The Knowledge. Shared podcast from Janus Henderson provides timely views on market events, insight on global economic and market drivers, which themes are reshaping our world and how investors can benefit, as well as the latest thinking from our investment teams.
At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.
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Global Perspectives: Reflation: Is This the Real Thing or Just Fantasy?
Join Adam Hetts, Global Head of Portfolio Construction and Strategy, as he speaks with Co-Heads of Strategic Fixed Income Jenna Barnard and John Pattullo about whether there is substance to the reflation trade.
• The consensus trade expects inflation, but much of this may already be priced in, creating potential opportunities in medium-term bond yields if inflation proves transitory.
• An excess of private savings before COVID-19 required governments to spend to balance private-sector saving. In some ways, today’s fiscal stimulus is an extension of the response to the deleveraging environment that lingered after the Global Financial Crisis.
• For reflation to be convincing, we need to see evidence that households and businesses are changing their behavior toward taking on more debt – yet credit demand remains soft and markets seem to be ignoring weaker data in China.
Credit Spread is the difference in yield between securities with similar maturity but different credit quality. Widening spreads generally indicate deteriorating creditworthiness of corporate borrowers, and narrowing indicate improving.
Duration measures a bond price’s sensitivity to changes in interest rates. The longer a bond’s duration, the higher its sensitivity to changes in interest rates and vice versa.
10-Year Treasury Yield is the interest rate on U.S. Treasury bonds that will mature 10 years from the date of purchase.
Volatility measures risk using the dispersion of returns for a given investment.
Inflation: a general increase in prices and fall in the purchasing value of money.
Basis point (bp) equals 1/100 of a percentage point. 1 bp = 0.01%, 100 bps = 1%.
Quantitative Easing (QE) is a government monetary policy occasionally used to increase the money supply by buying government securities or other securities from the market.
Reflation: expansion in the level of output of an economy by government stimulus, using either fiscal or monetary policy.
The views presented are as of the date published. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment and does not form part of any contract for the sale or purchase of any investment. Past performance is no guarantee of future results. Investing is subject to risk, loss of principal and fluctuation in value.
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Global Perspectives: Building Robust Bond Portfolios In a Low-Rate World
Adam Hetts, Global Head of Portfolio Construction and Strategy, talks with Head of U.S. Fixed Income Greg Wilensky about the challenges – and unique opportunities – associated with building bond portfolios in a world with historically low interest rates.
Global Perspectives: High Yield: Passing the Baton from Beta to Alpha
Global Head of Portfolio Construction and Strategy Adam Hetts talks to Seth Meyer and Tom Ross, portfolio managers on the high-yield bond strategies, about how with credit spreads gradually tightening, returns will likely become less about market direction (beta) and more about identifying individual opportunities (alpha).
Plan Talk: Best of 2020
In this year’s final episode of Plan Talk, Retirement Director Ben Rizzuto recaps notable updates, trends and legal cases from the past year in the defined contribution space. And as always, he shares a playlist of his favorite new songs from 2020.
Ben’s Top Songs of 2020:
1. “All That Ever Mattered” – HAIM
2. “I Live at Night” – I Break Horses
3. “Inspirit” – Julianna Barwick
4. “Ingydar” – Adrianna Lenker
5. “Something I Do” – Sweet Whirl
6. “Ghost of Soulja Slim” – Jay Electronica
7. “A few words for the firing squad” – Run the Jewels
8. “Can I Believe You” – Fleet Foxes
9. “Highway” – St. Panther
10. “Lost in Yesterday” – Tame Impala
11. “Born Confused” – Porridge Radio
12. “Michigan Hammers” – Protomartyr
Global Perspectives: Are We in a Sweet Spot for Credit Investing
Jenna Barnard and John Pattullo, Co-Heads of Strategic Fixed Income, join Adam Hetts, Global Head of Portfolio Construction and Strategy, to discuss all things corporate bonds. Topics include philosophy, making the right calls during the COVID-19 crisis, chances for an aggressive recovery, the prospects of higher interest rates and whether 2021 offers a sweet spot for credit investing.
Plan Talk: How to Use Client Motivations to Encourage Better Social Security Decisions
Many American workers fear that the Social Security trust could be depleted in the not-so-distant future, which may lead some individuals to collect their benefits early – a decision that can significantly reduce their earned benefit. In this episode of Plan Talk, Retirement Director Ben Rizzuto explains research-based techniques that can be used to help ensure people more fully consider their options and make better decisions regarding when to claim this important earned benefit.