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Janus Henderson Investors

also referred to as: janus henderson

14 statements across 3 episodes · 3 bullish · 4 bearish · 3 people on the record · first statement Sep 30, 2021 by Daniel Graña · said 45 times in 20 episodes since 2017 · across every show →

Mentions by year

brought up most by Ted Seides (33), Andy Acker (5), Daniel Graña (3), Thomas Haugaard (2), Steve Galbraith (1), Carla Harris (1)

tap a year for its mentions
0015830152017201820192020202120222023episodesmentions
08152017201820192020202120222023episodes it came up in
002.57.55152017201820192020202120222023episodesmentions per episode
2023 5 mentions in 1 episode
2022 26 mentions in 12 episodes 2 per episode
2021 13 mentions in 6 episodes 2 per episode
2017 1 mention in 1 episode

every mention, scene by scene, with the transcript →

Everything said about Janus Henderson Investors, oldest first

Sep 30, 2021 neutral
Disclosure
Graña: Janus Henderson holds 35% to 45% in out-of-benchmark EM ideas
“We typically are between 35 and 45% of the portfolio in out of benchmark ideas.”
Daniel Graña Sep 30, 2021 ▶ 19:33 Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
Sep 30, 2021 negative
Opinion
Graña: Running emerging markets equity as a boutique shop is very hard
“I think it would be rather hard to recreate this as a sort of one man shop or a small man shop, a small woman shop. It would be very hard to recreate.”
Daniel Graña Sep 30, 2021 ▶ 37:10 Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
Sep 30, 2021
Insight
Graña: EM due diligence requires grassroots fieldwork, not conference meetings
“Due diligence isn't just about asking a treasurer or CFO or IR at a conference in New York. That's not sufficient due diligence. You need to travel to these countries, kick the tires, meet with competitors, meet with the supply chain, meet with former employee…”
Daniel Graña Sep 30, 2021 ▶ 35:20 Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
Sep 30, 2021 neutral
Assertion Partly supported
Graña: Up to 98% of EM Capital Is Benchmarked to MSCI
“In emerging markets, between 95 and 98% Of the money managed in this asset class is benchmark against MSCI emerging markets.”
Daniel Graña Sep 30, 2021 ▶ 16:21 Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
Sep 30, 2021 negative
Insight
Graña: Purely Bottom-Up Analysis Fails for Emerging Market Stocks
“I strongly believe that you can't have a purely bottom-up discussion on emerging market stock because you miss a key part of their story, which is the nature of the system these companies operate in.”
Daniel Graña Sep 30, 2021 ▶ 4:48 Daniel Graña – Janus Henderson Investors Emerging Markets Equity (Manager Meetings, EP.13)
Oct 6, 2022 negative
Assertion Not checkable as stated
Acker: Wall Street drug launch estimates are wrong 90% of the time
“And what we've found again in more than 23 years of investing in health care is that the consensus estimates from Wall Street Are wrong about 90% of the time.”
Andy Acker Oct 6, 2022 ▶ 14:54 Andy Acker - Empty Rooms: Investing in Biotech at Janus Henderson (Capital Allocators, EP.274)
Oct 6, 2022 bullish
Disclosure
Acker: Janus Henderson invested in BioNTech in 2017 at $2B valuation
“BioNTech, which is the company that made the first MRNA vaccine along with Pfizer, we invest in that company when it was still a private company back in 2017 when most people had never heard of MRNA... Back then the company had a two billion market cap in 2021…”
Andy Acker Oct 6, 2022 ▶ 39:11 Andy Acker - Empty Rooms: Investing in Biotech at Janus Henderson (Capital Allocators, EP.274)
Oct 6, 2022
Assertion Supported
Acker: The industry average success rate for Phase 3 trials is 50%
“And if you think about the industry statistics for a phase three study, the average success rate of the industry is about 50%.”
Andy Acker Oct 6, 2022 ▶ 11:51 Andy Acker - Empty Rooms: Investing in Biotech at Janus Henderson (Capital Allocators, EP.274)
Oct 6, 2022
Assertion Supported
Acker: 90% of drugs entering clinical trials never reach the market
“If you look at the industry over the last multiple decades, 90% of the products that begin human clinical testing never make it all the way to market.”
Andy Acker Oct 6, 2022 ▶ 10:45 Andy Acker - Empty Rooms: Investing in Biotech at Janus Henderson (Capital Allocators, EP.274)
Dec 14, 2023 positive
Disclosure
Haugaard: Janus Henderson Identified Costa Rica Mispricing Ahead of Major Rally
“For several years, we had a very strong rating compared to where the rating actually was, and we could see that the market was not pricing that rating, and part of the reason for that was because they had some short-term challenges in terms of approving issuan…”
Thomas Haugaard Dec 14, 2023 ▶ 29:50 Thomas Haugaard - Hard Currency Emerging Markets Debt at JHI (EP.356)
Dec 14, 2023 bearish
Disclosure
Haugaard: Janus Henderson Holds Zero Direct Investments in Chinese Sovereign Debt
“When you then look at valuation in China on the sovereign US dollar bonds, we've realized that it's not attractive for us. So we don't have investments in China.”
Thomas Haugaard Dec 14, 2023 ▶ 33:03 Thomas Haugaard - Hard Currency Emerging Markets Debt at JHI (EP.356)
Dec 14, 2023
Disclosure
Haugaard: Janus Henderson Ignores Treasury Yields to Focus Solely on Spreads
“We are not focused on that. We focus entirely on the EM side of the asset class. So we focus entirely on the risk premium, the spread that you get on top of US treasury yields. And we focus entirely on figuring out where that is going at the country level.”
Thomas Haugaard Dec 14, 2023 ▶ 11:46 Thomas Haugaard - Hard Currency Emerging Markets Debt at JHI (EP.356)
Dec 14, 2023 positive
Assertion Not checkable as stated
Haugaard: Janus Henderson Model Explains 85% of Sovereign Rating Variation
“So we built a statistical model that identifies what explains ratings. It identifies around 85% of the entire variation.”
Thomas Haugaard Dec 14, 2023 ▶ 23:39 Thomas Haugaard - Hard Currency Emerging Markets Debt at JHI (EP.356)
Dec 14, 2023 neutral
Disclosure
Haugaard: Janus Henderson Avoids Concentrated High-Conviction Bets in EM Debt
“Our strategy is characterized by many positions and not high conviction. We've seen plenty of accidents in EM the last 10 years, so putting all your eggs in a couple of baskets has never been our approach. We tend to have relatively measured bets. As an additi…”
Thomas Haugaard Dec 14, 2023 ▶ 31:37 Thomas Haugaard - Hard Currency Emerging Markets Debt at JHI (EP.356)
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