John Kerschner, CFA
John Kerschner is Head of US Securitised Products and a portfolio manager at Janus Henderson Investors. He is a member of the Securitised Credit and US Fixed Income Teams and leads the teams in finding innovative ways to utilise structured products in JHI portfolios. Prior to joining Janus in 2010, John was director of portfolio management at BBW Capital Advisors. Before that, he worked for Woodbourne Investment Management, where he was global head of credit investing. John began his career at Smith Breeden Associates as an assistant portfolio manager and was promoted several times over 12 years, becoming a principal, senior portfolio manager and director of the ABS-CDO group.
John received his bachelor of arts degree in biology from Yale University, graduating cum laude. He earned his MBA from Duke University, Fuqua School of Business, where he was designated a Fuqua Scholar. John holds the Chartered Financial Analyst designation and has 33 years of financial industry experience.
Products Managed
Articles Written
Balancing yield and duration: The fixed income barbell trade
How bond investors can take advantage of higher short-term yields while still managing duration exposure.
Flip flop: What MBS investors can learn from Zillow’s failed house-flipping business
How Zillow’s failed house-flipping business demonstrates the value of active management in MBS investing.
How a hawkish Fed may impact AAA CLO returns
Considering what could be in store for AAA CLO returns given a still-hawkish Fed.
The three habits of successful bond investors
Three habits bond investors can adopt as they seek better risk-adjusted returns.
Can multisector make sense for a core bond allocation?
Considering a multisector approach for a core bond allocation.
Investing in CMBS today: A tale of two cities
The impact of recent bank failures and tighter lending conditions on commercial real estate and CMBS.
Are bonds cheap or expensive? A 5-point valuation checklist
Five key bond valuation metrics for financial professionals and portfolio managers.
Mortgage-backed securities: Priced for imperfection?
Head of U.S. Securitized Products John Kerschner and Portfolio Manager Nick Childs explain why they believe key risks are now largely priced in to fixed income markets.
Up in quality: AAA CLOs and a hawkish Fed
AAA CLOs may be well place to benefit from a hawkish Fed due to their ultra-low duration and floating rate coupons, competitive yields and high credit quality.
Credit ratings on securitized assets: Can they be trusted?
A look at credit ratings on securitized assets and whether investors can rely on them when constructing fixed income portfolios.
Global Structured Debt Insight – June 2022
The June edition of the Global Structured Debt Insight is available now. This regular publication aims to explore topical themes in structured debt markets and share the team’s thinking on key issues of interest.
Global Structured Debt Insight – March 2022
The third edition of the Global Structured Debt Insight is now available. This regular publication aims to explore topical themes in structured debt markets and share the team’s thinking on key issues of interest.