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As liquidity conditions tighten and speculation begins to recede, broader market fundamentals are gaining importance. In his July insight, Richard Bernstein, Global Head of Macro & Customized Investing, examines how improving profit growth across regions and sectors is creating opportunities beyond the market's recent leaders.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Key Takeaways:","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Investors are recalibrating expectations for Federal Reserve (Fed) rate cuts, reducing the excess liquidity that has fueled speculative, momentum-driven markets.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Profit growth is broadening beyond the U.S., with improving earnings trends helping to create a more compelling growth story for international equities.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"},{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Market leadership is expanding beyond the Magnificent 7 as investors increasingly reward improving fundamentals rather than hype-driven momentum.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"list-item"}],"nodeType":"unordered-list"},{"data":{},"content":[{"data":{},"marks":[],"value":"Speculation continues to be the defining attribute of today’s financial markets. As evidence, investors continue to equate the financial markets and the prediction markets despite those markets’ vastly different economic purposes.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The financial markets exist for capital formation and real business investment in plants, equipment, and employment. These markets are the economic link between the classic equivalence of savings and investment. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The prediction markets, however, exist purely to make a bet on any outcome, with virtually no economic value added.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Excess liquidity is the lifeblood of speculation, and the primary custodian of excess liquidity is the Federal Reserve. The Fed potentially needing to raise interest rates to fight inflation could eventually cause the end of the current speculative fervor. As the old saying goes, “the Fed takes the punchbowl away from the party”. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our view at the beginning of 2026 was that investor expectations were too optimistic regarding how much and how frequently the Fed would cut rates. In other words, liquidity would not be flowing as abundantly as speculators anticipated.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exhibit 1 demonstrates that investors have reconsidered their year-end 2025 Fed forecasts and have indeed started to price in liquidity drying up.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"tpwhn4idgh34","contentful_id":"tpwhn4idgh34"}},"id":"c2ZqBd9a9EKLOOE5Pdaf7hr","type":"Asset","createdAt":"2026-07-28T15:09:19.093Z","updatedAt":"2026-07-28T15:09:55.326Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":9,"revision":2,"contentful_id":"2ZqBd9a9EKLOOE5Pdaf7hr"},"fields":{"title":{"en-US":"Exhibit 1 July26"},"description":{"en-US":""},"file":{"en-US":{"url":"//images.ctfassets.net/tpwhn4idgh34/2ZqBd9a9EKLOOE5Pdaf7hr/0a69810888e568b78ccc6bd4db886ddd/Chart-1.jpg","details":{"size":88338,"image":{"width":703,"height":400}},"fileName":"Chart-1.jpg","contentType":"image/jpeg"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our research over the past 30-plus years has shown that market rotations (i.e., shifts between growth/value, large/small, high quality/low quality) are based on profits cycles and valuation fundamentals. When markets ignore fundamentals, it is typically because excess liquidity drives speculation and momentum and relative strength dominate performance rather than profits and valuation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Many have commented about the U.S. economy’s “resilience”, and nominal growth has surprised during 2026. However, fewer have noted that the nominal economy’s strength has led to stronger and broader profits growth. More companies are growing both in and outside the U.S.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exhibit 2 shows our profits cycle forecasts for major regions. U.S. profits growth is not bad, but the cycle does appear to be slowly peaking. However, non-U.S. cycles seem to be accelerating, implying that U.S. and non-U.S. profits growth is starting to converge.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The bull case for non-U.S. stocks was for several years almost purely based on those regions’ undervaluation. The lack of a growth story constrained their outperformance. Today, non-U.S. markets offer growth that is increasingly competitive with the U.S., and their performance so far during 2026 reflects that improved profitability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"tpwhn4idgh34","contentful_id":"tpwhn4idgh34"}},"id":"BpdZGuQ2fH9yBZ6fetdMj","type":"Asset","createdAt":"2026-07-28T15:15:34.175Z","updatedAt":"2026-07-28T15:15:34.175Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":5,"revision":1,"contentful_id":"BpdZGuQ2fH9yBZ6fetdMj"},"fields":{"title":{"en-US":"Exhibit 2 July26"},"description":{"en-US":""},"file":{"en-US":{"url":"//images.ctfassets.net/tpwhn4idgh34/BpdZGuQ2fH9yBZ6fetdMj/ca8279d8de1d15d5be1159d578762940/Exhibit-2.jpg","details":{"size":62802,"image":{"width":703,"height":400}},"fileName":"Exhibit-2.jpg","contentType":"image/jpeg"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"One might suggest that the U.S. is the only market offering long-term profits growth, but that isn’t true at all. Exhibit 3 shows the projected long-term growth rates for every stock in the ACWI Index with projected growth greater than 25%.