Janus Henderson Global Adaptive Capital Allocation Managed Account Q4 2025 Commentary

Janus Henderson Investors3.61K FollowersFollow5ShareSavePlay(6min)CommentsSummaryThe Portfolio returned 1.72% and the 30% MSCI ACWI / 70% Bloomberg Glb Agg 3-5 Yr Index returned 1.43%.An underweight allocation to international fixed income contributed to relative performance, while an overweight position in U.S. fixed income detracted.We see a supportive environment for risk assets, given the outlook for relatively stable growth and potential for additional interest rate cuts.Forward-looking risk signals showed below-average levels of downside volatility for global equities and approximately average levels of attractiveness.Options pricing points to a steady, low-drawdown environment for global equities over the coming year. Donny DBM/iStock via Getty Images At a glance Performance The Portfolio returned 1.72% (gross) and the 30% MSCI ACWI / 70% Bloomberg Glb Agg 3-5 Yr Index returned 1.43%. Contributors/detractors An underweight allocation to international fixed income contributed toThis article was written byJanus Henderson Investors3.61K FollowersFollowJanus Henderson Investors exists to help clients achieve their long-term financial goals. Formed in 2017 from the merger between Janus Capital Group and Henderson Global Investors, we are committed to adding value through active management. For us, active is more than our investment approach – it is the way we translate ideas into action, how we communicate our views and the partnerships we build in order to create the best outcomes for clients. While our investment managers have the flexibility to follow approaches best suited to their areas of expertise, overall our people come together as a team. This is reflected in our Knowledge. Shared ethos, which informs the dialogue across the business and drives our commitment to empowering clients to make better investment and business decisions.www.janushenderson.com