Financial Data and Key Metrics Changes - The company reported adjusted diluted EPS of $0.90, representing a 6% increase compared to the same period a year ago [28] - Assets under management (AUM) increased by 23% to $457.3 billion, marking the highest quarterly AUM ever [8][50] - Adjusted revenue increased by 2% compared to the prior quarter and 9% compared to the prior year, primarily due to higher management fees on increased average AUM [23] Business Line Data and Key Metrics Changes - The company saw net inflows of $46.7 billion for the quarter, including $46.5 billion from Guardian's general account [14] - Fixed income net inflows were $49.7 billion, significantly up from $5.6 billion in the prior quarter [20] - Active fixed income ETFs delivered net inflows of $1 billion, with four ETFs each having at least $100 million of net inflows [21] Market Data and Key Metrics Changes - Net flows were positive in the U.S. for the eighth consecutive quarter, while EMEA, LatAm, and Asia Pacific experienced net outflows [16] - Institutional net inflows were $49 billion, marking the third consecutive quarter of positive flows [18] - The U.S. intermediary channel saw positive net flows despite a challenging flow environment [17] Company Strategy and Development Direction - The company is focused on three strategic pillars: protect and grow core businesses, amplify strengths, and diversify where clients give the right to win [32] - The partnership with Guardian is expected to amplify the company's insurance, institutional, and fixed income businesses [36] - The company aims to enhance client relationships by evolving from transactional to peer-to-peer partnerships [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the stabilization of business trends despite recent market volatility [5] - The company is committed to delivering superior financial outcomes for clients and maintaining a strong balance sheet for future investments [50] - Management acknowledged the challenges in the retail equity business but remains confident in the equities franchise [60] Other Important Information - The company completed a strategic partnership with Guardian, which includes a commitment of up to $400 million in seed capital for product innovation [7] - The company has maintained a healthy quarterly dividend and has reduced shares outstanding by over 22% since 2018 [30] - The adjusted operating margin for the second quarter was 33.5% [28] Q&A Session Summary Question: What are the next priorities on the institutional side? - Management is pleased with the three consecutive quarters of institutional net flows and sees potential for continued growth, particularly with the Guardian partnership [54] Question: How do you see the solution to persistent outflows in retail equity business? - Management believes in the equities franchise and is focused on protecting and growing core businesses, emphasizing the importance of delivering outstanding investment performance [60] Question: Can you speak on the addressable market for the JAAD ECL product? - Management highlighted the successful launch of the JABS ETF, which addresses client needs for short-duration, high-quality fixed-rate securitized assets [70] Question: What is driving the strong improvement in investment performance? - The improvement is attributed to strong performance in U.S. and global equity products, with at least 72% of AUM ahead of benchmarks across all time periods [72] Question: What are the opportunities in the multi-asset space? - Management sees potential in the balanced fund and is optimistic about growing interest in multi-asset solutions, particularly in the U.S., Europe, and Asia [80]

Financial Performance - Janus Henderson Group reported quarterly earnings of $0.9 per share, exceeding the Zacks Consensus Estimate of $0.84 per share, and showing an increase from $0.85 per share a year ago, resulting in an earnings surprise of +7.14% [1] - The company posted revenues of $633.2 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.12%, and up from $588.4 million year-over-year [2] Stock Performance and Outlook - Janus Henderson Group shares have increased approximately 1.5% since the beginning of the year, while the S&P 500 has gained 8.2% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] Earnings Estimate Revisions - The trend for earnings estimate revisions for Janus Henderson Group was favorable ahead of the earnings release, resulting in a Zacks Rank 1 (Strong Buy) for the stock, indicating expected outperformance in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $0.91 on revenues of $679.69 million, and for the current fiscal year, it is $3.53 on revenues of $2.63 billion [7] Industry Context - The Financial - Investment Management industry, to which Janus Henderson Group belongs, is currently ranked in the top 20% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]

Ali Dibadj Chief Executive Officer Roger Thompson Chief Financial Officer Q2 2025 RESULTS Key metrics – Q2 2025 vs Q1 2025 | | Q2 2025 | Q1 2025 | | --- | --- | --- | | Investment outperformance3 3-/5-/10-year | 76/67/72% | 77/65/73% | | Total AUM1 | $457.3bn | $373.2bn | | Net flows2 | $46.7bn | $2.0bn | | U.S. GAAP diluted EPS | $0.95 | $0.77 | | Adjusted diluted EPS4 | $0.90 | $0.79 | | Dividend per share | $0.40 | $0.40 | Q2 2025 RESULTS Thursday, July 31, 2025 1 AUM and net flows include assets for whi ...

