Artificial Intelligence▼impact 4
Foreign investors sell off Indian stocks to the tune of 25 billion dollars, shifting into Taiwan and South Korea
Foreign capital continues to flow out of the Indian stock market, with foreign funds selling a net 25 billion dollars of Indian shares so far this year and shifting money into markets such as Taiwan and South Korea, which stand to benefit more from the investment wave in artificial intelligence, or AI. Foreign investors have also cut their holdings of companies listed on the National Stock Exchange of India to the lowest level in 17 years, while some fund managers have reduced their allocation to Indian stocks to 0%, citing weak earnings, elevated valuations, and the lack of a large AI investment theme. Bloomberg reported today that Reed Capital Partners exited its entire Indian equity portfolio about one month ago, while fund managers at Janus Henderson Investors and Vantage Point Asset Management also cut their India allocations to 0% over roughly the past year. Indian stocks also remain expensive relative to other emerging markets, with the Nifty 50 trading at about 17.6 times forward earnings estimates and a valuation premium of 77% over the MSCI Emerging Markets index, while India's weight in the MSCI Emerging Markets index has fallen to about 11% this year from 16% in 2025. Domestic investors have also helped absorb foreign selling, buying a net 60 billion dollars of shares this year, according to data from the Bombay Stock Exchange, while Morgan Stanley expects the BSE Sensex to rise 19% to 89,000 points by June 2027 under its base case, with a bull-case target of 100,000 points.
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Eastspring Launches ES-HEALTHCARE Fund to Capture Long-Term Opportunities in Healthcare Sector
Eastspring Asset Management (Thailand) Company Limited has launched the Eastspring Global Healthcare Fund, or ES-HEALTHCARE, to capture long-term investment opportunities in the healthcare sector amid a rotation of capital flows from technology and AI stocks toward more stable and growth-potential sectors. The fund focuses on investing in the healthcare industry through the master fund, Janus Henderson Global Life Sciences Fund. Meanwhile, the US 10-Year Bond Yield remains elevated at approximately 4.64%, up from around 4.00% in late February 2026. The market expects earnings per share for the S&P 500 Healthcare sector to grow 21.30% in 2027, higher than the projected 11.94% growth in earnings per share for the S&P 500 index in the same year. Supporting factors for the healthcare sector include three key aspects: defensive, need, and growth. Additionally, the BofA Global Fund Manager Survey for July 2026 found that healthcare is the industry sector where fund managers have increased their allocation the most, reflecting institutional capital rotation rather than just a short-term technical rebound.
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Victory Capital to Buy First Eagle in $7 Billion Deal
Victory Capital Holdings Inc. has agreed to acquire First Eagle Investments in a deal that would bring the combined firm's assets under management to about $571 billion. The San Antonio-based company will pay about $7 billion, including $4 billion in cash and $2 billion in newly issued shares, and will assume $575 million of First Eagle's senior secured notes due in 2032. First Eagle, which manages about $229 billion, will add its $41 billion CLO and alternative credit platform to Victory's multi-asset products, with the combined company expected to generate annual revenue of roughly $3.2 billion and about $280 million in net expense synergies. The deal comes five months after Victory withdrew a nearly $9 billion proposal to acquire Janus Henderson Group Plc. First Eagle will operate on Victory's platform and retain its brand.
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Janus Henderson to acquire three Insignia Financial investment units
Janus Henderson has agreed to acquire three specialist investment management businesses from Insignia Financial: Antares Fixed Income, Antares Equities, and Fairview Equity Partners. Financial terms were not disclosed. Together, the three units oversee about A$33 billion invested in Australian fixed income, broad-cap shares, and small-cap shares. Antares Fixed Income will be combined with Janus Henderson's existing Australian fixed interest team, while Antares Equities will be integrated into its global equity operation. Janus Henderson will also purchase Insignia's 40% holding in Fairview Equity Partners, which will continue as an independent boutique focused on Australian small-cap equities. The deal, expected to close in the fourth quarter of 2026 subject to regulatory approval, builds on a longer-term relationship and aims to strengthen Janus Henderson's presence in Australia.
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Janus Henderson fund manager says investors are starting to diversify portfolios away from US stocks
A fund manager at Janus Henderson Investors has revealed that global investors are beginning to diversify their portfolios away from US stocks, turning to increase weightings in European, Japanese, South Korean, and Chinese equities to reduce the risk of concentration in the Magnificent Seven mega-cap technology stocks. Julian McManus, a portfolio manager at Janus Henderson, which has around 480 billion dollars in assets under management, noted that the MSCI ACWI ex-US index has risen more than 8% since the start of the year, while the S&P 500 has gained 6.8%. He recommends bank stocks in Europe and Japan, as well as Samsung Electronics, Tencent, and CATL, among others. Meanwhile, Polka Mishra from Javelin Wealth Management continues to favour US stocks, citing the still-strong US economy and its leadership in AI technology.
Artificial Intelligence▲
Janus Henderson Fund Says Micron Technology Returned Over 240% in Q2 on AI Memory Demand
Janus Henderson Investors reported that Micron Technology shares returned more than 240% during the second quarter of 2026, reinforcing the growing strategic importance of memory to the AI infrastructure buildout. The firm added Micron to its Global Sustainable Equity Fund portfolio in late 2025, and the position became one of the largest positive contributors alongside Seagate and TSMC. Micron's earnings benefited from stronger pricing, improving demand, and a more constructive outlook as demand for memory continues to outpace industry supply additions, driven by high-bandwidth memory for AI accelerators, agentic workloads, and data caching. The fund noted that Micron's latest energy-efficient memory products allow AI workloads to run with higher performance and lower power consumption, while long-term customer agreements may improve earnings visibility and reduce cyclicality. The fund returned 16.17% in the quarter, outperforming its benchmark index.
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Janus Henderson US (Holdings) Inc. completes tender offer for 5.450% Senior Notes due 2034
Janus Henderson US (Holdings) Inc. announced the expiration and results of its offer to purchase for cash any and all of its outstanding 5.450% Senior Notes due 2034. The offer expired on July 1, 2026, with $346,422,000 aggregate principal amount of notes validly tendered, representing 86.61% of the $400,000,000 outstanding. The issuer accepted all tendered notes at a purchase price of $1,010.00 per $1,000 principal amount, plus accrued and unpaid interest. Payment is expected on or around July 7, 2026, after which $53,578,000 aggregate principal amount of notes will remain outstanding. The offer was made in connection with the acquisition of Janus Henderson Group Ltd. by funds affiliated with Trian Fund Management and General Catalyst Group Management, which triggered a Change of Control Repurchase Event under the indenture.
Janus Henderson wins regulatory approval for take-private deal
Janus Henderson Group has obtained the regulatory clearances and client approvals needed for its planned take-private deal with Trian Fund Management and General Catalyst Group Management. The approvals move the transaction closer to completion after shareholders had already voted in favour of the proposal, with the deal due to complete on 30 June 2026 provided remaining closing conditions are met. Once completed, Janus Henderson will operate as a privately held company and its shares will be delisted from the NYSE, with holders of shares not already owned or controlled by Trian receiving $52 a share in cash. The revised cash consideration of $52 per share compares with an earlier proposal of $49 per share and represents a 25% premium above the company's closing share price on 24 October 2025, the day before the original proposal was disclosed publicly. Janus Henderson originally sealed the deal with Trian and General Catalyst in December 2025, and earlier this year Victory Capital withdrew a competing takeover approach after failing to secure the full backing of Janus Henderson's Special Committee.
USA