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Probably surprising to most investors, the group includes only one of the so-called Magnificent 7 stocks, and the multi-colored bars demonstrate that long-term growth is available around the world.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"tpwhn4idgh34","contentful_id":"tpwhn4idgh34"}},"id":"c7hJq2ljiDE05jP18hdFNzV","type":"Asset","createdAt":"2026-07-28T15:24:21.680Z","updatedAt":"2026-07-28T15:24:21.680Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":4,"revision":1,"contentful_id":"7hJq2ljiDE05jP18hdFNzV"},"fields":{"title":{"en-US":"Exhibit-3 July 2026"},"description":{"en-US":""},"file":{"en-US":{"url":"//images.ctfassets.net/tpwhn4idgh34/7hJq2ljiDE05jP18hdFNzV/b22805b3c986aacf5cc346e500ee2d46/Exhibit-3.jpg","details":{"size":101186,"image":{"width":703,"height":400}},"fileName":"Exhibit-3.jpg","contentType":"image/jpeg"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"…and performance is again beginning to reflect broadly improving profits","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Investors scoffed at our suggestion that the stock market could rotate away from the momentum-driven AI and technology theme without a bear market. However, that has indeed been 2026’s story so far.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exhibit 4 shows the percentage of stocks by year within the S&P 500 that outperformed the index. The years 2023 to 2025 marked the narrowest period for the stock market in the past 35 years, and the recent narrowness persisted for longer than the Technology Bubble in 1998/99.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"So far, the market has broadened during 2026, reflecting the reduction in speculative liquidity and improving fundamentals. Although the market has broadened, 2026’s market is still less broad than the long-term median breadth. ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Because most investors still seem fixated on the momentum stocks of the past several years despite the changing liquidity and profits backdrops, it is possible that we are still in the early stages of a longer-term broad market advance.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"tpwhn4idgh34","contentful_id":"tpwhn4idgh34"}},"id":"c2pW0rWVS9GIqMzK2KUkZO4","type":"Asset","createdAt":"2026-07-28T15:26:05.304Z","updatedAt":"2026-07-28T15:26:05.304Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":5,"revision":1,"contentful_id":"2pW0rWVS9GIqMzK2KUkZO4"},"fields":{"title":{"en-US":"Exhibit-4 July 2026"},"description":{"en-US":""},"file":{"en-US":{"url":"//images.ctfassets.net/tpwhn4idgh34/2pW0rWVS9GIqMzK2KUkZO4/1881d82915a5409bcc404e87192e4420/Exhibit-4.jpg","details":{"size":88181,"image":{"width":703,"height":400}},"fileName":"Exhibit-4.jpg","contentType":"image/jpeg"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Exhibit 5 demonstrates that market performance during the first half of 2026 has been globally broad. The chart compares the total return performance of five broad U.S. and global indices, all of which have meaningfully outperformed the Magnificent 7 stocks.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"tpwhn4idgh34","contentful_id":"tpwhn4idgh34"}},"id":"c4MjbepYFvecJTyDmxK14OA","type":"Asset","createdAt":"2026-07-28T15:34:02.956Z","updatedAt":"2026-07-28T19:48:01.061Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment","contentful_id":"master"}},"publishedVersion":9,"revision":3,"contentful_id":"4MjbepYFvecJTyDmxK14OA"},"fields":{"title":{"en-US":"Exhibit-5 July2026"},"description":{"en-US":""},"file":{"en-US":{"url":"//images.ctfassets.net/tpwhn4idgh34/4MjbepYFvecJTyDmxK14OA/e62ef507a9a2d7b2ab8738fbff7743df/Exhibit-5.jpg","details":{"size":121235,"image":{"width":703,"height":400}},"fileName":"Exhibit-5.jpg","contentType":"image/jpeg"}}}}},"content":[],"nodeType":"embedded-asset-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Boring is beautiful: Follow fundamentals, not the hype","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"If we are correct and inflation forces the Fed to continue to reduce economic liquidity and profits continue to improve and broaden, then stocks with shorter durations and those with improving and underappreciated fundamentals might continue to outperform.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Our 2026 theme, ","nodeType":"text"},{"data":{"uri":"https://www.janushenderson.com/en-us/advisor/article/multi-asset-boring-is-still-beautiful-for-the-second-half-of-2026/"},"content":[{"data":{},"marks":[],"value":"Boring is Beautiful","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":", focusing primarily on dividends and non-U.S. stocks, still seems prudent.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Definitions: ","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Fiscal policy: ","nodeType":"text"},{"data":{},"marks":[],"value":"Refers to government policy relating to setting tax rates and spending levels. It is separate from monetary policy, which is typically set by a central bank. Fiscal austerity refers to raising taxes and/or cutting spending in an attempt to reduce government debt. Fiscal expansion (or ‘stimulus’) refers to an increase in government spending and/or a reduction in taxes.