Janus Henderson's overseas fund trails benchmark slightly. The Janus Henderson Overseas ADR Managed Account returned 4.94 percent in the fourth quarter, underperforming the MSCI All Country World ex USA Index's 5.11 percent return. European bank holdings like Banco Bilbao Vizcaya Argentaria drove relative gains through strong earnings and asset quality. Pharmaceutical giant AstraZeneca boosted performance with robust results and raised guidance on oncology drug sales momentum. Defense stocks proved problematic, with BAE Systems and Rheinmetall weighing on returns. The fund managers remain constructive on European equities given potential fiscal stimulus and deregulation prospects. Japan's economic outlook could improve with new stimulus measures. Consumer discretionary and healthcare stock selection supported relative performance during the quarter.
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