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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Outperforming its peer group. The managers are actively favoring credit risk over duration and have increased exposure to high-yield and subordinated financials."
In September 2025, the Janus Henderson Strategic Bond Fund returned 0.82%, outperforming its peer group average of 0.72%. The primary performance driver was the allocation to higher-yielding credit, supplemented by secondary contributions from US and New Zealand duration. Yields drifted lower globally, and the fund capitalized on this by slightly reducing US duration. Conversely, the managers added exposure to high-yield corporate bonds and subordinated financials. The forward outlook highlights a macroeconomic debate shifting toward AI infrastructure spending and US growth reacceleration, alongside a clear preference for taking credit risk over duration due to range-bound spreads and non-synchronised global interest rate cycles.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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