Andrew Mulliner is one of the senior members of Janus Henderson’s fixed team and a member of the Investment Strategy Group which manages the Janus Henderson Global Fixed Interest Total Return Fund. He was out from London this week to talk to local associates and while he was here, YieldReport went to visit him at the new Janus Henderson office in Collins Street.
During the one hour chat, we covered topics from the merger of Janus and Henderson in 2017 (easy on the fund managers but tough on Janus Henderson management and IT) to central bank’s view of imported inflation (he thinks they are aware of the temporary effects of exchange rate changes but people may be prone to cognitive bias as much as anyone) to high yield spreads (definitely slim at the moment).
The Janus Henderson Global Fixed Interest Total Return Fund has some restrictions such as limits on sub-investment grade securities in the portfolio, cash in the portfolio, asset-backed securities but essentially it can invest anywhere around the world in a variety of bond market securities and derivatives. Its goal is primarily to add value from investing in securities rather than gaining from currency movements so exchange rate hedging is typically put into place. Even so, he and his team take a view on currency movements along with a host of other macro-economic variables.
One of the questions YieldReport put to him which was a little different from the others was “how do you keep track of your mistakes?” This is a confronting question for anyone; it is human nature to forget mistakes and to remember the good times. However, Andrew quickly replied he recorded them by writing his recollections down. He said he had not always followed this practice but after one particular episode he began to do so.