Navigating the Currents: A Look Back at Q3 2025 for Multi-Asset Moderate Portfolios

Well, what a quarter it was, wouldn't you say? The third quarter of 2025, particularly for those of us steering the Janus Henderson Global Multi-Asset Moderate Managed Account, certainly kept us on our toes. It was a period marked by a fascinating interplay of economic signals, a bit of market chop, and, frankly, the ongoing task of balancing ambition with prudence in a world that never quite settles down. Our core objective, as always, remained steadfast: delivering consistent, risk-adjusted returns while navigating the myriad complexities of global markets for our investors.

Looking back at those three months, the macroeconomic landscape felt like a tapestry woven with both threads of caution and glimmers of opportunity. Inflation, a topic that has dominated headlines for what feels like an eternity, continued its slow, somewhat uneven descent. While we saw some encouraging signs of easing price pressures in certain sectors, the stickier elements, especially within services, meant central banks, including the Federal Reserve, largely maintained their hawkish stance. Interest rates, as you can imagine, remained elevated, shaping everything from corporate borrowing costs to the appeal of different asset classes. This persistent rate environment, coupled with a nuanced outlook for global growth—showing resilience in some regions, while others grappled with slowdowns—really set the stage for our strategic decisions.

Now, let's talk about the portfolio itself and how we positioned the Global Multi-Asset Moderate Managed Account. Our philosophy, remember, is built on diversification and active management, aiming to weather storms and capture opportunities wherever they emerge. In the equity space, it was a tale of careful selection. We continued to favor companies with strong balance sheets and robust earnings power, those that we believe can truly thrive regardless of the broader economic winds. Growth sectors, particularly those leveraging innovation, showed pockets of strength, but we were equally keen on value opportunities where quality businesses seemed unfairly discounted. We also maintained a thoughtful regional diversification, recognizing that not all economies move in lockstep.

On the fixed income side, it’s fair to say it was a period requiring precision. The higher-for-longer interest rate narrative meant we had to be incredibly discerning. We focused on maintaining a sensible duration profile, ensuring we weren't overly exposed to dramatic shifts in bond yields. High-quality corporate bonds and specific segments of the sovereign debt market offered attractive yields, allowing us to generate income while providing a degree of capital preservation. It’s a tricky balance, you see, generating decent returns in fixed income without taking on undue credit risk, especially when the economic outlook isn't entirely clear-cut.

Throughout the quarter, our multi-asset approach truly shone through. By holding a diverse mix of equities, fixed income, and select alternative strategies, we aimed to cushion against volatility in any single asset class. There were times, frankly, when one segment of the market faced headwinds, but another provided a stabilizing or even enhancing effect. This active reallocation and rebalancing, driven by our deep-dive analysis of market trends and fundamental shifts, is absolutely crucial for a moderate portfolio like ours. It's about being nimble, adapting to new information, and always keeping the long-term objective firmly in sight.

As we reflect on Q3 2025, we’re immensely grateful for the trust you place in us. While markets will undoubtedly continue their unpredictable dance, our commitment to diligent research, robust risk management, and thoughtful portfolio construction remains unwavering. We believe this disciplined, diversified approach positions the Janus Henderson Global Multi-Asset Moderate Managed Account well for whatever the future holds, aiming for steady progress through even the most complex market environments.