Latest news with #JanusHendersonGroupplc
Yahoo
04-05-2025
- Business
- Yahoo
Earnings Update: Janus Henderson Group plc (NYSE:JHG) Just Reported Its First-Quarter Results And Analysts Are Updating Their Forecasts
Investors in Janus Henderson Group plc (NYSE:JHG) had a good week, as its shares rose 8.5% to close at US$35.63 following the release of its quarterly results. Janus Henderson Group reported in line with analyst predictions, delivering revenues of US$621m and statutory earnings per share of US$2.56, suggesting the business is executing well and in line with its plan. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We thought readers would find it interesting to see the analysts latest (statutory) post-earnings forecasts for next year. We check all companies for important risks. See what we found for Janus Henderson Group in our free report. Taking into account the latest results, Janus Henderson Group's seven analysts currently expect revenues in 2025 to be US$2.57b, approximately in line with the last 12 months. Per-share earnings are expected to shoot up 44% to US$3.57. Before this earnings report, the analysts had been forecasting revenues of US$2.53b and earnings per share (EPS) of US$3.64 in 2025. So it looks like there's been a small decline in overall sentiment after the recent results - there's been no major change to revenue estimates, but the analysts did make a minor downgrade to their earnings per share forecasts. See our latest analysis for Janus Henderson Group It might be a surprise to learn that the consensus price target was broadly unchanged at US$36.48, with the analysts clearly implying that the forecast decline in earnings is not expected to have much of an impact on valuation. There's another way to think about price targets though, and that's to look at the range of price targets put forward by analysts, because a wide range of estimates could suggest a diverse view on possible outcomes for the business. The most optimistic Janus Henderson Group analyst has a price target of US$45.00 per share, while the most pessimistic values it at US$25.30. As you can see, analysts are not all in agreement on the stock's future, but the range of estimates is still reasonably narrow, which could suggest that the outcome is not totally unpredictable. One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's also worth noting that the years of declining revenue look to have come to an end, with the forecast stauing flat to the end of 2025. Historically, Janus Henderson Group's top line has shrunk approximately 1.0% annually over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenue grow 5.1% per year. So it's pretty clear that, although revenues are improving, Janus Henderson Group is still expected to grow slower than the industry. The biggest concern is that the analysts reduced their earnings per share estimates, suggesting business headwinds could lay ahead for Janus Henderson Group. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. The consensus price target held steady at US$36.48, with the latest estimates not enough to have an impact on their price targets. With that in mind, we wouldn't be too quick to come to a conclusion on Janus Henderson Group. Long-term earnings power is much more important than next year's profits. We have forecasts for Janus Henderson Group going out to 2027, and you can see them free on our platform here. Another thing to consider is whether management and directors have been buying or selling stock recently. We provide an overview of all open market stock trades for the last twelve months on our platform, here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
27-04-2025
- Business
- Yahoo
Janus Henderson Group plc (JHG): Among Billionaire Nelson Peltz's Stock Picks with Highest Upside Potential
We recently published a list of . In this article, we are going to take a look at where Janus Henderson Group plc (NYSE:JHG) stands against other billionaire Nelson Peltz's stock picks with highest upside potential. Nelson Peltz is one of the renowned figures in the financial world mainly due to his role as a billionaire who has served as a board member of some large corporations and also due to being the co-founder of Trian Fund Management. As per Forbes, his current net worth is $1.6 billion whereas Trian Fund Management has around $8.5 billion as assets under management. Nelson Peltz was born in 1942 and entered the business world through his family's wholesale food distribution company A. Peltz & Sons. He started his journey as a delivery truck driver and later transformed the company with his brother Peter May. Peltz shifted the gears of his family business by transitioning its focus to international frozen foods and launched a new brand called Flagstaff Corp, which later went public and was sold for $150 million in 1972. Later, Peltz turned his modest income to build a multi-million fortune by a series of bold moves, starting with leveraged buyouts financed with junk bonds. For reference, junk bonds are bonds with a higher risk of default as compared to other bonds issued by corporations and governments. However, because of this higher risk investors are compensated with lucrative interest rates, therefore