Janus Henderson Maintains Overweight Stance on International Equities

Janus Henderson Investors is doubling down on its preference for international markets, signaling a strategic pivot based on global valuation metrics. The firm continues to maintain an overweight position in non-U.S. equities as part of its broader multi-asset strategy. Jian Fan Michael Contopoulos, the head of multi-asset macro investing at Janus Henderson, indicated that the decision is driven primarily by the expanding valuation gap between domestic U.S. stocks and their global counterparts. According to Contopoulos, the current pricing environment suggests that international markets are more attractively valued relative to the U.S. This positioning reflects a growing institutional skepticism regarding the sustainability of U.S. equity premiums. By overweighting international markets, the firm aims to capture potential upside as valuations normalize across different geographic regions. While the shift represents a significant internal strategic preference for Janus Henderson, it aligns with a broader macro trend of institutional investors seeking diversification away from high-concentration U.S. portfolios to mitigate valuation risk.