Janus Henderson Horizon Global Property Equities Fund on Highwoods Properties, Inc.

Highwoods was a major positive contributor as demand for Sunbelt office space showed strong leasing momentum. The stock rose sharply during the quarter, reflecting improving fundamentals in a part of the office market that had been heavily discounted. The fund’s broader outlook is that demand for high-quality space remains resilient while falling new supply is improving landlords’ pricing power. Highwoods gives the portfolio exposure to that recovery through Sunbelt office assets.