Quarterly update
Watch the investment team recap this quarter.
(Note: As at January 2026).
Investment objective
The Fund aims to provide a return from a combination of income and capital growth over the long term by investing in an actively managed portfolio of AAA-rated collateralised loan obligations (CLOs).
The Fund will invest at least 80% of its Net Asset Value in eligible CLOs of any maturity that are rated AAA (or equivalent by a nationally recognised ratings agency) at the time of purchase with a focus on European CLOs. In case securities in the portfolio are downgraded below a rating of AAA (or equivalent), the Investment Manager will seek to sell the relevant securities as soon as reasonably possible, provided that it determines that it is in the best interests of investors.
Portfolio management strategies and views are developed with inputs from discussions within the Janus Henderson CLO portfolio management team and the wider fixed income group. Analysts are allocated to research specific opportunities (entry, exit or otherwise) and focus on the guiding principles of building a deep understanding of collateral (type, jurisdiction, historical performance), Counterparties (Manager, Servicer, Hedge providers), Control (legal, rights of noteholder, control in default), Cash flow (expected, stressed, allocation). As part of this process EU securitisation regulations are specifically considered. This internal research is complemented by data from ratings agencies, investment banks, independent research and securitisation data providers. Any recommendation is subject to a minimum ‘four eyes’ review before execution.
About this fund
A high-quality active European CLO ETF
A collateralised loan obligation exchange traded fund offering a compelling alternative to investment grade corporates, AAA CLOs aim to offer higher yields and more credit spread* for a better-quality asset with little sensitivity to interest rate volatility.
*The difference in yield between securities with similar maturity but different credit quality, often used to describe the difference in yield between corporate bonds and government bonds. Widening spreads generally indicate a deteriorating creditworthiness of corporate borrowers, while narrowing indicate improving.
Why invest in this fund
Specialised and experienced team
A long-standing track record in CLO investing. Portfolio managers have worked together since 2010 and draw upon the expertise of securitised and loans specialists.
In-depth analysis and insights
Market leading tools and systems integrated into the research process to gain deep insights on CLO collateral and identify relative value.
High-quality access
Access to high-quality, floating rate European AAA CLO market, historically only made available to institutional investors, in a liquid and transparent manner.
