Janus Henderson Global Sustainable Equity Fund on Modine Manufacturing Company
Thesis
Janus Henderson initiated a holding in Modine as it increased selective exposure to the infrastructure needed for AI. The managers describe industrial beneficiaries of AI-driven power and cooling demand as an important source of structural growth even though these shares fell during the quarter. They believe hyperscalers remain capacity-constrained and that efficiency-focused AI infrastructure investment continues. Modine adds exposure to that cooling and efficiency theme within the fund’s sustainable-investing framework.
“We initiated positions in Modine and Lumentum”
Key risks
- AI infrastructure capital expenditure failing to earn the expected return
- Investor rotation away from industrial AI beneficiaries
- Higher interest rates and compressed industrial valuation multiples
- Public or regulatory pushback against new data centres