Using the 1890s as a guide to bond investing (not the 1980s)

by Jenna Barnard, CFA

2 months ago

​Jenna Barnard, Co-Head of Strategic Fixed Income, confesses to not all birthday gifts being a delight to receive but a book from 1892, found by chance in a second-hand book dealer, turned out to be a rare birthday present gem. Its lessons on investing are not only instructive but shine a light on the predicament facing bond investors today.

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An American flavour to European high yield

​Tom Ross and Tim Winstone, Corporate Credit Portfolio Managers, explore the reasons why US companies are borrowing through European bond markets and why this creates potential opportunities for investors

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Fascinated by income

by Tom Ross, CFA

3 months ago

​Tom Ross, corporate credit portfolio manager, looks at the idiosyncrasies of the European high yield bond market, one of the last bastions of income in a yield-starved world.

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Macro signals — early signs often come from the ground

by John Pattullo

4 months ago

John Pattullo, Co‑Head of Strategic Fixed Income, explains how the team arrive at a decision to include a particular bond in their portfolios.

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Strategic Fixed Income: end of the cycle… are we there yet?
With the markets finally coming round to the idea of the late-cycle stage in the economies, John Pattullo and Jenna Barnard, Co-Heads of Strategic Fixed Income, share their thoughts on the subject, expanding on the risks and opportunities arising from this theme in 2019.
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Strategic Fixed Income: concoction of stress factors

by John Pattullo

8 months ago
​An unhealthy concoction of factors are creating a classically late-cycle feel in the markets. John Pattullo, Co-Head of Strategic Fixed Income, simplifies the conundrums and shares his views.

(This video was recorded on Tuesday 9 October 2018).

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Strategic Fixed Income: a big regime shift in inflation? No.
In this video, the Co-Heads of Strategic Fixed Income, John Pattullo and Jenna Barnard, share their assessment of the impact of rising inflation expectations in developed markets and whether higher inflation will take root.
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Inflation — the dog that never barks

by John Pattullo

1 year ago

​The biggest surprise last year was not only the persistent mis-forecasting of bond yields but also the persistent mis-forecasting of inflation. John Pattullo, Co-Head of Strategic Fixed Income, looks at the underlying causes of why a lot of traditional economic models, assumptions and relationships do not seem to hold in this rather dystopian world in which we live.

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Strategic Fixed Income: more divergence and disruptions in 2018

by Jenna Barnard, CFA

1 year ago
Co-Head of Strategic Fixed Income, Jenna Barnard, looks back at 2017, while sharing her thoughts and views on the major themes likely to affect credit markets and the Strategic Fixed Income portfolios in the coming year.
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Economic slow lane

by Jenna Barnard, CFA

1 year ago

​Financial journalist Heather Connon interviews Jenna Barnard, Co-Head of Strategic Fixed Income, about monetary policy, the state of the economy and its implications for bond markets.

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'Peak' everything?

by John Pattullo

1 year ago
A number of disruptive trends in the economy are reshaping the investment landscape. In this video summary and article, John Pattullo, Co-Head of Strategic Fixed Income, examines the various peaks and troughs in industries, markets and the economy, which, together with demographic trends and behavioural changes, are contributing to the current low growth, low inflation environment.
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UK election: a global equity income perspective

by Ben Lofthouse, CFA

2 years ago

​Ben Lofthouse, Portfolio Manager on the Global Equity Income Team, believes the biggest short-term impact on business will be the effect of currency movements. He explains that sterling weakness will improve the competitiveness of UK exports, and the profits of overseas earners will be revised upwards, while on the negative side input cost increases will affect some industries.

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Emerging Market Equities: Understand what you own

by Glen Finegan

2 years ago

The Edinburgh-based Janus Henderson Emerging Market Equities Team believes it is imperative to understand non-financial as well as financial risks to the companies they invest in. Glen Finegan, Head of Emerging Market Equities, explains that, while not managing an environmental, social and governance (ESG) investment strategy, the team finds certain factors particularly important when assessing the sustainability of a company.

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Credit markets: tactics for the seventh inning stretch?

by John Pattullo

2 years ago

​Bond markets seem to be frozen in time and the credit cycle, which has seemingly become stuck, could stay that way for a long time. John Pattullo, Co-Head of Strategic Fixed Income, explains the reasons why, and how to set about looking for returns in the low growth, low inflation world around us.

 
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Reflation for now, but how long will it last?

by Jenna Barnard, CFA

2 years ago
Since the election of Donald Trump headlines such as ‘regime change’ and ‘the Trump reflation trade’ have dominated the financial media as investors happily embraced the ‘reflation’ trend and started to put their money to work based on the view that growth and inflation are going to rise. This has favoured equities over bonds.
Jenna Barnard, Co-Head of Strategic Fixed Income at Henderson, shares her views on the current trend and how long it may last. She further explains where the team see good investment opportunities for their portfolios in the coming months.
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Strategic Fixed Income outlook 2017: keep liquid, sensible; look for opportunities, but don’t force it

by John Pattullo

2 years ago
John Pattullo, Co-Head of Strategic Fixed Income, discusses how the markets were affected by major political events in 2016 and the lessons learnt. As he looks forward to 2017, John shares his views on what themes are likely to dominate the markets given a volatile backdrop and where he looks to find good investment opportunities.
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Trump-o-nomics: the importance of US-aligned portfolio positioning

by John Pattullo

2 years ago
John Pattullo, Co-Head of Strategic Fixed Income, looks at the impact of the Trump victory on the financial markets and provides his assessment of the likely effects and success of his policies.
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Rise of robotics

by Arjun Bhandari, CFA

2 years ago

​​Over the past five years there has been an increasing number of bold pronouncements around what many are labelling the fourth industrial revolution. Wherever you look commentators are heralding the advancement of robotics as a real and present threat to the workforce. Arjun Bhandri, Analyst within the Strategic Fixed Income team looks at the rising trend in robotics and the implications for humans, as well as the global economy.

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Creative disruption: a shifting investment backdrop

by Arjun Bhandari, CFA

2 years ago
Arjun Bhandari, Analyst within Henderson's Strategic Fixed Income Team, adds a short video to his article exploring several disruptive trends in the economy and how their interaction may be contributing to the current low growth, low inflation environment.
 
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Brexit — a political, not a financial, crisis

by Jenna Barnard, CFA

2 years ago

​Jenna Barnard, Co-Head of Strategic Fixed Income, shares her views on the ‘Brexit’ result of the EU referendum last week, which she sees as a political crisis and not a financial one. While it is a significant blow to economic confidence in the short term and likely to put a temporary brake on growth in the UK and perhaps Europe, Brexit alone is not sufficient to derail the current low default rate environment. The main issue is how the UK ‘exits’.

Brexit can serve as an opportunity to lock in some very attractive income streams for clients, however, Jenna advises a cautious approach as events could take a different turn next week with some very important data due in the US.
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