Summary

• The Portfolio returned -0.05% (gross) and the Bloomberg US Aggregate Bond Index returned -0.05%.
• Exposure to agency mortgage-backed securities detracted from relative performance, while positioning on the yield curve and allocations to securitized credit sectors contributed.
• The management team increased allocations to investment-grade corporates and AAA rated collateralized loan obligations (CLOs) during the period.
• Janus Henderson raised the allocation to agency MBS as spreads widened amid elevated rate volatility, following a belief that limited credit risk supports a positive outlook.
• Against a backdrop of heightened uncertainty and dispersion, Janus Henderson prioritizes selective risk-taking and security selection over macro calls or broad beta exposure.

At a glance

Performance

The Portfolio returned -0.05% (groSs) and the Bloomberg US Aggregate Bond Index returned -0.05%.

Contributors/detractors

Exposure to agency mortgage-backed securities (MBS) detracted from relative performance, while positioning on the yield curve

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