Core Points - Janus Henderson Group plc will announce its third quarter 2025 results on October 30, 2025, at 7:30 a.m. ET [1] - A conference call and webcast to discuss the results will take place at 9:00 a.m. ET on the same day [1] - Participants in the conference call need to reference the Janus Henderson Results Briefing with Conference ID: 053245 [1] - Contact numbers for the conference call include: United States 833 470 1428, United Kingdom 0808 189 6484, and all other countries +1 929 5 [1]

Core Viewpoint - Janus Henderson Group plc (JHG) has received a Zacks Rank 2 (Buy) upgrade due to an upward trend in earnings estimates, indicating a positive earnings outlook that may lead to increased stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Rising earnings estimates for Janus Henderson Group suggest an improvement in the company's underlying business, likely resulting in higher stock prices as investors respond positively [5][8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of generating significant returns, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7][9]. - Janus Henderson Group's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Janus Henderson Group is expected to earn $3.62 per share, with no year-over-year change, while the Zacks Consensus Estimate has increased by 5.1% over the past three months [8].

Core Viewpoint - Investors in the Financial - Investment Management sector should consider Janus Henderson Group plc (JHG) and KKR & Co. Inc. (KKR) for potential value opportunities [1] Group 1: Company Rankings and Outlook - Janus Henderson Group plc has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to KKR, which has a Zacks Rank of 3 (Hold) [3] - JHG is likely to have seen a stronger improvement in its earnings outlook than KKR recently, making it a more attractive option for value investors [3] Group 2: Valuation Metrics - JHG has a forward P/E ratio of 12.30, significantly lower than KKR's forward P/E of 25.16, suggesting JHG may be undervalued [5] - The PEG ratio for JHG is 1.07, while KKR's PEG ratio is 1.26, indicating JHG's expected earnings growth is more favorable [5] - JHG's P/B ratio is 1.42, compared to KKR's P/B of 1.74, further supporting the notion that JHG is a better value investment [6] Group 3: Overall Value Assessment - Based on various valuation metrics, JHG holds a Value grade of B, while KKR has a Value grade of D, reinforcing the preference for JHG among value investors [6]

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Group 1: Market Trends and Investor Behavior - Investors are strategically positioning themselves ahead of the Federal Reserve's decisions, particularly in the fixed income sector [2][3] - As the Fed cuts rates, the absolute yields are decreasing, making excess yield increasingly significant for investors [3][4] - There is a notable interest in securitized products, especially highly rated ones, as investors seek higher quality yields [4][5] Group 2: ETF Market Dynamics - The ETF market has seen significant growth, with approximately 4,500 ETFs in the US, half of which were launched in the last five years [6] - The market remains top-heavy, with the top 100 ETFs accounting for about 65% of the total market, and the top 10 ETFs alone representing 30% [6][7] - The largest ETFs are primarily S&P 500 products, with the top three ETFs holding $2 trillion out of a total $12 trillion [7] Group 3: Innovation and Technology - Tokenization is viewed as a potentially transformative technology in financial services, possibly more impactful than AI [9][10] - Blockchain technology is expected to reduce costs and streamline processes in financial services by eliminating unnecessary intermediaries [11][12] - Companies are focusing on integrating blockchain into their core strategies to enhance efficiency and service delivery [10][12]

Core Viewpoint - The Henderson Smaller Companies Investment Trust is preparing for its upcoming Annual General Meeting (AGM) and emphasizes the importance of shareholder participation in the continuation vote [2]. Group 1: AGM Details - The AGM is scheduled for 11:30 on Tuesday, October 7, at 201 Bishopsgate, with a Zoom option available for remote participation [2]. - Shareholders are encouraged to vote in favor of the continuation of the company [2]. Group 2: Financial Overview - The financial year ending May 31, 2025, was challenging due to a new labor government in the U.K. and its political and fiscal agenda [4]. - The company's net asset value declined by 5.1% during this period [4].

