Janus Henderson Horizon Fund - Global Smaller Companies Fund on Blue Bird Corporation
Thesis
Blue Bird's shares weakened after its earnings release as investors focused on unit deliveries and its acquisition of part of Ford's step-van chassis business. The fund subsequently met with management and remained constructive on the company's outlook. It also believes the acquired business has potential, despite the market's near-term concerns.
“we remain constructive on the outlook and believe the acquisition has potential.”
Key risks
- Unit delivery execution
- Execution risk around the acquired step-van chassis business