Core Viewpoint - The article compares Janus Henderson Group plc (JHG) and SEI Investments (SEIC) to determine which stock is more attractive to value investors [1] Valuation Metrics - Both JHG and SEIC currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] - JHG has a forward P/E ratio of 11.50, while SEIC has a forward P/E of 19.08 [5] - JHG's PEG ratio is 1.36, compared to SEIC's PEG ratio of 1.59, suggesting JHG may offer better value relative to its expected earnings growth [5] - JHG has a P/B ratio of 1.27, while SEIC's P/B ratio is significantly higher at 4.95, indicating JHG is more attractively valued based on book value [6] - JHG earns a Value grade of B, while SEIC receives a Value grade of C, further supporting JHG as the superior value option [6][7]

Core Viewpoint - Janus Henderson Investors aims to assist clients in achieving their long-term financial goals through active management, emphasizing the importance of translating ideas into action and building partnerships for optimal client outcomes [1] Company Overview - Janus Henderson Investors was formed in 2017 from the merger of Janus Capital Group and Henderson Global Investors, reflecting a commitment to adding value through active management [1] - The company promotes a collaborative team environment, which is encapsulated in their "Knowledge. Shared" ethos, fostering dialogue and empowering clients to make informed investment decisions [1] Investment Approach - The investment managers at Janus Henderson have the flexibility to adopt strategies that align with their areas of expertise, ensuring a tailored approach to investment management [1]

Core Insights - Janus Henderson Group plc (JHG) reported revenue of $621.4 million for Q1 2025, marking a year-over-year increase of 12.6% and an EPS of $0.79, up from $0.71 a year ago, with both figures exceeding analyst expectations [1][2] Financial Performance - The revenue of $621.4 million surpassed the Zacks Consensus Estimate of $619.94 million by +0.24% [1] - The EPS of $0.79 exceeded the consensus estimate of $0.72, resulting in an EPS surprise of +9.72% [1] - Average Assets under Management (AUM) totaled $386.4 billion, exceeding the average estimate of $370.53 billion [4] - Management fees revenue was reported at $513 million, above the average estimate of $505.91 million, reflecting a year-over-year increase of +11.7% [4] - Other revenue was $50.60 million, slightly below the average estimate of $52.20 million, but still showing a +5% year-over-year change [4] - Shareowner servicing fees reached $61.40 million, slightly above the estimated $61.09 million, with a +7.3% change compared to the previous year [4] Market Performance - Over the past month, shares of Janus Henderson Group have returned -9.8%, underperforming the Zacks S&P 500 composite's -0.7% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Financial Data and Key Metrics Changes - Assets under management decreased by 1% to $373.2 billion, partially offset by $2 billion of positive net flows and favorable currency adjustments [6][9] - Adjusted diluted EPS increased by 11% to $0.79 compared to Q1 2024 [9][27] - Adjusted revenue decreased by 14% compared to the prior quarter but increased by 14% year-over-year due to higher management fees [22][27] Business Line Data and Key Metrics Changes - Net inflows for the quarter were $2 billion, a significant improvement from net outflows of $3 billion a year ago, driven by a 44% increase in gross sales [13][19] - Fixed income net inflows were $5.6 billion, compared to $5.2 billion in the prior quarter, with active fixed income ETFs leading the positive flows [19][20] - Equity flows were negative $4.2 billion, reflecting a challenging environment for active equities [19] Market Data and Key Metrics Changes - The U.S. intermediary channel experienced positive net flows for the seventh consecutive quarter, with contributions from various strategies including active ETFs and U.S. mid-cap growth [15][16] - Asia Pacific intermediary net flows were positive for the third consecutive quarter, marking the best result in over three years [17] - Institutional net inflows were $800 million, including $600 million of ETF net inflows [17] Company Strategy and Development Direction - The