JANA Spark is an online portal designed to provide JANA’s clients with easy access to a showcase of our insights and thought leadership as well as highlighting interesting industry content.




JANA Insights

JANA European Study Tour


July 2019
Duncan Smith, Head of Consulting


Each year JANA hosts a client study tour, where clients are invited to join Senior JANA staff on an investment trip focusing on a specific global region. This year the study tour focused on Europe, in particular the impact of Brexit.


In this article
  • Potential outcomes and implications of Brexit and UK elections
  • Short on the ground update on issues in the UK and Europe
  • In addition to the above learn about the JANA study tour
Read more 4 min read

JANA Insights

What do current market trends mean for infrastructure investors? Take-aways from JANA’s infrastructure research trip

July 2019
Claire Simpson, Co-Head of the Infrastructure Research Team Bharat Satghare, Consultant


In this article
  • Claire Simpson and Bharat Satghare from JANA’s infrastructure research team were overseas recently to meet infrastructure managers in New York and London. They share below their key insights from these meetings on the current infrastructure investment market.
Read more 4 min read


JANA’s Tania Freeman and Matthew Moon visited global private equity managers across five cities during a recent research trip concluding in May. Here they share their insights on how private equity managers are positioning their portfolios for the late cycle.


In this article
    • Where do managers think we are in the cycle?
    • How are they positioning their portfolios for the late cycle?
    • What should JANA clients be thinking about regarding late cycle investing?
Read more 3 min read
JANA Insights

The Death of LIBOR


July 2019
Steven Cross, Consultant


Once known as “The Number” in financial markets, LIBOR is now walking the green mile.


In this article
  • The UK's Financial Regulator will stop requiring the submission of data to support LIBORs at the end of 2021
  • What is the alternative?
  • Will you be ready?
Read more 5 min read
JANA Insights

July 2019 Monthly Macroeconomic Update


July 2019
Steven Carew, Chief Investment Officer


JANA holds fortnightly all-staff research meetings on Monday mornings, and once a month a member of our Capital Markets Group provides the business with a snapshot of JANA’s major economic developments from around the globe.


In this article
  • US - Growth slowdown continues
  • UK - Outlook remains weak
  • Europe - Growth outlook deteriorating
  • China - Growth continues its gradual slowdown
  • Japan - Outlook remains weak
  • Australia – Growth remains constrained
  • New Zealand – Moderate growth expected
Read more 8 min read

JANA Market Commentary - June 2019


July 2019
Evan Klironomos, Investment Analyst


JANA’s monthly market commentary summarises global news and economic commentary that is material to markets.


In this article
  • Equity markets rallied in June to cap off a positive quarter
  • Central bank policy grows increasingly accommodative as both the Fed and European Central Bank open the door to monetary stimulus
  • Progress in US-China trade talks boosted investor sentiment following the G20 Summit
  • The RBA cut the official cash rate by 0.25% to a historic low of 1.25%
  • Bonds enjoyed a strong run as yields fell markedly across most developed nations
  • The Australian dollar recorded mixed results, most notably appreciating 1.3% against the US Dollar
Read more 4 min read
JANA Insights

Fixed Interest Research Trip Update: Two (different) views on the Fed


May 2019
Robert Moore, Head of Fixed Income
David Schnell, Consultant


JANA’s Robert Moore and David Schnell returned this week from a global bonds research trip. Bond managers for the most part were found to have altered their views on the expected path of official interest rates in the United States – changing their views almost as fast as the Fed itself seemed to pivot earlier this year. Most bond managers are now predicting the Federal reserve to cut rates. However a few managers have the opposite view – that inflation pressures are building, and rate hikes by the Fed will be needed. Robert and David discuss these opposing views.


In this article
    • Most managers point to US inflation as continuing to miss on the downside from the Feds target.
    • With slowing global growth and myriad risks to global trade, most managers now predict the Fed to cut interest rates.
    • Some other managers though point to inflation risks building, and are expecting the Fed to resume interest rate hikes this year.
    • Extreme views exist at either end of the spectrum
Read more 5 min read
JANA Insights

Credit Market Risks


June 2019
Robert Moore, Head of Fixed Income
Ed Giudice, Senior Consultant


The article addresses some of the growing risks of investment grade credit markets that have recently been highlighted by the financial press. We seek to provide a summary of these issues along with some balanced arguments and analysis that will help investors evaluate these markets.


In this article
  • The article draws attention to the change in structure of the investment grade credit markets over recent years
  • The article helps readers to understand the risks of investing in investment grade and sub-investment grade credit including default history
  • The article explores the impact that ‘Fallen Angels’ have on sub investment grade credit market dynamics.
  • The article highlights how certain companies behave to defend their credit ratings.
Read more 8 min read
JANA Insights

June 2019 Monthly Macroeconomic Update


June 2019
Steven Carew, Chief Investment Officer


JANA holds fortnightly all-staff research meetings on Monday mornings, and once a month a member of our Capital Markets Group provides the business with a snapshot of JANA’s major economic developments from around the globe.


In this article
  • US – Gradual slowdown continues
  • UK – Growth outlook remains weak
  • Euro Zone – Modest growth expected
  • China – Growth moderating
  • Japan – Weak growth outlook remains
  • Australia – Growth slowing
  • New Zealand – Moderate growth expected
Read more 10 min read
JANA Insights

JANA Market Commentary - May 2019


June 2019
Natalie Thomas, Investment Analyst


JANA’s monthly market commentary summarises global news and economic commentary that is material to markets.


In this article
  • Equity markets fell across all major regions driven by geopolitics and concerns around global growth.
  • A wider fracture in the US-China trade negotiations emerged.
  • Yields continued to fall with deeper rate cuts expected.
  • Brexit talks concluded without agreement, with Prime Minister Theresa May resigning.
  • The Australian 10-year yield dropped below the central bank cash rate for the first time since 2015.  
  • The Australian Dollar depreciated against most major trading partners over the month.
Read more 4 min read

Michael Mulcahy, Senior Consultant and Investment Manager, and Raymond Lam, Consultant visited global equity managers across seven cities during a recent research trip concluding in March – here are their key takeaways.


In this article
  • High-level themes observed amongst global equity managers across Europe and the US
  • The ongoing evolution of ESG integration
  • Longer-term structural implications of geopolitics
Read more 6 min read

Retail Property Sector – Under Pressure


May 2019
Alastair McIntosh, Consultant


Retail sector experiencing toughest environment since the GFC – challenges from subdued consumer spending, driven by low wage growth, coupled with an increase in online retail.


In this article
  • Performance of Australian institutional retail property sector;
  • Factors influencing the performance of the retail sector; and
  • Outlook for the sector.
Read more 4 min read
JANA Insights

JANA Market Commentary - April 2019


May 2019
Tyson Yeo, Investment Analyst


JANA’s monthly market commentary summarises global news and economic commentary that is material to markets.


In this article
  • Equity markets continued to rally in April supported by several positive themes
  • An increasingly dovish tone was communicated by central banks, including the US Federal Reserve
  • The US reporting season saw earnings exceed previously reduced expectations
  • Macro-economic data releases from China surprised on the upside
  • Yields on 10-year government bonds increased across most developed nations
  • Markets have fully priced in an RBA rate cut of 0.25% by October 2019
  • The Australian Dollar depreciated against all major currency pairs
Read more 4 min read