Part I. Financial Information [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) The unaudited financial statements for H1 2025 report total assets of $7.45 billion, Q2 revenue of $633.2 million, and net income attributable to JHG of $149.9 million [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to $7.45 billion by June 30, 2025, driven by investments and intangible assets, while total liabilities decreased and equity grew Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $882.6 | $1,217.2 | | Investments (Current) | $380.7 | $337.1 | | Investments (Consolidated VIEs) | $1,059.4 | $502.1 | | Intangible assets, net | $2,540.5 | $2,473.3 | | Goodwill | $1,633.8 | $1,550.4 | | **Total Assets** | **$7,451.5** | **$6,963.1** | | **Liabilities & Equity** | | | | Long-term debt | $395.2 | $395.0 | | Total liabilities | $1,806.9 | $1,880.0 | | Total shareholders' equity | $4,768.6 | $4,591.5 | | **Total Liabilities & Equity** | **$7,451.5** | **$6,963.1** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q2 2025 total revenue increased to $633.2 million, with net income attributable to JHG rising to $149.9 million, or $0.95 per diluted share Q2 2025 vs Q2 2024 Performance (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $633.2 | $588.4 | | Operating Income | $163.8 | $164.3 | | Net Income Attributable to JHG | $149.9 | $129.7 | | Diluted EPS | $0.95 | $0.81 | H1 2025 vs H1 2024 Performance (in millions, except EPS) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Revenue | $1,254.6 | $1,140.1 | | Operating Income | $317.4 | $283.5 | | Net Income Attributable to JHG | $270.6 | $259.8 | | Diluted EPS | $1.72 | $1.62 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow decreased to $138.0 million, while investing activities used $518.1 million and financing activities provided $11.9 million Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Operating Activities | $138.0 | $218.8 | | Net Investing Activities | $(518.1) | $(114.7) | | Net Financing Activities | $11.9 | $(230.1) | | **Net Change in Cash** | **$(323.0)** | **$(133.3)** | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements) The notes detail accounting policies, a new strategic partnership with Guardian Life Insurance, the acquisition of Victory Park Capital, and ongoing litigation - On June 30, 2025, JHG entered a strategic partnership with Guardian Life Insurance, recognizing a **$41.1 million** definite-lived intangible asset for managing Guardian's public fixed income portfolio[26](index=26&type=chunk)[28](index=28&type=chunk) - The acquisition of a **55% interest** in Victory Park Capital Advisors (VPC) was completed, with total consideration including **$114.0 million** in cash, JHG common stock, and contingent consideration valued at **$18.7 million** as of June 30, 2025[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The company is involved in a class action lawsuit, Schissler v. Janus Henderson, alleging breaches of fiduciary duties related to the company's 401(k) plan. The company intends to vigorously defend against these claims[104](index=104&type=chunk) Dividends Declared and Paid (H1 2025) | Declaration Date | Dividend per Share | Total Paid (millions) | Payment Date | | :--- | :--- | :--- | :--- | | Jan 30, 2025 | $0.39 | $61.5 | Feb 27, 2025 | | Apr 30, 2025 | $0.40 | $63.8 | May 29, 2025 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports Q2 2025 AUM increased 27% to $457.3 billion, driven by the Guardian partnership, with revenue growing 8% to $633.2 million and net income attributable to JHG up 16% to $149.9 million [Second Quarter 2025 Summary](index=33&type=section&id=Second%20Quarter%202025%20Summary) Q2 2025 saw AUM grow 27% to $457.3 billion, driven by $46.7 billion in net inflows, with diluted EPS at $0.95 and $113.3 million returned to shareholders - AUM increased to **$457.3 billion**, up **27%** from June 30, 2024[115](index=115&type=chunk) - Q2 2025 net inflows were **$46.7 billion**, including **$46.5 billion** from the strategic partnership with Guardian[115](index=115&type=chunk) - **$113.3 million** was returned to shareholders through dividends and share buybacks during the second quarter[115](index=115&type=chunk) Investment Performance (% of AUM outperforming