Greg Wilensky and Jeremiah Buckley of JanusHenderson - Fixed Income and Building Balanced Portfolios

Orion's The Weighing Machine

Today Rusty & Robyn are joined by Greg Wilensky and Jeremiah Buckley, head of US Fixed Income and Portfolio Manager at JanusHenderson respectively.

Greg Wilensky is Head of US Fixed Income and a portfolio manager at Janus Henderson Investors, a position he has held since 2020. Prior to joining the firm, Greg served as senior vice president, director of the US multi-sector fixed income team and held several director and portfolio manager positions that spanned short duration, inflation-protected fixed income, securitised assets, and multi-asset strategies at AllianceBernstein from 1996 to 2019. Prior to that, he was a treasury manager – corporate finance at AT&T Corp. from 1993 to 1996. Greg received his bachelor of science degree in business administration from Washington University, graduating magna cum laude. He also earned an MBA with high honours from the University of Chicago. Greg holds the Chartered Financial Analyst designation and has 31 years of financial industry experience.

Jeremiah Buckley is a Portfolio Manager at Janus Henderson Investors. Jeremiah joined Janus in 1998 as a research analyst covering the consumer, industrials, financials, media, software, and telecommunications sectors. He was Janus’ consumer sector lead for 10 years before transitioning to full-time portfolio management. Jeremiah earned his bachelor of arts degree in economics from Dartmouth College, graduating Phi Beta Kappa. While there, he received the Class of ’39 scholarship for academic and athletic achievement and the Class of ’48 male scholar-athlete of the year award. He was also selected for the 1998 Academic All-Ivy Hockey Team and served as the men’s hockey captain from 1997 to 1998. Jeremiah holds the Chartered Financial Analyst designation and has 26 years of financial industry experience.

Key Takeaways

• [03:37] - Greg’s professional background and what has been interesting to him about the Fixed Income space in particular?
• [06:34] - Jeremiah’s professional background and more on his time at JanusHenderson.
• [08:09] - Are 60/40 portfolios still relevant and why might a balanced strategy be a great way to re-enter the market for those who went to cash in 2023?
• [12:01] - What distinguishes JanusHenderson’s balanced strategy from their peers?
• [16:38] - What is the argument for growth stocks at the current moment?
• [19:31] - Are there certain growth-oriented sectors or industries that they expect to do particularly well going forward?
• [21:24] - Is there a good argument for investing in Fixed Income right now?
• [22:44] - Are there currently certain Fixed Income sectors that are particularly attractive to the JanusHenderson team?
• [24:43] - Does Jeremiah think that interest rates are going to continue to go up?
• [26:09] - Does a Fed outlook even affect the way that they manage portfolios? Also, do they have a view on when the Fed might move into an easing cycle?
• [28:33] - What is currently their favorite investment idea?

Quotes

[08:09] - “I still think 60/40 portfolios are very relevant, especially when you consider the alternatives of trying to swing back and forth between high risk assets, let’s say an all stock portfolio, and a money market fund. You know, there’s always going to be a reason to be concerned about the outlook for the global economy, and what this may mean for markets, but swinging for the fences by massively deviating away from an appropriate, strategic asset allocation plan is unlikely to be a winning strategy.” ~ Greg Wilensky

[12:01] - “For [JanusHenderson], in simple terms, is to participate and protect. We want to participate in most of the upside of the equity market, but also protect from a good portion of the downside when risk assets are negative. I would note that in most time periods…most years, you know, risk assets are positive, so the focus should be on participating in that upside.” ~ Jeremiah Buckley

Links

• Jeremiah Buckley
• Greg Wilensky on LinkedIn
• JanusHenderson Investors
• “Shout” by Otis Day & The Knights
• “Enter Sandman” by Metallica

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Disclosure(s) - Orion Portfolio Solutions, LLC, an Orion Company, is a registered investment advisor.

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