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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Driven by rising global sovereign yields and corporate spread widening, while managers reduced portfolio duration and focused on selective high-quality floating-rate securitised assets."
During the third quarter of 2026, the Janus Henderson Fixed Interest Monthly Income Fund returned -2.56% net of fees, underperforming its IA Sterling Strategic Bond sector peer group return of -2.07% net of fees, bringing year-to-date net performance to -0.97% net of fees. Portfolio duration positioning in the US, Europe, and the UK detracted materially as benchmark government bond yields climbed across global curves. Overweight allocations to high yield and investment grade corporate bonds also detracted due to credit spread widening, while allocations to floating-rate collateralised loan obligations, loans, and securitised credit contributed positively. In response to rising interest-rate volatility, portfolio management actively reduced overall portfolio duration exposure while maintaining diversified credit carry. The global macroeconomic environment was dominated by a sharp rise in sovereign bond yields, fueled by resurgent Middle East geopolitical tensions that drove crude oil prices above $100 per barrel and reignited inflation risks. Against resilient US consumer spending, robust labor markets, and ongoing artificial intelligence capital expenditures, the Federal Reserve delivered a 25-basis point rate increase in September. Simultaneously, the European Central Bank raised policy rates by 25 basis points as 10-year German bund yields rose 73 basis points to 3.59%, while UK 10-year gilt yields surged 67 basis points to 5.42% amid elevated fiscal uncertainty and restrictive monetary policy stance. From a credit asset allocation perspective, management utilized secondary market liquidity and primary bond issuance to rebalance corporate credit risks toward resilient, higher-yielding opportunities. High yield corporate spreads widened 37 basis points in the US and 30 basis points in Europe, led by lower-tier CCC credits facing elevated debt refinancing hurdles. Among specific credit exposures, debt issued by technology provider CoreWeave detracted as market sentiment softened around artificial intelligence infrastructure and data center political rhetoric. Forward positioning emphasizes capturing yield via high-coupon mortgage securities, AAA/AA-rated CLOs, and selective corporate credit while strictly avoiding excessive interest rate duration.
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