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

November 2019 Monthly Economic Update


November 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 in growth continues
  • UK:  Growth outlook remains weak
  • Euro Zone:  Outlook for growth is deteriorating
  • China:  Economic activity continues to gradually slow
  • Japan:  Growth outlook remains weak
  • Australia:  Growth expected to remain constrained
  • New Zealand:  Slowdown in growth continues
Read more 9 min read
JANA Insights

JANA Market Commentary – October 2019


November 2019
Ben Coune, Investment Analyst


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


In this article
  • Geopolitical tensions appeared to ease during October for the big players.
  • A partial trade deal between the US and China tabled.
  • A no deal-Brexit was temporarily avoided after the deadline was extended.
  • Central banks retained their dovish stance.
  • Turkey invaded Northern Syria, anti-government/pro-democracy protests continued in Hong Kong, and civil unrest flared in Chile, Spain, Ecuador, Lebanon and Iraq.
  • The US Federal Reserve cut interest rates for the third time this year, to a range of 1.5% to 1.75%, and indicated further cuts would be unlikely.
  • The Reserve Bank of Australia cut the official cash rate by 25bps to 0.75%.
Read more 3 min read
JANA Insights

PRI in Person Conference Summary


October 2019
Tim Conly, Senior Consultant


PRI in Person is the largest responsible investment conference in the world, with c. 1800 delegates attending this year’s conference in Paris. This article provides a brief overview of the key topics discussed


In this article
  • This conference reinforced the message that Australian asset owners are grappling with the same challenges that global investors are, and that Responsible Investing is an evolution not a destination.  
Read more 5 min read

There is an increasing need for distribution networks, particularly the “last mile” logistics close to cities with high population bases.


In this article
  • In excess of 8.5 billion kilos of food is distributed throughout New York City (NYC) each year.  
  • NYC’s food distribution system serves 8.4 million residents, over 60 million annual tourists and hundreds of thousands of commuters on a daily basis.
  • NYC (like many global cities) has a high dependency on last mile distribution logistics which feeds into the retail supply chain.
Read more 5 min read
JANA Insights

How does the Domestic Private Debt Space compare Globally?


October 2019
Robert Moore, Head of Fixed Income
Young Jo Bae, Consultant



In this article
  • The Australian Private Debt market appears equally attractive to global private debt markets, on a risk-adjusted basis.
  • The paper takes a unique approach in directly comparing the characteristics of domestic private debt offerings to global private debt offerings.  
  • Previous papers on the Australian private debt space that JANA has reviewed have made comparisons to the liquid, leveraged loans market in the US, an approach we feel is inappropriate given the vast differences in liquidity between the markets.
Read more 2 min read
JANA Insights

JANA Market Commentary – September 2019


October 2019
James Leigh, Investment Analyst


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


In this article
  • Equity markets rebounded from weakness in August
  • There was mixed news in relation to trade; more tariffs were implemented by both sides and new trade talks were announced
  • Central banks continued to favour loose monetary policies amid fears of a slowdown in global growth
  • The US Federal Reserve cut rates by 25bp
  • The European Central Bank (ECB) also delivered accommodative monetary policy including the recommencement of QE
  • The Reserve Bank of Australia (RBA) left the official cash rate on hold at 1.0%
Read more 3 min read

2019 Behind the scenes - Harnessing Long-Term Return Drivers to Generate Attractive Investment Returns




Sonal Desai, Chief Investment Officer, Franklin Templeton Fixed Income discusses the fixed income markets in an environment of modest returns across major asset classes.


2019 Behind the scenes - Looking Through the Noise for Long-Term Drivers of Equity Returns




Jason White, Managing Director, Artisan Partners explores secular economic and social trends that are expected to deliver strong and sustainable long-term growth for companies that exploit them.


2019 Behind the scenes - China 2049: What Will it Look Like and What are the Opportunities for Investors?




Susan Dietz-Henderson, China Affairs Director, Capital Group reflects on China’s ambitious goals to achieve by 2049 and the risks and opportunities for Australian investors.


2019 Behind the scenes - China 2049: What Will it Look Like and What are the Opportunities for Investors?




Chi Lo, Senior Economist, Greater China, BNP Paribas discusses China’s long-term goals to be achieved by 2049 and how Australian investors can benefit from these changes.


2019 Behind the scenes - Improving Investment Decision-Making by Leveraging Diversity and Maximising Group Effectiveness




Stuart Rae, Chief Investment Officer, Asia-Pacific Value Equities, AllianceBernstein explores through his research how different forms of diversity and group behaviour can affect investment decision making, and how boards, investment committees and teams can take advantage of this.



