Janus Henderson Intermediate Term Income Managed Account Q4 2025 Commentary

Janus Henderson Investors3.61K FollowersFollow5ShareSavePlay(7min)CommentsSummaryThe Portfolio returned 1.21% ((gross)) and the Bloomberg US Aggregate Bond Index returned 1.10%.Overall yield curve positioning contributed, while our spread risk allocation detracted.Short-term Treasury yields rallied, helping to drive positive returns and a steeper yield curve.We maintained our overweight allocation to high yield on the favorable economic outlook and supply dynamics, as well as to securitized sectors.A resilient economy, artificial intelligence ((AI))-driven investment, and anticipated Fed easing create a favorable backdrop for fixed income in 2026.

Getty Images At a glance Performance The Portfolio returned 1.21% (gross) and the Bloomberg US Aggregate Bond Index returned 1.10%. Contributors/detractors Overall yield curve positioning contributed, while our spread risk allocation detracted. Outlook A resilient economy, artificial intelligence (AI)-driven investment, and anticipatedThis 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