junk bonds are also high-yield bonds. Notably, Peltz acquired Triangle Industries in 1983 and later sold it for $4 billion 5 years later. He also acquired Snapple, turned its business to profitability, and sold it 3 years later at a significant upside. These numerous acquisitions of underperforming and undervalued businesses, being sold at profitability, demonstrate his ability to fix businesses. Nelson Peltz has a famous quote that says: 'I spent most of my career operating businesses and fixing businesses, not staring at a Bloomberg screen.' The form of investment that billionaire Peltz follows is known as Activist Investment, which essentially means an investor or a group of investors buys a stake in a public company to influence the operations of the company. Mostly, activist investors do this by taking a seat on the board of directors. Peltz defines an activist investor in a quote that says: 'The activists play the balance sheet by selling a division to buy back stock and leveraging the balance sheet and buying back more stock.' Currently, Peltz is the co-founder of Trian Fund and also serves on the boards of some major public corporations. As of March 2024, Trian Fund Management oversees discretionary assets totaling $6,202,444,791 for 25 clients. To compile the list of billionaire Nelson Peltz's 8 stock picks with the highest upside potential, we sifted through 13F filings of Trian Partners, from Insider Monkey. From these filings, we checked each stock's upside potential from CNN and ranked the stocks in ascending order of the upside potential. We have also added the Trian Partners stake in each company and the hedge fund sentiment around each stock. Please note that the data was recorded on April 21, 2025. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A close-up of a computer monitor, showing the interface of a financial trading Henderson Group plc (NYSE:JHG) is a global asset management company based in the United Kingdom. It specializes in investment management across a diverse range of asset classes including equities, fixed income, and alternatives. On April 9, TD Cowen analyst William Katz maintained a Buy rating on the stock with a price target of $51. The company turned its outflows into inflows in fiscal 2024. It achieved $2.4 billion in net inflows from $31 billion in outflows last year. This was driven by diversified income generation in North America, EMEA, Latin America, and Asia Pacific. Moreover, Janus Henderson Group plc (NYSE:JHG) also grew its assets under management by 13% year-over-year to reach $378.7 billion. Management noted that they are focusing on core businesses and long-term investment performance. It is leveraging its existing strengths through adjacent products and geographies. The company invested in its brand during the year to launch the Brighter Future Project. Janus Henderson Group plc (NYSE:JHG) is one of billionaire Nelson Peltz's stock picks with the highest upside potential. Overall, JHG ranks 8th on our list of billionaire Nelson Peltz's stock picks with highest upside potential. While we acknowledge the potential of JHG to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than JHG but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
26-04-2025
- Business
- Yahoo
Janus Henderson Group plc (JHG): Among Billionaire Ken Fisher's Finance Stock Picks with Huge Upside Potential
We recently published a list of . In this article, we are going to take a look at where Janus Henderson Group plc (NYSE:JHG) stands against other billionaire Ken Fisher's finance stock picks with huge upside potential. The global financial industry includes banking, insurance, asset management, and capital market sectors, and plays a significant role in supporting economic activity. According to McKinsey, the banking industry handles assets worth $400 trillion as of 2025, bringing in about $7 trillion and $1.1 trillion in annual revenue and profits, respectively. On the other hand, the broader financial services sector is on the high, increasing more than 16% in the last year (as of writing this article), beating the broader market's 6% return for the same period. This robust growth is expected to continue throughout the remainder of 2025, with the momentum driven by dropping interest rates, cooling off inflation, and investors' faith in the sector, creating upside potential across various segments. Despite brief macroeconomic uncertainty, the U.S. economy improved more than expected in 2024, with GDP growth hitting about 2.7%. Although the progress is expected to slow down in 2025, with growth likely dropping to around 1.5%, the financial sector is holding strong, supported by expected Fed rate cuts, steadier regulations, and a comeback in market activity. Moreover, record consumer debt of $17.7 trillion and increasing corporate refinancing needs are expected to affect borrowing patterns. Looking ahead, financial companies stand strong to gain from the revival in financial markets, as recent forecasts indicate M&A activity, buyouts, and private lending picking up steam in 2025. Furthermore, companies are making strategic deals and investing in AI technology, fueling rapid growth in private markets. Additionally, private credit