company announced a multifaceted strategic partnership with Guardian Life Insurance Company, managing a $45 billion investment-grade public fixed income portfolio [4][41] - The strategic vision focuses on protecting and growing core businesses, amplifying strengths, and diversifying where clients provide opportunities [31][32] - The company aims to leverage M&A as a means to amplify and diversify its business, with a focus on high-growth areas [33][36] Management's Comments on Operating Environment and Future Outlook - Management acknowledged tumultuous market conditions but expressed confidence in navigating uncertainty due to a global footprint and diverse client base [5][6] - The long-term investment performance remains solid, with over 65% of assets beating benchmarks over three, five, and ten-year periods [8][12] - Management emphasized the importance of active management in capitalizing on market dislocations and opportunities [8][46] Other Important Information - The company announced a 3% increase in the quarterly dividend and a new share buyback authorization of up to $200 million through April 2026 [9][29] - Adjusted operating expenses decreased by 9% to $330 million compared to the prior quarter, reflecting cost discipline [23][25] - The company expects to maintain a tax rate on adjusted net income in the range of 23% to 25% [27] Q&A Session Summary Question: Thoughts on CLO ETF capacity and liquidity - Management noted that they hold about 80% market share in the CLO ETF category and have seen stable flows despite market volatility [52][54] Question: Next steps for institutional channel performance - Management highlighted a significant increase in RFP activity and consultant support, indicating a positive outlook for institutional flows [58][60] Question: Opportunities with the Guardian partnership - Management expressed optimism about enhancing Guardian's investment capabilities and leveraging their distribution platform for growth [66][70] Question: M&A interest and market conditions - Management indicated a very active M&A environment and a disciplined approach to potential acquisitions, with a narrowing bid-ask spread [72][74] Question: Organic growth expectations for the Guardian AUM - Management expects continued growth in the $45 billion AUM from Guardian, aligning with their growth trajectory [78][80] Question: Active management opportunities in 2025 - Management sees significant opportunities for active management amidst market dislocation, emphasizing their global reach and investment expertise [86][90] Question: Regional demand differences in intermediary and institutional channels - Management noted stability in the institutional channel and ongoing strength in Asia and Latin America, despite some concerns in EMEA and the U.S. [95][96]

Financial Data and Key Metrics Changes - Assets under management decreased by 1% to $373.2 billion, with market declines partially offset by $2 billion of positive net flows and favorable currency adjustments [6][10] - Adjusted diluted EPS increased by 11% to $0.79 compared to Q1 2024, with operating income up 22% year-over-year [9][23] - Adjusted revenue decreased by 14% compared to the prior quarter but increased by 14% year-over-year due to higher management fees [23][24] Business Line Data and Key Metrics Changes - Net inflows for the quarter were $2 billion, a significant improvement from net outflows of $3 billion a year ago, driven by a 44% increase in gross sales [13][20] - Fixed income net inflows were $5.6 billion, compared to $5.2 billion in the prior quarter, with active fixed income ETFs leading the positive flows [20][21] - Equity flows were negative $4.2 billion, reflecting a challenging environment for active equities [20] Market Data and Key Metrics Changes - The U.S. intermediary channel experienced positive net flows for the seventh consecutive quarter, with contributions from various strategies including active ETFs and U.S. mid-cap growth [15][16] - Asia Pacific intermediary net flows were positive for the third consecutive quarter, marking the best result in over three years [17] - Institutional net inflows were $800 million, including $600 million of ETF net inflows, indicating increased interest from institutional clients [17] Company Strategy and Development Direction - The company announced a strategic partnership with Guardian Life Insurance Company, managing a $45 billion investment-grade public fixed income portfolio, which is expected to enhance growth and institutional reach [42][43] - The strategic pillars focus on protecting and growing core businesses, amplifying strengths, and diversifying where clients provide opportunities [32][34] - The company is actively pursuing M&A opportunities to enhance growth and leverage its strong balance sheet [34][71] Management's Comments on Operating Environment and Future Outlook - Management acknowledged tumultuous market conditions but expressed confidence in navigating uncertainty due to a global footprint and diverse client base [5][6] - The long-term investment performance remains solid, with over 65% of assets beating benchmarks over three, five, and ten-year periods [8][12] - Management emphasized the importance of active management in capitalizing on market dislocations and opportunities [8][86] Other Important Information - The company announced a 3% increase in the quarterly dividend and a new share buyback authorization of up to $200 million through April 2026 [10][30] - Adjusted operating expenses decreased by 9% to $330 million compared to the prior quarter, reflecting cost discipline [24][26] - The liquidity profile remains strong, with cash and cash equivalents at $1.1 billion, a 19% increase year-over-year [29][30] Q&A Session Summary Question: Thoughts on CLO ETF capacity and liquidity - Management noted that they hold about 80% market share in the CLO ETF category and have seen stable flows even during market volatility [52][54] Question: Next steps for institutional channel performance - Management highlighted a significant increase in RFP activity and consultant support, indicating a positive outlook for institutional flows [56][58] Question: Opportunities for growth with Guardian - Management expressed optimism about enhancing Guardian's investment capabilities and leveraging their distribution platform for mutual growth [66][68] Question: M&A interest and market conditions - Management indicated a very active M&A environment and a reduction in the bid-ask spread, while remaining disciplined in their approach [71][73] Question: Organic growth expectations for the insurance client business - Management expects continued growth in the $45 billion AUM from Guardian, emphasizing the potential for further asset acquisition in the insurance sector [77][79] Question: Active management opportunities in 2025 - Management sees significant opportunities arising from market dislocations and a strong demand for active management strategies [84][86] Question: Regional demand differences in intermediary and institutional channels - Management noted stability in institutional channels while acknowledging some volatility in intermediary channels, particularly in EMEA and the U.S. [94][96]

Financial Performance - The company's Total AUM decreased by 1% to $373.2 billion in Q1 2025 compared to $378.7 billion in Q4 2024 [3] [4] - Net inflows were $2.0 billion in Q1 2025, down from $3.3 billion in Q4 2024 [3] - U.S GAAP diluted EPS remained flat at $0.77, while adjusted diluted EPS decreased from $1.07 to $0.79 [3] - A dividend of $0.40 per share was declared, a 3% increase, and $27 million of shares were repurchased [4] Investment Performance - Long-term investment performance remains solid, with 77% of AUM outperforming the relevant benchmark for the 3-year period, 65% for the 5-year period, and 73% for the 10-year period [3] - 71% of mutual fund AUM was in the top 2 Morningstar quartiles [6] Flows and Capabilities - The company experienced its fourth consecutive quarter of net inflows, supported by a 44% year-over-year increase in gross sales [8] - Fixed Income and Alternatives flows were positive, while Multi-Asset and Equities flows were impacted by industry headwinds [14] - In Q1 2025, Equities had net sales/(redemptions) of -$4.2 billion, Fixed Income had $5.6 billion, Multi-Asset had -$0.6 billion, and Alternatives had $1.2 billion [15] Strategic Initiatives - The company is executing its strategic vision, focusing on protecting and growing core businesses, amplifying strengths, and diversifying where it has the right to win [25] [26] - The Guardian partnership amplifies strengths in Fixed Income, Multi-Asset, and Model Portfolios, expanding presence in institutional markets and the insurance space [30] - The company repurchased approximately 0.6 million shares in Q1 2025 for $27 million, and the board approved a new buyback authorization of up to $200 million through April 2026 [24]