Summary of Janus Henderson Group (NYSE:JHG) Update / Briefing Company Overview - **Company**: Janus Henderson Group - **Event**: Pre-AGM webinar for the Henderson Smaller Companies Investment Trust - **Date**: September 17, 2025 Key Points Industry Context - The UK market environment has been challenging due to the new Labour government and its political and fiscal agenda [2][3] - The UK small-cap asset class has underperformed large caps, with a total return decline of 5.1% for the year ending May 31, 2025 [5][6] Financial Performance - **Net Asset Value (NAV)**: Declined by 5.1% on a total return basis [3][5] - **Share Price**: Fell by 2.3% [3][5] - **Benchmark Underperformance**: Underperformed the Deutsche Numis Smaller Companies Index by 10.1% [3][5] - **Dividend**: Final dividend declared at £0.205, bringing the full-year dividend to £0.28, a 3.7% year-on-year growth [3][6] Management Changes - Neil Hermon, the Portfolio Manager for 22 years, is retiring [3][6][10] - Indriyati Van Heen will take over as the sole Fund Manager [6][10] Investment Strategy - Focus on UK smaller companies, leveraging the "small-cap effect" where smaller companies tend to outperform larger ones [15][16] - Emphasis on active management due to the illiquidity in the small-cap market [16] - The Trust has around £700 million in gross assets and £600 million in net assets, with an attractive 8% to 9% discount to NAV [17][18] Portfolio Management - The investment process remains unchanged, focusing on the 4Ms: business model, money, management, and earnings momentum [23] - Plans to reduce the number of holdings to focus on high-conviction positions [23][36] - Recent purchases include AJ Bell and Alpha Financial Services, which are expected to benefit from unique tailwinds [33] Market Outlook - The UK small-cap market is seen as undervalued, trading at over 30% discount to developed markets [38] - Anticipation of a positive shift in sentiment due to potential fiscal stability and government reforms [39][52] - The upcoming autumn statement is critical for market reassurance regarding fiscal policies [50][51] Sector Performance - Defense sector has been a strong contributor to performance due to increased government spending amid geopolitical instability [47] - Construction companies are also benefiting from strong demand for infrastructure projects [47][48] Share Buyback Program - The company has actively bought back shares, reducing the total share capital by nearly 15% over the past year [57][58] - The discount to NAV has narrowed as a result of the buyback program [58][59] Conclusion - The Trust aims to provide diversified exposure to high-quality UK small-cap growth stocks, with a focus on long-term value creation [45] - The management team expresses cautious optimism about the future, citing attractive valuations and potential for growth as key drivers [53][54] This summary encapsulates the key insights and developments discussed during the Janus Henderson Group's update, highlighting the company's strategic direction, financial performance, and market outlook.

Core Viewpoint - The focus of income investors is on generating consistent cash flow from liquid investments, with dividends playing a significant role in long-term returns [1][2]. Company Overview - Janus Henderson Group plc (JHG), headquartered in London, has experienced a price change of 4.68% this year and currently pays a dividend of $0.40 per share, resulting in a dividend yield of 3.59% [3]. - The company's dividend yield surpasses the Financial - Investment Management industry's yield of 3.31% and the S&P 500's yield of 1.5% [3]. Dividend Growth - JHG's current annualized dividend of $1.60 reflects a 2.6% increase from the previous year [4]. - Over the past five years, JHG has increased its dividend three times, averaging an annual increase of 1.70% [4]. - The future growth of dividends will depend on earnings growth and the payout ratio, which is currently at 44% [4]. Earnings Growth - The Zacks Consensus Estimate for JHG's earnings in 2025 is $3.62 per share, indicating a year-over-year earnings growth rate of 2.55% [5]. Investment Considerations - JHG is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [6].

Macro Environment - The current macro backdrop is characterized by a broad and changing geopolitical environment, which is causing clients to seek assistance in navigating these uncertainties [1] - Clients are particularly focused on managing through geopolitical changes and are looking for innovative solutions to address these challenges [1] Investor Appetite - There is a strong investor appetite for real innovation, which is a key area of focus for the company's 350 investment professionals globally [1]