- Solid long-term investment performance, with 62% and 68% of
assets under management (‘AUM’) outperforming relevant benchmarks
on a three- and five-year basis, respectively, as at 30 June
2020
- AUM of US$336.7 billion was up 14% compared to the prior
quarter, reflecting an improvement in global markets partially
offset by net outflows of US$(8.2) billion
- Completed US$22 million of share buybacks during the second
quarter
- Board declared quarterly dividend of US$0.36 per share
Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’)
published its second quarter 2020 results for the period ended 30
June 2020.
Second quarter 2020 operating income was US$106.7 million
compared to US$(332.4) million in the first quarter 2020 and
US$118.5 million in the second quarter 2019. Adjusted operating
income, adjusted for one-time, acquisition and transaction related
costs, of US$138.4 million compared to US$164.5 million in the
first quarter 2020 and US$152.0 million in the second quarter
2019.
Second quarter 2020 diluted earnings per share was US$0.55
compared to US$(1.35) in the first quarter 2020 and US$0.56 in the
second quarter 2019. Adjusted diluted earnings per share of US$0.67
increased 12% compared to US$0.60 in the first quarter 2020 and
increased 10% versus US$0.61 in the second quarter 2019.
Dick Weil, Chief Executive Officer of Janus Henderson Group
plc, stated:
“In the face of the extraordinary challenges resulting from the
global COVID-19 pandemic, we have delivered strong financial
performance in the second quarter, and our long-term investment
performance remains solid.
“Net flows into our Intermediary channel rebounded strongly
during the quarter with US$900 million of positive net flows, a 3%
annualised organic growth rate; however, the strong progress in
this business was offset by outflows across our Institutional
channel. Despite these Institutional outflows, we continue to have
a strong global pipeline across a diverse set of clients and
strategies, and we remain confident in our ability to convert those
opportunities into net flows in the quarters to come.
“Looking forward, we are convinced we are on the right path to
organic growth and increasing profitability with our strategy of
Simple Excellence, and we continue to have a strong focus on costs
balanced against appropriate investments to achieve these goals. By
continuing to execute on these efforts, we are confident we will be
able to deliver for our clients, our owners and our employees, as
well as continuing to make positive contributions to the
communities in which we operate.”
RESULTS FOR ANNOUNCEMENT TO THE MARKET
These results for announcement to the market include the interim
information required to be provided to the Australian Securities
Exchange (ASX) under Listing Rule 4.2A and Appendix 4D.
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions,
except per share data or as noted)
The Group presents its financial results in US$ and in
accordance with accounting principles generally accepted in the
United States of America (‘US GAAP’ or ‘GAAP’). However, JHG
management evaluates the profitability of the Group 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.
Six months ended
30 Jun
30 Jun
2020
2019
% change
GAAP
basis:
Revenue
1,072.9
1,055.2
2
%
Operating expenses
1,298.6
812.2
60
%
Operating income
(225.7
)
243.0
(193
)
%
Operating margin
(21.0
)
%
23.0
%
(44.0
)
ppt
Net income attributable to JHG
(144.1
)
203.5
(171
)
%
Diluted earnings per share
(0.79
)
1.03
(177
)
%
Adjusted
basis:
Revenue
856.0
851.8
0
%
Operating expenses
553.1
556.4
(1
)
%
Operating income
302.9
295.4
3
%
Operating margin
35.4
%
34.7
%
0.7
ppt
Net income attributable to JHG
239.3
229.7
4
%
Diluted earnings per share
1.28
1.17
10
%
Three months ended
30 Jun
31 Mar
30 Jun
2020
2020
2019
GAAP
basis:
Revenue
518.0
554.9
535.9
Operating expenses
411.3
887.3
417.4
Operating income (loss)
106.7
(332.4
)
118.5
Operating margin
20.6
%
(59.9
)
%
22.1
%
Net income (loss) attributable to JHG
102.9
(247.0
)
109.4
Diluted earnings (loss) per share
0.55
(1.35
)
0.56
Adjusted
basis:
Revenue
413.3
442.7
434.4
Operating expenses
274.9
278.2
282.4
Operating income
138.4
164.5
152.0
Operating margin
33.5
%
37.2
%
35.0
%
Net income attributable to JHG
126.6
112.7
119.7
Diluted earnings per share
0.67
0.60
0.61
First half 2020 adjusted revenue of US$856.0 million increased
slightly from the first half 2019 result of US$851.8 million, as
lower management fees in the first half 2020 were offset by higher
performance and shareowner servicing fees. First half 2020 adjusted
operating income of US$302.9 million improved from US$295.4 million
in the first half 2019, primarily due to the factors impacting
adjusted revenue.
