Rising office delinquencies within commercial mortgage-backed securities (CMBS) reflect genuine pressures from shifting work patterns, higher interest rates, and greater refinancing risk.

Global Head of Securitised Products John Kerschner and Portfolio Manager Ian Bettney from Janus Henderson’s Global Securitised Team examine how CLOs and other securitised credit have weathered recent volatility, and why selectivity and active management remain central to capturing opportunities across the market.

Adam Hetts and Oliver Blackbourn discuss where they assess the market implications of sustained conflict with Iran, examining energy shocks, inflation pressures, and what prolonged instability could mean for investors.

U.S.-led strikes in Iran have pushed oil prices higher and reignited geopolitical risk. Our view: markets are pricing a limited conflict, with broader investment implications still manageable unless escalation proves prolonged. As always, diversification and a long‑term perspective matter most when uncertainty peaks.

As the artificial intelligence (AI) transformation unfolds, Portfolio Managers Denny Fish, John Lloyd, and John Kerschner share their views on equity valuations, identifying the next wave of winners, and the impact on fixed income markets as companies aggressively raise capital to finance the AI boom.

Janus Henderson affiliates Privacore Capital and Victory Park Capital are launching their first interval fund focused on private asset-backed credit, the Privacore VPC Asset Backed Credit Fund (AltsABF).

2025 turned out to be a year for the ages for agency mortgage-backed securities (MBS), as the Bloomberg U.S. MBS Index registered its best calendar year of returns since 2002. The benchmark index’s 8.58% total return outperformed every major fixed income sector other than high yield (+8.62%) in 2025.

Janus Henderson Group, a leading global asset manager, today announced it has entered into a definitive agreement to acquire 100% of Richard Bernstein Advisors (“RBA”), a research-driven, macro multi-asset investment manager. The acquisition positions Janus Henderson as a leading model portfolio and separately managed account (SMA) provider.

Portfolio Managers Benjamin Wang and Zoey Zhu explain how a historic valuation discount in small caps versus large caps combined with quality’s worst performance in 30 years creates a noteworthy setup in 2026.

With macro drivers continuing to reshape markets, Ali Dibadj explores key investment themes for 2026 to help actively position portfolios for resilience and growth. He also explains how asset managers need to evolve to best work together with clients.

The ETF pulse report features key investment themes we’re seeing across equities and fixed income, how to play them through ETFs, and ETF industry trends.

n the report, Global Head of Credit Research Mike Talaga, Portfolio Manager Nicholas Ware, and Credit Analyst James Donahue discuss how new issuance by tech companies to fund capital spending on artificial intelligence (AI) projects may be reshaping the technical picture for credit.

Following a 9-month hiatus in its rate-cutting cycle, the Federal Reserve (Fed) recently resumed monetary easing, with cuts in September and October 2025 in response to signs of a softening labor market.

While the overall economy is in decent shape and many financial benchmarks are near their highs, it can be easy to overlook pockets of fragility. Deep research and a disciplined portfolio construction process can help active managers identify risks early and avoid potential downside.

The market has become much less cyclical over time, and valuations have increased alongside growth and quality.

The Multi-Sector Credit Team share perspectives on the fixed income market and their quarterly asset allocation ranking. They highlight a timely chart to watch, explore relative value opportunities, and provide insight on their latest asset allocation scores by fixed income sub-sector.

Head of U.S. Fixed Income Greg Wilensky and Portfolio Manager Jeremiah Buckley discuss how balanced strategies can help investors stay true to their long-term objectives by providing a less volatile option to an all-equity portfolio.

Fixed Income Portfolio Managers Brent Olson and Tom Ross consider current credit spread levels and offer reasons why they could remain rangebound for some time.

Our latest press release announcing that Janus Henderson, Victory Park Capital, and CNO Financial Group have formed a strategic partnership.

Nick Cherney, Head of Innovation, explores the potential of blockchain and asset tokenization to revolutionize how clients access investment expertise – and how Janus Henderson is at the forefront of shaping change.

Portfolio Manager Dan Lyons and Research Analyst Luyi Guo explain recent developments in proposed pharmaceutical tariffs and “most favored nation” drug pricing and what both could mean for the biopharma industry.

Risk assets rebounded in Q2 as tariff worries eased and earnings growth continued. The quarter also highlighted the resilience of major secular trends, which could be key to returns going forward, says the Research Team.

Judging by soaring asset valuations in the wake of President Trump backing away from the worst-case tariff scenario, one could believe that the threat posed by upending the global trade framework has been removed. We are more circumspect.

Portfolio Managers John Kerschner and John Lloyd and Client Portfolio Manager Steve Preikschat investigate the case for multisector bond funds as a core fixed income allocation.

CEO Ali Dibadj provides an update on the three macro drivers we believe will shape markets in the second half of 2025 and how Janus Henderson is helping clients position for a brighter investment future.

