The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
During Q3 2025, the Janus Henderson Fixed Interest Monthly Income Fund returned 2.19%, outperforming its peer group average of 1.78%. Performance was driven by an overweight position in corporate bonds and bank loans, as well as active duration management in the US and New Zealand. While US Treasuries rallied on soft economic data and a Fed rate cut, the UK bond market faced headwinds due to structural inflation concerns. In response, the portfolio managers reduced duration further and added credit exposure via credit derivative indices (CDX HY). They remain constructive on credit yields, expecting robust demand to keep spreads range-bound, and prioritize resilient business models over tight credit spreads.
The fund seeks to deliver high monthly income by dynamically managing duration and capturing high yields in credit markets, favoring corporate bonds and bank loans of highly resilient issuers while using derivatives (CDX HY) to efficiently adjust credit exposure.
The managers expect the strong fundamental and technical backdrop to help keep credit spreads range-bound. They advocate leaning into attractive yields on offer while remaining focused on holding companies with resilient business models, rather than worrying about tight credit spreads.
As of Sep 30, 2025
Hamish Chamberlayne, CFA, serves as Head of Global Sustainable Equities and has managed the fund since December 31, 2013. He holds a master's degree in chemistry from the University of Oxford and has over 21 years of financial industry experience. Aaron Scully, CFA, joined as Portfolio Manager on June 28, 2019, and holds a B.S. in finance from Indiana University with 26 years of financial experience. The Global Sustainable Equity Strategy was originally launched in July 1991, making it a strategy with over 30 years of track record. The management team operates from both Denver, Colorado and London offices, bringing extensive experience in sustainable investing and ESG integration.
Lead Portfolio Manager
Jenna Barnard, CFA
Managing Partner
Moderate Conviction Bullish
Market Conviction
High-conviction positioning: The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Growth Outlook
Market outlook remains above average conviction: The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Risk Appetite
Risk appetite posture is above average conviction: The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Forward Guidance
Forward guidance signal: The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Language Signal
Tone analysis indicates above average conviction language: The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Fund outperformed peers with a 2.19% return in Q3 2025 by favoring corporate credit and bank loans. Managers trimmed duration and added to credit exposure via derivative indice...
Top Conviction Themes
Key Catalysts
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