Janus Henderson Horizon Global Property Equities Fund on Lamar Advertising Company
Thesis
Lamar contributed positively as local advertiser demand remained durable. The fund highlights pricing power in secondary markets where Lamar controls more than 80% of billboards, giving the business a strong local competitive position. This supports resilient cash generation even in an uncertain macro environment. As a non-benchmark holding, Lamar also represents an active stock-selection idea rather than an index-driven exposure.
“Lamar also made a positive contribution, benefiting from durable local advertiser demand and pricing power in secondary markets where LAMR controls over 80% of billboards.”
Key risks
- The macroeconomic outlook remains uncertain and advertising demand can be cyclical