Second quarter 2020 adjusted revenue of US$413.3 million
decreased from the first quarter 2020 result of US$442.7 million
due to lower average AUM, partially offset by higher performance
fees and net management fee margin. Second quarter 2020 adjusted
net income attributable to JHG of US$126.6 million increased from
US$112.7 million in the first quarter 2020, primarily due to an
improvement in investment gains (losses), net from the second
quarter 2019, driven by fair value adjustments in relation to
seeded investment products and derivative instruments.
DIVIDEND AND SHARE BUYBACK
On 28 July 2020, the Board declared a second quarter dividend in
respect of the three months ended 30 June 2020 of US$0.36 per
share. Shareholders on the register on the record date of 10 August
2020 will be paid the dividend on 26 August 2020. Janus Henderson
does not offer a dividend reinvestment plan.
As part of the US$200 million on-market buyback programme
approved by the Board in February 2020, JHG purchased approximately
1.1 million of its ordinary shares on the NYSE and its CHESS
Depositary Interests (CDIs) on the ASX in the second quarter, for a
total outlay of US$22.0 million.
Net tangible assets per share
US$
30 Jun 2020
30 Jun 2019
Net tangible assets / (liabilities) per
ordinary share
2.61
1.32
Net tangible assets are defined by the ASX as being total assets
less intangible assets less total liabilities ranking ahead of, or
equally with, claims of ordinary shares.
AUM AND FLOWS (in US$ billions)
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 switches.
Total Group comparative AUM and
flows
Three months ended
30 Jun
31 Mar
30 Jun
2020
2020
2019
Opening AUM
294.4
374.8
357.3
Sales
17.9
21.4
15.6
Redemptions
(26.1
)
(33.6
)
(25.4
)
Net sales / (redemptions)
(8.2
)
(12.2
)
(9.8
)
Market / FX
50.5
(64.0
)
12.3
Acquisitions / (disposals)
—
(4.2
)
—
Closing AUM
336.7
294.4
359.8
Quarterly AUM and flows by
capability
Fixed
Quantitative
Equities
Income
Equities
Multi-Asset
Alternatives
Total
AUM 30 Jun 2019
191.3
73.5
47.6
35.1
12.3
359.8
Sales
6.0
6.1
0.3
2.4
0.5
15.3
Redemptions
(8.0
)
(4.7
)
(2.7
)
(2.0
)
(1.4
)
(18.8
)
Net sales / (redemptions)
(2.0
)
1.4
(2.4
)
0.4
(0.9
)
(3.5
)
Market / FX
(1.1
)
0.1
0.4
0.8
(0.4
)
(0.2
)
AUM 30 Sep 2019
188.2
75.0
45.6
36.3
11.0
356.1
Sales
9.4
5.6
0.3
2.7
0.7
18.7
Redemptions
(10.7
)
(8.4
)
(3.6
)
(1.3
)
(1.4
)
(25.4
)
Net sales / (redemptions)
(1.3
)
(2.8
)
(3.3
)
1.4
(0.7
)
(6.7
)
Market / FX
17.1
2.6
2.9
2.1
0.7
25.4
AUM 31 Dec 2019
204.0
74.8
45.2
39.8
11.0
374.8
Sales
8.8
8.0
0.4
3.5
0.7
21.4
Redemptions
(15.7
)
(11.4
)
(2.4
)
(2.5
)
(1.6
)
(33.6
)
Net sales / (redemptions)
(6.9
)
(3.4
)
(2.0
)
1.0
(0.9
)
(12.2
)
Market / FX
(43.2
)
(6.1
)
(8.6
)
(5.3
)
(0.8
)
(64.0
)
Acquisitions / (disposals)
(4.0
)
—
—
(0.2
)
—
(4.2
)
AUM 31 Mar 2020
149.9
65.3
34.6
35.3
9.3
294.4
Sales
7.9
6.3
0.4
2.5
0.8