PART I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Janus Henderson Group plc's unaudited condensed consolidated financial statements for Q1 2025, including balance sheets, income, cash flow, and equity statements [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$7.12 billion** as of March 31, 2025, from **$6.96 billion**, with total equity growing to **$4.83 billion** from **$4.72 billion** Condensed Consolidated Balance Sheet Highlights | Account | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | **Total Assets** | **$7,117.4** | **$6,963.1** | | Cash and cash equivalents | $1,083.6 | $1,217.2 | | Investments | $362.7 | $337.1 | | Goodwill | $1,587.2 | $1,550.4 | | Intangible assets, net | $2,480.4 | $2,473.3 | | **Total Liabilities** | **$1,755.4** | **$1,880.0** | | Long-term debt | $395.2 | $395.0 | | **Total Equity** | **$4,826.5** | **$4,718.1** | [Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Q1 2025 total revenue increased to **$621.4 million**, but net income attributable to JHG decreased to **$120.7 million**, resulting in diluted EPS of **$0.77** Q1 2025 vs. Q1 2024 Income Statement | Metric | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | **Total Revenue** | **$621.4** | **$551.7** | | Management fees | $513.0 | $459.4 | | Performance fees | $(3.6) | $(13.1) | | **Operating Income** | **$153.6** | **$119.2** | | **Net Income Attributable to JHG** | **$120.7** | **$130.1** | | **Diluted EPS** | **$0.77** | **$0.81** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 generated **$2.8 million** from operations, used **$227.3 million** in investing, and gained **$79.6 million** from financing, resulting in a net cash decrease of **$129.1 million** Q1 2025 vs. Q1 2024 Cash Flow Summary | Cash Flow Activity | Q1 2025 (in millions) | Q1 2024 (in millions) | | :--- | :--- | :--- | | Net cash from Operating Activities | $2.8 | $(5.0) | | Net cash used for Investing Activities | $(227.3) | $(54.3) | | Net cash from (used for) Financing Activities | $79.6 | $(179.2) | | **Net Change in Cash** | **$(129.1)** | **$(245.8)** | [Condensed Consolidated Statements of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased from **$4.72 billion** to **$4.83 billion** in Q1 2025, driven by net income and comprehensive income, offsetting dividends and share buybacks - Total equity increased by **$108.4 million** during Q1 2025, from **$4,718.1 million** to **$4,826.5 million**[16](index=16&type=chunk) - Key drivers of the equity change included net income of **$120.7 million**, offset by dividends of **$61.5 million** and share buybacks of **$26.8 million**[16](index=16&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures supporting the financial statements, covering acquisitions, investments, fair value measurements, goodwill, debt, tax information, and a pending class action lawsuit - JHG completed the acquisition of a **55%** voting interest in Victory Park Capital Advisors (VPC) for **$114.0 million** in cash and JHG common stock, plus contingent consideration, expanding into private credit markets[23](index=23&type=chunk)[24](index=24&type=chunk) - The company's debt primarily consists of **$400.0 million** in principal of **5.450%** Senior Notes due 2034, with a **$200 million** revolving credit facility undrawn[67](index=67&type=chunk)[68](index=68&type=chunk) - The effective tax rate for Q1 2025 was **22.0%**, compared to **18.8%** for Q1 2024, mainly due to the absence of a significant reclassification benefit[69](index=69&type=chunk) - The company is a defendant in a class action lawsuit, *Schissler v. Janus Henderson US (Holdings) Inc.