John Kerschner, CFA
John Kerschner is Head of US Securitised Products at Janus Henderson Investors and a Portfolio Manager on the Multi-Sector Credit strategy and the three Securitised Products ETFs – Mortgage-Backed Securities, AAA CLOs and BBB CLOs. John primarily focuses on leading the U.S. Securitised team and finding innovative ways to utilize 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
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.
Higher for longer: the case for securitised assets in a higher rate environment
How securitised sectors might play a key role for bond investors amid a challenging interest rate environment.
The diversification benefits of adding floating rate CLOs to fixed income portfolios
How the addition of floating rate CLOs to traditional fixed rate bond portfolios may improve risk-adjusted returns.
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.
Global Structured Debt Insight – October 2021
The second 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.
Tapering without the tantrum
We believe the Fed learned its lesson from the 2013-2014 “taper tantrum,” and efforts to better communicate its intentions will result in lower volatility this time around.
Global Structured Debt Insight – June 2021
The debut issue of the Global Structured Debt Insight explores the relative value in structured debt products, a new ESG trend in secured loans and how to calculate carbon emissions in mortgage-backed portfolios.