Michael Contopoulos of Janus Henderson is holding 7% cash, unusual for him, as a buffer against high volatility from geopolitical risks, inflation, and potential rate moves. He maintains a cyclical portfolio tilt (industrials, materials, EM ex-China) but is underweight US equities. He expects the 10-year yield to rise, potentially to 5% or higher if the Fed cuts, but sees a rangebound 4.4-4.6% if they hold or hike.
explicit
implicit
Oil
Metals
USD
Janus Henderson
7.8
Asset Manager $330.00B
Michael Contopoulos 8.0
Asset Manager $330.00B
Michael Contopoulos 8.0
5/28/2026 1:04:27 AM
ndx
He is underweight US equities, raised cash, and expects higher yields which typically pressure growth/tech stocks. He prefers cyclical value (industrials) over secular growth.
| 8/15/2025 6:41:23 PM | short term up | 7 days later | -1.22% | -1.22% |
rut
He likes small/mid-cap US industrials which are heavily represented in the Russell 2000, and notes they have outperformed the Nasdaq over 10 years.
yields
I think the 10-year is going higher... could easily approach 5%.
| 4/13/2026 11:02:47 PM | medium term up | 20 days later | +4.46% | +4.46% |
| 4/13/2026 11:00:20 PM | medium term up | 20 days later | +4.46% | +4.46% |
| 11/25/2025 10:11:27 AM | short term cautious down | 5 days later | +2.45% | -1.23% |
| 9/17/2025 6:17:31 PM | medium term down | 20 days later | +0.61% | -0.61% |
| 9/16/2025 6:36:48 PM | medium term down | 20 days later | +1.25% | -1.25% |
| 9/16/2025 2:05:10 PM | medium term cautious up | 20 days later | +1.25% | +0.63% |
| 9/15/2025 8:39:17 PM | short term up | 6 days later | +2.91% | +2.91% |
| 8/7/2025 11:40:17 PM | medium term cautious down | 20 days later | -1.82% | +0.91% |
