Janus Henderson Japan Opportunities Fund on Murata Manufacturing Co. Ltd.
Thesis
Murata Manufacturing is among the fund’s holdings exposed to the AI-related electronics and semiconductor value chain. Its shares weakened after the sector’s earlier gains, but the portfolio manager explicitly retained conviction in the underlying fundamentals. Janus Henderson expects the structural global AI investment cycle to remain resilient, supporting Japan’s component suppliers. The position is viewed through the fund’s disciplined valuation and quality-of-management framework.
“we retain conviction in the underlying fundamentals of these businesses”
Key risks
- Cyclical declines in AI and electronic-component investment
- Market volatility following strong prior share-price performance
- Rising Japanese interest rates, bond yields and inflation