Janus Henderson Group Plc · NYSE:JHG
Janus Henderson — Q1 2025 Earnings Presentation
37 slides from Janus Henderson's earnings presentation, May 1, 2025
Slide 1: Q1 2025 Results
Q1 2025 RESULTS Thursday, May 1, 2025 Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer
Slide 2: Key metrics – Q1 2025 vs Q4 2024
Q1 2025 RESULTS Key metrics – Q1 2025 vs Q4 2024 Long-term investment performance remains solid Q1 2025 Q4 2024 Investment outperformance1 AUM decreased 1% to $373.2 billion 77/65/73% 72/55/73% 3-/5-/10-year Net inflows of $2.0 billion Total AUM $373.2bn $378.7bn U.S. GAAP diluted EPS of $0.
Slide 3: Long-term investment performance remains solid
INVESTMENT PERFORMANCE Long-term investment performance remains solid % of AUM outperforming benchmark % of mutual fund AUM in top 2 Morningstar quartiles As of March 31, 2025 As of March 31, 2025 Capability 1-year 3-year 5-year 10-year Capability 1-year 3-year 5-year 10-year Equities 20% 69% 49% 63
Slide 4: Quarterly Flows
QUARTERLY FLOWS Fourth consecutive quarter of net inflows supported by a 44% year-over-year increase in gross sales Total flows ($ in billions) 22.9 19.5 18.1 20.4 15.2 14.4 15.9 16.1 11.8 5.5 1.7 3.3 2.0 0.4 (0.5) (2.6) (3.0) (3.1) (14.0) (15.7) (14.4) (16.4) (15.7) (17.5) (18.9) (17.1) (20.9) Q1 2
Slide 5: Flows by Client Type
FLOWS BY CLIENT TYPE Flows primarily reflect strength in active ETFs, and we are maintaining or increasing market share in Intermediary Intermediary Institutional Self-Directed ($ in billions) ($ in billions) ($ in billions) 16.1 16.5 12.4 13.2 13.3 3.5 4.4 3.9 4.3 2.4 1.8 1.5 2.9 2.3 2.1 1.0 0.9 0.
Slide 6: Flows by Capability
FLOWS BY CAPABILITY Fixed Income and Alternatives flows were positive, and Multi-Asset and Equities flows were impacted by industry headwinds Q1 2025 flows by capability ($ in billions) Sales Redemptions Net sales / (redemptions) 12.0 7.2 5.6 2.2 1.5 1.2 (0.6) (1.0) (4.2) (6.4) (2.1) (11.4) Equities
Slide 7: U.S. GAAP Financial Results
U.S. GAAP FINANCIAL RESULTS Change Change Q1 2025 vs Q1 2025 vs ($ in millions, except per share data) Q1 2025 Q4 2024 Q4 2024 Q1 2024 Q1 2024 Revenue Management fees 513.0 522.7 (2%) 459.4 12% Performance fees (3.6) 67.5 nm (13.1) 73% Shareowner servicing fees 61.4 63.6 (3%) 57.2 7% Other revenue 5
Slide 8: Adjusted Financial Results
ADJUSTED FINANCIAL RESULTS Change Change Q1 2025 vs Q1 2025 vs ($ in millions, except as noted) Q1 2025 Q4 2024 Q4 2024 Q1 2024 Q1 2024 Revenue Management fees 462.4 468.9 (1%) 413.9 12% Performance fees (3.6) 67.5 nm (13.1) 73% Shareowner servicing fees 11.5 12.3 (7%) 11.3 2% Other revenue 16.2 18.
