Janus Henderson Investors
A Gameplan for Healthcare Investing Amid Policy Uncertainty

In the report, Portfolio Managers Andy Acker and Dan Lyons say that despite growing policy uncertainty, plenty of healthcare companies have managed to put up big returns.
Fixed Income Markets Take Trump’s Tariffs in Stride

In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.
Credit Reacts to Tariffs

In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Liberation Day: The Tariff Man Cometh

Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
The Art and Science of Managing AAA CLO Portfolios

Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.
Top-Performing U.S. Fixed Income Sectors of 2024: Securitized Outpaces the Agg

In the report, John Kerschner, Head of US Securitized Products & Portfolio Manager, and John Lloyd, Lead for the Multi-Sector Credit Strategies & Portfolio Manager, review the best-performing U.S. fixed income sectors of 2024 – what worked, what didn’t, and what it means for investors going forward.
Tariff Wars II: The Sequel Impacting Trade and Industry Sectors in Credit

As the sequel unfolds, particular industry sectors in affected countries are likely to be more impacted. Global Head of Credit Research Mike Talaga, Head of EMEA Credit Research James Maxwell, and Client Portfolio Manager Celia Soares discuss the implications for credit investors.
Trailing the S&P 500, Healthcare Stocks Look Deeply Undervalued

In the report, Portfolio Managers Andy Acker and Dan Lyons explain the reasons for healthcare’s recent underperformance and why they believe valuations are now disconnected from the sector’s long-term prospects.
Investment Considerations for the Second Trump Presidency

With all eyes focused on the White House, investors must decide what the incoming President’s policies will mean for markets and how to position accordingly. Ahead of the inauguration, we asked our portfolio managers what they think should be front of mind.
Adjusting the Recipe: What’s the Right Mix for Balanced Portfolios in 2025?

In his 2025 investment outlook, Head of U.S. Fixed Income Greg Wilensky outlines the most likely scenarios for the U.S. economy and which asset classes he believes will be best positioned under each scenario.
High Yield Bonds Outlook: Taking the Scenic Route in 2025

Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.
Yield on the Table: Why Multisector May Make Sense in 2025

In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.
Key Trends Driving U. S. Securitized Fixed Income in 2025

In his 2025 investment outlook, Head of U.S. Securitized Products John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in the year ahead.
Despite Political Headwinds, Healthcare Stocks Stay Anchored to Innovation

The surprise nomination of Robert F. Kennedy Jr. to head healthcare policy in the U.S. caused substantial volatility in November. But despite heightened uncertainty, the sector’s long-term outlook appears intact, say Portfolio Managers Andy Acker and Dan Lyons – giving investors a potential opportunity to invest at attractive valuations.
A More Dynamic Playing Field for Equity Investors

In their 2025 outlook, Head of Americas Equities Marc Pinto and Head of EMEA and Asia Pacific Equities Lucas Klein say a changing macroeconomic backdrop could create new pockets of leadership in global equity markets.
The Fed Acknowledges the Elephant in the Room

In the report, Global Head of Fixed Income Jim Cielinski and Head of Global Short Duration Daniel Siluk believe navigating the change in rate regimes has grown more complicated for the Federal Reserve (Fed) as they must now consider the ramifications of Donald Trump’s proposed economic policies.
Quick View: A Win for Republicans Boosts US Stocks

Marc Pinto, Head of Americas Equities, and Lucas Klein, Head of EMEA and Asia Pacific Equities, say a surprisingly straightforward U.S. election could provide additional momentum to U.S. stocks through the end of 2024. But it remains to be seen how policy will impact future earnings—the real driver of long-term returns.
China’s Bazooka Stimulus: A Turning Point for Economic Growth and Investor Confidence?

In the report, Head of Greater China & Portfolio Manager Victoria Mio, explains why China’s decisive pivot from debt control to growth support could be the catalyst needed to restore confidence and unlock value in China’s markets.
Do AAA CLOs Still Make Sense in a Declining Rate Environment?

On the back of recent cooling in economic growth, an uptick in unemployment, and moderating inflation, the Federal Reserve (Fed) looks set to begin its rate-cutting cycle at its September meeting.
The Winds of Change Are Blowing: Why MBS Now?

