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We believe that why we do things is just as important to our clients as what we do. An understanding of our investment philosophy and the beliefs that underpin it, is just one way we build deep relationships with clients.
At JANA, our investment philosophy is underpinned by the fundamental belief that it’s possible to reduce risk and outperform over the long term. That fundamental belief is supported by a number of core beliefs. Core beliefs that form the basis of everything we do.
Markets offer opportunities
We believe that markets are often inefficient and this provides opportunities to add value over time at all stages of the investment process, including active management of asset allocation, positioning within asset classes, security selection and implementation.
Valuation is key
Valuation guides our approach as we believe the price paid for an asset is a key driver of investment outcomes. We consider valuation from both absolute and relative perspectives.
Thorough research and analysis delivers insight and superior investment performance
We undertake broad and deep market and manager research in order to understand the ‘why’ rather than the ‘what’. This requires a rigorous process, judgement and experience to evaluate the range of factors driving markets and to identify managers with outstanding qualities that will deliver superior risk and return outcomes over a market cycle.
Understanding and managing risk is critical
We assess risk at all stages of the investment process. This requires a deep understanding of underlying fundamentals and an assessment of market and other risks including liquidity, structural, ESG and climate change risks. We target risks for which we expect to be rewarded while avoiding those where the returns appear too low.
Sustainable investment outcomes can be achieved from well-constructed portfolios
Diversification is the best way to manage uncertainty and the risk of being wrong. We seek to build portfolios that will be robust in a range of potential economic and market environments and which will therefore achieve sustainable investment outcomes over time.
Investment success requires taking a long-term perspective and being prepared to be different
We take a long-term perspective and are prepared to be different when we have a high conviction view that the outlook for returns or risk has moved to extremes. This often requires patience as it can take time for the valuation of markets and styles to adjust.