Alex Veroude, Global Head of Fixed Income, believes fixed income investors can prepare for an uncertain journey by recognising trends and diversifying across different assets.

Head of EMEA and Asia Pacific Equities Lucas Klein and Head of Americas Equities Marc Pinto argue that progress on the trade impasse, further monetary easing, pro-growth reforms, and an innovation revolution should all prove supportive to equities over the mid term once the market moves past near-term volatility.

Head of U.S. Fixed Income Greg Wilensky and John Lloyd, Lead, Multi-Sector Credit Strategies, discuss Moody’s rating downgrade of the U.S. and what the implications may be for the Treasury market, the Federal Reserve (Fed), and fixed income investors.

In the report, Portfolio Managers John Kerschner, Nick Childs, and Thomas Polus highlight three reasons why agency mortgage-backed securities (MBS) look attractive in the present environment.

In the report, Portfolio Managers Andy Acker and Dan Lyons say that despite growing policy uncertainty, plenty of healthcare companies have managed to put up big returns.

In the report, Fixed Income Portfolio Managers John Lloyd and Greg Wilensky discuss how fixed income markets are responding to Trump’s sweeping tariffs and the implications for investors.

In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.

Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.

Portfolio Managers John Kerschner, Nick Childs, and Jessica Shill discuss the AAA CLO ETF landscape and highlight the most important considerations for investors.

In the report, John Kerschner, Head of US Securitized Products & Portfolio Manager, and John Lloyd, Lead for the Multi-Sector Credit Strategies & Portfolio Manager, review the best-performing U.S. fixed income sectors of 2024 – what worked, what didn’t, and what it means for investors going forward.

As the sequel unfolds, particular industry sectors in affected countries are likely to be more impacted. Global Head of Credit Research Mike Talaga, Head of EMEA Credit Research James Maxwell, and Client Portfolio Manager Celia Soares discuss the implications for credit investors.

In the report, Portfolio Managers Andy Acker and Dan Lyons explain the reasons for healthcare’s recent underperformance and why they believe valuations are now disconnected from the sector’s long-term prospects.

With all eyes focused on the White House, investors must decide what the incoming President’s policies will mean for markets and how to position accordingly. Ahead of the inauguration, we asked our portfolio managers what they think should be front of mind.

In his 2025 investment outlook, Head of U.S. Fixed Income Greg Wilensky outlines the most likely scenarios for the U.S. economy and which asset classes he believes will be best positioned under each scenario.

Brent Olson and Thomas Ross, fixed income portfolio managers, believe that high yield bonds offer comfortable driving for now, but investors might need to negotiate more difficult terrain later in 2025.

In his 2025 investment outlook, Portfolio Manager John Lloyd shares his views on the attractiveness of a multi-sector approach to fixed income investing.

In his 2025 investment outlook, Head of U.S. Securitized Products John Kerschner shares his U.S. securitized outlook, identifying the key trends he believes will drive investment returns in the year ahead.

The surprise nomination of Robert F. Kennedy Jr. to head healthcare policy in the U.S. caused substantial volatility in November. But despite heightened uncertainty, the sector’s long-term outlook appears intact, say Portfolio Managers Andy Acker and Dan Lyons – giving investors a potential opportunity to invest at attractive valuations.

CEO Ali Dibadj highlights the three macro drivers that investors must navigate in 2025 and beyond, as well as the importance of actively positioning for a brighter investment future.

In their 2025 outlook, Head of Americas Equities Marc Pinto and Head of EMEA and Asia Pacific Equities Lucas Klein say a changing macroeconomic backdrop could create new pockets of leadership in global equity markets.

In the report, Global Head of Fixed Income Jim Cielinski and Head of Global Short Duration Daniel Siluk believe navigating the change in rate regimes has grown more complicated for the Federal Reserve (Fed) as they must now consider the ramifications of Donald Trump’s proposed economic policies.

Marc Pinto, Head of Americas Equities, and Lucas Klein, Head of EMEA and Asia Pacific Equities, say a surprisingly straightforward U.S. election could provide additional momentum to U.S. stocks through the end of 2024. But it remains to be seen how policy will impact future earnings—the real driver of long-term returns.

In the report, Head of Greater China & Portfolio Manager Victoria Mio, explains why China’s decisive pivot from debt control to growth support could be the catalyst needed to restore confidence and unlock value in China’s markets.

On the back of recent cooling in economic growth, an uptick in unemployment, and moderating inflation, the Federal Reserve (Fed) looks set to begin its rate-cutting cycle at its September meeting.

With recent cooling in economic growth, an uptick in unemployment, inflation moderating back to the Federal Reserve’s (Fed) 2% target, and expectations for rate cuts, we believe the winds are shifting in the U.S. fixed income market.