Janus Henderson Securitized Income ETF Q4 2025 Commentary

Janus Henderson Investors3.61K FollowersFollow5ShareSavePlay(7min)CommentsSummaryThe Fund returned 1.62% and the ICE BofA US ABS & CMBS TR returned 1.21%.Security selection within agency collateralized mortgage obligations ('CMO') and commercial mortgage-backed securities ('CMBS') contributed.Securitized sectors broadly outperformed investment-grade ('IG') corporates and U.S. Treasuries.During the quarter, we increased our allocation to CLOs and MBS while trimming our exposure to CMBS.A resilient economy, AI-driven investment, and anticipated Fed easing create a favorable backdrop for securitized fixed income in 2026. rawintanpin/iStock via Getty Images At a glance Performance The Fund returned 1.62% and the ICE BofA US ABS & CMBS TR returned 1.21%. Contributors/detractors Security selection within agency collateralized mortgage obligations ('CMO') and commercial mortgage-backed securities ('CMBS') contributed. Exposure to agency MBS and asset-backedThis 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