With recent cooling in economic growth, an uptick in unemployment, inflation moderating back to the Federal Reserve’s (Fed) 2% target, and expectations for rate cuts, we believe the winds are shifting in the U.S. fixed income market.
Janus Henderson Announces Acquisition of Global Private Credit Manager Victory Park Capital

The acquisition further expands Janus Henderson’s private credit capabilities and complements Janus Henderson’s existing highly successful securitized credit franchise and expertise in public asset-backed securitized markets, and further expands our capabilities into the private markets.
Quick View: Navigating Market Volatility

With investors reacting to the worst global stock market sell-off since the early days of the COVID pandemic in 2020, Portfolio Manager Oliver Blackbourn and Global Head of Multi-Asset Adam Hetts consider the all-important question – what next?
Outpacing Money Markets: The Historical Yield Advantage of Short-Dated Bonds

Portfolio Manager Daniel Siluk believes subsiding inflation and declining interest rates underpin a compelling argument for investors to reallocate funds away from money market strategies toward shorter-dated bonds.
U.S. Election Year: Prioritize Trends Over Politics

Marc Pinto, Head of Americas Equities, and Chris Benway, Director of Research, consider how the U.S. election may influence markets leading up to November, discuss policies worth monitoring as the election draws near, and remind investors to prioritize quality in times of uncertainty.
Equity Outlook: A Broadening of Opportunities

In their mid-year outlook for global stocks, Head of Americas Equities Marc Pinto and Head of EMEA and Asia Pacific Equities Lucas Klein argue that while risks of an economic slowdown remain, the potential for unlocking new shareholder value is also strong.
Fixed Income Outlook: Paid to Wait for Rate Cuts

In his mid-year outlook, Jim Cielinski, Global Head of Fixed Income, recognizes markets were impatient in wanting rate cuts, but the offset is fresh opportunities for investors to capture attractive yields.
Listed Real Estate: Weaker Shelter Inflation the Additional Signal Needed for Fed Rate Cuts?

Portfolio Managers Guy Barnard and Greg Kuhl highlight how the shelter component of CPI is exerting downward pressure on inflation, paving the way for rate cuts – a tailwind for listed real estate.
You Missed the Market Rally. Now What?

Portfolio Manager John Lloyd discusses two important considerations for investors who feel like they may have missed the market rally.
Identifying AI Opportunities in Healthcare

Andy Acker and Research Analyst Tim McCarty discuss how artificial intelligence has enormous potential to improve healthcare delivery across the globe and point to some practical applications that could benefit patients – and investors – in the near term.
There’s No Place Like Home: The Residential Reits Opportunity

Global Property Equities portfolio managers Greg Kuhl, Guy Barnard and Tim Gibson discuss the current attractive relative valuation opportunity and merits of residential REITs.
Investing Together: Client Conversations

Ali Dibadj, CEO, shares the industry topics he’s hearing most in conversations with asset allocators, family offices, end-clients, colleagues, investors, and others he meets around the world.
Why Healthcare Stocks Could Catch a Break This Election Year

Andy Acker and Dan Lyons, Portfolio Managers of the Healthcare and Biotech strategies, discuss why the rematch in this year’s U.S. presidential election could be neutral for the healthcare sector.
Sitting in Cash? What’s Your Next Move?

Global Head of Client Portfolio Management Seth Meyer discusses the hidden risks and potential strategic pitfalls of sitting in cash.
Does Your Balanced Fund Have These Three Essentials?

Janus Henderson Investors Portfolio Managers Greg Wilensky and Jeremiah Buckley discuss what they consider the three essential elements of an effective balanced strategy in the current environment.
What to Watch for in a Potentially Slowing Economy

With the lagging effect of elevated interest rates potentially cooling the appetite of the economic growth engine that is the U.S. consumer, Global Head of Multi-Asset Adam Hetts at Janus Henderson Investors explains why he believes investors should take a defensive stance by prioritizing quality companies and cross-asset diversification.
Healthcare Stocks: Positioned for a Smoother Ride in 2024?

