Janus Henderson B-BBB CLO ETF (JBBB)
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Trouble Ahead: You Don't Want To Own CLO Mez Tranches At This Time
I assign a Sell rating to Janus Henderson B-BBB CLO ETF (JBBB), citing an unfavorable environment for mezzanine CLO tranches. JBBB's risk profile is elevated due to its exposure to leveraged credit, and loans to the software industry. Capital models show that de-leveraging can inflict capital losses on mezzanine CLO tranches, a risk now materializing in both Europe and the US.
JBBB: The Rate Hike Play You Should Have In Your Portfolio
Janus Henderson B-BBB CLO ETF is rated Buy, offering diversified exposure to floating-rate CLOs amid rising inflation and potential rate hikes. JBBB's portfolio is concentrated in BBB-rated CLOs, reflecting a conservative approach within the B-BBB credit spectrum and spanning 238 issuances across industries. Structural oil market disruptions and elevated prices are expected to sustain inflation, increasing the likelihood of Fed rate hikes that benefit JBBB's floating-rate holdings.
Janus Henderson B-BBB CLO ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| TJD Thomas John Drogan PR Inc.IPAL SECURITIES Inc. | 7,794 | $369,033 | $368,578.26 | -$454.74 | -0.12% |
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 12,327 | $583,670 | $583,313.64 | -$356.36 | -0.06% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 762 | $36,567.56 | $36,088.32 | -$479.24 | -1.31% |
 Adams Wealth Management Adams Wealth Management | 138,199 | $6.73M | $6.54M | -$186,568.65 | -2.77% |
 Kyle P. Smith NewEdge Wealth LLC | 45,143 | $2.1M | $2.14M | $32,051.53 | 1.52% |
Janus Henderson B-BBB CLO ETF (JBBB) FAQ
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Janus Henderson B-BBB CLO ETF Profile
| BATS Exchange | US Country |
Overview
This fund strategically positions itself in the financial market by focusing on collateralized loan obligations (CLOs), with a sharp emphasis on maintaining a portfolio that leans towards investment-grade ratings. It explicitly limits its engagement with CLOs rated below BB+ or those unrated but considered of equivalent credit quality by the Adviser, capping such investments at a maximum of 15% of its net assets. With a clear preference for U.S. dollar-denominated CLOs, the fund displays a conservative approach to its investment strategy. Furthermore, it utilizes derivatives exclusively for hedging purposes, aiming to minimize risks related to its existing CLO portfolio, showcasing a cautious and risk-averse investment methodology.
Products and Services
The following delineates the fund's primary products and services:
- Investment in CLOs:
The cornerstone of the fund's strategy focuses on investing predominantly in collateralized loan obligations. This entails a precise selection of CLOs, emphasizing those rated at or above BB+ or equivalent, reflecting a commitment to credit quality and financial stability.
- Limited Exposure to Below Investment Grade CLOs:
A calculated portion of the fund's assets, no more than 15%, may be allocated to CLOs that fall below investment grade (BB+ or lower) or are unrated but deemed of similar credit quality. This strategy is designed to diversify investment risks while maintaining a concentration on higher credit quality assets.
- U.S. Dollar-Denominated Investments:
All investments made by the fund are in U.S. dollar-denominated CLOs, which caters to investors seeking to avoid currency exchange rate volatility. This approach simplifies the investment process and enhances the appeal for U.S.-based investors.
- Derivatives for Hedging:
The fund incorporates derivatives into its strategy with the sole purpose of hedging against risks inherent in its CLO portfolio. This cautious use of derivatives is aimed at risk mitigation rather than speculative gains, aligning with the fund's risk-averse investment philosophy.