17.9
Redemptions
(12.1
)
(7.0
)
(4.3
)
(1.8
)
(0.9
)
(26.1
)
Net sales / (redemptions)
(4.2
)
(0.7
)
(3.9
)
0.7
(0.1
)
(8.2
)
Market / FX
33.5
5.6
6.8
4.3
0.3
50.5
Reclassification1
(0.1
)
—
—
—
0.1
—
AUM 30 Jun 2020
179.1
70.2
37.5
40.3
9.6
336.7
______________________
1 Reflects reclassification of an existing fund from Equities to
Alternatives.
Average AUM
Three months ended
30 Jun
31 Mar
30 Jun
2020
2020
2019
Equities
168.7
189.3
190.5
Fixed Income
68.7
71.6
72.0
Quantitative Equities
38.0
42.0
48.4
Multi-Asset
38.3
39.4
34.2
Alternatives
9.3
10.4
12.6
Total
323.0
352.7
357.7
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 30
June 2020)
Capability
1 year
3 years
5 years
Equities
52
%
54
%
64
%
Fixed Income
83
%
87
%
96
%
Quantitative Equities
23
%
22
%
9
%
Multi-Asset
93
%
91
%
94
%
Alternatives
96
%
96
%
99
%
Total
60
%
62
%
68
%
Outperformance is measured based on composite performance gross
of fees vs 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 vs zero for
absolute return strategies, (2) fund net of fees vs primary index
or (3) fund net of fees vs Morningstar peer group average or
median. Non-discretionary and separately managed account assets are
included with a corresponding composite where applicable.
Cash management vehicles, ETFs, Managed CDOs, Private Equity
funds and custom non-discretionary accounts with no corresponding
composite are excluded from the analysis. Excluded assets represent
5% of AUM as at 30 June 2020. Capabilities defined by Janus
Henderson.
% of mutual fund AUM in top 2
Morningstar quartiles (at 30 June 2020)
Capability
1 year
3 years
5 years
Equities
59
%
56
%
76
%
Fixed Income
77
%
86
%
74
%
Quantitative Equities
3
%
60
%
8
%
Multi-Asset
90
%
92
%
92
%
Alternatives
98
%
100
%
96
%
Total
67
%
67
%
78
%
Includes Janus Investment Fund, Janus Aspen Series and Clayton
Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin
based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs
and Australian Managed Investment Schemes. The top two Morningstar
quartiles represent funds in the top half of their category based
on total return. On an asset-weighted basis, 74%, 82%, 82%, 86% and
86% of total mutual fund AUM were in the top 2 Morningstar
quartiles for the 10-year periods ended 30 June 2019, 30 September
2019, 31 December 2019, 31 March 2020 and 30 June 2020,
respectively. For the one-, three-, five- and 10-year periods
ending 30 June 2020, 59%, 61%, 62% and 65% of the 200, 192, 183 and
146 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 US
Trusts; Class A 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.
ETFs and funds not ranked by Morningstar are excluded from the
analysis. Capabilities defined by Janus Henderson. © 2020
Morningstar, Inc. All Rights Reserved.
THIRD QUARTER 2020 RESULTS
Janus Henderson intends to publish its third quarter 2020
results on 29 October 2020.
