3Q 2009 Financial Markets Review

by Janus, 11/10/09

At Janus, we are dedicated to the advancement of investment knowledge and the promotion of best practices in asset management. We bring advisors some of the latest thinking from our analysts, portfolio managers, Janus executives and industry experts. Delivering intellectual capital that focuses on:

  • Janus investment team research
  • Industry and investment trends and themes
  • Market and economic happenings

To that end, we offer our quarterly Financial Markets Review, which provides insight into the key drivers of global financial markets from the perspective of the Janus investment team. Covered topics include quarterly performance of global equity and fixed income markets, significant macroeconomic developments and their impact on financial markets during the period and key factors to watch going forward.

Highlights from 3Q 2009 Financial Markets Review

Market Review

  • S&P 500® had best back-to-back quarterly performance since 1975
  • Corporate profitability surprisingly strong, is it sustainable?

Macro Review

  • Consumer spending may be improving, but headwinds remain
  • Deleveraging continues as demand for credit remains low
  • Inflation picture is uncertain

Sector Review

  • We think there is strong opportunity in fixed income and equity markets for fundamental analysis to add alpha
  • Some -- but not all -- stock prices reflect economic recovery
  • We believe it is important to be sensitive to valuations; beta (or higher risk) trade may be over

To learn more about market events during the third quarter 2009, including key takeaways about performance of the major asset classes and sectors, read our 3Q 2009 Financial Markets Review.

For more information about Janus' thought leadership whitepapers and market perspectives, visit janus.com Research & White Papers.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at 877-33JANUS or download the file from janus.com/info. Read it carefully before you invest or send money.

Past performance is no guarantee of future results.

This document is not intended to be an offer or solicitation, or the basis for any contract to purchase or sell any security or other instrument, or for Janus Distributors LLC to enter into or arrange any type of transaction as a consequence of any information contained herein. This document is not an advertisement and is not intended for public use or distribution.

Janus Distributors LLC (10/09)

FOR FINANCIAL PROFESSIONAL USE ONLY / NOT FOR PUBLIC VIEWING OR DISTRIBUTION

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