benchmark as of June 30, 2025) | Period | Equities | Fixed Income | Multi-Asset | Alternatives | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | 1-Year | 59% | 96% | 93% | 77% | 72% | | 3-Year | 67% | 88% | 94% | 86% | 76% | | 5-Year | 54% | 87% | 97% | 100% | 67% | | 10-Year | 61% | 93% | 97% | 100% | 72% | [Assets Under Management](index=35&type=section&id=Assets%20Under%20Management) Total AUM reached **$457.3 billion** by Q2 2025, a 21% increase from year-end 2024, driven by **$48.7 billion** in net inflows and positive market performance AUM Roll-Forward for Six Months Ended June 30, 2025 (in billions) | Capability | AUM Dec 31, 2024 | Net Sales | Markets | FX | AUM June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Equities | $229.4 | $(6.8) | $15.6 | $5.4 | $243.6 | | Fixed Income | $82.7 | $55.3 | $1.9 | $2.3 | $142.2 | | Multi-Asset | $53.1 | $(1.7) | $3.7 | $0.5 | $55.6 | | Alternatives | $13.5 | $1.9 | $(0.1) | $0.6 | $15.9 | | **Total** | **$378.7** | **$48.7** | **$21.1** | **$8.8** | **$457.3** | Closing AUM by Client Location (in billions) | Region | June 30, 2025 | June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | | North America | $303.2 | $221.3 | 37% | | EMEA and Latin America | $115.4 | $104.2 | 11% | | Asia Pacific | $38.7 | $35.9 | 8% | | **Total** | **$457.3** | **$361.4** | **27%** | [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q2 2025 revenue increased 8% to $633.2 million, driven by management and performance fees, while operating expenses rose 11% to $469.4 million Revenue Breakdown (in millions) | Revenue Type | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Management fees | $507.0 | $472.8 | 7% | | Performance fees | $14.8 | $7.4 | 100% | | Shareowner servicing fees | $60.0 | $58.5 | 3% | | Other revenue | $51.4 | $49.7 | 3% | | **Total revenue** | **$633.2** | **$588.4** | **8%** | Operating Expenses Breakdown (in millions) | Expense Type | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Employee compensation & benefits | $179.0 | $166.3 | 8% | | Long-term incentive plans | $39.7 | $36.4 | 9% | | Distribution expenses | $132.9 | $126.6 | 5% | | General, administrative & occupancy | $80.4 | $66.9 | 20% | | Depreciation and amortization | $8.5 | $5.3 | 60% | | **Total operating expenses** | **$469.4** | **$421.1** | **11%** | - The increase in employee compensation was primarily due to higher average headcount following acquisitions completed in 2024[144](index=144&type=chunk) - The increase in depreciation and amortization was primarily driven by intangible assets from the acquisition of VPC in Q4 2024[155](index=155&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$870.4 million** in cash and an undrawn **$200 million** credit facility, while meeting regulatory capital requirements with a **$413.8 million** surplus - The company has a **$200 million** unsecured revolving credit facility maturing in June 2030, with no borrowings outstanding as of June 30, 2025[185](index=185&type=chunk)[186](index=186&type=chunk) - On April 30, 2025, the Board approved a new **$200 million** corporate share buyback program. As of June 30, 2025, **$49.5 million** had been repurchased under this program[178](index=178&type=chunk) - The FCA-supervised regulatory group held capital of **$413.8 million** above its requirement of **$218.2 million** as of June 30, 2025[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposure were reported compared to the 2024 Annual Report on Form 10-K - There were no material changes in the company's market risk exposure compared to the 2024 Form 10-K[195](index=195&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal controls over financial reporting - The CEO and CFO concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[196](index=196&type=chunk) - No material changes were made to internal controls over financial reporting during the second quarter of 2025[197](index=197&type=chunk) Part II. Other Information [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 16 of the financial statements for details on the ongoing class action lawsuit regarding the company's 401(k) plan - For information on legal proceedings, the report refers to Note 16 of the Financial