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Janus CEO: CLO ETFs Held Strong Amid Market Volatility
Janus CEO: CLO ETFs Held Strong Amid Market Volatility

Yahoo

time07-05-2025

  • Business
  • Yahoo

Janus CEO: CLO ETFs Held Strong Amid Market Volatility

CLO ETFs experienced no 'dislocations or surprises' during the April volatility, and the structures behaved 'exactly as we had anticipated,' said Ali Dibadj, CEO of Janus Henderson Investors. As reported by Bloomberg and the Financial Times, CLO ETFs listed in the U.S. swung to wide discounts in early April—on average, more than 1% on April 4—as investors made large withdrawals during the market volatility. Even the $20 billion Janus Henderson AAA CLO ETF (JAAA), by far the world's largest CLO ETF, was changing hands more than 1% below its net asset value (NAV). CLOs, or collateralized loan obligations, are securities providing exposure to an actively managed pool of loans made to companies—typically private equity. The CLO pool is then sliced into tranches, ranging in seniority from AAA to equity, with each tranche enjoying different claims on the cash flows of the loans as well as protections from credit losses. JAAA Leads Among CLO ETFs JAAA launched in October 2020 and has demonstrated very strong asset-gathering ability. Janus Henderson boasts roughly an 80% market share in the category. Speaking at the group's first-quarter earnings call, Dibadj said, 'Investors in this ETF … tend to be medium- to long-term holders. That said, there are also some shorter-term investors, and that is where you can see the turnover in the market that creates the volatility.' The outflows highlighted that ETFs with somewhat illiquid underlying securities can detach from NAV in stressed scenarios, with the ETF itself acting as a price-discovery mechanism. For Dibadj, however, the redemptions from Janus Henderson's ETFs were soaked up as expected, with 'very little impact' on the CLO market or the underlying portfolio. 'We have seen no dislocations or surprises. In fact, we have been quite pleased with how the market reacted—in a very measured and disciplined way—exactly as we had anticipated, even given the scale of our position.' Janus Henderson debuted a European iteration of JAAA in January, and the fund has gathered $101 million in assets since inception. This article was originally published at sister publication ETF Stream. Permalink | © Copyright 2025 All rights reserved

Janus Henderson Eyes Saudi Arabia for Middle East Expansion
Janus Henderson Eyes Saudi Arabia for Middle East Expansion

Yahoo

time17-02-2025

  • Business
  • Yahoo

Janus Henderson Eyes Saudi Arabia for Middle East Expansion

(Bloomberg) -- Janus Henderson Group Plc is pursuing opportunities in Saudi Arabia as it looks to grow its footprint in the Middle East and boost regional investment. Progressive Portland Plots a Comeback Why Barcelona Bought the Building That Symbolizes Its Housing Crisis Why American Mobility Ground to a Halt A Filmmaker's Surreal Journey Into His Own Private Winnipeg How to Build a Neurodiverse City Opening an office in the kingdom is a 'likely outcome' for the global asset manager, though no official decision has been taken, according to Chief Executive Officer Ali Dibadj. Saudi national Baraa Amir was recently appointed as executive director for the Middle East and Africa and will help to 'start laying the groundwork' for more investment in the region, he said. 'We're looking to expand for sure because we see a lot of opportunity,' Dibadj said in an interview in the Saudi capital of Riyadh on Sunday. 'We are very focused on investing locally.' Saudi Arabia has drawn increasing interest from Wall Street giants and investment titans over the past year as the kingdom embarks on a massive investment spree to back its economic diversification plans. Goldman Sachs Group Inc. and BlackRock Inc. are among those that have moved to establish regional headquarters in Riyadh and State Street Corp. aims to launch more Saudi bond ETFs to give investors greater access to local debt. Janus Henderson already manages assets in the 'low double digit billions of dollars' on behalf of clients in the Middle East, including sovereign wealth funds and family offices, according to Dibadj. The global asset manager has offices in the UAE and last year launched a private capital division focused on emerging markets after it acquired the private investments team of Kuwait's largest bank. Janus has been benefiting from the wave of institutional investors that are looking for easy ways to invest in both European and US collateralized loan obligations, an asset class that now totals over $1 trillion globally. Last year, rival Fair Oaks Capital was first to launch an exchange-traded fund in Europe that tracks CLOs after years of chatter in the market. Janus Henderson followed suit last month and Invesco Ltd. has now entered the arena. Dibadj said the Middle East should also be able to benefit from the frenzy of interest from investors. 'The beauty of that structure is that it is quite transportable,' Dibadj said. 'This region can certainly get the benefit. Asia can get the benefit. So absolutely, yes, there will be more.' Clients generally are becoming more interested in fixed income and seeking more exposure to those assets, he said. 'That is a shift that we've seen among our clients, which are looking much more for yield,' Dibadj said. 'There is cash on the sidelines. People are looking for opportunities to enter the fixed income marketplaces.' The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The NBA Has Fallen Into an Efficiency Trap How Silicon Valley Swung From Obama to Trump ©2025 Bloomberg L.P. Sign in to access your portfolio

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