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

April 2019 Monthly Macroeconomic Update

April 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 outlook slowing
  • UK - Outlook remains weak
  • Europe - Growth slowing
  • China - Growth stabilised
  • Japan - Constrained growth
  • Australia - Softening growth
  • New Zealand - Growth moderating
Read more 7 min read

The changes we have made in our business and what we hope it will mean for you as our clients.

In this article
  • Investment in our people
  • Investment in technology
  • Deepening capabilities in portfolio construction and quantitative research
  • Expanding our consulting services
Read more 5 min read

JANA Insights

Securitisation Markets

March 2019
Robert Moore, Head of Fixed Income

Securitised credit an area of increased interest for institutional investors due to strong thematics. As such, JANA is in process of narrowing the manager universe to those we have high conviction in. This post explores the opportunity set.

In this article
  • An overview of the global securitised credit market
  • A snapshot of the complexities associated with securitised credit
  • JANA’s view on why securitised strategies can offer attractive levels of returns with materially lower correlations to traditional return drivers (equity/credit beta, interest rate levels).
Read more 6 min read

The Australian Labor Party (ALP) has put forward a policy proposal to cease the payment of excess imputation credits to eligible Australian investors. The article runs through the proposed policy and highlights the sub-set of investors who will be impacted in the event the ALP winning the upcoming election and the proposed policy become legislated. The article also considers the proposed policy with regards to corporate behavior towards capital management and the expected impact to market performance in the short and long-term.

In this article
      • What impact will the Australian Labor Party proposed policy change to imputation credits have on Australian investors?
      • Will corporate Australia adjust their capital management approach if the proposed policy becomes legislation?
      • How will the Australian market react to the proposed policy change?
Read more 8 min read

Quarterly Asset Allocation Review - December 2018

The quarterly Asset Allocation meeting is a key part of JANA’s investment process. In this video Gary Wilson and David Surridge provide a summary of the discussion and outcomes from this meeting and how it guides JANA’s asset allocation advice to clients.

JANA Insights

2018 Global Equities Review

February 2019
Justin Tay, Consultant

After two years of strong global equity market returns, driven by synchronised global growth and heightened confidence, 2018 was a more challenging year for investors with pockets of heightened volatility and meaningful market rotation. Within this update, JANA’s Global Equities Research Team unpacks and discusses the key drivers of market returns over the period and the implications on active manager performance.

In this article
  • Why has regional/country positioning, especially US market exposure, mattered significantly in 2018?
  • Why have diversified investment strategies found the market environment challenging?
  • Performance outcomes of various investment styles
Read more 6 min read
JANA Insights

JANA's 2018 Credit Research Trip

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

In October 2018, members of JANA’s fixed interest team conducted a global research trip, visiting fixed income and credit managers across the UK and the US. This paper reviews the outcomes and findings from the trip, with the four sections aligned to the four main objectives listed below.

In this article
  • Where are we in the credit cycle?
  • Is the increasing size of the BBB component of Investment Grade markets a concern?
  • Is egregious behaviour developing in the Leveraged Loans market?
  • Is Private Debt an attractive asset class, and does it offer superior credit protection?
Read more 19 min read

Global Views

Pimco's Thoughts on Global Macro

February 2019

In this article

Climate change and ESG risks are often evaluated in respect to the impact they might have on asset valuations. Joachim Fels, PIMCO’s economic advisor, looks at it from a different angle, namely what impact climate change could have on government processes and especially the conduct of monetary policy.

He mentions a speech from ECB Director Benoit Cœuré, who highlights the difficulties climate change creates for central banks. Cœuré’s reasons apply equally to conducting investment and asset manager research. Climate change creates more noise for investors, more idiosyncratic events affecting performance and individual events having a more material impact. All factors which can make it potentially more difficult to assess and compare investment returns going forward.

Read more 8 min read

Where do managers see the credit cycle and how should investors be responding?

Head of Fixed Income, Robert Moore and Senior Consultant, Ed Giudice discuss the key insights they gained and trends they observed during their recent global fixed income research trip covering 2 continents, 6 cities, 26 managers and 30 strategies.

JANA Insights

A Deeper Dive into Private Debt

December 2018
Robert Moore, Head of Fixed Income
Young Jo Bae, Consultant

Head of Fixed Income, Robert Moore and Consultant, Young Jo Bae explore the risks and considerations associated with private debt investment.

In this article
    • What is private debt and what types of exposures and funds are available?
    • What are the risk/return characteristics of private debt?
    • What factors should investors be considering when assessing a private debt opportunity?
Read more 20 min read

What’s trending in US property?

Chris Cawson and Alastair McIntosh recently returned from an offshore Property Research trip focussed on identifying future investment opportunities for JANA clients. This video interview features Chris Cawson, outlining some of the trends that JANA is seeing in this space.

JANA Insights

Key themes in global equities and noteworthy comments on the US/China trade dynamic

December 2018
Matthew Gadsden, Senior Consultant
Greg Wilkinson, Senior Consultant

Matthew Gadsden, Senior Consultant and Head of JANA’s Global Equities Research Team, and Greg Wilkinson, Senior Consultant visited in excess of 45 global equity managers during a recent research trip – here are their key takeaways.

In this article
    • Common themes observed amongst global equities managers across Europe and the US
    • What keeps global equities managers up at night?
    • Meeting with Former Assistant Secretary of Commerce for Enforcement at the United States Department Of Commerce, Paul Piquado
Read more 5 min read
JANA Insights

Batteries - key takeaways for investors in the power sector

December 2018
Angela Ruchin, Senior Consultant
Bharat Satghare, Consultant

Angela Ruchin, Senior Consultant and Bharat Satghare, Consultant attended a battery forum hosted by Macquarie recently that focused on large scale batteries in the power sector – here are their key takeaways.

In this article
    • Commercial models and economics for utility scale batteries are evolving
    • Investment returns and risks for battery investments vary widely based on the application
    • Thermal power will continue to be needed in the grid, albeit in a diminishing role
Read more 5 min read
JANA Insights

Green Bonds – The what and the how

November 2018
Els Termaat, Consultant

JANA conducted a survey of global fixed interest managers focusing on their views on Green Bonds, the Green Bond market and if and how they use Green Bonds within their bond strategies.

In this article
  • What are green bonds and how do they work?
  • What are the benefits and challenges for investors?
  • What is the outlook from here?
Read more 15 min read

Key takeaways from the 2018 PRI Conference, San Francisco

David Scollon, Senior Consultant and member of the Responsible Investment team attended the 2018 PRI Conference in San Francisco, which coincided with the Global Climate Action Summit, attracting some of the world’s largest asset owners. Watch David’s summary of the outcomes from this year’s Conference.

The Australian Energy Regulator (AER) has announced proposed changes to gas and electric transmission & distribution utilities’ regulated returns that are expected to have a negative impact on a number of Australian assets held within institutional portfolios. In this post we explore the proposed changes and potential impacts on electric transmission and distribution utilities based on our discussions with multiple infrastructure managers.

In this article
  • Background to the Australian Energy Regulator’s review
  • The impact of the proposed changes to the Weighted Average Cost of Capital (WACC) applied to these assets
  • An update on the regulatory tax review and its potential value impact
  • JANA comment and outlook
Read more 10 min read

Quarterly Asset Allocation Review – October 2018

The quarterly Asset Allocation meeting is a key part of JANA’s investment process. In this video Steven Carew and Jeremy Wilmot provide a summary of the discussion and outcomes from this meeting and how it guides JANA’s asset allocation advice to clients.