assets under management could double soon, as more businesses and individuals seek financing outside traditional banks. This surge in deals and fundraising follows several quiet years and sets up major financial players for solid profits. In contrast, the global insurance sector is dealing with economic turbulence, high inflation, and unpredictable interest rates. Personal property and casualty insurance grew 9.5% between 2022-2023, reaching $1.1 trillion, driven mostly by rate increases rather than new businesses. Thus, the sector is focused on innovation and geographic diversification, expanding into emerging Asian and Latin American markets. At the same time, in the U.S., affordability concerns are forcing insurers and other sectors to cut costs and improve their digital services. As such, innovation and digital transformation drive the financial sector, as banks alone have poured over $600 billion into tech upgrades, outspending even tech companies on IT, as reported by McKinsey. Despite this massive investment, labor productivity has dropped 4% over the last 15 years. This troubling decline has created pressure to make these tech investments pay off. Looking ahead, as AI, automation, and cloud are getting adopted, companies are expected to transform their business models and enhance digital services to boost efficiency and customer reach. Meanwhile, new tariff policies are shaking up global markets, further the macroeconomic uncertainty. Billionaire is still critical of these measures as he argues that it is unnecessary to worry about them. He posted the following statement on X. 'What Trump unveiled on Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. It will fade and fail and the fear is bigger than the problem, which from here is bullish.' He strongly believes financial stocks may bounce back once the initial shock passes by, drawing a historical parallel: 'It may well be this goes something like the 1998 stock market correction leading to a 26% annual return.' As interest rates drop and economic pressures ease, investors are eyeing financial companies for potential recovery gains and strategic long-term positions. To compile this list, we reviewed Ken Fisher's SEC Q4 2024 13F filings. We picked 10 stocks that have the highest upside potential from their current levels as of April 22. Finally, we ranked the stocks in ascending order based on their highest analyst upside potential, while also laying out hedge fund sentiment for these stocks according to Insider Monkey's Q4 2024 database. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A close-up of a computer monitor, showing the interface of a financial trading platform. Janus Henderson Group plc (NYSE:JHG) is a global asset management company, offering various investment options. Its business revolves around equity, fixed income, multi-asset, and alternatives, including retail clients, institutions, and wealthy individuals. The company also invests in real estate and private equity, with a strong presence in growing markets like China and India. Its diverse products and global reach make it a solid pick in the Ken Fisher Stock Portfolio. For Q4 ended December 31, 2024, Janus Henderson Group plc (NYSE:JHG) reported strong results with $3.3 billion in net inflows – its third straight quarter of positive flows. For full-year 2024, the company brought in $2.4 billion, a huge improvement from the $31 billion that flowed out two years earlier. Moreover, its assets jumped 13% year-over-year to $378.7 billion, while Q4 adjusted EPS shot up 30% to $1.07 and operating margin grew to 36%, up 1.8% from Q4 2023. Janus Henderson Group plc (NYSE:JHG) keeps growing through smart acquisitions, such as NBK Capital Partners, Victory Park Capital, and Tabula Investment Management. The company has also enhanced its ETF business, becoming the 8th biggest active ETF provider worldwide. It is zeroing in on growth areas like ETFs, fixed income, and global distribution, while also leveraging AI into its processes. Additionally, the company's long-term investment results stay strong, especially in fixed income, where over 90% of its assets beat benchmarks across 1, 3, 5, and 10 years. At the same time, its U.S. intermediary channel has seen inflows for six quarters straight, and 29 of its strategies each pulled in over $100 million in new client money. Looking ahead in 2025, Janus Henderson Group plc (NYSE:JHG) expects compensation to run 43-44% of revenue, taxes at 23-25%, and small increases in other expenses. It is banking on continued growth in ETFs and international markets, which should keep it performing well in the Ken Fisher Stock Portfolio. Overall, JHG ranks 9th on our list of billionaire Ken Fisher's finance stock picks with huge upside potential. While we acknowledge the potential of JHG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than JHG but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: and . Disclosure: None. This article is originally published at . Sign in to access your portfolio
Yahoo
14-04-2025
- Business
- Yahoo
Janus Henderson Group (JHG): Among the Best UK Stocks to Buy According to Billionaires