*, alleging breach of fiduciary duties related to its 401(k) plan, which it intends to vigorously defend[91](index=91&type=chunk)[92](index=92&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 performance, highlighting a **6%** year-over-year AUM increase to **$373.2 billion**, **$2.0 billion** net inflows, **13%** revenue growth, and **29%** operating income rise [First Quarter 2025 Summary](index=30&type=section&id=First%20Quarter%202025%20Summary) Q1 2025 saw **77%** of AUM outperforming benchmarks, AUM growth to **$373.2 billion** with **$2.0 billion** net inflows, a strategic partnership with Guardian, and a **3%** dividend increase - Achieved solid investment performance, with **77%**, **65%**, and **73%** of AUM outperforming benchmarks on a three-, five-, and 10-year basis, respectively[102](index=102&type=chunk) - AUM increased to **$373.2 billion**, up **6%** from March 31, 2024, with Q1 2025 net inflows of **$2.0 billion**[102](index=102&type=chunk) - Announced a strategic partnership with Guardian, which includes managing a **$45 billion** investment-grade public fixed income portfolio[102](index=102&type=chunk) - The Board approved a **3%** increase in the quarterly dividend to **$0.40 per share** and a new **$200 million** share buyback program[102](index=102&type=chunk) [Assets Under Management](index=32&type=section&id=Assets%20Under%20Management) AUM was **$373.2 billion** as of March 31, 2025, a **1%** decrease from Q4 2024 due to negative market performance, partially offset by **$2.0 billion** net inflows and FX impact AUM and Flows by Capability - Q1 2025 | Capability | AUM Dec 31, 2024 (in billions) | Net Sales (in billions) | Markets (in billions) | FX (in billions) | AUM Mar 31, 2025 (in billions) | | :--- | :--- | :--- | :--- | :--- | :--- | | Equities | $229.4 | $(4.2) | $(9.5) | $1.7 | $217.4 | | Fixed Income | $82.7 | $5.6 | $0.9 | $0.3 | $89.5 | | Multi-Asset | $53.1 | $(0.6) | $(1.1) | $0.2 | $51.6 | | Alternatives | $13.5 | $1.2 | $(0.2) | $0.2 | $14.7 | | **Total** | **$378.7** | **$2.0** | **$(9.9)** | **$2.4** | **$373.2** | Average AUM by Capability | Capability | Q1 2025 (in billions) | Q1 2024 (in billions) | % Change | | :--- | :--- | :--- | :--- | | Equities | $231.1 | $212.7 | 9% | | Fixed Income | $87.8 | $70.6 | 24% | | Multi-Asset | $53.4 | $50.0 | 7% | | Alternatives | $14.1 | $8.6 | 64% | | **Total** | **$386.4** | **$341.9** | **13%** | [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q1 2025 revenue increased **13%** year-over-year to **$621.4 million**, with operating expenses up **8%**, leading to a **29%** rise in operating income to **$153.6 million** Revenue Breakdown - Q1 2025 vs Q1 2024 | Revenue Type | Q1 2025 (in millions) | Q1 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Management fees | $513.0 | $459.4 | 12% | | Performance fees | $(3.6) | $(13.1) | 73% | | Shareowner servicing fees | $61.4 | $57.2 | 7% | | Other revenue | $50.6 | $48.2 | 5% | | **Total revenue** | **$621.4** | **$551.7** | **13%** | Operating Expenses Breakdown - Q1 2025 vs Q1 2024 | Expense Type | Q1 2025 (in millions) | Q1 2024 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Employee compensation and benefits | $181.5 | $165.8 | 9% | | Long-term incentive plans | $44.1 | $50.4 | (13)% | | Distribution expenses | $132.1 | $122.4 | 8% | | **Total operating expenses** | **$467.8** | **$432.5** | **8%** | - For FY2025, the company anticipates an adjusted compensation to revenue ratio of **43% to 44%** and mid- to high-single-digit growth in adjusted non-compensation expenses[127](index=127&type=chunk)[134](index=134&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Q1 2025 adjusted operating income was **$156.6 million** with a **32.2%** margin, and adjusted diluted EPS increased to **$0.79** year-over-year GAAP to Non-GAAP Reconciliation Highlights - Q1 2025 vs Q1 2024 | Metric | Q1 2025 (Adjusted, in millions) | Q1 2024 (Adjusted, in millions) | | :--- | :--- | :--- | | Adjusted Revenue | $486.5 | $426.8 | | Adjusted Operating Income | $156.6 | $128.2 | | Adjusted Operating Margin | 32.2% | 30.0% | | Adjusted Net Income Attributable to JHG | $124.6 | $114.4 | | Adjusted Diluted EPS | $0.79 | $0.71 | [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company held **$1.07 billion** in cash, maintaining a strong capital position with a **$340.8 million** surplus above regulatory requirements Key Liquidity Data | Account | March 31, 2025 (in