Key takeaways:
- While volatility understandably increased with the onset of the Iran conflict, financial markets have proven relatively resilient. Investors coalesced around the critical assumption that hostilities and the associated disruptions to the global economy would be short lived.
- By looking past potentially short-term geopolitical risk, market prices are reflecting other factors, including a soft U.S. labor market, artificial intelligence (AI) as a
secular theme, fiscal stimulus and steadying manufacturing activity. - Our sentiment and positioning indicators showed drawdowns within several market segments reaching capitulation territory and could therefore represent
attractive entry points.
The Janus Henderson Multi-Asset Team applies a “partnership and transparency” approach, providing access to differentiated insights, disciplined investments, and world-class service. This quarterly update shares the team’s views on market dynamics as well as the dashboard that informs their positioning across Janus Henderson’s range of multi-asset models and portfolios.
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IMPORTANT INFORMATION
Equity securities are subject to risks including market risk. Returns will fluctuate in response to issuer, political and economic developments.
Fixed income securities are subject to interest rate, inflation, credit and default risk. As interest rates rise, bond prices usually fall, and vice versa. High-yield bonds, or “junk” bonds, involve a greater risk of default and price volatility.
Smaller capitalization securities may be less stable and more susceptible to adverse developments, and may be more volatile and less liquid than larger capitalization securities.
Sovereign debt securities are subject to the additional risk that, under some political, diplomatic, social or economic circumstances, some developing countries that issue lower quality debt securities may be unable or unwilling to make principal or interest payments as they come due.
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The information in this article does not qualify as an investment recommendation.
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Anything non-factual in nature is an opinion of the author(s), and opinions are meant as an illustration of broader themes, are not an indication of trading intent, and are subject to change at any time due to changes in market or economic conditions. It is not intended to indicate or imply that any illustration/example mentioned is now or was ever held in any portfolio. No forecasts can be guaranteed and there is no guarantee that the information supplied is complete or timely, nor are there any warranties with regard to the results obtained from its us.