Janus Henderson Global Adaptive Capital Allocation Managed Account Q3 2025 Commentary
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Janus Henderson Investors3.6K FollowersFollow5ShareSavePlay(8min)CommentsSummaryThe Portfolio returned 3.51% (gross) and the 30% MSCI ACWI / 70% Bloomberg Glb Agg 3-5 Yr Index returned 2.73%.Positioning in the fixed income market supported relative performance, with a smaller contribution from modest overweights in U.S. and non-U.S. equities.Global equities rose in U.S. dollar terms, supported by a de-escalation in the trade war and signs of resilient economic growth in many countries.In fixed income, the distinction was far clearer: U.S. bonds had lower-than-average downside risk and higher-than-average attractiveness, while non-U.S. bonds had higher-than-average downside risk and approximately average attractiveness.We see a supportive environment for risk assets given the outlook for increased corporate and government spending and the potential for additional interest rate cuts. Nikada/E+ via Getty Images At a glance Performance The Portfolio returned 3.51% (gross) and the 30% MSCI (MSCI) ACWI / 70% Bloomberg Glb Agg 3-5 Yr Index returned 2.73%. Contributors/detractors Positioning in the fixed income market supported relative performance, withThis article was written byJanus Henderson Investors3.6K 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