**Janus Henderson Global Technology and Innovation Fund Q3 2025 Commentary**
*Nov. 07, 2025 | 8:15 AM ET*
*By Janus Henderson Investors*

For much of the past three years, the performance of the technology sector has been largely defined by the emergence of artificial intelligence (AI). Investors have eagerly sought exposure to this generational theme, driving significant interest and activity in tech stocks aligned with AI innovation.

Despite this broad trend, Amazon—an out-of-benchmark hyperscaler—has weighed on relative performance. This was somewhat surprising given that the company’s e-commerce operations, advertising business, and overall profitability continue to hold up well.

Another relative detractor in the period was Constellation Software, which faced a series of challenges, including the resignation of its founder and CEO due to health concerns. This development added uncertainty, impacting the company’s performance.

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**About Janus Henderson Investors**

Janus Henderson Investors was formed in 2017 from the merger between Janus Capital Group and Henderson Global Investors. Our mission is to help clients achieve their long-term financial goals through active management.

For us, being active is more than just an investment approach—it’s how we translate ideas into action, communicate our views, and build partnerships to create the best outcomes for our clients.

While our investment managers have the flexibility to adopt strategies best suited to their areas of expertise, we come together as a unified team. This is embodied in our Knowledge.Shared ethos, which promotes collaboration across the business and strengthens our commitment to empowering clients to make better investment and business decisions.

To learn more, visit [www.janushenderson.com](http://www.janushenderson.com).

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