Slide 9: Q1 2025 Adjusted Financial Highlights
Q1 2025 ADJUSTED FINANCIAL HIGHLIGHTS Decrease from Q4 2024 adjusted revenue driven primarily by lower performance fees Adjusted Revenue Net management fee margin remained relatively stable; as previously communicated, we expect a 5-6 bps decline due to $45 billion in AUM associated with Guardia
Slide 10: Capital Resources
CAPITAL RESOURCES Strong liquidity position Balance sheet profile – carrying value Cash and investment securities1 totaled December 31, 2024 vs. March 31, 2025 ($ in millions) $1.6 billion compared to outstanding debt of $395 million 1,665.0 1,613.4 Decrease in cash primarily due to payouts from
Slide 11: Pillars of Strategic Vision
3 PILLARS OF STRATEGIC VISION We continue to execute on our strategic vision DESCRIPTION EXAMPLES We have identified existing opportunities to PROTECT & GROW better align resources to protect and grow U.S. Intermediary Our core businesses our core businesses Institutional (e.g., Insurance includ
Slide 12: Amplify and Diversify: Executing Strategy Through M&A and Partnerships
AMPLIFY AND DIVERSIFY: EXECUTING STRATEGY THROUGH M&A AND PARTNERSHIPS M&A and partnerships are contributing to our strategic vision through alignment with high-growth potential areas Theme Est. Market Size ($trn) Est. Growth Rate JHG Alignment Asset-Backed1 $6.1 8-9% Active ETFs2 $1.0 44% Emerging
Slide 13: Amplify: Investment Capabilities, Insurance, and Institutional
AMPLIFY: INVESTMENT CAPABILITIES, INSURANCE, AND INSTITUTIONAL Guardian partnership amplifies our strengths in Fixed Income, Multi-Asset, and Model Portfolios, while expanding our presence in the institutional markets and insurance space Strategic Rationale Scale in Liquid Fixed Income One of the
Slide 14: Conclusion
CONCLUSION We believe we have a strong foundation and are well positioned as a global asset manager to navigate periods of market uncertainty We have a diverse and global client base with investment strategies and styles encompassing global and regional focuses Our long-term investment performan
Slide 15: Q&A
Q&A
Slide 16: Appendix
APPENDIX
Slide 17: Assets Under Management
ASSETS UNDER MANAGEMENT AUM as of March 31, 2025: $373.2 billion By client type By capability By client location 4% 10% 22% 14% 28% 55% 58% 24% 62% 23% Intermediary $206.4bn Equities $217.4bn North America $231.2bn Institutional $83.8bn Fixed Income $89.5bn EMEA & LatAm $105.2bn Self-Directed $83.0b
Slide 18: Investment Management Capabilities
INVESTMENT MANAGEMENT CAPABILITIES Diversified product range Alternatives $14.7bn Equities Wide range of equity strategies encompassing different geographic Multi-Asset $51.6bn focuses and investment styles Fixed Income Intermediary Innovative and differentiated techniques Intermediary designed
Slide 19: Largest Strategies by Capability
LARGEST STRATEGIES BY CAPABILITY AUM ($bn) Capability Strategy 31 Mar 25 US Mid Cap Growth 29.1 US Concentrated Growth 27.2 Equity US Research Growth Equity 23.6 Global Life Sciences 10.7 UK Enhanced Index 9.0 AAA CLO 21.4 Australian Fixed Income 9.4 Fixed Income Global Short Duration and Liquidity
Slide 20: Quarterly Flows by Capability: Equities and Fixed Income
QUARTERLY FLOWS BY CAPABILITY Equities and Fixed Income Equities Fixed Income ($ in billions) ($ in billions) 12.0 8.3 9.3 8.1 7.9 8.1 7.2 7.0 5.8 6.1 5.6 5.2 3.3 2.2 0.1 (1.1) (1.4) (1.5) (2.5) (3.9) (4.2) (5.0) (4.1) (5.7) (6.4) (9.2) (8.4) (9.4) (10.6) (11.4) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 20
Slide 21: Quarterly Flows by Capability: Multi-Asset and Alternatives
QUARTERLY FLOWS BY CAPABILITY Multi-Asset and Alternatives Multi-Asset Alternatives ($ in billions) ($ in billions) 1.2 0.7 1.0 2.2 1.3 1.6 1.4 2.0 1.5 0.6 0.5 1.2 0.7 0.1 0.1 (0.4) (0.6) (0.6) (0.5) (1.0) (0.8) (0.8) (1.9) (0.6) (1.2) (2.1) (2.4) (1.8) (2.1) (1.9) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1
Slide 22: Net Flows by Capability
NET FLOWS BY CAPABILITY Total net flows by capability Equities ($ in billions) Fixed Income Multi-Asset Alternatives 5.5 2.0 3.3 1.7 0.4 (0.5) (2.6) (3.0) (3.1) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 22
Slide 23: Investment Performance: % of AUM Outperforming Benchmark
INVESTMENT PERFORMANCE % of AUM outperforming benchmark Q2 2024 Q3 2024 Q4 2024 Q1 2025 Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 58% 53% 54% 79% 63% 61% 54% 80% 50% 62% 37% 62% 20% 69% 49% 63% Fixed Income 88% 72% 83% 92% 98% 81% 89% 93% 91% 84% 86% 94%
