Steve Cain

Portfolio Manager

Steve Cain is a Portfolio Manager at Janus Henderson Investors, a position he has held since joining Henderson in 2010. Prior to Henderson, Steve ran Kurtosis Capital Partners. He was a partner as well as a volatility and macro portfolio manager at JWM Partners from 2006 to 2009. From 2004 to 2006, he was founding partner and currency and macro portfolio manager at Nylon Capital. In 2002, he was managing director, head of macro strategies at Shumway Capital Partners. Steve started his career in 1987 in investment banking. Between 1987 and 2002, he held a variety of roles managing currency and emerging market businesses at numerous global investment banks.

Steve received a BA degree (Hons) in philosophy, politics, and economics from Oxford University. He has 33 years of financial industry experience.

Articles Written

The end of the free put

The end of the free put

In this article, portfolio Managers Aneet Chachra and Steve Cain consider to what extent the offsetting relationship between bonds and equities has held firm in 2020.

Whatever happened to Goldilocks?

Whatever happened to Goldilocks?

David Elms, Head of Diversified Alternatives, and Steve Cain, Portfolio Manager, give a mid-year update of their market outlook, considering the impact of the COVID-19 crisis on investment markets, and outlining the potential risks and opportunities they see for alternative strategies for the remainder of 2020.

Market Fracture: View from the Multi-Strategy Team
Global Perspectives

Market Fracture: View from the Multi-Strategy Team

Steve Cain, Diversified Alternatives Portfolio Manager, discusses the first three months of 2020, which saw one of the most significant market collapses in history, and his thoughts on what may lie ahead.

Alternative Perspectives

Alternative Perspectives

In this, the first edition of our Market GPS: Alternative Perspectives, some of our team members introduce their current thinking and the ideas that help shape our strategies.

Managing risk – is market volatility too cheap?

Managing risk – is market volatility too cheap?

Steve Cain, portfolio manager in the Diversified Alternatives team, outlines where he sees the current risks and opportunities in the market. Steve co-manages multi-strategy portfolios with David Elms.

The alternative view – storing cash
Global Perspectives

The alternative view – storing cash

​Aneet Chachra and Steve Cain, Portfolio Managers within the Diversified Alternatives team at Janus Henderson, look at the maturity profiles on Treasuries compared with their ‘risk of loss’ history to reach conclusions about where value might lie within shorter maturities.

How much gold?
Global Perspectives

How much gold?

Gold and sovereign bonds are typically the only assets that rise in value during periods of chaos, but at what point does holding gold become detrimental to the performance of a well-diversified portfolio? In this article, fund managers Aneet Chachra and Steve Cain from the Diversified Alternatives team at Janus Henderson explore the value of gold as a hedge against stock drawdowns, particularly for non-US investors, and discuss different ways for investors to start thinking about their own exposure.​

The Curious Case of EURGBP and the French Election
Global Perspectives

The Curious Case of EURGBP and the French Election

​In normal circumstances, the pricing of currency options should reflect, to a good extent, the probability of political upsets, particularly if those upsets have obvious macroeconomic implications. Here, Mark Richardson, and Steve Cain, fund managers in Henderson’s Multi-Strategy Team, examine why, in the run-up to the French presidential election, this does not appear to be the case for EURGBP (the price of euros measured in sterling).

The Alternative View: Brexit, in the market’s opinion

The Alternative View: Brexit, in the market’s opinion

​In this series of views from Henderson’s Multi-Strategy team, Fund Managers Steve Cain, Mark Richardson and Aneet Chachra examine the extent to which ‘Brexit’ is priced into currency options and betting markets.

The Alternative View – Revenge of the Bonds – why a US inflation scare is looming
Global Perspectives

The Alternative View – Revenge of the Bonds – why a US inflation scare is looming

​In this series of views from Henderson’s Multi-Strategy team, Fund Managers Aneet Chachra and Steve Cain discuss why fixed income markets are overly optimistic in disregarding the risks of higher inflation.

​The Alternative View – What Do You Mean?
Global Perspectives

​The Alternative View – What Do You Mean?

In this series of views from Henderson’s Multi-Strategy team, Fund Managers Aneet Chachra and Steve Cain discuss the implications of a depressed Canadian dollar, and why a gradual readjustment is likely ahead.

The Alternative View: rate rise implications – lessons from Japan
Global Perspectives

The Alternative View: rate rise implications – lessons from Japan

With a US rate hike expected this week, Aneet Chachra and Steve Cain, portfolio managers within the Henderson Diversified Alternatives team, look at the potential impact on markets.