Motley Fool Money: Interview with Janus Henderson Investors Portfolio Manager Denny Fish
Date: January 25, 2026
Host: The Motley Fool (Andy Cross, Asit Sharma, Matt Greer)
Guest: Denny Fish, Portfolio Manager for Janus Henderson Global Technology and Innovation Fund
Episode Overview
This episode features a deep-dive interview with Denny Fish of Janus Henderson Investors on the rapidly evolving technology investment landscape. The conversation centers on the far-reaching impact of artificial intelligence (AI), sectoral trends, portfolio construction philosophy, and key takeaways from industry events like CES. Fish shares his nuanced framework for identifying AI-driven investment opportunities and offers a practitioner’s perspective on the changing competitive dynamics among tech incumbents and innovators.
Key Discussion Points and Insights
1. Current Tech Market Landscape and AI’s Centrality
Timestamp: 02:03–06:06
- Fish underlines continued optimism for tech, emphasizing the importance of being “overweight tech” over the past two decades.
- “The secular trends that we've experienced … laid the foundation for artificial intelligence and probably, you know, even more profound than the dawn of the commercial Internet.” (Denny Fish, 02:11)
- AI infrastructure—particularly semiconductors—has been a powerhouse of earnings growth. Not all tech has benefited equally; dispersion is notable.
- “You were either on the right side of AI or you weren't, or you were perceived not to be.” (Denny Fish, 02:36)
- Mega-cap stocks like Google and Meta have seen divergent performance based on their AI strategies.
- Software stocks have underperformed compared to AI infrastructure and semis, but there’s emerging interest as some may adapt well post-disruption.
2. The Enablers, Enhancers, End Users Framework for AI Investing
Timestamp: 06:36–10:57
- Fish describes his three-bucket framework for AI-related investments:
- Enablers: Companies providing the essential hardware and infrastructure (GPUs, ASICs, data centers, power, etc.).
- Enhancers: Firms leveraging AI to strengthen existing businesses, such as SaaS companies and internet platforms.
- End Users: Industry leaders in sectors like healthcare or finance aggressively deploying AI to sharpen their competitive edge.
- “Enablers are … semiconductors, GPUs, ASICs, foundry, semicap equipment, power producers, data centers, data center infrastructure… Then enhancers … have developed really strong businesses, have impressive data moats … can embed AI... And then end users … could be health care, it could be financial services, agriculture, insurance.” (Denny Fish, 07:34–08:56)
- Janus Henderson’s AI ETF (JHAI) balances these categories, dynamically shifting weightings based on where AI adoption is in its lifecycle.
Blurred Lines and Strategic Overlap
Timestamp: 10:39–12:36
- Some companies—especially hyperscalers like Amazon and Microsoft—straddle multiple categories (enabler & enhancer).
- “Microsoft is the quintessential enabler because of Azure. But then they're an enhancer if you think about what Copilot does for Office…” (Denny Fish, 11:07)
- Physical manifestation of AI (robotics, automation, full self-driving) is expected to be transformative for companies with major footprint, like Amazon.
3. Reflections from CES and the State of AI Innovation
Timestamp: 13:05–16:40
- Nvidia’s advancements (Blackwell to Vera Rubin GPUs) are sustaining and amplifying AI’s scaling laws—raising both efficiency and power.
- “These systems, they just get more powerful, but more efficient…how do we continue to extend scaling laws while at the same time driving down the cost of tokens…” (Denny Fish, 13:28)
- Autonomous vehicles and robotics are becoming prominent, with experiences in Waymo, Tesla FSD, and other innovators showcased. Fish highlights the coming impact on urban environments and mobility.
- “I don't get in an Uber anymore if I don't have to. You know, I love Waymo. It's an amazing experience.” (Denny Fish, 14:18)
- “It’s a fun time to be in tech. There’s a lot of change. There’s going to Be a lot of competition.” (Denny Fish, 17:12)
Competitive Dynamics and “Frenemies”
Timestamp: 15:57–16:40
- Collaboration and competition among major players are intensifying (Nvidia, Google, Meta, Tesla), especially regarding chips, AI models, and robotics.
4. Portfolio Construction: Resilience and Optionality
Timestamp: 18:06–19:38
- Fish explains their allocation strategy: anchor the portfolio in "resilient" companies (reliable, innovative, competitive advantage) and maintain smaller positions in high-upside, higher-variance "optional" bets.
- “We have this philosophy called resilience and optionality where we're trying to position, you know, 50, 60, 70% of the portfolio. Resilient, meaning these are companies we really think we could own for five years…” (Denny Fish, 18:20)
- TSMC cited as a core resilient holding—“all roads go through Taiwan and now Phoenix”.
Notable Quotes & Memorable Moments
-
On Practitioner's Insight vs Market Sentiment:
“Forget about all the noise on Wall Street right now and follow the data points and they continue to be pretty strong.”
(Denny Fish, 03:27) -
On the Shifting Fortune of Mega Caps:
“Meta had a huge run the first six months. Google did nothing. And now Meta has been a terrible stock the last six months and Google is on their front foot with Gemini.”
(Denny Fish, 04:07) -
On Nvidia’s Industry Positioning:
“What I also love about Jensen [Huang, Nvidia CEO], if he sees something, he'll act decisively… So in some ways now, you know, Jensen's cornering the market a little bit.”
(Denny Fish, 16:45) -
On Portfolio Construction:
“You got to find tomorrow's winners. Right. And those are generally smaller companies that have wider range of outcomes... The hope is we find enough of those companies that then graduate to resilient companies over time.”
(Denny Fish, 19:16)
Timestamps for Important Segments
- [02:03] – Tech’s last 20 years and the significance of secular trends/AI
- [07:23] – Introduction of Enablers/Enhancers/End Users AI framework
- [10:39] – Where categories ‘blur’ and hyperscalers’ dual roles
- [13:14] – Key themes and innovations at CES 2026; Nvidia’s lead
- [14:18] – Real-world experience with autonomous vehicles
- [16:09] – Competitive overlap between AI and chip giants
- [18:20] – Philosophy of “resilience and optionality” in portfolio strategy
Summary in the Speakers’ Tone
Denny Fish delivers an optimistic, data-driven perspective on the tech investment landscape. He balances excitement over AI’s evolving power with a clear-eyed look at risks and dispersion among winners and laggards. The conversation, rooted in practical engagement with innovators and CEOs, gives listeners a toolbox for understanding where to search for value as AI adoption spreads throughout the economy—and how to structure portfolios to participate in both today’s strongholds and tomorrow’s breakthroughs.
Conclusion
For investors who want to ride AI’s transformative wave, Denny Fish’s frameworks and experience offer both strategic clarity and inspiration. From semiconductors to software enhancers, and from “resilience and optionality” in portfolios to the dawning age of robotics, the insights here bridge practitioner reality and long-term opportunity.