We recently published a list of . In this article, we are going to take a look at where Janus Henderson Group plc (NYSE:JHG) stands against other best UK stocks to invest in. Like most of the world, the United Kingdom is also facing slower economic growth in 2025, fuelled by an unpredictable trading environment and high taxes. According to KPMG, there are some upsides to the UK economy this year, including solid household savings and robust public spending. However, American tariffs could limit UK GDP growth to only 0.8% during 2025 and 2026. In the short term, inflation will likely come back due to growing labor costs and skyrocketing energy prices. Nonetheless, KPMG forecasts that inflation will simmer down to the Bank of England's target of 2% by the middle of next year. What came as a surprise was the UK economy going up by 0.1% in Q4 2024, a welcome reprieve from the sodden economic outlook painted by market experts. This made Britain the top performer in Europe during the fourth quarter, as Italy remained flat and German and French economies shrunk. However, the UK economy fell short of the 0.6% growth in the United States. In light of these economic developments, Scott Gardner, investment strategist at JP Morgan-owned wealth manager Nutmeg, told Reuters on February 13, 2025: "A pleasant surprise, but we're not out of the woods yet. Beneath the surface of these latest figures, domestic demand via consumption and business investment was weaker than expected," As per Britain's Office for National Statistics, wholesalers, film distributors, pubs and bars, industrial manufacturers, and pharma led the growth in December 2024. However, it should be noted that this growth was dependent on monetary support from the government and a brief pile-up in business inventories. In addition, flat spending trends were observed in households, and business investment stumbled by 3.2% in Q4. The Bank of England has now slashed its growth outlook for 2025 to 0.75%, while the National Institute of Economic and Social Research remains optimistic with a 1.5% forecast. Investor optimism is increasing around the UK, given the rising trade tensions between the United States and Europe. While UK economic growth has lagged in recent years, BofA analysts expect it to pick up pace in 2025, projecting 1.4% growth. Analysts see positive signs like deregulation, capital spending, and potential US trade benefits. Sanjay Raja, chief UK economist at Deutsche Bank, told CNBC on March 24, 2025: 'Talk of a U.S. trade deal also surfaced in client conversations, and there was increased optimism that the U.K. may be spared from direct and widespread tariffs,' It is interesting to note that no matter the macroeconomic conditions, the rich seem to be getting richer. A close-up of a computer monitor, showing the interface of a financial trading platform. To collect data for this article, we scanned Insider Monkey's database of billionaires' stock holdings and identified the companies headquartered in the UK but listed on American exchanges. From there, we picked the top 10 companies with the highest number of billionaire investors in Q4 2024. The stocks are ranked in ascending order based on the number of billionaire investors. We have also mentioned the value of billionaire holdings for further insight. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Number of Billionaire Investors: 11 Value of Billionaire Holdings: $1.94 billion Janus Henderson Group plc (NYSE:JHG) is a London-based asset management holding company. JHG serves institutional, retail, and high net worth clients. It manages equity and fixed income portfolios, mutual funds, and other private and public investments. On April 3, BofA Securities upgraded Janus Henderson Group plc (NYSE:JHG) to Buy from Neutral but trimmed the price target from $57 to $43. BofA Securities lowered its 2027 earnings estimates by 25%, primarily due to the JHG Horizon Biotech Fund sliding 8% year-to-date, affecting performance fees in Q4 2024. However, the investment firm pointed out that Janus Henderson's management fee rate has remained stable, which is a positive indicator of its financial health. On January 31, 2025, the company reported its financial results for the fourth quarter and full-year 2024. Assets under management rose 13% year-over-year to $378.7 billion at the end of December. Janus Henderson Group plc (NYSE:JHG) recorded net inflows of $3.3 billion in the fourth quarter and a diluted EPS of $0.77. The company ended 2024 with $1.2 billion in cash and cash equivalents, and cash flow from operations stood at $695 million. The board also declared a $0.39 per share quarterly dividend and returned $458 million to shareholders through dividends and share buybacks. Among the hedge funds tracked by Insider Monkey, billionaire Nelson Peltz's is the biggest stakeholder of Janus Henderson Group plc (NYSE:JHG) as of Q4 2024, with 31.8 million shares worth $1.35 billion. Overall, 11 billionaires held long positions in the company. Overall, JHG ranks 4th among the 10 Best UK Stocks to Buy According to Billionaires. While we acknowledge the potential of UK stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than JHG but that trades at less than 5 times its earnings, check out our report about this . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Associated Press
