April 2026
London – Janus Henderson Investors today announced the launch of JREAL, an actively managed commodities fund that combines commodity derivatives and commodity equities within a single portfolio.
JREAL seeks to deliver attractive long‑term returns with diversification and inflation‑protection characteristics, and is designed to complement traditional equity and bond allocations.
The fund is designed to invest approximately 60% to commodity derivatives, implemented through a long/short, proprietary trend‑following programme, and 40% to commodity‑linked equities, providing access to both commodities and the global commodities supply chain. JREAL offers exposure across four major commodity sectors: energy, industrial metals, precious metals and agriculture, alongside related equities such as producers, processors, refiners and infrastructure providers.
The long/short, actively managed derivatives approach provides exposure to 30 liquid, exchange‑traded commodity futures and is designed to reduce drawdowns and improve risk‑adjusted returns across commodity market cycles, while maintaining diversification benefits.
JREAL is positioned as a modern, hybrid alternative to traditional long‑only futures‑based commodity strategies, which have historically been challenged by negative carry, large drawdowns, rising correlations during periods of equity market stress, and limited ability to integrate ESG and responsible investment considerations. By combining commodity derivatives with commodity‑linked equities, the strategy provides access to the full commodities value chain, creating a framework designed to pursue attractive returns while offering diversification, potential inflation protection and resilience to event‑driven market shocks.
Commenting on the launch, Rob Shimell, Portfolio Manager, Diversified Alternatives at Janus Henderson, said: “Commodities are re‑emerging as an attractive investment prospect, but the way investors access them matters. The familiar challenges of long‑only futures exposure including negative carry, sharp drawdowns, correlation spikes, limited breadth and ESG constraints, can be addressed through a more modern, hybrid approach. One that pairs allocating to commodity equities with commodity derivatives utilising a long/short approach, accessing the full supply chain.
This creates a framework designed to pursue attractive returns, while offering genuine diversification, the potential for inflation protection and consideration for event‑driven market shocks, all while maintaining daily liquidity. With deglobalisation, decarbonisation and geopolitics reshaping markets, an innovative approach to commodities is a prudent response to the structural forces defining the next decade.”
The launch reflects Janus Henderson’s conviction that commodities are entering a structural, long‑term supercycle, driven by seven secular themes: decarbonisation; datacentres and AI‑driven energy demand; dollar debasement; rising defence spending; prolonged disinvestment in resource supply; deglobalisation; and changing demographics, together supporting a constructive, outlook for commodities.
Ignacio De La Maza, Head of EMEA & LatAm Client Group, added: “Clients are increasingly seeking new ways to diversify portfolios and protect against inflation, and JREAL aims to provide resilience during periods of heightened inflation, geopolitical tension, supply disruption and extreme weather events, which have historically influenced commodity markets.”
JREAL is managed by an experienced investment team across Diversified Alternatives and Natural Resource Equities, drawing on Janus Henderson’s long‑standing capabilities in liquid alternatives and real assets. The Diversified Alternatives component is led by Robert Shimell and Mark Richardson, while the Natural Resource Equities sleeve is managed by Daniel Sullivan, Darko Kuzmanovic and Tal Lomnitzer.
The Fund is available within the firm’s Luxembourg-domiciled Janus Henderson Fund SICAV, which qualifies as a UCITS.
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