Secured Loans

Our secured loans team is headed by David Milward and forms part of the Secured Credit team, which is embedded within our broader fixed income business, offering both dedicated loan strategies to clients as well as loan investments as part of various multi-strategy funds.

Our Secured Loans Fund launched in 2005 is managed on an unlevered basis and aims to generate returns by investing predominantly in a diversified portfolio of senior secured loans. The strategy employs an active investment approach that focuses on bottom-up credit selection. This is based on a fundamental analysis of each issuer, seeking to identify companies with strong downside resilience, thereby minimising losses from portfolio defaults. The investment process is also designed to enhance returns through both longer-term and shorter term strategies based on relative value trades, and seeking excess returns in undervalued credits.



The running yield on the asset class looks attractive in a low yield world and with limited sensitivity to changes in government bond yields we believe the asset class should continue to attract investor interest."

David Milward, Head of Secured Loans


  • Offers diversification as investments not typically found in traditional portfolios
  • Floating rate assets provide natural hedge against rising interest rates and inflation
  • Proven ability to avoid defaults and mitigate default losses
  • Ability to capture the illiquidity premium as a long term investor
  • Aim to generate income in a low-yield world

This website is for financial promotion purposes and is not investment advice.


David Milward

David Milward

David Milward is Head of Secured Loans at Janus Henderson Investors and member of the Secured Credit team, a position he has held since 2009. In this role, he is responsible for co-managing Janus Henderson’s European Loan strategy and overseeing a team of six loan professionals. He also analyses new and existing loan investment opportunities. He joined Henderson in 2001 as an associate director of loans. Previously, he was an investment manager for Lloyds TSB Strategic Ventures and has worked in various corporate and institutional banking roles, including acquisition finance within Lloyds TSB. David holds a BA degree (Hons) in biochemistry from Oxford University. He has qualified as an associate of the Association of Corporate Treasurers and is an associate of the Chartered Institute of Bankers. He has 30 years of financial industry experience.

Elissa Johnson

Elissa Johnson

Elissa Johnson is a Structured Debt Portfolio Manager at Janus Henderson Investors. She has been investing in the European leveraged loan market for more than 15 years, covering senior and subordinated, bilateral, club, and syndicated loans. Before coming to Henderson in 2009, she was a principal with Apollo Management International LLP responsible for helping to build the European credit business from 2007. Before this, she worked for Citadel from 2004 to 2007 and earlier at PIMCO and Merrill Lynch, where she was a top-ranked analyst for three consecutive years. Elissa received an MA in economics from St. John’s College, Cambridge. She is a Fellow of the Chartered Institute for Securities and Investment (FCISI Dip) and has 25 years of financial industry experience.

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