Slide 24: Investment Performance: Top Morningstar Quartiles
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles Q2 2024 Q3 2024 Q4 2024 Q1 2025 Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 70% 76% 83% 87% 77% 73% 80% 87% 70% 71% 70% 80% 57% 65% 66% 83% Fixed Income 69% 57% 67% 78% 81% 57% 67%
Slide 25: Investment Performance: Top Morningstar Quartiles (continued)
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Group 1st quartile 2nd quartile 88 87 83 83 84 80 81 76 77 74 76 75 74 73 72 71 33 34 29 29 19 31 37 22 24 21 28 38 26 32 41 40 58 54 55 53 54 51 51 52 48 48 51 43 43 47 30 32 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 20
Slide 26: Investment Performance: Equities and Fixed Income Quartiles
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Equities Fixed Income 1st quartile 2nd quartile 91 87 87 84 83 80 83 81 80 80 14 77 76 78 75 73 71 74 70 70 70 69 71 72 71 70 66 21 17 67 67 65 23 23 40 44 57 17 38 37 57 57 21 27 19 26 26 38 16 49 50 41 24 30 39
Slide 27: Investment Performance: Multi-Asset and Alternatives Quartiles
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Multi-Asset Alternatives 1st quartile 2nd quartile 98 100 100100100 100 96 96 96 95 95 95 95 94 96 95 96 96 96 93 94 94 3 3 0 4 4 3 3 0 1 1 0 85 87 86 83 41 42 42 48 29 66 60 77 75 77 99 93 93 92 94 93 91 93 93 93
Slide 28: U.S. GAAP: Statement of Income
U.S. GAAP: STATEMENT OF INCOME Three months ended ($m, except per share data or as noted) 31 Mar 25 31 Dec 24 31 Mar 24 Revenue Management fees 513.0 522.7 459.4 Performance fees (3.6) 67.5 (13.1) Shareowner servicing fees 61.4 63.6 57.2 Other revenue 50.6 54.5 48.2 Total revenue 621.4 708.3 551.7 O
Slide 29: Alternative Performance Measures: Reconciliation of Adjusted Financial Measures
ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures Three months ended ($m, except per share data) 31 Mar 25 31 Dec 24 31 Mar 24 Reconciliation of revenue to adjusted revenue Revenue 621.4 708.3 551.7 Management fees 1 (50.6) (53.8) (45.5) Shareowner servicing fees 1 (49.9
Slide 30: Alternative Performance Measures (continued)
ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures (continued) Three months ended ($m, except per share data) 31 Mar 25 31 Dec 24 31 Mar 24 Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net income attributable to JHG 120.7 121
Slide 31: Footnotes to Reconciliation of Adjusted Financial Measures
ALTERNATIVE PERFORMANCE MEASURES Footnotes to reconciliation of adjusted financial measures 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an in
Slide 32: Capital Management
CAPITAL MANAGEMENT Commitment to return of capital Q2 2023 to Q1 2025 quarterly capital return ($ in millions) Dividends Share repurchases 144.5 126.6 115.1 102.0 81.3 96.7 61.9 88.3 53.1 34.1 39.7 64.6 64.7 26.8 64.7 63.2 62.6 62.3 62.0 61.5 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q
Slide 33: Performance Fees
PERFORMANCE FEES AUM # of funds generating generating Q1 2025 Q4 2024 Q1 2024 Q1 2025 pfees Q1 2025 ($m) ($m) ($m) ($bn) pfees Frequency Timing 16 at June 30 SICAVs 0.9 0.5 0.2 – – 18 annually 2 at Sept. 30 UK OEICs and unit trusts 0.1 0.4 – – – annually May 31 quarterly / Absolute return funds and
Slide 34: U.S. Mutual Funds with Performance Fees
U.S. MUTUAL FUNDS WITH PERFORMANCE FEES AUM Performance Q1 2025 P&L 31 Mar 25 Base Performance cap/(floor) vs impact Mutual funds with performance fees¹ ($m) Benchmark fee fee2 benchmark ($000s) Research Fund and Portfolio 22,658 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% 1,478 Forty Fund and
Slide 35: Long-Term Incentive Compensation
LONG-TERM INCENTIVE COMPENSATION Estimated future long-term incentive compensation amortization Amount remaining to ($ in millions) expense 2025 2026 2027 2028 2029 2022 annual grant 4 4 – – – – 2023 annual grant 20 18 2 – – – 2024 annual grant 63 41 19 3 – – 2025 annual grant 134 67 44 21 2 – Other
Slide 36: Contacts
CONTACTS Investor enquiries Jim Kurtz Head of Investor Relations +1 303 336 4529 jim.kurtz@janushenderson.com Investor Relations investor.relations@janushenderson.com Media enquiries Candice Sun Global Head of Media Relations +1 303 336 5452 candice.sun@janushenderson.com Nicole Mullin Media Relatio
Slide 37: Contact us
Contact us 201 Bishopsgate London EC2M 3AE United Kingdom www.janushenderson.com Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Forward-looking information Certain statements in this presentation not bas
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