Janus Henderson Group Plc · NYSE:JHG
Janus Henderson — Q4 2024 Earnings Presentation
43 slides from Janus Henderson's earnings presentation, Jan 31, 2025
Slide 1: Q4 and Full-Year 2024 Results
Q4 AND FULL-YEAR 2024 RESULTS Friday, January 31, 2025 Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer
Slide 2: 2024 in Review
2024 IN REVIEW We continue to build upon the momentum being generated in our business Generated net inflows of $2.4 billion, a meaningful improvement compared to the past two years and competitively differentiated in delivering positive active flows Delivered positive net new revenue in the seco
Slide 3: 2024 in Review, Continued
2024 IN REVIEW, CONTINUED We continue to build upon the momentum being generated in our business Announced pioneering and innovative affinity partnership with the American Cancer Society Continued building our brand value globally through advertising campaigns, sponsorships, events, and channel
Slide 4: Full-Year 2024 Results
FULL-YEAR 2024 RESULTS Key metrics – 2024 vs 2023 Investment performance remains solid 2024 2023 AUM increased 13% to $378.7 billion Investment outperformance1 72/55/73% 60/69/71% 3-/5-/10-year Net flows of $2.4 billion in 2024 compared to $(0.7) billion in 2023 Total AUM $378.7bn $334.9bn U
Slide 5: Q4 2024 Results
Q4 2024 RESULTS Key metrics – Q4 2024 vs Q3 2024 Investment performance remains solid Q4 2024 Q3 2024 AUM decreased 1% to $378.7 billion Investment outperformance1 72/55/73% 71/67/85% 3-/5-/10-year Net inflows of $3.3 billion Total AUM $378.7bn $382.3bn U.S. GAAP diluted EPS of $0.77 and adj
Slide 6: Investment Performance
INVESTMENT PERFORMANCE Investment performance remains solid % of AUM outperforming benchmark % of mutual fund AUM in top 2 Morningstar quartiles As of December 31, 2024 As of December 31, 2024 Capability 1-year 3-year 5-year 10-year Capability 1-year 3-year 5-year 10-year Equities 50% 62% 37% 62% Eq
Slide 7: Quarterly Flows
QUARTERLY FLOWS Third consecutive quarter of net inflows supported by a 42% year-over-year increase in gross sales Total flows ($ in billions) 19.5 18.1 20.4 14.8 15.2 14.4 15.9 16.1 11.8 5.5 3.3 1.7 0.4 (0.5) (2.6) (3.1) (3.0) (11.0) (14.0) (15.7) (14.4) (17.5) (16.4) (15.7) (17.1) (18.9) (25.8) Q4
Slide 8: Flows by Client Type
FLOWS BY CLIENT TYPE Flows reflect continued strength in Intermediary and improvement in Institutional Intermediary Institutional Self-Directed ($ in billions) ($ in billions) ($ in billions) 16.1 12.4 13.2 13.3 11.6 3.5 4.4 3.9 2.4 1.8 2.5 2.9 2.3 - 1.0 0.2 0.9 0.3 0.6 0.5 0.5 0.4 (0.5) (2.0) (3.1)
Slide 9: Flows by Capability
FLOWS BY CAPABILITY Fixed Income, Multi-Asset, and Alternatives flows were positive, and Equities flows remain impacted by industry headwinds Q4 2024 flows by capability ($ in billions) Sales Redemptions Net sales / (redemptions) 8.1 9.3 2.0 5.2 1.0 0.1 0.5 (1.9) (0.5) (2.5) (4.1) (10.6) Equities Fi
Slide 10: U.S. GAAP Financial Results
U.S. GAAP FINANCIAL RESULTS Change Change Change Q4 2024 Q4 2024 FY 2024 vs vs vs ($ in millions, except per share data) Q4 2024 Q3 2024 Q3 2024 Q4 2023 Q4 2023 FY 2024 FY 2023 FY 2023 Revenue Management fees 522.7 502.8 4% 427.1 22% 1,957.7 1,700.1 15% Performance fees 67.5 8.6 nm 41.7 62% 70.4 5.1
Slide 11: Adjusted Financial Results
ADJUSTED FINANCIAL RESULTS Change Change Change Q4 2024 Q4 2024 FY 2024 vs vs vs ($ in millions, except as noted) Q4 2024 Q3 2024 Q3 2024 Q4 2023 Q4 2023 FY 2024 FY 2023 FY 2023 Revenue Management fees 468.9 451.4 4% 386.3 21% 1,758.8 1,535.3 15% Performance fees 67.5 8.6 nm 41.7 62% 70.4 5.1 nm Sha
Slide 12: Q4 2024 Adjusted Financial Highlights
Q4 2024 ADJUSTED FINANCIAL HIGHLIGHTS Increase from Q3 2024 adjusted revenue driven primarily by higher Adjusted performance fees and average AUM Revenue Increase in net management fee margin primarily due to asset mix shift Increase in Q4 2024 operating expenses primarily reflects incentive c
Slide 13: Capital Resources
CAPITAL RESOURCES Strong liquidity position Balance sheet profile – carrying value Cash and investment securities1 totaled December 31, 2023 vs. December 31, 2024 ($ in millions) $1.7 billion compared to outstanding debt 1,665.0 of $395 million 1,545.1 Completed $400 million debt offering and 39
