Janus Henderson Global Sustainable Equity Fund on Lumentum Holdings Inc.
Thesis
Janus Henderson initiated a position in Lumentum while selectively rebuilding exposure to AI infrastructure after a market pullback. The manager expects demand for compute to stay strong as hyperscalers remain capacity constrained and agentic AI creates new workloads. Its allocation framework favours infrastructure that supports the AI ecosystem alongside efficient computing, cooling and electrification. Lumentum was explicitly named as one of the new holdings established under this broader AI-investment thesis.
“We initiated positions in Modine and Lumentum”
Key risks
- AI capital expenditures failing to deliver adequate returns
- Weakness in valuations across AI infrastructure stocks
- Growing political and regulatory concerns around AI development and data centres