Portfolio Panorama H2 2025: Client positioning and allocation shifts
Welcome to the second edition of Portfolio Panorama by the Janus Henderson Portfolio Construction and Strategy (PCS) Team. Following our successful inaugural issue, we continue our mission to simplify the complexities of investing, now backed by our analysis of over 25,000 model portfolios for nearly 6,500 global clients.
![Matthew Bullock](https://www.janushenderson.com/wp-content/uploads/sites/4/Bullock_Matt_150x150.png?w=150")
![Mario Aguilar De Irmay, CFA](https://www.janushenderson.com/wp-content/uploads/sites/4/Aguilar_Mario_150x150-1.png?w=150")
1 minute read
Key takeaways:
- Investor risk appetite showed remarkable resilience, remaining steady and balanced despite persistent macroeconomic uncertainty and shifting market dynamics.
- In a cautious but opportunistic market, European investors stayed local, leaned into large-cap tech and financials, and held back on small caps – awaiting clearer signals on rates.
- European clients reduced duration as a response to increased interest rate volatility and focused on active managers to navigate uncertainty.
- Shift toward active management, especially in fixed income.
In this dynamic financial environment, understanding allocation shifts is crucial. Utilising the Janus Henderson EdgeTM analytics platform, we’re able to uncover investment trends to help inform your decision-making process.
In this edition, we focus on aggregated data from European (excluding UK) portfolios across two distinct six-month intervals: September 2024 – February 2025 and March 2025 – August 2025. Those 6 months are referenced throughout the report as “February 2025” and “August 2025”.
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Queste sono le opinioni dell'autore al momento della pubblicazione e possono differire da quelle di altri individui/team di Janus Henderson Investors. I riferimenti a singoli titoli non costituiscono una raccomandazione all'acquisto, alla vendita o alla detenzione di un titolo, di una strategia d'investimento o di un settore di mercato e non devono essere considerati redditizi. Janus Henderson Investors, le sue affiliate o i suoi dipendenti possono avere un’esposizione nei titoli citati.
Le performance passate non sono indicative dei rendimenti futuri. Tutti i dati dei rendimenti includono sia il reddito che le plusvalenze o le eventuali perdite ma sono al lordo dei costi delle commissioni dovuti al momento dell'emissione.
Le informazioni contenute in questo articolo non devono essere intese come una guida all'investimento.
Non vi è alcuna garanzia che le tendenze passate continuino o che le previsioni si realizzino.
Comunicazione di Marketing.
1 minute read
Key takeaways:
- Investor risk appetite showed remarkable resilience, remaining steady and balanced despite persistent macroeconomic uncertainty and shifting market dynamics.
- In a cautious but opportunistic market, European investors stayed local, leaned into large-cap tech and financials, and held back on small caps – awaiting clearer signals on rates.
- European clients reduced duration as a response to increased interest rate volatility and focused on active managers to navigate uncertainty.
- Shift toward active management, especially in fixed income.