The Janus Henderson Enterprise fund’s managers seek companies that have not just recent but sustainable long-term growth, and they don’t want to overpay for...
Growth stocks are great—except when they’re not. Many investors find the volatility of the fastest-growing companies’ stocks hard to stomach.
One stock the team has been adding to lately is WEX , a financial technology company. “They have a couple of businesses, the largest of which is fuel cards for trucking fleets,” Demain says. Instead of giving truckers general-purpose corporate credit cards, employers give them WEX fleet cards specifically for refueling their vehicles at gas stations. WEX has a duopoly in this business with FleetCor Technologies , so its profit margins are high.
Trucking logistics company TFI International is one industrial holding that should benefit from the reshoring trend. TFI specializes in less-than-truckload, or LTL, shipments—“when you’re sending more than a parcel but less than a full truck,” Demain says.
“The management team at TFI are phenomenal operators,” Demain says. “They have been able to recognize a lot of cost savings out of the UPS business. We think there’s more to come in that they’re prudent allocators of capital.” He argues that utilities like Alliant will increase their earnings between 6% to 8% annually on top of having dividends in the 3% to 4% range currently. “That’s a high single-digit, low double-digit total return profile,” he says. “But we think they’ll be able to maintain that type of return profile for a decade or more.”
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