millions) | December 31, 2024 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents held by the Company | $1,072.9 | $1,190.9 | | Investments held by the Company | $540.5 | $474.1 | | Long-term debt | $395.2 | $395.0 | - The company holds capital of **£264.0 million ($340.8 million)** above its FCA-supervised regulatory group requirement as of March 31, 2025[150](index=150&type=chunk) - On April 30, 2025, the Board approved a new share buyback program authorizing the repurchase of up to **$200.0 million** of common stock[152](index=152&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes in market risk exposure were reported compared to the prior year's Annual Report on Form 10-K - There were no material changes in the company's market risk exposure compared to the 2024 year-end report[168](index=168&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2025, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[169](index=169&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2025[170](index=170&type=chunk) PART II. Other Information [Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings, including a class action lawsuit concerning the 401(k) plan, is detailed in Note 16 of the financial statements - Information regarding legal proceedings is provided in Note 16 of the financial statements[171](index=171&type=chunk) [Risk Factors](index=50&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the risk factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - There are no new risk factors presented; the report refers to the risks discussed in the Annual Report on Form 10-K for the year ended December 31, 2024[172](index=172&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **619,423** shares at an average price of **$43.23** in Q1 2025, with a new **$200 million** buyback program approved in April 2025 - On April 30, 2025, the Board of Directors approved a new share buyback program authorizing the repurchase of up to **$200.0 million** of common stock[174](index=174&type=chunk) Common Stock Repurchases - Q1 2025 | Period | Total Shares Purchased | Average Price Paid | Value of Shares Remaining (in millions) | | :--- | :--- | :--- | :--- | | Jan 2025 | 426,000 | $42.60 | $62 | | Feb 2025 | 193,423 | $44.63 | $53 | | Mar 2025 | 0 | $0.00 | $53 | | **Total** | **619,423** | **$43.23** | **-** | [Other Information](index=50&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No director or Section 16 officer adopted, modified, or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025[181](index=181&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents for financial reporting - Key exhibits filed include certifications from the CEO (Ali Dibadj) and CFO (Roger Thompson) pursuant to Sarbanes-Oxley Sections 302 and 906[182](index=182&type=chunk)

[First Quarter 2025 Results Overview](index=1&type=section&id=First%20Quarter%202025%20Results%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Janus Henderson reported solid Q1 2025 results with year-over-year improvements in net flows, operating revenues, and income, alongside AUM growth and a new strategic partnership Q1 2025 Key Financial Metrics (GAAP vs. Adjusted) | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **GAAP Basis** | | | | | Operating Income (US$ millions) | 153.6 | 197.5 | 119.2 | | Diluted EPS (US$) | 0.77 | 0.77 | 0.81 | | **Adjusted Basis** | | | | | Adjusted Operating Income (US$ millions) | 156.6 | 204.7 | 128.2 | | Adjusted Diluted EPS (US$) | 0.79 | 1.07 | 0.71 | - Assets Under Management (AUM) reached **US$373 billion** as of March 31, 2025, a **6% increase year-over-year**[7](index=7&type=chunk) - The company experienced **net inflows of US$2.0 billion** in the first quarter of 2025, with positive flows in both Intermediary and Institutional channels[7](index=7&type=chunk) - A strategic partnership was announced with Guardian, which includes managing a **US$45 billion fixed income portfolio** and up to **US$400 million in seed capital**[7](index=7&type=chunk) [CEO Statement and Strategic Outlook](index=1&type=section&id=CEO%20Statement%20and%20Strategic%20Outlook) CEO Ali Dibadj highlighted solid Q1 results, emphasizing capital returns and the strategic Guardian partnership as key to future growth and navigating market