SECOND QUARTER 2020 RESULTS BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer
Roger Thompson will present these results on 29 July 2020 on a
conference call and webcast to be held at 8am EDT, 1pm BST, 10pm
AEST.
Those wishing to participate should call:
United Kingdom
0800 358 6377 (toll free)
US & Canada
800 239 9838 (toll free)
Australia
1 800 573 793 (toll free)
All other countries
+1 323 794 2551 (this is not a toll free
number)
Conference ID
3404786
Access to the webcast and accompanying slides will be available
via the investor relations section of Janus Henderson’s website
(ir.janushenderson.com).
About Janus Henderson
Janus Henderson Group is a leading global active asset manager
dedicated to helping investors achieve long-term financial goals
through a broad range of investment solutions, including equities,
fixed income, quantitative equities, multi-asset and alternative
asset class strategies.
At 30 June 2020, Janus Henderson had approximately US$337
billion in assets under management, more than 2,000 employees, and
offices in 27 cities worldwide. Headquartered in London, the
company is listed on the New York Stock Exchange (NYSE) and the
Australian Securities Exchange (ASX).
FINANCIAL DISCLOSURES
Condensed consolidated statements of
comprehensive income (unaudited)
Three months ended
30 Jun
31 Mar
30 Jun
(in US$ millions, except per share data
or as noted)
2020
2020
2019
Revenue:
Management fees
407.7
439.6
446.4
Performance fees
17.2
14.6
3.5
Shareowner servicing fees
47.3
50.3
38.3
Other revenue
45.8
50.4
47.7
Total revenue
518.0
554.9
535.9
Operating expenses:
Employee compensation and benefits
145.8
155.6
146.5
Long-term incentive plans
49.1
33.6
49.2
Distribution expenses
104.7
112.2
101.5
Investment administration
12.6
11.7
11.1
Marketing
3.7
6.7
8.1
General, administrative and occupancy
58.0
65.2
67.7
Impairment of goodwill and intangible
assets
26.4
487.3
18.0
Depreciation and amortisation
11.0
15.0
15.3
Total operating expenses
411.3
887.3
417.4
Operating income (loss)
106.7
(332.4
)
118.5
Interest expense
(3.2
)
(3.3
)
(4.2
)
Investment gains (losses), net
50.3
(50.5
)
4.8
Other non-operating income, net
8.6
32.2
28.5
Income (loss) before taxes
162.4
(354.0
)
147.6
Income tax benefit (provision)
(30.1
)
68.8
(35.3
)
Net income (loss)
132.3
(285.2
)
112.3
Net loss (income) attributable to
noncontrolling interests
(29.4
)
38.2
(2.9
)
Net income (loss) attributable to
JHG
102.9
(247.0
)
109.4
Less: allocation of earnings to
participating stock-based awards
(3.0
)
—
(3.2
)
Net income (loss) attributable to JHG
common shareholders
99.9
(247.0
)
106.2
Basic weighted-average shares outstanding
(in millions)
181.8
182.4
190.2
Diluted weighted-average shares
outstanding (in millions)
182.1
182.4
190.7
Diluted earnings (loss) per share (in
US$)
0.55
(1.35
)
0.56
Reconciliation of non-GAAP financial information
In addition to financial results reported in accordance with
GAAP, we compute certain financial measures using non-GAAP
components, as defined by the SEC. These measures are not in
accordance with, or a substitute for, GAAP, and our financial
measures may be different from non-GAAP financial measures used by
other companies. We have provided a reconciliation of our non-GAAP
components to the most directly comparable GAAP components. The
following are reconciliations of US GAAP revenue, operating
expenses, operating income (loss), net income (loss) attributable
to JHG and diluted earnings (loss) per share to adjusted revenue,
adjusted operating expenses, adjusted operating income, adjusted
net income attributable to JHG and adjusted diluted earnings per
share.
