geopolitical developments, which, while not always directly impacting daily market movements, certainly added a layer of caution and complexity to the overall sentiment. It’s a lot to process, isn't it?

Through all of this, our core philosophy—our commitment to investing in high-quality, sustainably growing companies with strong competitive advantages—really proved its mettle. We aren't about chasing every hot trend; instead, we focus on identifying those exceptional businesses that can thrive, come rain or shine, through various economic cycles. We believe in owning a piece of businesses that have pricing power, robust balance sheets, and management teams with a clear, long-term vision. This approach, we feel, offers a certain resilience when the market gets a bit choppy.

During the third quarter, we continued to refine our portfolio, making some thoughtful adjustments where we saw better risk-reward profiles. We did, for instance, trim some positions in areas we felt had become a little overvalued relative to their growth prospects, redeploying capital into companies we believe offer more compelling long-term upside. It’s always a balance, you see, between conviction in our existing holdings and the discipline to reallocate when opportunities arise elsewhere. We particularly found some compelling prospects in segments of the technology sector that are innovating foundational infrastructure, as well as select industrial companies poised to benefit from long-term secular trends like automation and supply chain reshoring.

Performance-wise, we're pleased with how the fund held up. While benchmarks can be fickle, our emphasis on fundamental strength helped us weather some of the more volatile market swings. There were certainly moments where our patient, quality-focused approach felt like it was swimming against the tide, but over the full quarter, our selective stock picking ultimately paid off. It’s not always a straight line up, and we understand that, but our focus remains steadfast on the bigger picture.

Looking ahead, as we move towards the end of 2025 and into 2026, we remain cautiously optimistic. The global economy is still in a delicate balance, and we anticipate continued vigilance regarding inflation and interest rates. However, we also see tremendous innovation unfolding, particularly in areas like artificial intelligence, renewable energy, and biotechnology. These are not just buzzwords for us; they represent powerful, long-term drivers of growth for the right companies. Our strategy, therefore, is to remain invested in those exceptional businesses that are either directly participating in these transformative shifts or are incredibly well-positioned to benefit from them indirectly.

Ultimately, our commitment to you, our investors, is unwavering. We’ll continue to apply our rigorous research process and disciplined investment approach, always with a view towards building a resilient portfolio that can deliver attractive returns over the long haul. We truly appreciate your trust and confidence in the Janus Henderson Global Select Fund. It means a great deal to us.