Janus Capital Group Institutional regularly publishes thought papers and market perspectives that we believe will be of interest to clients and consultants.
New Target-Date Fund Research Janus recently conducted two in-depth research projects to understand the opportunities and challenges presented by target-date funds for defined contribution plan participants, sponsors, fund managers and consultants. The findings reveal a number of significant challenges that may impact the continued viability and growth of target-date funds, from broad participant misuse and misunderstanding, to a lack of comprehensive education and fund due diligence on the part of some plan sponsors. Read the paper summarizing the key findings.
Survey Raises New Fiduciary Risk Concerns for Plan Sponsors A recent 2008 survey of defined contribution plan sponsors, sponsored by Janus and PLANSPONSOR magazine, reports that plan sponsors may be unknowingly subjecting themselves to greater fiduciary risk by not holding target date funds to the same standards as other funds in the menu, and for not being properly diversified in both their target date funds and overall plan menu.
Making the Most of the Middle Ground Many plan sponsors often classify fundamental, active managers by expected tracking error. However, for those who seek fundamental managers in the middle ground-tracking error neither too large nor small-an interesting dilemma emerges. Janus' most recent white paper, Making the Most of the Middle Ground: An Approach to Constraining Tracking Error Without Constraining Excess Returns, presents a heuristic model to understand fundamental, active manager behavior under tracking error constraints as well as a potential solution to improve the efficiency and excess return of a portfolio under such constraints: A sector neutral, team-led research approach.
ROIC Analysis: The Quest for QualityJanus' most recent white paper, The Quest for Quality: Identifying Sustainable Long-Term Growth Opportunities Using ROIC Analysis, takes an in-depth look at ROIC and why it is important. It then delves into the mechanics of ROIC using historical case studies to turn the concept into practice. Read the full white paper to experience first hand how Janus uses ROIC as part of its rigorous research process.
