Janus Henderson Global Multi-Asset Capital Preservation Managed Account Q3 2025 Commentary

Janus Henderson Investors 3.6K Follower s Follow 5 Share Save Play ( 7min ) Comments Summary 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. The portfolio's overweight allocation to U.S. equities detracted from relative performance, as portfolio holdings underperformed the benchmark. The overweight allocation to hedged international fixed income contributed to relative performance. Reasons for near-term optimism include tailwinds from U.S. lower rates, a manufacturing recovery, and the resilience of the highly important U.S. consumer. As investors face the incongruity of richly priced risk assets and a global economy facing risks, we believe balanced positioning is appropriate. phongphan5922/iStock via Getty Images At a glance Performance The Portfolio returned 2.89% (gross) and the 20% Msci Acwi Net/80% Bloomberg US Agg returned 3.13%. Contributors/detractors Equity investments detracted from relative performance, while an overweight allocation to non-U.S. fixed income contributed. This article was written by Janus Henderson Investors 3.6K Follower s Follow Janus 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

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