Janus Henderson Investors’ co-head of global bonds, John Pattullo will retire in March 2025 after 27 years with the firm.
Jenna Barnard will assume sole leadership of the global bond team and retain portfolio manager responsibilities for the funds she runs alongside Pattullo, with whom she has worked for 20 years.
They both co-manage the £2.3bn Janus Henderson Strategic Bond fund and the £1bn Janus Henderson Fixed Interest Monthly Income fund, among others.
Nicholas Ware, who has been a fixed income portfolio manager at Janus Henderson since 2012, will become a named portfolio manager on all Janus Henderson’s strategic bond and developed world bond funds as part of the firm’s succession planning.
Analysts at RSMR said the Strategic Bond fund is a core option for conservative investors, with an emphasis on quality, capital preservation and consistent returns. Performance has trailed the sector average over five years, as the chart below shows, but RSMR’s analysts said this fund tends to perform better in risk-off markets.
Performance of fund versus sector over 5yrs
Source: FE Analytics
Barnard and Pattullo employ a thematic macro framework, looking at the structural drivers of economies such as excessive debt, inequality, globalisation, demographics and technology. “This approach results in more of a holistic view of what the managers term the ‘climate’ of investing and provides a framework which excludes a lot of the short term market noise,” RSMR explained.
Barnard and Pattullo describe their philosophy as “sensible income”, with the goal of delivering consistent returns via an understandable investment approach.
“The ‘sensible’ theme results in a large proportion of the investment universe being screened out,” RSMR analysts said.
“As you might expect, the screen removes highly cyclical and operationally and financially leveraged issuers and it also excludes industries and companies that fail to consistently generate value. The team is essentially looking to invest in quality credits and avoid unstable, risky sectors and companies.”