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Janus Capital launches launches global adaptive multi-asset fund


Janus Capital International’s (JCIL) Global Adaptive Multi-Asset Fund is now open to subscription from investors via the Janus Capital Funds plc range in the following countries: Austria, Belgium, France, Germany, Italy, The Netherlands, Spain, Sweden and the UK.

The Janus Global Adaptive Multi-Asset Fund aims to provide investors with total returns through the growth and preservation of capital and income by dynamically allocating its assets across a portfolio of equity, fixed-income and UCITS compliant commodity investments. The fund will concentrate on adjusting its asset allocations based on the forward-looking probability of extreme market movements to both the downside and upside. These tail loss and gain probabilities will be estimated through information implied in the market prices of global options, which have been previously proven to be effective leading indicators of market stress and enthusiasm. As a result, the portfolio will aim to be best positioned to generate total returns across multiple market cycles.
Equipped with this information about upside and downside tail, the fund will seek to benefit from the mitigation of significant negative market events while optimising the positive market equivalents. The goal will be to generate consistent and attractive total returns across multiple market cycles.

The Janus Global Adaptive Multi-Asset Fund will be led by portfolio managers Ashwin Alankar, PhD, Global Head of Asset Allocation and Risk Management, and Enrique Chang, President, Head of Investments. Nobel Prize winner and Chief Investment Strategist, Myron Scholes, PhD, will contribute to the overall investment strategy and has worked with Ashwin Alankar to develop a quantitative suite of technology that provides forward-looking assessments of expected tail events.
Alankar says: “The Janus Global Adaptive Multi-Asset Fund seeks to provide investors with a strategy that dynamically moves away from assets whose expected downside tail risks are increasing and focus on assets whose expected tail gains are increasing.
“The fund’s flexibility could appeal to a range of sophisticated investors because it aims to be able to dynamically move allocations and may invest up to 100 per cent of its assets in any of the permitted asset classes depending on market conditions, including cash.”
Myron Scholes, the Noble Prize recipient for Economics in 1997, says: “Compound returns, not average returns or performance relative to a benchmark, should be our major focus. They are enhanced most by mitigation of tail losses and participation in tail gains, each period of time. The options market prices provide valuable information about the risk of each period’s gains and losses.”
Augie Cheh, President of Janus Capital International, adds: “Downside shocks in the market can destroy wealth. Our multi-asset fund provides our clients with a strategy that aims to navigate through these shocks while capturing upside potential. Over time, the process looks to create for our clients a smoother path to wealth accumulation.
“Under the leadership of Myron Scholes, Ashwin Alankar and Enrique Chang, who are all highly regarded in their respective fields, we are confident that this new fund will be a meaningful tool for our clients when they think about asset allocation.”

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