Multi Asset Credit

Our Multi Asset Credit strategy, which is managed by Colin Fleury and David Milward, provides investors with an opportunity to invest in a range of predominantly secured credit asset classes, not typically found in traditional fixed income portfolios.

The strategy seeks to provide increased returns and relative price stability in response to rising interest rates and typically focuses on variable rate and relative short-duration investments. The principal asset classes are secured loans, high-yield corporate bonds and asset-backed securities.

The portfolio managers draw upon the fundamental credit research ideas of analysts within our long-established expert teams in each of the principal asset classes, seeking to identify credits with strong downside resilience, thereby minimising losses from portfolio defaults. This is supplemented by top-down asset allocation that seeks to take advantage of relative value opportunities and optimise the overall risk versus return characteristics of the strategy.


Colin Fleury

In a world of low yields, a higher-yielding multi-asset credit strategy should be well-placed to outperform traditional fixed income strategies. We believe the returns from alternative parts of the credit market can be materially enhanced through default avoidance and have a strong track record of achieving this."

Colin Fleury, Head of Secured Credit


  • 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
  • Flexibility to supplement bottom-up credit selection with asset allocation across a broad spectrum of credit sectors
  • Income generation in a low-yield world

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


Colin Fleury

Colin Fleury

Colin Fleury is Head of Secured Credit and a co-manages the Multi-Asset Credit and Global Diversified Credit strategies at Janus Henderson Investors. Prior to joining Henderson in 2007, Colin held secured credit portfolio management roles at Deutsche Bank AG and Abbey National Treasury Services plc. He also has secured debt structuring, underwriting, and advisory expertise from roles at Shell International, where he was a senior advisor on the M&A and financing team, and at Credit Suisse, where he was a vice president in the global project finance group. Colin’s early career also includes experience in secured UK real estate and SME corporate lending and spans multiple jurisdictions in Europe and worldwide. Colin is an associate of the Chartered Institute of Bankers and a graduate of the Credit Suisse Corporate Finance and Capital Markets Programme. He has 33 years of financial industry experience.

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.

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