Janus Henderson Triton Fund Q2 2024 Commentary

seekingalpha09-20 23:55

The Janus Henderson Triton Fund returned -2.69% and the Russell 2500TM Growth Index returned -4.22%.Stock selection in the healthcare sector contributed to relative performance, while stock ...

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Investors rotated away from mid and small caps, and the Russell","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2384288077.EUR":"AZ EQUITY GLOBAL INFRASTRUCTURE \"A-INS\" (EUR) ACC","BK4566":"资本集团","BK4559":"巴菲特持仓","BK4550":"红杉资本持仓","VZ":"威瑞森","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LPLA":"LPL Financial Holdings Inc","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","ALIT":"Alight, Inc.","ASTS":"AST SpaceMobile, Inc.","BHVN":"Biohaven Pharmaceutical Holding Co Ltd.","BLKB":"布莱克波特科技","LU2065732104.USD":"ALLSPRING (LUX) WF GLOBAL SMALL CAP EQUITY \"I\" (USD) ACC","TDY":"Teledyne Technologies Inc","LU0205193047.USD":"SCHRODER ISF US SMALL & MID-CAP EQUITY \"A\" (USD)  ACC","CASY":"Caseys General Stores","LU0545562505.USD":"NINETY ONE GSF GLOBAL QUALITY DIVIDEND GROWTH \"A\" (USD) INC","RTO":"Rentokil Initial PLC","SSNC":"SS&C Technologies Holdings","NICE":"NICE系统","LNTH":"Lantheus Holdings, Inc.","SUM":"Summit Materials Inc","TRTN":"Triton International Limited","OSIS":"OSI Systems","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0205194284.USD":"SCHRODER ISF US SMALL & MID-CAP EQUITY \"A\" (USD) INC AV","T":"美国电话电报","GMED":"Globus Medical Inc","GKOS":"Glaukos Corp","IE0009354923.USD":"JANUS HENDERSON US VENTURE \"A2\" (USD) ACC","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","BR":"Broadridge金融解决方案","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4534":"瑞士信贷持仓","BK4011":"建筑材料","BK4157":"电子设备和仪器","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0240878834.USD":"SCHRODER ISF GLOBAL SMALL COMPANIES \"A\" (USD) INC AV","NAV":"纳威司达","IPOS":"Renaissance International IPO ETF"},"translate_title":"骏利亨德森Triton基金2024年第二季度评论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BR":1,"NAV":1,"NICE":1,"LPLA":1,"LNTH":1,"IPOS":1,"OSIS":1,"RTO":1,"GMED":1,"GKOS":1,"CASY":1,"BLKB":1,"SSNC":1,"SUM":1,"T":1,"TDY":1,"TRTN":1,"VZ":1,"BHVN":1,"ALIT":1,"ASTS":0.9,"US7Y.BOND":0.74,"US6M.BOND":0.74,"US5Y.BOND":0.74,"US3Y.BOND":0.74,"US30Y.BOND":0.74,"US2Y.BOND":0.74,"US12M.BOND":0.74,"US10Y.BOND":0.74,"US912797HE00.BOND":0.6,"US912797GW17.BOND":0.6},"content_text":"The Janus Henderson Triton Fund returned -2.69% and the  Russell 2500TM Growth Index  returned -4.22%.Stock selection in the healthcare  sector contributed to relative  performance, while stock selection  and an overweight in the industrials  sector detracted.We believe our portfolio is positioned  for long-term performance,  supported by our focus on well-managed, profitable growth  companies with strong balance  sheets.cemagraphics  Triton Fund Performance - USD (%) (as of 06/30/24)     Cumulative        Annualized         Returns 2Q24 YTD 1 Yr   3 Yr 5 Yr 10 Yr Since Inception (02/25/05)   Class I Shares (MUTF:JSMGX) -2.69 3.43 7.67   -2.82 5.00 8.72 11.02   Class T Shares (MUTF:JATTX) -2.70 3.38 7.51   -2.96 4.85 8.56 10.88   Class N Shares (MUTF:JGMNX) -2.69 3.46 7.76   -2.73 5.10 8.83 11.05   Class A Shares (MUTF:JGMAX) @ NAV -2.78 3.23 7.27   -3.16 4.63 8.33 10.67   Class A Shares @ MOP -8.37 -2.70 1.10   -5.06 3.40 7.69 10.33   Russell 2500 TM Growth Index -4.22 3.93 9.02   -4.11 7.57 8.77 9.29   Russell 2000® Growth Index -2.92 4.44 9.14   -4.86 6.16 7.39 8.21  \nClick to enlarge  Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 or visit Products - US Advisor. Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns. Expense Ratios (% as of most recent prospectus) Class I: Gross 0.77, Net 0.77 Class T: Gross 0.91, Net 0.91 Class N: Gross 0.67, Net 0.67 Class A: Gross 1.36, Net 1.32 Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Not all Funds and Share classes may be available. Please consult your financial professional. Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 800.668.0434 or visit Products - US Advisor. \nClick to enlarge   Investment environment Broad U.S. equity indices ended the second quarter higher, as signs of moderating inflation raised hopes for Federal Reserve (Fed) rate cuts in the second half of the year. Economic news was generally positive, supported by healthy job growth. Recent data, however, pointed to pockets of weakness, including a growing strain on consumer spending. The market advance was narrow, driven by a handful of large-cap growth stocks, especially technology hardware stocks with exposure to artificial intelligence. Investors rotated away from mid and small caps, and the Russell 2500 Growth Index had a negative return for the quarter. Portfolio review In the healthcare sector, relative performance benefited from an investment in Globus Medical (GMED), a medical device manufacturer focusing on spinal health. The stock faced headwinds earlier in the year due to skepticism over the company's acquisition of NuVasive, another device maker. The integration with NuVasive has gone more smoothly than expected, and the stock rebounded in the second quarter as investors became more optimistic about the synergies offered by the merger. Globus also reported better-than- expected results and improved guidance. AST SpaceMobile (ASTS) was another top contributor. This communications services company is building a low-orbit satellite network that aims to expand cellular coverage in previously underserved remote areas. The company has already signed strategic partnerships with AT&T (T) and Google (GOOG,GOOGL), giving us confidence in its market opportunity, as well as greater visibility on its financing. In the second quarter, AST announced it had formed an additional partnership with Verizon (VZ), which has committed $100 million to help AST SpaceMobile deliver direct-to-cellular services to Verizon customers. The stock rallied on news of this partnership. Investors viewed this deal as an indication that AST plans to work with more than one carrier, which could expand its revenue potential. On a negative note, WEX was a relative detractor. Wex issues credit cards that help companies manage vehicle fleet fuel costs, and it owns a cloud-based payments platform that supports travel bookings and health savings accounts. While the company's first-quarter earnings growth met expectations, investors were disappointed with its second- quarter guidance, as it pushed more of its expected revenue growth into the back half of the year. Despite some near-term uncertainty, we continue to believe in Wex's diversified business model. NICE Systems (NICE), another detractor, provides software-based technology solutions for call centers and data security. The stock sold off in the second quarter on news that the long- time CEO is stepping down. The company also reported a modest slowdown in cloud software growth, which added to worries that it may face competition from AI-driven solutions. We believe these concerns are overstated, especially as the company is actually using AI to differentiate its services and improve client outcomes. We continue to hold the position. Manager outlook We have cautioned for several quarters that the Fed would take a slower-than-expected approach to rate reductions. The market has gradually come around to this view, with most market participants now expecting only one or two rate cuts by year-end. The outlook for higher-for-longer interest rates will certainly have an impact on economic growth. We have seen more signs of reduced discretionary spending by consumers, now pressured by higher living costs and depleted savings. As investors try to assess the outlook for interest rates and economic growth, we could see periods of market volatility. We also see additional sources of uncertainty, including geopolitical developments and weaker economic growth overseas. Despite the crosscurrents in this environment, we remain confident in our ability to navigate this period through our focus on well-managed, profitable growth companies with strong balance sheets, healthy free cash flows, and high returns on capital. We also continue to see opportunities in small-caps stocks, which are trading at historically low valuations relative to large caps. We believe small caps may receive more attention from investors as we start to gain more clarity on the economic and interest rate outlook. We would note that small-cap stocks have typically outperformed large caps during periods of declining inflation and in the early stages of Fed rate cuts. We also believe this environment will reward our focus on bottom-up stock selection, as we seek out companies with resilient business models that may deliver strong earnings growth over the next three to five years.  