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Dec. 10, 2025 1:00 AM ET, , ,
Summary
- An underweight position in device and services company Apple (AAPL) detracted from relative performance, as the stock outperformed during the period.
- An overweight position in enterprise software company Intuit (INTU) also detracted from relative …
Dec. 10, 2025 1:00 AM ET, , ,
Summary
- An underweight position in device and services company Apple (AAPL) detracted from relative performance, as the stock outperformed during the period.
- An overweight position in enterprise software company Intuit (INTU) also detracted from relative results.
- Contributors to relative performance included AppLovin (APP), the developer and owner of a mobile marketing platform that matches developers with advertisers looking to be featured on apps and digital games.
- NVIDIA (NVDA), another notable contributor, is a leading global supplier of data center graphics processing units (GPUs) used in AI infrastructure.
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The following segment was excerpted from the Janus Henderson Research Fund Q3 2025 Commentary.
Portfolio review
An underweight position in device and services company Apple (AAPL) detracted from relative performance, as the stock outperformed during
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Quick Insights
AAPL’s elevated valuation, persistent uncertainty around iPhone sales momentum, and delays in launching its conversational Siri AI assistant support a continued underweight stance.
Despite Mailchimp headwinds impacting FY26 guidance, robust TurboTax and Quickbooks results underpin confidence in INTU’s core business and warrant ongoing portfolio inclusion.
NVDA’s surging demand for next-gen GPUs, robust AI infrastructure adoption, and a strategic partnership with OpenAI position it for continued strong growth and ecosystem influence.