The Case for Multi-Asset Credit
There are many types of MAC strategies with a range of different objectives; however, with the continued hunt for income and given the risks of rising interest rates, an allocation to a strategy with a focus on income, low interest rate exposure and proven resilience through market downturns, will prove to be key.
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With an emphasis on senior, secured investments and income, the Janus Henderson Multi-Asset Credit strategy is well suited to investors seeking a dependable source of yield. In addition, due to its low duration nature the strategy can sit alongside liability driven investment (LDI) programmes and has been used by clients concerned with rising rates.
Recent research has shown1 that once normalised for structural differences, illiquid direct lending strategies have produced little difference in returns versus the more liquid high yield and secured loans markets. Our MAC strategy provides access to the alternative credit markets but in a liquid (monthly dealing) approach.
This document explores Janus Henderson’s differentiated approach to MAC investing.
These are the views of the author at the time of publication and may differ from the views of other individuals/teams at Janus Henderson Investors. References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.
The information in this article does not qualify as an investment recommendation.
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