Janus Henderson Japan Opportunities Fund on Recruit Holdings Co. Ltd.
Thesis
Recruit Holdings is a human-resources technology business whose premium sponsored-jobs service uses AI to reduce hiring times for employers. Stronger-than-expected first-quarter results and an upgrade to full-year guidance demonstrated the value of this offering. Janus Henderson believes businesses with competitive strengths and effective business models can prosper despite negative sentiment towards software companies. Recruit was one of the fund’s key positive contributors in the quarter.
“The strong performance was driven by its premium sponsored job product, which uses AI tools to reduce time-to-hire for employers.”
Key risks
- Negative investor sentiment towards technology and software businesses
- AI disruption challenging established online services and business models
- Wider market volatility from inflation, interest rates and geopolitics