Statements[198](index=198&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the 2024 Annual Report on Form 10-K - No material changes to risk factors were reported since the Annual Report on Form 10-K for the year ended December 31, 2024[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company details Q2 2025 share repurchase activities, including a new **$200 million** corporate buyback program and repurchases for employee share plans - A new **$200 million** share repurchase program (2025 Corporate Buyback Program) was approved on April 30, 2025[201](index=201&type=chunk) Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid | Value Remaining (millions) | | :--- | :--- | :--- | :--- | | April 2025 | — | $— | $200 | | May 2025 | 2,744,804 | $37.08 | $173 | | June 2025 | 1,099,700 | $36.51 | $150 | | **Total Q2** | **3,844,504** | **$36.92** | **$150** | [Exhibits](index=56&type=section&id=Item%206.%20Exhibits) The report lists all filed exhibits, including employment agreements, CEO/CFO certifications, and XBRL data files - Key exhibits filed include an employment agreement with CEO Ali Dibadj, CEO/CFO certifications (Sections 302 and 906), and XBRL interactive data files[209](index=209&type=chunk)

[Janus Henderson Group plc Reports Second Quarter 2025 Results](index=1&type=section&id=Janus%20Henderson%20Group%20plc%20Reports%20Second%20Quarter%202025%20Results) [Overview of Q2 2025 Performance](index=1&type=section&id=Overview%20of%20Q2%202025%20Performance) Janus Henderson reported solid Q2 2025 results, achieving its fifth consecutive quarter of positive net flows, significant AUM growth, and increased capital returns Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Operating Income (GAAP)** | US$163.8M | US$153.6M | US$164.3M | | **Adjusted Operating Income** | US$167.0M | US$156.6M | US$164.7M | | **Diluted EPS (GAAP)** | US$0.95 | US$0.77 | US$0.81 | | **Adjusted Diluted EPS** | US$0.90 | US$0.79 | US$0.85 | - CEO Ali Dibadj highlighted the fifth consecutive quarter of positive net flows, totaling **US$46.7 billion**, as a key differentiator for the firm in the active management industry[4](index=4&type=chunk) - The strategic partnership with Guardian contributed **US$46.5 billion** in general account assets and **US$100 million** in seed funding for the new JABS ETF[5](index=5&type=chunk) - Total Assets Under Management (AUM) reached **US$457 billion** as of June 30, 2025, a **27% increase** year-over-year[6](index=6&type=chunk) - The company returned **US$113 million** to shareholders in Q2 2025 through dividends and share buybacks[6](index=6&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) [Summary of Financial Results](index=2&type=section&id=Summary%20of%20Financial%20Results) Q2 2025 financial results indicate GAAP revenue of **US$633.2 million** and **25.9%** operating margin, with adjusted figures showing **US$497.9 million** revenue and **33.5%** operating margin Q2 2025 Financial Summary (GAAP vs. Adjusted) | Metric (US$ millions) | Q2 2025 (GAAP) | Q2 2025 (Adjusted) | Q2 2024 (GAAP) | Q2 2024 (Adjusted) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 633.2 | 497.9 | 588.4 | 458.3 | | **Operating Income** | 163.8 | 167.0 | 164.3 | 164.7 | | **Operating Margin** | 25.9% | 33.5% | 27.9% | 35.9% | | **Net Income (to JHG)** | 149.9 | 142.6 | 129.7 | 135.2 | | **Diluted EPS** | $0.95 | $0.90 | $0.81 | $0.85 | [Capital Return Program](index=2&type=section&id=Capital%20Return%20Program) The company declared a quarterly dividend of **US$0.40 per share** and repurchased **1.3 million shares** for approximately **US$50 million** in Q2 2025 - A quarterly dividend of **US$0.40 per share** was declared on July 30, 2025, payable on August 28, 2025[9](index=9&type=chunk) - As part of a **US$200 million program**, JHG repurchased **1.3 million shares** for approximately **US$50 million** in Q2 2025[10](index=10&type=chunk) [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) Detailed Q2 2025 financial statements reveal **US$633.2 million** in total revenues, **US$149.9 million** net income, **US$7.45 billion** total assets, and **US$135.2 million** from operating activities Condensed Consolidated Statements of Comprehensive Income (Q2 2025) | Line Item (US$ millions) | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Total Revenue** | 633.2 | 621.4 | 588.4 | | **Total Operating Expenses** | 469.4 | 467.8 | 424.1 | | **Operating Income** | 163.8 | 153.6 | 164.3 | | **Net Income Attributable to JHG** | 149.9 | 120.7 | 129.7 | | **Diluted EPS (US$)** | 0.95 | 0.77 | 0.81 | Condensed Consolidated Balance Sheet Highlights | Line Item (US$ millions) | 30 Jun 2025 | 31 Dec 2024 | | :--- | :--- | :--- | | **Total Assets** | 7,451.5 | 6,963.1 | | **Long-term Debt** | 395.2 | 395.0 | | **Total Equity** | 4,899.9 | 4,718.1 | Condensed Consolidated Statements of Cash Flows (Q2 2025) | Activity (US$ millions) | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Operating Activities** | 135.2 | 2.8 | 223.8 | | **Investing Activities** | (290.8) | (227.3) | (60.4) | | **Financing Activities** | (67.7) | 79.6 | (50.9) | [Reconciliation of Non-GAAP Financial Information](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Information) This section details the reconciliation of GAAP to non-GAAP financial measures, adjusting revenue for pass-through fees and operating expenses for acquisition-related costs and non-cash amortization - Adjustments are made to GAAP figures to exclude items management believes are not representative of ongoing operations, such as acquisition-related expenses, certain non-cash costs, and pass-through distribution fees[26](index=26&type=chunk)[30](index=30&type=chunk) Q2 2025 Reconciliation of Net Income to Adjusted Net Income | Line Item (US$ millions) | Q2 2025 | | :--- | :--- | | **Net Income Attributable to JHG (GAAP)** | 149.9 | | Total Adjustments | (7.3) | | **Adjusted Net Income Attributable to JHG** | 142.6 | [Assets Under Management (AUM) & Flows](index=3&type=section&id=Assets%20Under%20Management%20(AUM)%20%26%20Flows) [AUM and Flow Summary](index=3&type=section&id=AUM%20and%20Flow%20Summary) Total AUM increased to **US$457.3 billion** in Q2 2025, driven by **US$46.7 billion** in net inflows and **US$37.4 billion** in market/FX movements, primarily from Fixed Income Total AUM and Flows (US$ billions) | Period | Opening AUM | Net Sales | Market / FX | Closing AUM | | :--- | :--- | :--- | :--- | :--- | | **Q2 2025** | 373.2 | 46.7 | 37.4 | 457.3 | | **Q1 2025** | 378.7 | 2.0 | (7.5) | 373.2 | | **Q2 2024** | 352.6 | 1.7 | 7.1 | 361.4 | Q2 2025 Net Flows by Capability (US$ billions) | Capability | Net Sales / (Redemptions) | | :--- | :--- | | Equities | (2.6) | | Fixed Income | 49.7 | | Multi-Asset | (1.1) | | Alternatives | 0.7 | | **Total** | **46.7** | Closing AUM by Capability (US$ billions) | Capability | 30 Jun 2025 | 31 Mar 2025 | | :--- | :--- | :--- | | Equities | 243.6 | 217.4 | | Fixed Income | 142.2 | 89.5 | | Multi-Asset | 55.6 | 51.6 | | Alternatives | 15.9 | 14.7 | | **Total** | **457.3** | **373.2** | [Investment Performance](index=4&type=section&id=Investment%20Performance) [Performance vs. Benchmark and Morningstar Rankings](index=4&type=section&id=Performance%20vs.%20Benchmark%20and%20Morningstar%20Rankings) As of June 30, 2025, Janus Henderson showed strong investment performance, with **72%** of AUM outperforming benchmarks over one year and **75%** of mutual fund AUM in the top two Morningstar quartiles % of AUM Outperforming Benchmark (as of June 30, 2025) | Capability | 1-year | 3-year | 5-year | 10-year | | :--- | :--- | :--- | :--- | :--- | | Equities | 59% | 67% | 54% | 61% | | Fixed Income | 96% | 88% | 87% | 93% | | Multi-Asset | 93% | 94% | 97% | 97% | | Alternatives | 77% | 86% | 100% | 100% | | **Total** | **72%** | **76%** | **67%** | **72%** | % of Mutual Fund AUM in Top 2 Morningstar Quartiles (as of June 30, 2025) | Capability | 1-year | 3-year | 5-year | 10-year | | :--- | :--- | :--- | :--- | :--- | | Equities | 65% | 68% | 68% | 88% | | Fixed Income | 87% | 79% | 63% | 70% | | Multi-Asset | 95% | 95% | 95% | 95% | | Alternatives | 90% | 41% | 90% | 94% | | **Total** | **75%** | **74%** | **72%** | **88%** | [Appendix](index=5&type=section&id=Appendix) [Conference Call Information](index=5&type=section&id=Conference%20Call%20Information) A conference call and webcast for Q2 2025 results, hosted by CEO Ali Dibadj and CFO Roger Thompson, is scheduled for July 31, 2025, at 9:00 a.m. ET - The earnings conference call is