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

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 mangers 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 mangers 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

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

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.