Portfolio   Top Contributors (%) Average Weight Relative Contribution   Top Detractors (%) Average Weight Relative Contribution   Globus Med Inc 1.50 0.39   Alight Inc (ALIT) 1.56 -0.37   Ast Spacemobile Inc 0.26 0.39   Wex Inc 1.68 -0.36   Glaukos Corp (GKOS) 1.56 0.34   Nice Sys Ltd 0.75 -0.27   Caseys Gen Stores Inc (CASY) 1.44 0.31   Biohaven Ltd (BHVN) 0.54 -0.24   Lantheus Hldgs Inc (LNTH) 0.96 0.20   Summit Materials (SUM) 1.47 -0.22  \nClick to enlarge  The holdings identified in this table, in compliance with Janus Henderson policy, do not represent all of the securities purchased, held or sold during the period. To obtain a list showing every holding as a percentage of the portfolio at the end of the most recent publicly available disclosure period, contact 800.668.0434 or visit Products - US Advisor. Relative contribution reflects how the portfolio's holdings impacted return relative to the benchmark. Cash and securities not held in the portfolio are not shown. \nClick to enlarge   Top Holdings (%) Fund   SS&C Technologies Holdings Inc (SSNC) 2.35   Blackbaud Inc (BLKB) 2.20   Rentokil Initial PLC (ADR) (RTO) 2.15   Teledyne Technologies Inc (TDY) 1.78   Broadridge Financial Solutions Inc (BR) 1.76   Glaukos Corp 1.70   Globus Medical Inc 1.67   LPL Financial Holdings Inc (LPLA) 1.63   Casey's General Stores Inc 1.61   OSI Systems Inc (OSIS) 1.60   Total 18.45  \nClick to enlarge   Definitions Volatility measures risk using the dispersion of returns for a given investment. Free cash flow ('FCF') yield is a financial ratio that measures how much cash flow a company has in case of its liquidation or other obligations by comparing the free cash flow per share with the market price per share and indicates the level of cash flow the company will earn against its share market value. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.668.0434 or download the file from Products - US Advisor. Read it carefully before you invest or send money. Performance for Class A and I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund's prospectus for further details. Performance for Class N Shares that includes periods prior to 5/31/12 reflects the performance of one or more share classes of the Fund or a predecessor fund. See the Fund's prospectus for further details. Returns include reinvestment of dividends and capital gains. Discussion is based on the performance of Class I Shares. The opinions are as of 06/30/24, are subject to change and may not reflect the views of others in the organization. Janus Henderson may have a business relationship with certain entities discussed. The comments should not be construed as a recommendation of individual holdings or market sectors, but as an illustration of broader themes. Holdings are subject to change without notice. For equity portfolios, relative contribution compares the performance of a security in the portfolio to the benchmark's total return, factoring in the difference in weight of that security in the benchmark. Returns are calculated using daily returns and previous day ending weights rolled up by ticker, gross of advisory fees, may exclude certain derivatives and does not represent actual performance. There is no assurance the stated objective(s) will be met. Investing involves risk, including the possible loss of principal and fluctuation of value. Smaller capitalization securities may be less stable and more susceptible to adverse developments, and may be more volatile and less liquid than larger capitalization securities. Growth stocks are subject to increased risk of loss and price volatility and may not realize their perceived growth potential. Initial Public Offerings (IPOS) are highly speculative investments and may be subject to lower liquidity and greater volatility. Special risks associated with IPOs include limited operating history, unseasoned trading, high turnover and non-repeatable performance. Actively managed investment portfolios are subject to the risk that the investment strategies and research process employed may fail to produce the intended results. Accordingly, a portfolio may underperform its benchmark index or other investment products with similar investment objectives. Russell 2500™ Growth Index reflects the performance of U.S. small to mid-cap equities with higher price-to-book ratios and higher forecasted growth values. Russell 2000® Growth Index reflects the performance of U.S. small-cap equities with higher price-to-book ratios and higher forecasted growth values. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. Mutual funds distributed by Janus Henderson Distributors US LLC. Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. \nClick to enlarge  Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"analysis","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.27.0","shortVersion":"4.27.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2469736336"}