Smooth operator – seeking a less volatile path in fixed income

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 (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.

Mixed economic data, coupled with monetary tightening, has pushed spreads and yields higher, yet labour markets remain strong and expectations are that economic growth will hold up in 2019. Identifying those credits that can stay the course and avoid those that stumble is critical. In this webcast, Tom Ross, Seth Meyer and Thomas Hanson, high yield portfolio managers at Janus Henderson Investors, explain where we are in the credit cycle and how a bottom-up process of fundamental analysis combined with managing beta through a robust risk-budgeting process can help an investor keep their footing.

With numerous uncertainties in the global economy, many market participants will be looking for meaningful signals about what’s to come in 2019. Here, Janus Henderson’s portfolio managers explain the themes they believe could dominate markets in the months ahead. Please visit our website to view all of the outlooks.

Co-managers of the Janus Henderson Strategic Bond Strategy, John Pattullo and Jenna Barnard, will expand on the macro themes that will likely shape the rest of 2018 and determine the direction for fixed income investors through 2019, while discussing the core themes in their portfolios.

The webcast session will also include a review of the performance of the strategy, highlights of current positioning and outlook for the medium term.

The gradual removal of monetary policy accommodation by central banks is removing a price-insensitive buyer from the market and leading to reduced liquidity. Tighter monetary policy is also pushing up shorter-dated bond yields and leading to a reassessment of value on the yield curve. In this webcast, Nick Maroutsos looks at how investors can navigate the new environment for fixed income and chart a potentially less volatile path with their investments.

2018, so far, has been a fairly turbulent environment for fixed income markets, marked by sporadic shocks, which investors have largely treated as being driven by one off or transitory events. However, the list of such transitory episodes continues to grow and the cumulative impact on the fixed income universe poses significant challenges to investors. Thus, the flexibility to seek out the best opportunities and protect against the worst case scenarios without any constraints has never been more important, given the continued presence of historically low yields in the developed world at a time of declining global liquidity.

In this webcast, Andrew Mulliner and Ryan Myerberg, Portfolio Managers of the Janus Henderson Horizon Total Return Bond Fund share their thoughts on the markets and the prospects for bond investors in the near future. The webcast session will also include a review of the performance of the fund and summary of current positioning.

Key points:
• Macro themes likely to shape the rest of 2018
• Current strategies in the fund
• Performance and portfolio update
• Outlook

Watch highlights from our latest #JHGDI dividend report featuring Jane Shoemake, Global Equity Income Investment Director.

John Bennett and new Co-Manager Andrew McCarthy will deliver an update on the Janus Henderson Continental European Fund and the Janus Henderson Pan European Fund, providing some insight into their thoughts on European markets, and why they anticipate a challenge to market direction and the dominance of growth stocks.

In this webcast, Rebecca Young, Portfolio Manager in the Janus Henderson Strategic Fixed Income Team, will address a number of topical issues relevant to credit investing in today’s markets and shares the team’s views and outlook for the near future.

Key points:

•Late cycle indicators and signs of deterioration in the credit markets
•Favoured sectors and individual credits with the best risk reward
•Outlook for credit investing

Stephen Deane and Ian Tabberer, Portfolio Managers on the Janus Henderson Global Emerging Market Equities Team, will discuss sustainability within an emerging markets investment context and how they believe that it is better for investors to adopt an open-minded approach to engagement, which focuses more on ‘kicking the tyres’ rather than ‘ticking boxes’.

Does the sell-off in Turkey and Argentina represent a buying opportunity or is it a warning signal of deeper malaise? In this webcast, Steve Drew, manager of the Janus Henderson Horizon Emerging Market Corporate Bond Fund, discusses:

•The factors that have been driving emerging market volatility and what might lead to a recovery
•Why a blanket assessment of emerging market bonds fails to recognise the differences and opportunities within the asset class
•Current portfolio positioning and performance

Ethan Lovell, co-manager of the Janus Henderson Global Life Sciences Fund, believes expert insight is required when investing in healthcare – a highly complex, dynamic growth sector. In this webcast, Ethan will discuss:

•The case for long-term investment in the healthcare sector
•Why an active approach is crucial
•The key strengths of the Global Life Sciences Team
•The investment process, fund performance and current fund positioning

The world around us is being reshaped by technology as innovative companies disrupt traditional business models and transform the way that individuals lead their lives. In this webcast, Richard Clode, portfolio manager in the Janus Henderson Global Technology Team, will cover:

• The acceleration and growing breadth of technology disruption
• Navigating the hype cycle to reduce volatility in technology investing
• The importance of valuation discipline
• Performance update and outlook

Watch highlights from our latest #JHGDI dividend report featuring Ben Lofthouse, our Head of Global Equity Income.

For a number of years now the Strategic Fixed Income Team have been speaking about the structural forces bringing disruption to the global economy and markets — unfavourable demographics, Japanification of Europe, excessive debt, peak globalisation and technology to name but a few.

In this webcast, John Pattullo, Co-Head of Strategic Fixed Income, will share his thoughts on digital disruption, with Amazon as the leading example of how this new structural force can erode margins, put established businesses at risk and send deflationary waves across the economies. Bond fund managers need to rethink their strategies carefully to profit from this trend.