Janus Henderson Global Technology and Innovation Fund released its Q3 2025 investor letter, highlighting strong results in the technology sector. The fund returned 9.19% in the quarter, outperforming the S&P 500 Index and MSCI All Country World Information Technology Index. Alphabet Inc. (NASDAQ: GOOG) was a top performer, with a one-month return of -2.46% and shares up 59.78% over the last 52 weeks, closing at $315.68 on December 23, 2025.

Alphabet Inc. (NASDAQ: GOOG) was a key contributor to the fund’s performance, transitioning from an AI loser to a potential winner. The company benefited from its Gemini tool’s success in AI platforms and a favorable settlement with the U.S. government. Alphabet Inc. (NASDAQ: GOOG) ranked 7th in the list of 30 Most Popular Stocks Among Hedge Funds, with 186 hedge fund portfolios holding its stock by the end of Q3 2025, achieving its first-ever $100 billion in revenue.

The Janus Henderson Global Technology and Innovation Fund sees potential in Alphabet Inc. (NASDAQ: GOOG) but believes other AI stocks offer greater upside potential and less downside risk. They recommend exploring undervalued AI stocks that could benefit from Trump-era tariffs and the onshoring trend.

Read more at Yahoo Finance: AI Loser To a Potential Winner