Global Fixed Income Compass

Knowledge. Shared

Quarterly insight from our fixed income teams to help clients navigate the markets and opportunities ahead.

Key Takeaways

  • A softening in trade has been blamed for much of the global slowdown, but there is more behind it; while trade’s near-term impact on growth may be overestimated, investors could be underestimating some of the second-round effects.
  • With the Fed’s pivot to a more accommodative stance, practically the entire developed world is now in easing mode, bringing policy convergence back to the fore.
  • Policy normalization, as we know it, is dead. The ability of central banks to normalize today, at a time when the real equilibrium rate is so low, calls into question the efficacy of traditional monetary policy responses.

Convergence Returns to the Fore
By Jim Cielinski, CFA,
Global Head of Fixed Income

Global Bonds

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Co-Head of Global Bonds Nick Maroutsos explains why Asia may be an attractive destination for bond investors as loose developed market monetary policy lingers.

Corporate Credit

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The dovish tilt to global monetary policy should be supportive of asset prices in the near term but Portfolio Managers Tom Ross and Seth Meyer observe that an extension of the credit cycle does not mean abandoning selectivity within high-yield bonds.

U.S. Fixed Income

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The U.S. Fixed Income team cautions that the tug-of-war between slowing growth and accommodation will likely be accompanied by periods of heightened uncertainty.

Strategic Fixed Income

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Jenna Barnard, Co-Head of Strategic Fixed Income, explores the options for meaningful policy easing by developed market central banks in the face of the current downturn in global activity.

Fixed Income Leadership

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Global Head of Fixed Income Jim Cielinski discusses how attempts to push back on globalization could increase volatility and create a rocky path for investors.

Janus Henderson Fixed Income provides active asset management solutions to help clients meet their investment objectives. Over the past four decades, our global investment teams have developed a wide range of product solutions to address clients’ varied and evolving needs. From core and multi-sector investing to more focused mandates, we offer innovative and differentiated techniques expressly designed to support our clients as they navigate each unique economic cycle. The capabilities of these teams are available through individual strategies or combined in custom-blended solutions.

While shared knowledge across teams and regions encourages collaboration and the debate of investment ideas, our investment teams are not bound by a top-down house view. Instead, each team retains a defined level of flexibility within a disciplined construct. Our portfolio construction processes are governed by a rigorous risk management framework with the intent of delivering stronger risk-adjusted returns. Further, we believe transparency is the foundation of true client partnerships; we seek to earn and maintain our clients’ confidence by delivering robust and repeatable investment processes and by providing firsthand insights from our investment professionals.

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