scheduled for July 31, 2025, at 9:00 a.m. ET[21](index=21&type=chunk) - Webcast and slides will be available on the investor relations section of the company's website[21](index=21&type=chunk) [About Janus Henderson](index=5&type=section&id=About%20Janus%20Henderson) Janus Henderson is a global active asset manager with approximately **US$457 billion** in AUM, over **2,000 employees** across **25 cities**, headquartered in London and listed on the NYSE - As of June 30, 2025, the company managed approximately **US$457 billion** in assets[22](index=22&type=chunk) - The firm has a global presence with over **2,000 employees** and offices in **25 cities**[22](index=22&type=chunk) [Disclaimers and Forward-Looking Statements](index=9&type=section&id=Disclaimers%20and%20Forward-Looking%20Statements) This section provides standard legal disclaimers, cautioning that forward-looking statements are not guarantees of future performance and actual results may differ due to various risks - The report contains forward-looking statements that are not guarantees of future performance and involve known and unknown risks[38](index=38&type=chunk) - Key risks that could affect future results include changes in interest rates, inflation, market volatility, and investment performance[39](index=39&type=chunk)

Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - Last week in the US, 37 new ETF products were issued, with an acceleration in issuance, including products that both increase and decrease concentration. The factor rotation ETF had inflows of over $1 billion, and Bitcoin products outperformed Ethereum products. In May 2025, the total non - money public funds in the US increased, and from July 2nd to 9th, domestic stock funds had outflows while bond products had inflows [2]. Summary According to the Table of Contents 1. US ETF Innovation Products: Products with Increased and Decreased Concentration Issued Simultaneously - 37 new products were issued last week, involving series products from multiple companies. Direxion, Leverage Shares, etc. expanded single - stock leveraged and inverse products. WEBs issued the Defined Volatility series products. Invesco and Janus Henderson issued bond products. Crossmark issued large - cap growth and value ETFs, and Defiance issued an AI and power infrastructure ETF. Roundhill expanded its weekly leveraged + dividend ETFs [5][6][7]. - Xtrackers issued an industry - diversified product, SPXD, which tracks the S&P 500 Diversified Sector Weight Index and distributes weights based on sub - industry revenues. Its first - largest weighted stock is Berkshire Hathaway, with a weight of about 3.7%, and the weights of other stocks are below 2%. Global X issued the PureCap series products to address US regulatory restrictions on ETF shareholding ratios [8][11][12]. 2. US ETF Dynamics 2.1 US ETF Funds: Factor Rotation ETF Inflows Exceeded $1 Billion - Last week, stock ETFs had inflows of over $16 billion, with similar inflows for domestic and international stocks. Bond ETFs had more domestic inflows than international ones, and Bitcoin and commodity ETFs continued to have inflows. The factor rotation products had single - week inflows of over $1 billion and their current scale has exceeded $20 billion. The top out - flowing products were mainly S&P 500 ETFs from State Street and BlackRock [13][14]. 2.2 US ETF Performance: Bitcoin Products Outperformed Ethereum - Since the beginning of this year, the cryptocurrency market has attracted attention. The total scale of relevant US ETFs has exceeded $150 billion. The BlackRock Bitcoin ETF is close to $90 billion, and the BlackRock Ethereum ETF exceeds $10 billion. Bitcoin has a year - to - date increase of about 25%, while Ethereum products have an increase of less than 10%, and BlackRock's products have relatively good performance [17]. 3. Recent Capital Flows of US Ordinary Public Funds - In May 2025, the total non - money public funds in the US were $21.91 trillion, an increase of $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic US equity products increased by 5.49%, slightly lower than the stock increase. From July 2nd to 9th, domestic US stock funds had total outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [21].