31-01-2025
- Business
- Associated Press
Janus Henderson Group plc Reports Fourth Quarter and Full-Year 2024 Results
Janus Henderson Group plc (NYSE: JHG; 'JHG,' 'Janus Henderson,' or the 'Company') published its fourth quarter and full-year 2024 results for the period ended December 31, 2024. Fourth quarter 2024 operating income was US$197.5 million compared to US$164.7 million in the third quarter 2024 and US$143.7 million in the fourth quarter 2023. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$204.7 million in the fourth quarter 2024 compared to US$170.5 million in the third quarter 2024 and US$156.2 million in the fourth quarter 2023. Fourth quarter 2024 diluted earnings per share of US$0.77 compared to US$0.17 in the third quarter 2024 and US$0.74 in the fourth quarter 2023. Fourth quarter and third quarter 2024 diluted earnings per share were impacted by US$42.6 million and US$111.9 million, respectively, in non-cash, non-operating, accounting expense releases of accumulated foreign currency translation adjustments related to JHG entities liquidated during the quarters. Adjusted diluted earnings per share of US$1.07 in the fourth quarter 2024 compared to US$0.91 in the third quarter 2024 and compared to US$0.82 in the fourth quarter 2023. Ali Dibadj, Chief Executive Officer, stated: 'We ended 2024 with solid fourth quarter results, delivering improvements in net flows, operating revenues, operating income, and EPS. We demonstrated in 2024 many signs of continued, clear progress across the business. We are encouraged by the US$2.4 billion in net inflows in 2024, which led to net new revenue generation in the second half of the year. Our teams have worked together to execute our strategy to Protect & Grow, Amplify, and Diversify our business, which is delivering growth across channels and regions. With the acquisitions of NBK Capital Partners, Victory Park Capital, and Tabula, we have expanded into differentiated private market capabilities and gained early access to the rapidly growing active ETF market in Europe. These acquisitions as well as investments in our brand, technology, and high-quality, talented people, underscore our unwavering commitment to deliver for our clients. Our strong cash flow generation and healthy balance sheet continue to provide us the flexibility to invest in the business—both organically and inorganically—as well as return cash to shareholders. 'As we enter 2025, our ongoing strategic efforts and execution are clearly starting to manifest in our results, and while we believe we are squarely on the path to deliver organic revenue growth consistently, we are not yet at our destination. There are still several strategic ambitions across the business that we believe can contribute to future sustainable growth.' SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted) The Company presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America ('GAAP'). However, JHG management evaluates the profitability of the Company and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See 'Reconciliation of non-GAAP financial information' below for additional information. Three months ended Year ended 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec 2024 2024 2023 2024 2023 GAAP basis: Revenue 708.3 624.8 568.5 2,473.2 2,101.8 Operating expenses 510.8 460.1 424.8 1,827.5 1,618.1 Operating income 197.5 164.7 143.7 645.7 483.7 Operating margin 27.9 % 26.4 % 25.3 % 26.1 % 23.0 % Net income attributable to JHG 121.8 27.3 121.3 408.9 392.0 Diluted earnings per share 0.77 0.17 0.74 2.56 2.37 Adjusted basis: Revenue 567.6 488.1 455.2 1,940.8 1,645.9 Operating expenses 362.9 317.6 299.0 1,272.7 1,137.2 Operating income 204.7 170.5 156.2 668.1 508.7 Operating margin 36.1 % 34.9 % 34.3 % 34.4 % 30.9 % Net income attributable to JHG 169.4 144.7 135.2 563.7 435.2 Diluted earnings per share 1.07 0.91 0.82 3.53 2.63 SHARE REPURCHASE AND DIVIDEND On January 30, 2025, the Board declared a dividend of US$0.39 per share for the quarter ended December 31, 2024. Shareholders on the register on the record date of February 11, 2025, will be paid the dividend on February 27, 2025. As part of the Company's Board-approved US$200 million on-market share repurchase program, JHG purchased approximately 1.3 million shares of its common stock on the New York Stock Exchange (NYSE) in the fourth quarter, for a total outlay of approximately US$53 million. FX reflects movement in AUM resulting from changes in foreign currency rates as non-US$ denominated AUM is translated into US$. Redemptions include impact of client transfers. Total comparative AUM and flows Three months ended Year ended 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec 2024 2024 2023 2024 2023 Opening AUM 382.3 361.4 308.3 334.9 287.3 Sales 20.4 16.1 14.4 70.5 60.9 Redemptions (17.1 ) (15.7 ) (17.5 ) (68.1 ) (61.6 ) Net sales / (redemptions) 3.3 0.4 (3.1 ) 2.4 (0.7 ) Market / FX (10.1 ) 19.4 29.7 37.1 48.3 Acquisitions and reclassifications 3.2 1.1 — 4.3 — Closing AUM 378.7 382.3 334.9 378.7 334.9 Quarterly AUM and flows by capability Equities Fixed Income Multi-Asset Alternatives Total AUM 31 Dec 2023 205.1 71.5 48.9 9.4 334.9 Sales 8.1 5.8 1.3 0.7 15.9 Redemptions (9.2 ) (5.7 ) (2.1 ) (1.9 ) (18.9 ) Net sales / (redemptions) (1.1 ) 0.1 (0.8 ) (1.2 ) (3.0 ) Market / FX 18.3 (1.0 ) 3.0 0.4 20.7 AUM 31 Mar 2024 222.3 70.6 51.1 8.6 352.6 Sales 7.0 8.3 1.6 1.2 18.1 Redemptions (8.4 ) (5.0 ) (2.4 ) (0.6 ) (16.4 ) Net sales / (redemptions) (1.4 ) 3.3 (0.8 ) 0.6 1.7 Market / FX 5.3 0.5 1.3 — 7.1 Reclassifications — 0.1 (0.1 ) — — AUM 30 Jun 2024 226.2 74.5 51.5 9.2 361.4 Sales 7.9 6.1 1.4 0.7 16.1 Redemptions (9.4 ) (3.9 ) (1.8 ) (0.6 ) (15.7 ) Net sales / (redemptions) (1.5 ) 2.2 (0.4 ) 0.1 0.4 Market / FX 12.4 3.8 2.4 0.8 19.4 Acquisitions — 0.8 — 0.3 1.1 AUM 30 Sep 2024 237.1 81.3 53.5 10.4 382.3 Sales 8.1 9.3 2.0 1.0 20.4 Redemptions (10.6 ) (4.1 ) (1.9 ) (0.5 ) (17.1 ) Net sales / (redemptions) (2.5 ) 5.2 0.1 0.5 3.3 Market / FX (5.2 ) (3.8 ) (0.5 ) (0.6 ) (10.1 ) Acquisitions — — — 3.2 3.2 AUM 31 Dec 2024 229.4 82.7 53.1 13.5 378.7 Average AUM by capability Three months ended Year ended 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec 2024 2024 2023 2024 2023 Equities 235.5 229.6 191.9 224.7 191.6 Fixed Income 81.4 78.5 66.8 75.6 65.5 Multi-Asset 53.8 52.1 46.9 51.6 47.1 Alternatives 13.5 9.7 9.3 10.2 9.6 Total 384.2 369.9 314.9 362.1 313.8 INVESTMENT PERFORMANCE % of AUM outperforming benchmark (as of December 31, 2024) Capability 1-year 3-year 5-year 10-year Equities 50 % 62 % 37 % 62 % Fixed Income 91 % 84 % 86 % 94 % Multi-Asset 93 % 96 % 97 % 97 % Alternatives 85 % 85 % 100 % 100 % Total 65 % 72 % 55 % 73 % Outperformance is measured based on composite performance gross of fees versus primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees versus zero for absolute return strategies, (2) fund net of fees versus primary index, or (3) fund net of fees versus Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable. Cash management vehicles, ETF-enhanced beta strategies, legacy Tabula passive ETFs, Fixed Income Buy & Maintain mandates, legacy NBK Capital Partners and Victory Park Capital funds, Managed CDOs, Private Equity funds, and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 4% of AUM. Capabilities defined by Janus Henderson. % of mutual fund AUM in top 2 Morningstar quartiles (as of December 31, 2024) Capability 1-year 3-year 5-year 10-year Equities 70 % 71 % 70 % 80 % Fixed Income 84 % 74 % 71 % 75 % Multi-Asset 93 % 95 % 94 % 96 % Alternatives 33 % 86 % 100 % 100 % Total 76 % 76 % 75 % 83 % Includes Janus Investment Fund, Janus Aspen Series, Janus Henderson Detroit Street Trust (ETFs), and Clayton Street Trust (U.S. Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs, Australian Managed Investment Schemes, and legacy Tabula ICAVs (legacy Tabula passive ETFs are excluded). The top two Morningstar quartiles represent funds in the top half of their category based on total return. For the 1-, 3-, 5-, and 10-year periods ending December 31, 2024, 59%, 57%, 57%, and 61% of the 188, 175, 162, and 144 total mutual funds, respectively, were in the top 2 Morningstar quartiles. Analysis based on 'primary' share class (Class I Shares, Institutional Shares, or share class with longest history for U.S. Trusts; Class H Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period. Funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2024 Morningstar, Inc. All Rights Reserved. FOURTH QUARTER AND FULL-YEAR 2024 RESULTS BRIEFING INFORMATION Chief Executive Officer Ali Dibadj and Chief Financial Officer Roger Thompson will present these results on January 31, 2025, on a conference call and webcast to be held at 9:00 a.m. ET. Those wishing to participate should call: United States 833 470 1428 United Kingdom 0808 189 6484 All other countries +1 929 526 1599 Conference ID 454523 Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson's website ( About Janus Henderson Janus Henderson Group is a leading global active asset manager dedicated to helping clients define and achieve superior financial outcomes through differentiated insights, disciplined investments, and world-class service. As of December 31, 2024, Janus Henderson had approximately US$379 billion in assets under management, more than 2,000 employees, and offices in 25 cities worldwide. The firm helps millions of people globally invest in a brighter future together. Headquartered in London, Janus Henderson is listed on the NYSE. FINANCIAL DISCLOSURES Condensed consolidated statements of comprehensive income (unaudited) Three months ended Year ended 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec (in US$ millions, except per share data or as noted) 2024 2024 2023 2024 2023 Revenue: Management fees 522.7 502.8 427.1 1,957.7 1,700.1 Performance fees 67.5 8.6 41.7 70.4 5.1 Shareowner servicing fees 63.6 61.4 53.6 240.7 213.3 Other revenue 54.5 52.0 46.1 204.4 183.3 Total revenue 708.3 624.8 568.5 2,473.2 2,101.8 Operating expenses: Employee compensation and benefits 207.0 177.0 156.1 716.1 593.3 Long-term incentive plans 39.3 40.5 41.7 166.6 167.4 Distribution expenses 138.2 133.7 113.3 520.9 455.9 Investment administration 15.5 17.7 12.3 58.2 47.4 Marketing 14.3 8.3 8.9 40.4 36.6 General, administrative and occupancy 87.9 77.4 87.6 300.8 294.6 Depreciation and amortization 8.6 5.5 4.9 24.5 22.9 Total operating expenses 510.8 460.1 424.8 1,827.5 