Filling the white space between money market funds and conventional core fixed income, absolute return fixed income products offer appeal to investors seeking returns with low volatility. That is why today, Janus Henderson Investors has launched the Janus Henderson Absolute Return Fixed Income Fund. The fund has UCITS status, is denominated in GBP and registered in England and Wales and will sit in the Investment Association’s Targeted Absolute Return sector.
The fund is managed by a team with a pedigree of absolute return fixed income investing that stretches back to 2006 when Nick Maroutsos and Kumar Palghat co-founded Kapstream, a group that specialises in global absolute return fixed income. The new fund will utilise the same investment approach as the existing Absolute Return Income strategy, which is currently US$9.3 billion in size*
The fund will be co-managed by Nick Maroutsos, Co-Head of Global Bonds, Dan Siluk, Portfolio Manager, and Tim Winstone, Credit Portfolio Manager, supported by a team with an average investment experience of 18 years.
The fund will aim to provide positive returns across various market environments. There is a focus on low volatility and capital stability, although this is not guaranteed. The managers invest in a core of shorter maturity globally diverse investment grade securities, alongside a small number of derivatives-based strategies that are used to manage downside risks and generate additional return.
Nick Maroutsos, Co-Head of Global Bonds, commented:
“Our aim is to provide positive returns but with an emphasis on low volatility and low correlation to other asset classes. We start with a clean slate not a benchmark index and look globally for opportunities to generate income and capture relative value. The launch of this fund allows us to optimise our core investments to maximise risk-adjusted returns for investors based in the region.”
Simon Hillenbrand, Head of UK Retail added:
“We are excited to bring this proven absolute return fixed income approach in a form that has appeal to clients in the UK. We believe it provides a complementary strategy to traditional benchmark-orientated fixed income funds.”
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Lucy Ausden
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Lucy.ausden@janushenderson.com
*Janus Henderson Absolute Return Fund size as at 31 December 2018.
Janus Henderson Investors
Notes to editors
More about the fund
– The fund is able to invest across global fixed income markets and is unconstrained by a benchmark. The fund is able to invest across global fixed income markets and is unconstrained by a benchmark.
– The team has managed strategies with a history of low volatility since 2006. The team’s longest running strategy has an annualised volatility of 0.9% since launch*. The team has managed strategies with a history of low volatility since 2006. The team’s longest running strategy has an annualised volatility of 0.9% since launch*.
– Duration on the strategy has historically been below two years, providing low sensitivity to interest rate changes*.
More about the team
– US$9.3 billion is managed in this strategy as at 31 December 2018, on behalf of clients. US$9.3 billion is managed in this strategy as at 31 December 2018, on behalf of clients.
– Nick Maroutsos and Kumar Palghat co-founded Kapstream in 2006, a subsidiary of Janus Henderson Investors, with a focus on absolute return fixed income investing. Nick Maroutsos and Kumar Palghat co-founded Kapstream in 2006, a subsidiary of Janus Henderson Investors, with a focus on absolute return fixed income investing.
– As well as the portfolio managers, the strategy benefits from a global team that includes specialists based in the US, UK and Australia.
* Source: Janus Henderson Investors, as at 31 December 2018.
Nick Maroutsos Co-Head of Global Bonds Portfolio Manager
Nick Maroutsos is Co-Head of Global Bonds at Janus Henderson Investors, a position he has held since 2018. He is also a Portfolio Manager responsible for co-managing the Absolute Return Income strategy and Short Duration Income ETF. Additionally, Nick is a founder and Managing Director of Kapstream Capital. Prior to forming Kapstream in 2006, he was with PIMCO from 1999 to 2005. From 2002 to 2005, Nick was vice president at PIMCO in Australia, where he worked with key clients and managed the development and launch of new strategies for the Australian market. From 2001 to 2003, he was a senior portfolio analyst on the global trading team managing the global fixed income portfolios and firm-wide global strategies. This entailed analysing fixed income markets, the strategic implementation of all global portfolios, and portfolio construction. Nick joined PIMCO’s Newport Beach, California, office in 1999. He is a sought-after expert on the global bond market and is a key speaker at industry forums and conferences. He and his colleagues have received numerous industry accolades and recognition. Nick received a bachelor of arts degree in economics from the University of California – San Diego and an MBA from the University of California – Los Angeles, Anderson School of Management. He has 20 years of financial industry experience.
Daniel Siluk Portfolio Manager
Daniel Siluk is a Global Bonds Portfolio Manager at Janus Henderson Investors responsible for co-managing the Absolute Return Income strategy and Short Duration Income ETF. Daniel came to Janus when it acquired Kapstream in 2015. Prior to joining Kapstream in 2009, he served as manager of investment analytics at Challenger, a position he held from 2007 to 2009. While there, he provided attribution and risk metrics for the firm’s internal funds management business as well as their boutique partnerships, which included Kapstream. Before Challenger, he spent four years in London, where he implemented and tested attribution and risk systems for Insight Investment, the funds management arm of Halifax Bank of Scotland, and Northern Trust. Daniel received a bachelor of applied finance degree from Macquarie University. He has 16 years of financial industry experience.
Tim Winstone Portfolio Manager
Tim Winstone is a Corporate Credit Portfolio Manager at Janus Henderson Investors, a position he has held since joining Henderson in 2015. Tim co-manages the European Investment Grade strategies. Prior to Henderson, he was an executive director, senior fixed income portfolio manager and part of the global credit team at UBS Global Asset Management. He began his career as a portfolio assistant at Thesis Asset Management and has worked in global credit since 2004.
Tim earned a BSc degree (Hons) in mathematics from the University of Bristol. He holds the Chartered Financial Analyst designation and the Investment Management Certificate and passed the Regulation and Compliance unit of the CISI Diploma. He has 16 years of financial industry experience.
About Janus Henderson
Janus Henderson Group (JHG) is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.
Janus Henderson has approximately USD 328.5 billion in assets under management (as at 31 December 2018), more than 2,000 employees, and offices in 28 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).
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