Markets have been volatile over the past year as deteriorating economic data, trade tensions and shifting central bank rhetoric have caused asset prices and yields to fluctuate. Following the launch of two new funds that pursue the Janus Henderson Absolute Return Strategy, portfolio manager Nick Maroutsos looks at how investors can navigate this environment and chart a potentially less volatile path with their fixed income investments. Areas covered include:
•An assessment of the macroeconomic environment for fixed income
•Exploiting differences in monetary policy regimes globally
•Techniques to generate income and manage volatility
On 19th March at 15:00 CET, Fund Manager Jeremiah Buckley will be discussing the Janus Henderson Balanced Fund – a dynamically managed, US-focussed blend of equities and bonds, with over €21bn strategy AuM (as at 31 December 2018). With the fund now in its 21st year, Jeremiah will give a re-cap on the team, process and performance, and where they are currently identifying the best risk-adjusted opportunities across the corporate capital structure.
On 26th February at 15:00 CET, Fund Manager Steve Johnstone will be holding a webcast on the Janus Henderson Global Equity Market Neutral strategy. With the strategy approaching its 2-year anniversary, Steve will give a re-cap on its aims and investment process, as well as discuss performance drivers and improvements to the manager line-up.
On 15 February 2019 at 15:00 CET, James Ross, Co-Manager of the Janus Henderson Horizon Pan European Equity Fund, will deliver the latest update on his quality growth European equities strategy. As part of his presentation, James will provide an overview of the current market backdrop, and the prospects for better quality, more defensive stocks in 2019.
David Schofield and Iheshan FaaseeRecorded: Feb 12 201933 mins
Date: 12 February 2019 | Time: 2pm (GMT)
Volatility is one of the few things we can be sure of in stock markets, and it certainly seems to be back with a vengeance since October of last year. The fact that stock prices and markets move around is a given, but interpreting the fundamental macro or micro-economic drivers of that volatility is more challenging.
But is this really necessary? And indeed, is volatility something to be feared, to be eradicated wherever possible? Since volatility is itself volatile, should we always try to hide from it or are there times we can harness it as a useful indicator and a source of return? Can portfolios that adapt their risk exposure based on current volatility in the market be more efficient than simply allocating between low volatility and core equity strategies?
Intech has over 30 years’ experience in understanding and making use of volatility to build equity portfolios with a variety of different risk and return characteristics. This session will focus on:
•Understanding the relationship between volatility and market drawdowns
•The behaviour of markets in different volatility regimes
•Building portfolios that vary their beta in a timely fashion to these changing regimes without timing the market
Technology continues to take share from traditional business models but does that change with a more uncertain macro-economic outlook and increasing regulatory risk? In this webcast, Graeme Clark, portfolio manager on the Janus Henderson Global Technology Team, will cover:
• Strong long-term secular drivers powering technology share gains
• Technology outlook in light of more uncertain macro-economic conditions, trade tensions and increasing regulatory focus
• Navigating the hype cycle to reduce volatility in technology investing
• The increasing importance of valuation discipline
• Performance update and outlook.
Additional information on the benchmark
The Benchmark administrator, MSCI Limited, restructured the Benchmark on 30 November 2018, meaning the constituents of the Benchmark will change with the reclassification of certain companies in it to another benchmark. As a result, the Management Company and the Investment Manager have jointly concluded that the Benchmark will no longer be appropriate for the calculation of the Performance Fee going forward and may be potentially disadvantageous to Shareholders.
Accordingly, in advance of being able to identify a more appropriate benchmark for the Performance Fee calculation, the Management Company and the Investment Manager will waive any Performance Fees that may accrue and be payable for the Share Classes as of 1 December 2018 until further notice.
On 24 January 2019 at 15:00 CET, Nick Sheridan, manager of the Janus Henderson Horizon Euroland Fund, will deliver the latest update on his value-biased investment strategy, summarising performance and positioning, and his thoughts on the prospects for Euroland equities as we move into 2019.
Fund Manager Luke Newman will host a Q&A webcast for the Janus Henderson UK Absolute Return strategy. The ‘Question Time’ format allows investors to raise topics in advance of the call. It will also be possible to submit questions during the webcast.
Steve Weeple, Portfolio Manager on the Edinburgh-based Janus Henderson Global Equities Team, will discuss the team’s approach to identifying high-quality companies. As long-term investors, the team are always looking to invest in companies that are well placed to demonstrate resilience through the economic cycle, or in the face of unforeseen events. Gaining this conviction comes down to a deep understanding of the characteristics that a company and its management exhibit over time. Steve will discuss several of the holdings in the portfolio from this perspective.
John Pattullo, John Bennett and Ben Lofthouse.Recorded: Dec 11 201828 mins
John Pattullo (fixed income), John Bennett (European equities) and Ben Lofthouse (global equity income), in an informal fireside chat format, discuss lessons learned from 2018 and what they expect from the coming year. Bringing with them strong opinions and a wealth of experience, the three explore where we go from here and what it means from their different investment perspectives.
Their conversation will include:
• How late cycle are we?
• Is it time to sell tech?
• What are the prospects for Europe?
• What have we learned from market moves in 2018?
Please note this is intended for UK and European professional investors only. It is not for use by journalists. For press comment please contact your local Janus Henderson PR representative.