1,618.1 Operating income 197.5 164.7 143.7 645.7 483.7 Interest expense (7.2 ) (4.5 ) (3.2 ) (18.0 ) (12.7 ) Investment gains, net 6.9 35.0 24.8 70.8 43.4 Other non-operating income (expense), net (27.2 ) (101.6 ) 11.9 (86.6 ) 12.6 Income before taxes 170.0 93.6 177.2 611.9 527.0 Income tax provision (48.5 ) (43.6 ) (32.9 ) (166.3 ) (100.3 ) Net income 121.5 50.0 144.3 445.6 426.7 Net loss (income) attributable to noncontrolling interests 0.3 (22.7 ) (23.0 ) (36.7 ) (34.7 ) Net income attributable to JHG 121.8 27.3 121.3 408.9 392.0 Less: allocation of earnings to participating stock-based awards (3.1 ) (0.7 ) (3.5 ) (9.9 ) (11.2 ) Net income attributable to JHG common shareholders 118.7 26.6 117.8 399.0 380.8 Basic weighted-average shares outstanding (in millions) 154.2 154.4 160.1 155.4 160.4 Diluted weighted-average shares outstanding (in millions) 154.8 154.7 160.2 155.8 160.5 Diluted earnings per share (in US$) 0.77 0.17 0.74 2.56 2.37 Reconciliation of non-GAAP financial information In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of GAAP revenue, operating expenses, operating income, net income attributable to JHG, and diluted earnings per share to adjusted revenue, adjusted operating expenses, adjusted operating income, adjusted net income attributable to JHG, and adjusted diluted earnings per share. Three months ended Year ended 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec (in US$ millions, except per share data or as noted) 2024 2024 2023 2024 2023 Reconciliation of revenue to adjusted revenue Revenue 708.3 624.8 568.5 2,473.2 2,101.8 Management fees 1 (53.8 ) (51.4 ) (40.8 ) (198.9 ) (164.8 ) Shareowner servicing fees 1 (51.3 ) (49.9 ) (42.9 ) (194.4 ) (172.4 ) Other revenue 1 (35.6 ) (35.4 ) (29.6 ) (139.1 ) (118.7 ) Adjusted revenue 567.6 488.1 455.2 1,940.8 1,645.9 Reconciliation of operating expenses to adjusted operating expenses Operating expenses 510.8 460.1 424.8 1,827.5 1,618.1 Employee compensation and benefits 2 (2.5 ) (4.3 ) (2.2 ) (20.0 ) (5.8 ) Long-term incentive plans 2 (2.9 ) (1.7 ) (0.5 ) (8.1 ) (1.2 ) Distribution expenses 1 (138.2 ) (133.7 ) (113.3 ) (520.9 ) (455.9 ) General, administration and occupancy 2 (1.5 ) (2.7 ) (9.6 ) (2.7 ) (16.3 ) Depreciation and amortization 3 (2.8 ) (0.1 ) (0.2 ) (3.1 ) (1.7 ) Adjusted operating expenses 362.9 317.6 299.0 1,272.7 1,137.2 Adjusted operating income 204.7 170.5 156.2 668.1 508.7 Operating margin 27.9 % 26.4 % 25.3 % 26.1 % 23.0 % Adjusted operating margin 36.1 % 34.9 % 34.3 % 34.4 % 30.9 % Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net income attributable to JHG 121.8 27.3 121.3 408.9 392.0 Employee compensation and benefits 2 — 1.3 2.2 8.5 5.8 Long-term incentive plans 2 2.9 1.7 0.5 8.1 1.2 General, administration and occupancy 2 1.5 2.7 9.6 2.7 16.3 Depreciation and amortization 3 2.8 0.1 0.2 3.1 1.7 Interest expense 4 0.2 0.1 — 0.3 — Investment gains, net 4 — — 0.2 0.8 12.5 Other non-operating income, net 4 42.5 113.3 3.0 136.9 28.6 Income tax provision 5 (1.1 ) (1.8 ) (1.8 ) (4.4 ) (22.9 ) Net income attributable to noncontrolling interests 6 (1.2 ) — — (1.2 ) — Adjusted net income attributable to JHG 169.4 144.7 135.2 563.7 435.2 Less: allocation of earnings to participating stock-based awards (4.3 ) (3.6 ) (3.9 ) (13.6 ) (12.4 ) Adjusted net income attributable to JHG common shareholders 165.1 141.1 131.3 550.1 422.8 Weighted-average diluted common shares outstanding – diluted (in millions) 154.8 154.7 160.2 155.8 160.5 Diluted earnings per share (in US$) 0.77 0.17 0.74 2.56 2.37 Adjusted diluted earnings per share (in US$) 1.07 0.91 0.82 3.53 2.63 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product's prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and servicing fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. In addition to the adjustments related to distribution and servicing activities, other revenue for the three months and year ended December 31, 2024, and the three months ended September 30, 2024, includes an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations. 2 Adjustments for the three months and year ended December 31, 2024, and the three months ended September 30, 2024, include acquisition related expenses and the acceleration of long-term incentive plan expense and redundancy expense related to the departure of certain employees. Adjustments for the year ended December 31, 2024, also include a US$4.7 million insurance reimbursement related to a separately managed account trade error that occurred in 2023. Adjustments for the three months and year ended December 31, 2023, include rent expense, rent income and other rent-related adjustments associated with subleased office space, the acceleration of long-term incentive plan expense and redundancy expense related to the departure of certain employees, and a US$9.3 million charge related to a separately managed account trade error. JHG management believes these costs are not representative of our ongoing operations. Additionally, within the reconciliation of operating expenses to adjusted operating expenses for the three months and year ended December 31, 2024, and the three months ended September 30, 2024, employee compensation and benefits includes an adjustment related to an employee secondment arrangement with a joint venture. The arrangement is pass-through in nature, and we believe the costs do not represent our ongoing operations. 