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.
Articles Written
Taking a closer look at yield metrics in an evolving rate environment
Thorough fixed income fund due diligence should start with an understanding of how each yield metric is calculated.
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.
Mortgage-backed securities: Priced for imperfection?
Why we believe selective areas of fixed income – particularly mortgage-backed securities (MBS) – present an opportunity to provide favorable risk-adjusted returns.
Are bonds cheap or expensive? A 5-point valuation checklist
Five key bond valuation metrics for financial professionals and portfolio managers.
Fishing for yield in AAA CLOs and MBS
How bond investors can take advantage of higher short-term yields while still managing duration exposure.
US fixed income players: Reviewing 2022 and looking ahead to 2023
In this 2023 outlook, John Kerschner assesses various fixed income sectors on their 2022 performance and discusses what we can expect from them in 2023.
The Fed and CLOs: Well aligned?
Why collateralized loan obligations (CLOs) might be well aligned with a hawkish Fed.
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 securitized assets in a higher rate environment
How securitized 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.
MBS: A Window of Opportunity in Fixed Income
With many key risks now priced in, we believe MBS represents an area of opportunity in fixed income.
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.