Slide 14: Capital Management
CAPITAL MANAGEMENT Commitment to return of capital 2018 to 2024 annual capital return Dividends ($ in millions) Share repurchases 628.1 472.3 458.3 393.7 372.1 374.9 358.3 199.9 320.6 208.2 99.8 130.8 98.9 61.9 275.1 272.4 262.9 256.0 259.4 258.7 250.1 2018 2019 2020 2021 2022 2023 2024 Dividend pai
Slide 15: 3 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 AMPLIFY Our investment
Slide 16: 2024 Strategic Progress Update
2024 STRATEGIC PROGRESS UPDATE U.S. Intermediary is our largest client segment, and our progress is tangible U.S. Intermediary PROTECT & GROW Our core businesses Achieved six consecutive quarters, and two consecutive years, of positive net flows; 7% organic growth rate in 2024 Increased gross sa
Slide 17: 2024 Strategic Progress Update
2024 STRATEGIC PROGRESS UPDATE We are making progress across initiatives leveraging our existing strengths Product Development and Expansion PROTECT & GROW Our core businesses Ranked the 8th largest provider of active ETFs and 3rd largest provider of active fixed income ETFs as of December 31, 202
Slide 18: 2024 Strategic Progress Update
2024 STRATEGIC PROGRESS UPDATE We are expanding into private credit and Privacore is gaining traction Diversify PROTECT & GROW Our core businesses Expanded differentiated private market capabilities for clients with the acquisitions of Victory Park Capital and NBK Capital Partners Further establ
Slide 19: We Are Not Firing on All Cylinders, Yet
WE ARE NOT FIRING ON ALL CYLINDERS, YET In addition to maintaining the strategic progress to date, there are many areas of opportunities across the business OPPORTUNITIES EXAMPLES Realign resources in legacy channels and UK Intermediary PROTECT & GROW leverage our brand and scale to reposition Our
Slide 20: Organic Growth Summary
SUMMARY We believe our strategy has us on the path to deliver organic revenue growth consistently Illustrative Progress to date Progress to go Organic Growth Historical JHG Future JHG Historical PROTECT & GROW AMPLIFY DIVERSIFY Future Where clients give us JHG Our core businesses Strengths not fully
Slide 21: Wrap-Up
WRAP-UP In 2024, we demonstrated meaningful progress across the business Continued to execute on the 3 pillars of our strategic vision Delivered positive active net flows while maintaining a resilient net management fee margin Generated positive net new revenue in the second half of the year
Slide 22: Q&A
Q&A GROUP PLC
Slide 23: Appendix
APPENDIX GROUP PLC
Slide 24: Assets Under Management
ASSETS UNDER MANAGEMENT AUM as of December 31, 2024: $378.7 billion By client type By capability By client location 3% 10% 21% 14% 28% 56% 22% 61% 62% 23% Intermediary $211.0bn Equities $229.4bn North America $236.8bn Self-Directed $86.5bn Fixed Income $82.7bn EMEA & LatAm $104.8bn Institutional $81
Slide 25: Investment Management Capabilities
INVESTMENT MANAGEMENT CAPABILITIES Diversified product range Alternatives $13.5bn Equities (54 bps1) Wide range of equity strategies Multi-Asset encompassing different geographic $53.1bn focuses and investment styles Fixed Income (26 bps1) Intermediary Intermediary Innovative and differentiated
Slide 26: Largest Strategies by Capability
LARGEST STRATEGIES BY CAPABILITY AUM ($bn) Capability Strategy 31 Dec 24 US Concentrated Growth 30.7 US Mid Cap Growth 30.3 Equity US Research Growth Equity 26.5 Global Life Sciences 10.8 Global Technology and Innovation 9.2 AAA CLO 16.6 Australian Fixed Income 9.1 Fixed Income Global Short Duration
Slide 27: Quarterly Flows by Capability
QUARTERLY FLOWS BY CAPABILITY Equities and Fixed Income Equities Fixed Income ($ in billions) ($ in billions) 9.3 8.1 7.9 8.1 8.3 7.0 6.9 6.1 6.0 5.8 5.2 3.3 1.7 2.2 0.1 (1.1) (1.4) (1.5) (3.2) (2.5) (5.0) (3.9) (4.1) (5.2) (5.7) (9.2) (9.2) (8.4) (9.4) (10.6) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Slide 28: Quarterly Flows by Capability
QUARTERLY FLOWS BY CAPABILITY Multi-Asset and Alternatives Multi-Asset Alternatives ($ in billions) ($ in billions) 1.2 0.7 1.0 1.0 1.3 1.6 1.4 2.0 0.6 0.5 0.7 0.1 0.5 0.1 (0.2) (1.2) (0.6) (0.6) (0.5) (1.4) (0.8) (0.8) (0.4) (1.9) (0.7) (1.9) (2.4) (2.1) (2.4) (1.8) Q4 2023 Q1 2024 Q2 2024 Q3 2024
