Kernpunten
- Deglobalization’s secular inflationary forces could complicate matters for Central Banks, leaving them with no choice but to raise interest rates for longer than markets currently anticipate.
- Sectors & regions that have been starved for capital by the AI boom might again attract capital. Although reductions in the global liquidity could be a challenge for speculation, we believe those restrictive actions will lead to more rational allocation of capital.
- Global profits are strong and accelerating broadly, providing opportunity in a wide range of regions/sectors. 75% of super growth stocks (forecasts above a 25% growth rate) are now outside the US.
The Janus Henderson Multi-Asset Macro & Customized Investing Team applies a disciplined, top-down approach to investing, focusing on corporate profits, liquidity and investor sentiment/valuation.
This update provides an overview of the team’s views on market dynamics, what they’re buying, and the three key macro pillars that drive positioning across Janus Henderson’s range of multi-asset models and portfolios.
Belangrijke informatie
Hard vs. local currency emerging market debt: “Hard currency” emerging-market debt is issued by emerging-market borrowers in a major currency such as the US dollar; “local currency” debt is issued in the borrower’s own currency, exposing investors to movements in that currency.
High yield bond: Also known as a sub-investment grade bond, or ‘junk’ bond. These bonds usually carry a higher risk of the issuer defaulting on their payments, so they are typically issued with a higher interest rate (coupon) to compensate for the additional risk.
Inflation-linked bond: Also known as inflation-protected securities, a bond whose principal and/or interest payments are adjusted in line with inflation, designed to protect investors from a loss of purchasing power.
Gerelateerde inzichten
Dit zijn de standpunten van de auteur op het moment van publicatie en kunnen verschillen van de standpunten van andere personen/teams bij Janus Henderson Investors. Verwijzingen naar individuele effecten vormen geen aanbeveling om effecten, beleggingsstrategieën of marktsectoren te kopen, verkopen of aan te houden en mogen niet als winstgevend worden beschouwd. Janus Henderson Investors, zijn gelieerde adviseur of zijn medewerkers kunnen een positie hebben in de genoemde effecten.
Resultaten uit het verleden geven geen indicatie over toekomstige rendementen. Alle performancegegevens omvatten inkomsten- en kapitaalwinsten of verliezen maar geen doorlopende kosten en andere fondsuitgaven.
De informatie in dit artikel mag niet worden beschouwd als een beleggingsadvies.
Er is geen garantie dat tendensen uit het verleden zich zullen doorzetten of dat prognoses worden gehaald.
Reclame.