Portfolio Panorama H2 2025: Client positioning and allocation shifts (Europe)
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")
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Kernpunten
- 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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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.
4 beknopt artikel
Kernpunten
- 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.