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Inflation: ","nodeType":"text"},{"data":{},"marks":[],"value":"The rate at which the prices of goods and services are rising in an economy. The consumer price index (CPI) and retail price index (RPI) are two common measures; the opposite of deflation.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"MSCI Developed World ex USA IMI Index","nodeType":"text"},{"data":{},"marks":[],"value":" is a free-float-adjusted, market-capitalization-weighted index captures large, mid and small cap representation across Developed Markets (DM) countries--excluding the United States.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"MSCI All Country World Index (ACWI®)","nodeType":"text"},{"data":{},"marks":[],"value":" is a free-float-adjusted, market-capitalization-weighted index designed to measure the equity-market performance of global developed and emerging markets.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Russell 1000 Value Index","nodeType":"text"},{"data":{},"marks":[],"value":" measures the performance of US large cap value stocks. The index includes companies with relatively lower price-to-book ratios, lower 2-year I/B/E/S forecast growth and lower historical 5-year sales growth. The index is reconstituted fully in June to ensure accurate representation of the US large cap value style, with updates for parent index membership changes in December and quarterly IPO inclusions in March and September. Since March 24, 2025, the index applies quarterly capping if constituent weights exceed target RIC thresholds.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"MSCI Emerging Markets (EM) Index ","nodeType":"text"},{"data":{},"marks":[],"value":"is a free-float-adjusted, market-capitalization-weighted index designed to measure the equity-market performance of emerging markets.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The Russell 2000 Index ","nodeType":"text"},{"data":{},"marks":[],"value":"is an unmanaged, market-capitalization-weighted index designed to measure the performance of the small-cap segment of the US equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index. ","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"S&P High Yield Dividend Aristocrats Index","nodeType":"text"},{"data":{},"marks":[],"value":" is a benchmark that measures the performance of companies within the broader S&P Composite 1500 Index that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years. Constituents are weighted based on their indicated dividend yield, subject to a cap to limit single stock concentration.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Magnificent 7","nodeType":"text"},{"data":{},"marks":[],"value":": The UBS Magnificent 7 tracks a group of 7 of the largest mega cap tech stocks listed in the US. Rebalanced and reconstituted annually, current constituents consist of AAPL, AMZN, GOOGL, META, MSFT, NVDA and TSLA.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[],"value":"Important Information: ","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Artificial intelligence (“AI”) focused companies","nodeType":"text"},{"data":{},"marks":[],"value":", including those that develop or utilize AI technologies, may face rapid product obsolescence, intense competition, and increased regulatory scrutiny. These companies often rely heavily on intellectual property, invest significantly in research and development, and depend on maintaining and growing consumer demand. Their securities may be more volatile than those of companies offering more established technologies and may be affected by risks tied to the use of AI in business operations, including legal liability or reputational harm.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Equity securities ","nodeType":"text"},{"data":{},"marks":[],"value":"are subject to risks including market risk. Returns will fluctuate in response to issuer, political and economic developments.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Technology","nodeType":"text"},{"data":{},"marks":[],"value":" industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions. A concentrated investment in a single industry could be more volatile than the performance of less concentrated investments and the market as a whole.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[],"value":"The views presented are as of the date published. They are for information purposes only and should not be used or construed as investment, legal or tax advice or as an offer to sell, a solicitation of an offer to buy, or a recommendation to buy, sell or hold any security, investment strategy or market sector. Nothing in this material shall be deemed to be a direct or indirect provision of investment management services specific to any client requirements. Opinions and examples are meant as an illustration of broader themes, are not an indication of trading intent, are subject to change and may not reflect the views of others in the organization. It is not intended to indicate or imply that any illustration/example mentioned is now or was ever held in any portfolio. No forecasts can be guaranteed and there is no guarantee that the information supplied is complete or timely, nor are there any warranties with regard to the results obtained from its use. Janus Henderson Investors is the source of data unless otherwise indicated, and has reasonable belief to rely on information and data sourced from third parties. Past performance does not predict future returns. Investing involves risk, including the possible loss of principal and fluctuation of value.  