Slide 29: Net Flows by Capability
NET FLOWS BY CAPABILITY Total net flows by capability Equities ($ in billions) Fixed Income Multi-Asset Alternatives 5.5 3.3 1.7 0.4 (0.5) (2.6) (3.0) (3.1) (11.0) Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 29
Slide 30: Investment Performance
INVESTMENT PERFORMANCE % of AUM outperforming benchmark Q1 2024 Q2 2024 Q3 2024 Q4 2024 Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 60% 48% 55% 80% 58% 53% 54% 79% 63% 61% 54% 80% 50% 62% 37% 62% Fixed Income 84% 69% 88% 92% 88% 72% 83% 92% 98% 81% 89% 93%
Slide 31: Investment Performance
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles Q1 2024 Q2 2024 Q3 2024 Q4 2024 Capability 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr 1yr 3yr 5yr 10yr Equities 60% 73% 78% 86% 70% 76% 83% 87% 77% 73% 80% 87% 70% 71% 70% 80% Fixed Income 67% 55% 65% 70% 69% 57% 67%
Slide 32: Investment Performance
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Group 1st quartile 2nd quartile 86 88 87 83 81 83 80 78 76 75 77 74 76 75 74 66 31 33 34 19 31 29 29 24 19 21 22 28 36 38 18 32 55 58 54 55 55 53 54 49 51 51 52 48 51 42 43 43 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 20
Slide 33: Investment Performance
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Equities Fixed Income 1st quartile 2nd quartile 86 87 87 84 83 80 81 78 80 77 76 78 75 73 73 71 74 71 70 70 70 71 70 67 69 21 67 67 23 65 60 23 40 40 44 17 38 37 57 21 27 23 26 55 57 24 26 38 49 29 41 30 26 30 20
Slide 34: Investment Performance
INVESTMENT PERFORMANCE % of mutual fund AUM in top 2 Morningstar quartiles (continued) Multi-Asset Alternatives 1st quartile 2nd quartile 100 100100100 96 96 96 96 95 95 95 95 96 96 96 93 93 93 95 95 94 3 3 0 4 4 4 3 3 1 1 1 0 85 87 86 80 38 41 42 42 29 77 99 92 93 93 92 92 93 91 93 93 93 93 95 95 9
Slide 35: U.S. GAAP: Statement of Income
U.S. GAAP: STATEMENT OF INCOME Three months ended Year ended ($m, except per share data or as noted) 31 Dec 24 30 Sep 24 31 Dec 23 31 Dec 24 31 Dec 23 Revenue Management fees 522.7 502.8 427.1 1,957.7 1,700.1 Performance fees 67.5 8.6 41.7 70.4 5.1 Shareowner servicing fees 63.6 61.4 53.6 240.7 213.
Slide 36: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures Three months ended Year ended ($m, except per share data) 31 Dec 24 30 Sep 24 31 Dec 23 31 Dec 24 31 Dec 23 Reconciliation of revenue to adjusted revenue Revenue 708.3 624.8 568.5 2,473.2 2,101.8 Management fees 1 (53.8)
Slide 37: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES Reconciliation of adjusted financial measures (continued) Three months ended Year ended ($m, except per share data) 31 Dec 24 30 Sep 24 31 Dec 23 31 Dec 24 31 Dec 23 Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG Net incom
Slide 38: Alternative Performance Measures
ALTERNATIVE PERFORMANCE MEASURES Footnotes to reconciliation of adjusted financial measures 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an in
Slide 39: Performance Fees
PERFORMANCE FEES AUM # of funds generating generating Q4 2024 Q3 2024 Q4 2023 Q4 2024 pfees Q4 2024 ($m) ($m) ($m) ($bn) pfees Frequency Timing 16 at June 30 SICAVs 0.5 13.8 0.1 – – 18 annually 2 at Sept. 30 UK OEICs and unit trusts 0.4 0.2 – – – annually May 31 quarterly / Absolute return funds and
Slide 40: U.S. Mutual Funds with Performance Fees
U.S. MUTUAL FUNDS WITH PERFORMANCE FEES AUM Performance Q4 2024 P&L 31 Dec 24 Base Performance cap/(floor) vs impact Mutual funds with performance fees¹ ($m) Benchmark fee fee2 benchmark ($000s) Research Fund and Portfolio 25,431 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% 7 Forty Fund and Por
Slide 41: Long-Term Incentive Compensation
LONG-TERM INCENTIVE COMPENSATION Estimated future long-term incentive compensation amortization Amount remaining to ($ in millions) expense 2025 2026 2027 2028 2029 2022 annual grant 3 3 – – – – 2023 annual grant 20 18 2 – – – 2024 annual grant 64 42 19 3 – – 2025 annual grant1 135 69 45 19 2 – Othe
Slide 42: 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 43: Contact us / Forward-looking information
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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