3 Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognized at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortized on a straight-line basis over the expected life of the contracts. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations. 4 Adjustments for all periods presented consist primarily of the release of accumulated foreign currency translation adjustments related to JHG liquidated entities. Adjustments for the year ended December 31, 2023, also include a provision for a credit loss and a contingent consideration fair value adjustment related to the 2022 sale of Intech, and a correction due to an error of previously recognized earnings associated with an equity method investment. JHG management believes these costs are not representative of our ongoing operations. 5 The tax impact of the adjustments is calculated based on the applicable U.S. or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible. Adjustments for the year ended December 31, 2023, were impacted by the change to our state tax rate. As a result, the U.S. deferred tax assets and liabilities were revalued from 23.9% to 23.5%, creating a non-cash deferred tax benefit of US$8.8 million. 6 Adjustments for the three months and year ended December 31, 2024, include the noncontrolling interest on amortization of acquisition related intangible assets. JHG management believes these non-cash and acquisition-related costs are not representative of our ongoing operations. Condensed consolidated balance sheets (unaudited) 31 Dec 31 Dec (in US$ millions) 2024 2023 Assets: Cash and cash equivalents 1,217.2 1,152.4 Investments 337.1 334.2 Property, equipment and software, net 39.4 44.2 Intangible assets and goodwill, net 4,023.7 3,721.6 Assets of consolidated variable interest entities 525.4 405.9 Other assets 820.3 838.3 Total assets 6,963.1 6,496.6 Liabilities, redeemable noncontrolling interests and equity: Long-term debt 395.0 304.6 Deferred tax liabilities, net 569.3 570.8 Liabilities of consolidated variable interest entities 4.7 3.2 Other liabilities 911.0 762.5 Redeemable noncontrolling interests 365.0 317.2 Total equity 4,718.1 4,538.3 Total liabilities, redeemable noncontrolling interests and equity 6,963.1 6,496.6 Condensed consolidated statements of cash flows (unaudited) Three months ended Year ended 31 Dec 30 Sep 31 Dec 31 Dec 31 Dec (in US$ millions) 2024 2024 2023 2024 2023 Cash provided by (used for): Operating activities 247.3 228.5 161.5 694.6 441.6 Investing activities 44.3 (215.0 ) (86.8 ) (285.4 ) (328.9 ) Financing activities (518.9 ) 424.6 (76.1 ) (324.4 ) (151.9 ) Effect of exchange rate changes (42.7 ) 31.9 29.2 (18.1 ) 30.9 Net change during period (270.0 ) 470.0 27.8 66.7 (8.3 ) Basis of preparation In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations, and cash flows of JHG in accordance with GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson's Annual Report on Form 10‑K for the year ended December 31, 2023, filed with the SEC (Commission File No. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements. FORWARD-LOOKING STATEMENTS DISCLAIMER Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Certain statements in this press release not based on historical facts are 'forward-looking statements' within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Such forward-looking statements involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events, including with respect to the timing and anticipated benefits of pending and recently completed transactions and expectations regarding acquisition opportunities. In some cases, forward-looking statements can be identified by the use of words such as 'may,' 'could,' 'expect,' 'intend,' 'plan,' 'seek,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential,' 'continue,' 'likely,' 'will,' 'would,' and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements. Various risks, uncertainties, assumptions, and factors that could cause our future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks, uncertainties, assumptions, and factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, and in other filings or furnishings made by the Company with the SEC from time to time. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results. The information, statements, and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Not all products or services are available in all jurisdictions. Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. View source version on CONTACT: Investor enquiries: Jim Kurtz Head of Investor Relations +1 303 336 4529 [email protected] Or Investor Relations [email protected] enquiries: Candice Sun Global Head of Media Relations +1 303 336 5452 [email protected] Mullin Media Relations Director, UK, EMEA, LatAm & APAC +44 (0)20 7818 2511 [email protected] KEYWORD: COLORADO NORTH AMERICA UNITED STATES IRELAND UNITED KINGDOM EUROPE INDUSTRY KEYWORD: FINANCE CONSULTING BANKING ACCOUNTING PROFESSIONAL SERVICES SOURCE: Janus Henderson Group Copyright Business Wire 2025. PUB: 01/31/2025 07:30 AM/DISC: 01/31/2025 07:30 AM
