The Janus Henderson Global Adaptive Capital Growth Managed Account demonstrated robust performance in the third quarter of 2025, yielding a gross return of 7.09%. This performance notably outstripped its benchmark, the 80% MSCI ACWI / 20% Bloomberg Global Aggregate 3-5 Year Index, which recorded a 6.21% return. This positive outcome was primarily propelled by strategic overweight allocations to equities, though positions within the fixed income market faced headwinds.
A supportive backdrop for risk assets is emerging, fueled by several key factors. Expectations of increased corporate and governmental expenditures are creating a buoyant environment for investments. Furthermore, the potential for additional interest rate reductions is anticipated to provide further impetus, encouraging greater market activity and investment.
Globally, equity markets experienced an ascent when measured in U.S. dollar terms. This rally was largely attributed to a decrease in trade tensions and encouraging indications of sustained economic expansion across various nations. The U.S. market, in particular, exhibited substantial strength, partly due to investor anticipation of favorable policy adjustments.
Despite challenges in the fixed income sector, the overall strategic tilt towards equities proved beneficial. The fund's asset allocation strategy was instrumental in navigating the quarter's market dynamics, with significant contributions from equity exposures offsetting the drags from fixed income. This strategic emphasis underscores a forward-looking approach, positioning the portfolio to capitalize on a potentially more favorable economic landscape.
The current investment climate, characterized by easing trade frictions and signs of resilient economic activity worldwide, continues to bolster the case for equity investments. The U.S. market's exceptional performance is a testament to strong investor confidence, underpinned by the prospect of continued economic growth and accommodating monetary policies. This confluence of factors creates an optimistic outlook for managed accounts focused on adaptive capital growth.