Conferences

2019 Core Session 1: Harnessing Long-Term Return Drivers to Generate Attractive Investment Returns

September 2019
James Leigh, Investment Analyst


In this article
  • Delivering portfolio objectives in the future given the outlook for modest returns across the major asset classes appears to be a major challenge for investors. Sonal Desai of Franklin Templeton provided her insights at the JANA Conference 2019 on economic and market themes that investors can harness in order to generate attractive investment returns and manage risk over the long term.

Read more 2 min read



Conferences

2019 Core Session 2: Looking Through the Noise for Long-Term Drivers of Equity Returns

September 2019
Tyson Yeo, Investment Analyst


In this article
  • With equity markets increasingly driven by the noise of short-term news and quarterly earnings guidance, it seems harder than ever to take a long-term view.  Jason White of Artisan Partners examined at the JANA Conference 2019 several durable, secular economic and social trends that are expected to deliver strong and sustainable long-term growth for companies that can effectively exploit them.

Read more 2 min read



Conferences

2019 Core Session 3: China 2049: What Will it Look Like and What are the Opportunities for Investors?

September 2019
Sam Mouat, Investment Analyst


In this article
  • The Chinese Government has ambitious goals for China to achieve by 2049, the centenary of the founding of the People’s Republic.  Two highly credentialed China experts assessed at the JANA Conference 2019 what China will look like if these goals are achieved, reflected on the implications for China, Asia and the world, and considered how Australian investors can seek to benefit from these changes.
Read more 6 min read



Conferences

2019 Core Session 4: Improving Investment Decision-Making by Leveraging Diversity and Maximising Group Effectiveness

September 2019
Carlo Tjahjadi, Investment Analyst


In this article
  • In investment decision-making, ‘group think’ is usually perceived as a negative and ‘diversity’ as positive. However, in certain cases the opposite can be true.  Stuart Rae of AllianceBernstein explored at the JANA Conference 2019 a range of research on diversity and the behaviour of groups and applied this to how investment teams, investment committees and boards could be composed and managed to enhance outcomes.

Read more 2 min read



Conferences

2019 Breakout Session 1A: Examining the Potential Implications of Climate Change Scenarios for Long-Term Capital Market Assumptions

September 2019
Trent Stevenson, Investment Analyst


In this article
  • Sustainable investment specialist Danyelle Guyatt of Climate Insight provided at the JANA Conference 2019 an overview of the development of long-term climate change assumptions for the JANA Solve model. Ms Guyatt discussed the approach taken, approaches that others are taking and some of the challenges, such as data, models and assumptions needed, to develop scenarios that assess potential climate change impact.

Read more 2 min read



Conferences

2019 Breakout Session 1B: Looking Beyond the Traditional for Long-Term Return Drivers in Property

September 2019
Irene Zabala, Investment Analyst


In this article
  • Historically, the direct property portfolios of Australian institutional investors have been dominated by domestic office, retail and industrial assets. With the return outlook for these sectors appearing more modest than in the past, Al Rabil of Kayne Anderson and Christopher Heady of Blackstone discussed at the JANA Conference 2019 the emerging or less researched sectors and geographies for property investments that are considered able to produce attractive long-term returns.

Read more 3 min read



Conferences

2019 Breakout Session 1C: Understanding the Investment Impact of the Changing Superannuation Policy and Regulatory Environment

September 2019
Ben Coune, Investment Analyst


In this article
  • Australian superannuation funds face a changing policy and regulatory environment that is likely to have a significant impact on the investment landscape. Martin Fahy of ASFA discussed at the JANA Conference 2019 how the changing priorities of government and regulators are expected to impact on investment portfolios, and assess the potential long-term implications for funds and their members.

Read more 5 min read



Conferences

2019 Breakout Session 2A: Harvesting Persistent Credit Risk Premiums in Different Parts of the Private Debt Markets

September 2019
Lucie Bielczykova, Investment Analyst


In this article

Private debt offers investors access to higher and more stable credit risk premiums – one of the most persistent and attractive risk premiums available in capital markets. With some sectors of credit markets showing weakening standards and lower credit protections, David Manlowe of Benefit Street Partners and Matthew Turner of ICG explored at the JANA Conference 2019 different, more niche sectors and considered if these warrant longer-term allocations within portfolios.

Read more 6 min read