Three months ended
30 Jun
31 Mar
30 Jun
(in US$ millions, except per share data
or as noted)
2020
2020
2019
Reconciliation of revenue to adjusted
revenue
Revenue
518.0
554.9
535.9
Management fees1
(40.2
)
(44.1
)
(46.4
)
Shareowner servicing fees1
(39.0
)
(41.1
)
(29.1
)
Other revenue1
(25.5
)
(27.0
)
(26.0
)
Adjusted revenue
413.3
442.7
434.4
Reconciliation of operating expenses to
adjusted operating expenses
Operating expenses
411.3
887.3
417.4
Employee compensation and benefits2
(0.5
)
(1.4
)
(3.1
)
Long-term incentive plans2
0.2
0.1
0.2
Distribution expenses1
(104.7
)
(112.2
)
(101.5
)
General, administration and occupancy2
(2.8
)
(1.9
)
(5.3
)
Impairment of goodwill and intangible
assets3
(26.4
)
(487.3
)
(18.0
)
Depreciation and amortisation3
(2.2
)
(6.4
)
(7.3
)
Adjusted operating expenses
274.9
278.2
282.4
Adjusted operating income
138.4
164.5
152.0
Operating margin
20.6
%
(59.9
)
%
22.1
%
Adjusted operating margin
33.5
%
37.2
%
35.0
%
Reconciliation of net income (loss)
attributable to JHG to adjusted net income attributable to
JHG
Net income (loss) attributable to JHG
102.9
(247.0
)
109.4
Employee compensation and benefits2
0.5
1.4
3.1
Long-term incentive plans2
(0.2
)
(0.1
)
(0.2
)
General, administration and occupancy2
2.8
1.9
5.3
Impairment of goodwill and intangible
assets3
26.4
487.3
18.0
Depreciation and amortisation3
2.2
6.4
7.3
Interest expense4
—
0.1
1.0
Investment gains (losses), net
—
—
1.0
Other non-operating income (expenses),
net4
(0.6
)
(25.9
)
(22.6
)
Income tax benefit (provision)5
(7.4
)
(111.4
)
(2.6
)
Adjusted net income attributable to
JHG
126.6
112.7
119.7
Less: allocation of earnings to
participating stock-based awards
(3.7
)
(3.2
)
(3.5
)
Adjusted net income attributable to JHG
common shareholders
122.9
109.5
116.2
Weighted-average diluted common shares
outstanding – diluted (two class) (in millions)
182.1
182.4
190.7
Diluted earnings (loss) per share (two
class) (in US$)
0.55
(1.35
)
0.56
Adjusted diluted earnings per share
(two class) (in US$)
0.67
0.60
0.61
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 service 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.
2
Adjustments primarily represent
integration costs in relation to the Merger, including severance
costs, legal costs and consulting fees. JHG management believes
these costs are not representative of the ongoing operations of the
Group.
3
Investment management contracts have been
identified as a separately identifiable intangible asset arising on
the acquisition of subsidiaries and businesses. Such contracts are
recognised 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 amortised on
a straight-line basis over the expected life of the contracts.
Adjustments also include impairment charges of our goodwill and
certain mutual fund investment management agreements and client
relationships. JHG management believes these non-cash and
acquisition-related costs are not representative of the ongoing
operations of the Group.
4
Adjustments for the three months ended 31
March 2020 primarily relate to the gain recognised on the disposal
of Geneva during the quarter. Other adjustments include contingent
consideration adjustments associated with prior acquisitions and
increased debt expense as a consequence of the fair value uplift on
debt due to acquisition accounting. JHG management believes these
costs are not representative of the ongoing operations of the
Group.
5
The tax impact of the adjustments is
calculated based on the applicable US or foreign statutory tax rate
as it relates to each adjustment. Certain adjustments are either
not taxable or not tax-deductible.
