Janus Henderson Horizon Fund - Global Smaller Companies Fund on Central Garden & Pet Company
Thesis
The fund initiated a position in Central Garden & Pet, a North American supplier of garden and pet-care products. The managers see attractive long-term growth characteristics in the pet category, partly offsetting the weather sensitivity of garden demand. They also highlighted the company's track record of creating value through disciplined acquisitions.
“the pet category has demonstrated attractive long-term growth characteristics.”
Key risks
- Garden-product demand can fluctuate with weather conditions