131. Living through the great tug of war between value and growth

John Bennett, manager of Janus Henderson European Focus, takes us on an eloquent journey around the continent in this podcast. With topics including V-shaped recoveries 1.0 and 2.0, the great tug of war between growth and value, how the S&P 500 became the S&P5, jumping on the ESG bandwagon, wooden satellite experiments, the winner in the salmon vs red meat argument and the posturing of President Macron – there’s something for every investor.
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Janus Henderson European Focus is a concentrated portfolio of 30 to 40 stocks. The manager has a pragmatic approach and considers the overall macroeconomic environment and sector trends, as well as the criteria of individual companies. He mixes blue-chip holdings with mid-cap stocks to achieve additional sources of return. Ideas are generated from a wide range of internal and external sources, enabling excellent coverage of the investment universe.

Read more about Janus Henderson European Focus

What’s covered in this podcast:

  • The manager’s thoughts on the ‘control-alt-delete’ recession and the subsequent V-shaped recovery of first industrials and now the consumer [0:19]
  • Prospects for inflation and the great tug-of-war between growth and value [1:45]
  • Why every investor is a value investor [3:20]
  • Why being pragmatic will help in this environment [3:40]
  • Which sectors the manager likes and dislikes, including some poster-child value areas [4:45]
  • Why the manager likes certain companies with hidden ESG attributes [6:38]
  • Which company is testing a wooden satellite and what it could mean for space debris in the future [9:23]
  • Why the manager is optimistic about Europe opening up [10:23]
  • Why, in the salmon vs red meat argument, there is only one environmental winner [11:37]
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