Janus Henderson Horizon Global Property Equities Fund on PSP Swiss Property AG
Thesis
The fund added PSP Swiss Property to increase exposure to a more defensive European real estate profile. This came after a mixed regional quarter in which Switzerland had weakened, potentially improving the relative entry setup. The managers continue to see healthy property fundamentals and resilient demand for high-quality space. PSP was selected specifically for its defensive characteristics within that broader framework.
“In Europe, we added PSP in Switzerland given its typically more defensive characteristics.”
Key risks
- Swiss real estate weakened during the quarter
- The interest-rate outlook remains uncertain