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.




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 Market Commentary - January 2019


February 2019
James Leigh, Investment Analyst


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


In this article
  • Concerns over rising US interest rates faded.
  • US temporarily reopened the government after the longest federal government shutdown in history.
  • Theresa May’s Brexit deal was defeated convincingly in UK Parliament in January.
Read more 3 min read




JANA Insights

December 2018 Monthly Macroeconomic Update


February 2019
Steven Carew, Head of Research & Investment Outcomes


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 solid but moderating
  • UK – Weak outlook remains
  • Europe – Growth slowing
  • China - Growth moderating
  • Japan – Slow growth outlook remains
  • Australia – Moderate growth outlook remains
  • New Zealand – Moderate growth outlook remains
Read more 5 min read




JANA Insights

JANA Market Commentary – December 2018


January 2019
Natalie Thomas, Investment Analyst


JANA’s monthly commentary summarises the factors driving markets and the economic environment.


In this article
  • Global equities experienced a sharp decline in December on global growth concerns, continued trade tension and uncertainty around US monetary policy
  • In aggregate economic data remained positive, with US growth expectations holding steady and global growth expectations only declining modestly
  • The Australian economy experienced its weakest growth in two years, however, Australian equities materially outperformed overseas equities
  • Yields in developed markets fell to conclude the year only fractionally higher than the beginning of the year
Read more 3 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

JANA Market Commentary – November 2018


December 2018
Sam Pfitzner, Investment Analyst


JANA’s monthly commentary summarises the factors driving markets and the economic environment.


In this article
  • The US saw partial recovery of October’s fall in equities following a strong third-quarter earnings season
  • Geopolitical concerns continued between the US and China, whilst Brexit negotiations progressed
  • Australian markets fell over the month in contrast to the global environment
  • The Australian dollar appreciated against major currencies likely motivated by the RBA’s updated growth forecasts and comments
  • Yields in developed markets fell
Read more 5 mins 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




JANA Insights

November 2018 Macroeconomic Update


November 2018
Jeremy Wilmot, Principal Consultant


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 – Solid growth outlook remains
    • UK – Brexit uncertainty weighing
    • Europe – Growth moderating
    • Japan – Modest growth outlook expected
    • Australia – Moderate growth outlook remains
    • New Zealand – Moderate growth outlook remains
Read more 15 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.


This paper provides an overview of the different types of hedge fund strategies and touches on several cyclical and structural forces which have acted as headwinds for many strategies since the GFC. We believe some of these are now unwinding and highlight several changing market dynamics which could be highly supportive of the sector looking forward. We remain positive on the role that alternatives can play within an institutional portfolio and argue that the performance set for alternatives will be richer in the next ten years compared to the past ten.


In this article
  • Hedge funds – discussing past performance
  • Absolute return funds
  • Reasons why to be positive on hedge funds
Read more 20 min read