Condensed consolidated balance sheets
(unaudited)
30 Jun
31 Dec
(in US$ millions)
2020
2019
Assets:
Cash and cash equivalents
836.6
733.9
Investment securities
219.1
253.5
Property, equipment and software, net
82.5
84.7
Intangible assets and goodwill, net
3,949.0
4,592.9
Assets of consolidated variable interest
entities
712.4
1,010.9
Other assets
925.6
945.8
Total assets
6,725.2
7,621.7
Liabilities, redeemable noncontrolling
interests and equity:
Long-term debt
314.8
316.2
Deferred tax liabilities, net
600.5
729.1
Liabilities of consolidated variable
interest entities
81.0
57.1
Other liabilities
831.3
935.2
Redeemable noncontrolling interests
468.7
677.9
Total equity
4,428.9
4,906.2
Total liabilities, redeemable
noncontrolling interests and equity
6,725.2
7,621.7
Condensed consolidated statements of
cash flows (unaudited)
Three months ended
30 Jun
31 Mar
30 Jun
(in US$ millions)
2020
2020
2019
Cash provided by (used for):
Operating activities
204.6
37.9
117.7
Investing activities
(166.8
)
41.8
(39.8
)
Financing activities
37.4
(46.0
)
(77.2
)
Effect of exchange rate changes
3.0
(28.0
)
(9.6
)
Net change during period
78.2
5.7
(8.9
)
STATUTORY DISCLOSURES
Associates and joint ventures
At 30 June 2020, the Group holds interests in the following
associates and joint ventures managed through shareholder
agreements with third party investors, accounted for under the
equity method:
- LongTail Alpha LLC. Ownership 20%
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 US 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 Group’s Annual Report on
Form 10‑K for the year ended 31 December 2019, on file 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.
Corporate governance principles and recommendations
In the opinion of the Directors, the financial records of the
Group have been properly maintained, and the Condensed Consolidated
Financial Statements comply with the appropriate accounting
standards and give a true and fair view of the financial position
and performance of the Group. This opinion has been formed on the
basis of a sound system of risk management and internal control
which is operating effectively.
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.
This document includes statements concerning potential future
events involving Janus Henderson Group plc that could differ
materially from the events that actually occur. The differences
could be caused by a number of factors including those factors
identified in Janus Henderson Group’s Annual Report on Form 10‑K
for the fiscal year ended 31 December 2019 and in other filings or
furnishings made by the Company with the Securities and Exchange
Commission from time to time (Commission file no. 001‑38103),
including those that appear under headings such as ‘Risk Factors’
and ‘Management’s Discussion and Analysis of Financial Condition
and Results of Operations’. Many of these factors are beyond the
control of JHG and its management. Any forward-looking statements
contained in this document are as at the date on which such
statements were made. Janus Henderson Group assumes no duty to
update them, even if experience, unexpected events, or future
changes make it clear that any projected results expressed or
implied therein will not be realised.
Annualised, 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.
Mutual funds in the US are distributed by Janus Henderson
Distributors.
Please consider the charges, risks, expenses and investment
objectives carefully before investing. For a US fund prospectus or,
if available, a summary prospectus containing this and other
information, please contact your investment professional or call
800.668.0434. Read it carefully before you invest or send
money.
Janus Henderson, Janus, Henderson, Intech and Knowledge Shared
are trademarks of Janus Henderson Group plc or one of its
subsidiaries. © Janus Henderson Group plc.
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version on businesswire.com: https://www.businesswire.com/news/home/20200729005258/en/
Investor enquiries: Jim Kurtz US Investor Relations
Manager +1 303 336 4529 jim.kurtz@janushenderson.com
Melanie Horton Non-US Investor Relations Manager +44 (0) 20 7818
2905 melanie.horton@janushenderson.com
Or
Investor Relations investor.relations@janushenderson.com
Media enquiries: Stephen Sobey Head of Media Relations
+44 (0) 20 7818 2523 stephen.sobey@janushenderson.com
United Kingdom: FTI Consulting Tom Blackwell +44 (0) 20 3727
1051 tom.blackwell@FTIConsulting.com
Asia Pacific: Honner Craig Morris +61 2 8248 3757
craig@honner.com.au
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