uncertainty - The CEO highlighted **solid Q1 results** with YoY improvements in net flows, operating revenues, operating income, and EPS[4](index=4&type=chunk) - The new buyback authorization and dividend increase reflect **excellent cash flow** and a continued commitment to capital return[4](index=4&type=chunk) - The strategic partnership with Guardian is expected to amplify several areas of the business and demonstrates that Janus Henderson is a destination for sophisticated assets[5](index=5&type=chunk) - The company is focused on leveraging its diversity in AUM, clients, geographies, and investment capabilities to manage the uncertain environment effectively[6](index=6&type=chunk) [Share Repurchase and Dividend](index=2&type=section&id=Share%20Repurchase%20and%20Dividend) The Board increased the quarterly dividend by 3% to US$0.40 per share and authorized a new US$200 million share repurchase program - The Board declared a **3% increase in the quarterly dividend to US$0.40 per share**[7](index=7&type=chunk)[11](index=11&type=chunk) - A new share repurchase program was authorized for up to **US$200 million of common shares**, valid until the 2026 Annual General Meeting[7](index=7&type=chunk)[11](index=11&type=chunk) - In Q1 2025, the company purchased approximately **0.6 million shares for a total of US$27 million**[10](index=10&type=chunk) [Assets Under Management (AUM) and Flows](index=3&type=section&id=AUM%20AND%20FLOWS) [AUM and Flow Trends](index=3&type=section&id=AUM%20and%20Flow%20Trends) Total AUM was US$373.2 billion as of March 31, 2025, with net inflows of US$2.0 billion driven by Fixed Income, despite overall market/FX movements Total AUM and Flows (in US$ billions) | Period | Opening AUM (US$ billions) | Net Sales / (Redemptions) (US$ billions) | Market / FX (US$ billions) | Closing AUM (US$ billions) | | :--- | :--- | :--- | :--- | :--- | | **Q1 2025** | 378.7 | 2.0 | (7.5) | 373.2 | | **Q4 2024** | 382.3 | 3.3 | (10.1) | 378.7 | | **Q1 2024** | 334.9 | (3.0) | 20.7 | 352.6 | Q1 2025 Net Flows by Capability (in US$ billions) | Capability | Net Sales / (Redemptions) (US$ billions) | | :--- | :--- | | Equities | (4.2) | | Fixed Income | 5.6 | | Multi-Asset | (0.6) | | Alternatives | 1.2 | | **Total** | **2.0** | Average AUM by Capability (in US$ billions) | Capability | Q1 2025 (US$ billions) | Q4 2024 (US$ billions) | Q1 2024 (US$ billions) | | :--- | :--- | :--- | :--- | | Equities | 231.1 | 235.5 | 212.7 | | Fixed Income | 87.8 | 81.4 | 70.6 | | Multi-Asset | 53.4 | 53.8 | 50.0 | | Alternatives | 14.1 | 13.5 | 8.6 | | **Total** | **386.4** | **384.2** | **341.9** | [Investment Performance](index=4&type=section&id=INVESTMENT%20PERFORMANCE) [Benchmark Outperformance](index=4&type=section&id=Benchmark%20Outperformance) Janus Henderson showed strong long-term investment performance with 77% of AUM outperforming benchmarks over three years, though short-term performance was weaker % of AUM Outperforming Benchmark (as of March 31, 2025) | Capability | 1-year | 3-year | 5-year | 10-year | | :--- | :--- | :--- | :--- | :--- | | Equities | 20% | 69% | 49% | 63% | | Fixed Income | 89% | 84% | 90% | 87% | | Multi-Asset | 3% | 94% | 98% | 97% | | Alternatives | 74% | 83% | 100% | 100% | | **Total** | **34%** | **77%** | **65%** | **73%** | - Overall long-term performance is solid, with **77% of AUM outperforming over 3 years** and **73% over 10 years**[7](index=7&type=chunk)[18](index=18&type=chunk) [Morningstar Quartile Rankings](index=4&type=section&id=Morningstar%20Quartile%20Rankings) Mutual funds demonstrated strong peer performance, with 71% of AUM in the top two Morningstar quartiles over one year and 84% over ten years % of Mutual Fund AUM in Top 2 Morningstar Quartiles (as of March 31, 2025) | Capability | 1-year | 3-year | 5-year | 10-year | | :--- | :--- | :--- | :--- | :--- | | Equities | 57% | 65% | 66% | 83% | | Fixed Income | 91% | 80% | 72% | 70% | | Multi-Asset | 94% | 94% | 96% | 96% | | Alternatives | 98% | 83% | 66% | 100% | | **Total** | **71%** | **73%** | **72%** | **84%** | [Financial Disclosures](index=6&type=section&id=FINANCIAL%20DISCLOSURES) [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20consolidated%20statements%20of%20comprehensive%20income) Q1 2025 GAAP