John Kerschner 3.4 3 ideas
Global Head of Products/PM, Janus Henderson Investors
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3/15 min ideas
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By sector
ETF
3 ideas
-0.5%
Top tickers (by frequency)
JAAA
1 ideas
0% W
-0.3%
JA
1 ideas
100% W
+0.1%
JBBB
1 ideas
0% W
-1.1%
Best and worst calls
Best calls
JA LONG
+0.1%
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in softwar...
Feb 19
JAAA LONG
-0.3%
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in softwar...
Feb 19
JBBB LONG
-1.1%
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in softwar...
Feb 19
Worst calls
JBBB LONG
-1.1%
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in softwar...
Feb 19
JAAA LONG
-0.3%
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in softwar...
Feb 19
JA LONG
+0.1%
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in softwar...
Feb 19
Software stocks are crashing (IGV down 22%), but actual corporate defaults have not risen yet. The volatility in software equity hurts the "Equity" and "BB" tranches of CLOs (which hold ~14-19% software debt). However, Investment Grade tranches (AAA, A, BBB) are insulated from price volatility as long as defaults remain low. Floating rate structures protect against rate volatility. LONG. Investors should move down the stack from AAA to A/BBB (JBBB) to capture 50-100bps extra yield with minimal added default risk. A spike in actual corporate defaults (not just stock price drops) in the software sector.
Global Head of...