Not all products or services are available in all jurisdictions. This material or information contained in it may be restricted by law, may not be reproduced or referred to without express written permission or used in any jurisdiction or circumstance in which its use would be unlawful. Janus Henderson is not responsible for any unlawful distribution of this material to any third parties, in whole or in part. The contents of this material have not been approved or endorsed by any regulatory agency.  Janus Henderson Investors is the name under which investment products and services are provided by the entities identified in the following jurisdictions: (a) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Europe ","nodeType":"text"},{"data":{},"marks":[],"value":"by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), Tabula Investment Management Limited (reg. no. 11286661), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier); (b) the ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"U.S.","nodeType":"text"},{"data":{},"marks":[],"value":" by SEC registered investment advisers that are subsidiaries of Janus Henderson Group plc; (c) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Canada ","nodeType":"text"},{"data":{},"marks":[],"value":"through Janus Henderson Investors US LLC only to institutional investors in certain jurisdictions; (d) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Singapore ","nodeType":"text"},{"data":{},"marks":[],"value":"by Janus Henderson Investors (Singapore) Limited (Co. registration no. 199700782N). This advertisement or publication has not been reviewed by Monetary Authority of Singapore; (e) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Hong Kong ","nodeType":"text"},{"data":{},"marks":[],"value":"by Janus Henderson Investors Hong Kong Limited. This material has not been reviewed by the Securities and Futures Commission of Hong Kong; (f) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"South Korea","nodeType":"text"},{"data":{},"marks":[],"value":" by ","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[],"value":"Janus Henderson Investors (Singapore) Limited only to Qualified Professional Investors (as defined in the Financial Investment Services and Capital Market Act and its sub-regulations); (g) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Japan ","nodeType":"text"},{"data":{},"marks":[],"value":"by Janus Henderson Investors (Japan) Limited, regulated by Financial Services Agency and registered as a Financial Instruments Firm conducting Investment Management Business, Investment Advisory and Agency Business and Type II Financial Instruments Business; (h) ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Australia and New Zealand","nodeType":"text"},{"data":{},"marks":[],"value":" by Janus Henderson Investors (Australia) Limited (ABN 47 124 279 518) and its related bodies corporate including Janus Henderson Investors (Australia) Institutional Funds Management Limited (ABN 16 165 119 531, AFSL 444266) and Janus Henderson Investors (Australia) Funds Management Limited (ABN 43 164 177 244, AFSL 444268); (i) the","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" Middle East ","nodeType":"text"},{"data":{},"marks":[],"value":"by Janus Henderson Investors Middle East Limited (DIFC branch), regulated by the Dubai Financial Services Authority as a Category 4 licensed entity. This document relates to a financial product which is not subject to any form of regulation or approval by the Dubai Financial Services Authority (\"DFSA\"). The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with this financial product. Accordingly, the DFSA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it. The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on the financial product. If you do not understand the contents of this document you should consult an authorised financial adviser. No transactions will be concluded in the Middle East and any enquiries should be made to Janus Henderson. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"Outside of the U.S., Australia, Singapore, Taiwan, Hong Kong, Europe and UK","nodeType":"text"},{"data":{},"marks":[],"value":": For use only by institutional, professional, qualified and sophisticated investors, qualified distributors, wholesale investors and wholesale clients as defined by the applicable jurisdiction. Not for public viewing or distribution. Marketing Communication.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[],"value":"Richard Bernstein Advisors LLC is an investment adviser and a wholly-owned subsidiary of Janus Henderson US (Holdings) Inc. Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group Ltd. or one of its subsidiaries. © Janus Henderson Group Ltd.","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[],"value":"W-0726-3139752-07-31-2027","nodeType":"text"}],"nodeType":"heading-5"},{"data":{},"content":[{"data":{},"marks":[],"value":"","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}},"similarArticles":null},"allContentfulAsset":{"nodes":[{"fluid":{"aspectRatio":1.7575,"src":"//images.ctfassets.net/tpwhn4idgh34/2ZqBd9a9EKLOOE5Pdaf7hr/0a69810888e568b78ccc6bd4db886ddd/Chart-1.jpg?w=704&q=90","srcSet":"//images.ctfassets.net/tpwhn4idgh34/2ZqBd9a9EKLOOE5Pdaf7hr/0a69810888e568b78ccc6bd4db886ddd/Chart-1.jpg?w=176&h=100&q=90 176w,\n//images.ctfassets.net/tpwhn4idgh34/2ZqBd9a9EKLOOE5Pdaf7hr/0a69810888e568b78ccc6bd4db886ddd/Chart-1.jpg?w=352&h=200&q=90 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