In the wake of recent underperformance, healthcare is entering the new year with compressed valuations just as innovation picks up and a post-COVID reset winds down. That should make for a positive outlook, says Janus Henderson Portfolio Managers Andy Acker and Dan Lyons.
Peeling Back the Onion: A Concentric Approach to Investment Decision Making

The past year has been punctuated by attention-grabbing headlines: The ongoing war in Ukraine, the U.K. pensions crisis, the collapse of Silicon Valley Bank, debt ceiling negotiations, the rise of ChatGPT … and the list goes on.
The Three Habits of Successful Bond Investors

It is human nature to be captivated by unbelievable stories, great victories, and thrilling endings. One could argue that we have a penchant for the dramatic.
Two Sides of Healthcare, One Strong Investment Case

Portfolio Manager Andy Acker explains why the healthcare sector could offer an attractive combination of defense and growth in today’s market.
In Defense of Defensive Fixed Income: The Case for Adding Duration

Three reasons why investors should consider adding intermediate-duration bonds back to their fixed income portfolios.
Storing Cash

For investors wondering where to store cash, comparing the maturity profiles on Treasuries with their “risk of loss” history can help reveal where value might lie within shorter maturities.
Ukraine Investment Considerations: Time in the Market Beats Timing the Market

While the Russia-Ukraine conflict will likely remain uncertain for some time, we believe situations like this require cool heads from an investment perspective.
Is Tapering Tightening?

Jim Cielinski, Global Head of Fixed Income at Janus Henderson Investors, discusses concepts surrounding the current bond market environment, including the US Federal Reserve and their lessons learned from past tapering discussions.
US Inflation Figures
Andrew Milliner, Global Bonds Portfolio Manager at Janus Henderson Investors, has put together the below comments in reaction to current U.S. inflation figures and what it means for the economy and markets moving forward. Please let me know if you have any questions or wish to further discuss with Andrew.
Optimism for a Renewed Focus on Fundamentals in Small- and Mid-Cap Growth

Portfolio Manager Jonathan Coleman discusses why a return to normalcy following the COVID-19 crisis could support small- and mid-cap equities and lead to a broadening of the market.
The Case for Collateralized Loan Obligations (CLOs)

In an environment where interest rates are low and the risk of higher Treasury yields has risen, Portfolio Managers from Janus Henderson Investors discuss how allocations to AAA rated CLOs may help investors diversify a traditional fixed income portfolio, offering lower volatility, higher credit-quality and less sensitivity to any rise in interest rates.
Killing Each Other
Bill Gross' March 2018 Investment Outlook: A monthly outlook on the global financial markets.
Bill Gross Investment Outlook: Bonds, Men, It’s About Time
Women have gotten the short stick or metaphorically the short rib ever since Eve, and I’m with Oprah for president and much, much more but hey, guys have got a few positive qualities that need to be mentioned.
Bill Gross July 2017 Investment Outlook: Curveball
“Kill the Umpire”, the fan cried to open the 1996 baseball season in Cincinnati, and 7 pitches later, the man behind the plate, John McSherry, was dead, all 320 pounds of him screaming for more oxygen to feed his struggling heart. He’d been killed by his poor health, by a billion molecules of sink-clogging cholesterol that fed on his coronary artery and sucked up his life’s blood like a vampire at midnight.
Investment Outlook: How to Make Money
Because of the secular headwinds facing global economies, currently labeled as the “New Normal” or “Secular Stagnation”, investors have resorted to “making money with money” as opposed to old-fashioned capitalism when money and profits were made with capital investment in the real economy.
Brainteasers
A recent Internet blog posed the predicament of many medium/long-term relationships: At some point couples run out of historical stories or even topical things to say. After all, there are only so many Trump tweets you can talk about, and you've long since agreed to disagree about the meaning of life.
March 2017 Investment Outlook: "Show Me the Money"
"School days" inexorably continue at the Gross household, not just because of grandchildren, but because of the necessity to teach my own kids the complexities and pitfalls of investing.
February 2017 Investment Outlook: "Happiness Runs"
I think a lot about happiness - what makes a person happy, whether or not happiness should even be a life's priority - things like that. A good high school friend stunned me at the early age of 17 by suggesting we should not necessarily try to be happy. Sacrifice, service, devotion to a cause were higher orders, he felt, although presumably, since those were choices, their pursuit could secondarily lead to happiness.
Investment Outlook: Echoes from Africa
I traveled once to Africa, as you might have guessed by now, and it's been a part of me ever since. Being perhaps the cradle of civilization, if not life itself, Africa casts an eerie glow over the entire history and, indeed, meaning of existence.
Increasingly Addled
It's a Xanax World
Breaking News!
It’s the Zero Bound Yield Curve, Stupid!
Saved by Zero?
Say A Little Prayer
It Never Rains in California
Mr. Bleu
Are We Headed for a Hangover?
A Sense of an Ending
March Madness
Going to the Dogs
Shut off the Noise, Hear the Risks
Janus Fixed Income CIO Gibson Smith believes volatility in the fixed income market may represent a greater risk than a sustained increase in rates.