Global Perspectives: Addressing the most

essential questions around AI

Janus Henderson Investors

May 2026

(Duration: 29 minutes)

Funds operated by this manager:

Janus Henderson Australian Fixed Interest Fund , Janus Henderson Conservative Fixed Interest Fund , Janus Henderson Diversified Credit Fund , Janus Henderson Global Natural Resources Fund , Janus Henderson Tactical Income Fund , Janus Henderson Australian Fixed Interest Fund - Institutional , Janus Henderson Conservative Fixed Interest Fund - Institutional , Janus Henderson Cash Fund - Institutional , Janus Henderson Global Multi-Strategy Fund , Janus Henderson Global Sustainable Equity Fund , Janus Henderson Sustainable Credit Fund

All opinions and estimates in this information are subject to change without notice and are the views of the author at the time of publication. Janus Henderson is not under any obligation to update this information to the extent that it is or becomes out of date or incorrect. The information herein shall not in any way constitute advice or an invitation to invest. It is solely for information purposes and subject to change without notice. This information does not purport to be a comprehensive statement or description of any markets or securities referred to within. Any references to individual securities do not constitute a securities recommendation. Past performance is not indicative of future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

Whilst Janus Henderson believe that the information is correct at the date of publication, no warranty or representation is given to this effect and no responsibility can be accepted by Janus Henderson to any end users for any action taken on the basis of this information.

Who's winning the AI race - and does it matter?

abrdn

May 2026

(Duration: 27 Mins)

Funds operated by this manager:

Market Commentary - April

Glenmore Asset Management

May 2026

(2-minute read)

Funds operated by this manager:

Glenmore Australian Equities Fund

Hedge Clippings | 15 May 2026

Last week, Hedge Clippings focused on the RBA's decision to raise rates, and the concerns raised by Nick Chaplin from Seed Funds Management and Renny Ellis from Arculus Funds Management that the Bank may have moved too soon when cutting rates last year, and now, thanks to inflation and energy prices, they're heaping further stress on households by returning them to their previous levels.

Now we have the Budget. There is plenty in it for tax advisers, accountants and political commentators, but that is not AFM's lane. For managed fund investors, the issue is not tax detail, but the assumptions underneath the Budget, and the general thrust of the government, which is to target those with assets, or income, to find extra revenue.

Our real concern is the emphasis and increased reliance on personal income tax as the major source of government revenue. Currently, this accounts for around 48-50% of total government revenue, but the AFR estimates it will rise to 54.5% by FY29-30. And you can forget the Treasurer's handout of $250 to each wage earner; this doesn't kick in until FY 2027-8, by which time the 68 cents per day will have been fully eroded by a combination of inflation and/or bracket creep.

Thanks, Jim!

Budgets are full of forecasts. Markets are full of people discovering which forecasts were wrong.

Treasury expects headline inflation to reach 5.0% through the year to the June quarter 2026, with most of the increase attributed to higher fuel prices. It then expects inflation to decline to 2.5% by the June quarter 2027, helped by an assumed fall in global oil prices from mid-2026. Growth is forecast to slow from 2.25% in 2025-26 to 1.75% in 2026-27, before recovering to 2.25% in 2027-28.

That is the soft-landing version: inflation eases, growth slows but does not break, unemployment rises gradually, and households absorb more pressure.

It may prove right. It may also prove optimistic. The Budget acknowledges the outlook is highly uncertain, particularly around the Middle East conflict, supply chain disruption, and persistently high inflation.

For managed fund investors, the question is not whether Treasury's forecasts are right or wrong. The better question is whether portfolios are being built as though those forecasts are guaranteed.

That is where fund selection matters. If rates stay higher for longer, long-duration growth assets, listed property, infrastructure and parts of fixed income remain exposed to valuation pressure. If growth slows more sharply than expected, credit risk becomes more important, particularly in lower-rated or less liquid strategies. If inflation remains sticky, cash and floating-rate income may continue to look attractive, but investors still need to understand what risk is being taken to generate yield.

Private credit is a useful example. It has become popular for good reason: investors want income, floating-rate exposure, and lower correlation to listed equities. But ASIC has identified poor private credit practices as one of its 2026 enforcement priorities, and has flagged increased retail exposure to private credit markets as a key issue. However, not all private credit is the same, depending on the way the fund is managed, spread of risk, and the underlying asset type in the fund.

The Budget also points to more scrutiny of managed investment schemes, including ASIC's use of data and consultation on new data collection powers.

That is no bad thing. In a tougher market, investors need more than a good headline return. They need to understand liquidity, leverage, valuation policies, concentration, volatility, drawdowns and how a fund may behave if the assumptions do not hold.

The Budget's real message for investors is not hidden in the tax act which now exceeds 14,000 pages. It is in the forecasts. If inflation falls, oil prices ease, and growth holds up, the path is manageable. If not, the next twelve months may test which funds are resilient and which were priced for a forecast that was too neat.

News | Insights

10k Words | Equitable Investors

Prediction Markets: The next big disruption in investing? | Magellan Investment Partners

April 2026 Performance News

Seed Funds Management Financial Income Fund

Insync Global Capital Aware Fund

Airlie Australian Share Fund

Glenmore Australian Equities Fund

DS Capital Growth Fund

Bennelong Long Short Equity Fund

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