Janus Henderson Investors, an investment management company, released its “Forty Fund” Q2 2025 investor letter. A copy of the letter can be downloaded here. The Fund returned 19.00% in the second quarter of 2026, outperforming the Russell 1000 Growth Index’s 16.74% gain as strong stock selection and an overweight position in healthcare supported results. The firm said resilient economic growth, robust corporate earnings, easing geopolitical tensions that pushed crude oil below $75 per barrel, and continued AI investment supported markets, although the Federal Reserve kept interest rates unchanged as inflation remained elevated. It added that AI-related opportunities remain a key driver of its outlook, noting demand for AI computing power is expected to exceed supply for the foreseeable future, while one portfolio holding reported revenue growth of more than 30% year over year, and another has an AI-related contracted orders backlog exceeding $550 billion. In addition, please check the Fund’s top five holdings to know its best picks in 2026.
In its second-quarter 2026 investor letter, Janus Henderson’s Forty Fund highlighted stocks like UnitedHealth Group Incorporated (NYSE:UNH). UnitedHealth Group Incorporated (NYSE:UNH) is a diversified healthcare company providing health insurance and healthcare services to millions of customers across the United States. The one-month return of UnitedHealth Group Incorporated (NYSE:UNH) was 2.50% while its shares traded between $35.31 and $82.79 over the last 52 weeks. On July 31, 2026, UnitedHealth Group Incorporated (NYSE:UNH) stock closed at approximately $414.40 per share, with a market capitalization of about $378.61 billion.
Janus Henderson’s Forty Fund stated the following regarding UnitedHealth Group Incorporated (NYSE:UNH) in its Q2 2026 investor letter:
Stock selection was a strong driver of relative performance, with UnitedHealth Group Incorporated (NYSE:UNH) a top relative contributor. Last year, the health insurer faced business headwinds that pressured its stock performance. We were reassured when the company announced a management change and brought back former CEO Stephen Hemsley. Hemsley announced an improvement plan aimed at cost management, operational improvements, and margin expansion. These efforts appear to be proceeding ahead of schedule, helping the company to exceed its first-quarter earnings targets. Additionally, UnitedHealth has announced significant AI investments, which the company hopes will help drive further customer engagement and productivity gains.
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UnitedHealth Group Incorporated (NYSE:UNH) is in 14th position on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per our database, 130 hedge fund portfolios held UnitedHealth Group Incorporated (NYSE:UNH) at the end of the first quarter, which was 145 in the previous quarter. While we acknowledge the risk and potential of UnitedHealth Group Incorporated (NYSE:UNH) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than UnitedHealth Group Incorporated (NYSE:UNH) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered UnitedHealth Group Incorporated (NYSE:UNH) and shared Vulcan Value Partners’ views on the company. In addition, please check out our hedge fund investor letters Q1 2026 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
