Global Fixed Income Compass

Knowledge. Shared (Q3 2019)

Quarterly insight from our fixed income teams to help clients navigate the markets and opportunities ahead.

Convergence returns to the fore

Jim Cielinski, Global Head of Fixed Income, provides his perspective on the recent slowdown in global growth and discusses the next steps for central banks.

Key takeaways

  • A softening in trade has been blamed for much of the global slowdown, but there is more behind it; while trade’s near-term impact on growth may be overestimated, investors could be underestimating some of the second-round effects.
  • With the Fed’s pivot to a more accommodative stance, practically the entire developed world is now in easing mode, bringing policy convergence back to the fore.
  • Policy normalisation, as we know it, is dead. The ability of central banks to normalise today, at a time when the real equilibrium rate is so low, calls into question the efficacy of traditional monetary policy responses.

Insights from our global teams

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Janus Henderson Fixed Income provides active asset management solutions to help our clients meet their investment objectives. Over the past four decades, our global investment teams have developed a wide range of product solutions to address our clients' varied and evolving needs. From core and multi-sector investing to more focused mandates, we offer innovative and differentiated techniques expressly designed to support our clients as they navigate each unique economic cycle. The capabilities of these teams are available through individual strategies or combined in custom blended solutions.

While shared knowledge across teams and regions encourages collaboration and the debate of investment ideas, our investment teams are not bound by a top-down house view. Instead, each team retains a defined level of flexibility within a disciplined construct. Our portfolio construction processes are governed by a rigorous risk management framework with the intent of delivering stronger risk-adjusted returns. Further, we believe transparency is the foundation of true client partnerships; we seek to earn and maintain our clients' confidence by delivering robust and repeatable investment processes and by providing firsthand insights from our investment professionals.

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