Core Insights - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] - Janus Henderson Group plc (JHG) currently holds a Momentum Style Score of B, indicating a favorable position in momentum investing [2] - JHG has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] Performance Metrics - JHG shares have increased by 0.75% over the past week, outperforming the Zacks Financial - Investment Management industry, which rose by 0.62% [5] - Over the last quarter, JHG shares have risen by 29.03%, and by 20.6% over the past year, compared to the S&P 500's increases of 18.84% and 15.9%, respectively [6] - The average 20-day trading volume for JHG is 997,040 shares, indicating a bullish sign with rising stock prices [7] Earnings Outlook - In the past two months, five earnings estimates for JHG have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $3.38 to $3.51 [9] - For the next fiscal year, five estimates have also moved upwards without any downward revisions [9] Conclusion - Given the positive performance metrics and earnings outlook, JHG is positioned as a strong momentum pick with a Momentum Score of B and a Zacks Rank of 1 (Strong Buy) [11]

Core Viewpoint - Janus Henderson Group plc (JHG) is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended June 2025, with actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.82 per share, reflecting a year-over-year decrease of 3.5%, while revenues are projected to be $624 million, representing a 6.1% increase from the previous year [3]. - The consensus EPS estimate has been revised 11.07% higher in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, suggesting no recent differing analyst views [12]. - The stock holds a Zacks Rank of 1 (Strong Buy), which typically enhances the predictive power of the Earnings ESP [10][12]. Historical Performance - In the last reported quarter, Janus Henderson Group exceeded the expected earnings of $0.72 per share by delivering $0.79, resulting in a surprise of +9.72% [14]. - The company has successfully beaten consensus EPS estimates in the last four quarters [15]. Conclusion - While Janus Henderson Group does not appear to be a strong candidate for an earnings beat based on current estimates, other factors should also be considered by investors when making decisions regarding the stock ahead of the earnings release [18].

Investors looking for stocks in the Financial - Investment Management sector might want to consider either Janus Henderson Group plc (JHG) or KKR & Co. Inc. (KKR) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revision ...

Company Overview - Janus Henderson Group plc (JHG) currently has a Momentum Style Score of B, indicating a positive outlook based on its recent price trends and earnings estimate revisions [2][11] - The company holds a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3][11] Price Performance - Over the past week, JHG shares have increased by 4.03%, outperforming the Zacks Financial - Investment Management industry, which rose by 1.91% [5] - In a longer time frame, JHG's monthly price change is 8.73%, compared to the industry's 3.92% [5] - Over the last three months, JHG shares have risen by 27.84%, and over the past year, they are up 16.96%, while the S&P 500 has increased by 23.56% and 13.28%, respectively [6] Trading Volume - JHG's average 20-day trading volume is 863,183 shares, which serves as a baseline for price-to-volume analysis [7] Earnings Outlook - In the past two months, two earnings estimates for JHG have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $3.34 to $3.44 [9] - For the next fiscal year, two estimates have also moved upwards, indicating a positive trend in earnings expectations [9]