revenues were US$621.4 million, with operating income of US$153.6 million and diluted EPS of US$0.77 Q1 2025 Income Statement Highlights (in US$ millions) | Item | Q1 2025 (US$ millions) | Q4 2024 (US$ millions) | Q1 2024 (US$ millions) | | :--- | :--- | :--- | :--- | | Total Revenue | 621.4 | 708.3 | 551.7 | | Total Operating Expenses | 467.8 | 510.8 | 432.5 | | **Operating Income** | **153.6** | **197.5** | **119.2** | | Net Income Attributable to JHG | 120.7 | 121.8 | 130.1 | | Diluted EPS (in US$) | 0.77 | 0.77 | 0.81 | [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20consolidated%20balance%20sheets) As of March 31, 2025, total assets were US$7.12 billion, with total equity at US$4.83 billion, reflecting an increase from year-end 2024 Balance Sheet Highlights (in US$ millions) | Item | 31 Mar 2025 (US$ millions) | 31 Dec 2024 (US$ millions) | | :--- | :--- | :--- | | Cash and cash equivalents | 1,083.6 | 1,217.2 | | Intangible assets and goodwill, net | 4,067.6 | 4,023.7 | | **Total Assets** | **7,117.4** | **6,963.1** | | Long-term debt | 395.2 | 395.0 | | **Total Equity** | **4,826.5** | **4,718.1** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20consolidated%20statements%20of%20cash%20flows) Q1 2025 saw minimal cash from operating activities at US$2.8 million, with a net decrease in cash of US$129.1 million for the period Cash Flow Summary (in US$ millions) | Activity | Q1 2025 (US$ millions) | Q4 2024 (US$ millions) | Q1 2024 (US$ millions) | | :--- | :--- | :--- | :--- | | Operating Activities | 2.8 | 247.3 | (5.0) | | Investing Activities | (227.3) | 44.3 | (54.3) | | Financing Activities | 79.6 | (518.9) | (179.2) | | **Net Change During Period** | **(129.1)** | **(270.0)** | **(245.8)** | [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20non-GAAP%20financial%20information) This section reconciles GAAP to adjusted non-GAAP financial measures, highlighting adjustments for pass-through fees and non-recurring items Q1 2025 GAAP to Adjusted Reconciliation (in US$ millions) | Metric | GAAP (US$ millions) | Adjustments (US$ millions) | Adjusted (Non-GAAP) (US$ millions) | | :--- | :--- | :--- | :--- | | Revenue | 621.4 | (134.9) | 486.5 | | Operating Expenses | 467.8 | (137.9) | 329.9 | | **Operating Income** | **153.6** | **3.0** | **156.6** | | Net Income Attributable to JHG | 120.7 | 3.9 | 124.6 | - Management uses non-GAAP measures, which adjust for items like pass-through distribution fees, acquisition-related expenses, and amortization of certain intangible assets, to better reflect ongoing operations[28](index=28&type=chunk)[32](index=32&type=chunk) [Supplementary Information](index=5&type=section&id=Supplementary%20Information) [Conference Call Information](index=5&type=section&id=Conference%20Call%20Information) Details for the Q1 2025 results conference call and webcast, held on May 1, 2025, were provided for participants - The Q1 2025 results presentation by CEO Ali Dibadj and CFO Roger Thompson was held via conference call and webcast on **May 1, 2025, at 9:00 a.m. ET**[23](index=23&type=chunk) [Forward-Looking Statements Disclaimer](index=9&type=section&id=Forward-Looking%20Statements%20Disclaimer) The report includes a standard disclaimer for forward-looking statements, noting inherent risks and uncertainties that could impact future performance - The press release contains forward-looking statements that involve known and unknown risks and are not guarantees of future performance[35](index=35&type=chunk) - Key risks that could affect future results include changes in interest rates and inflation, financial market volatility, investment performance, and client redemptions[36](index=36&type=chunk)

Group 1 - Janus Henderson Group plc (NYSE: JHG) is rated as a Buy for investors focused on capital appreciation and long-term investments [1] - The stock price has recently decreased from a high of $46 [1] Group 2 - The author of the article has a beneficial long position in the shares of JHG [2] - The article expresses the author's own opinions and is not compensated beyond Seeking Alpha [2]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38103 JANUS HENDERSON GROUP PLC (Exact name of registrant as specified in its charter) Jersey, Channel Islands (State or other ...