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]

Summary of Janus Henderson Group (NYSE:JHG) FY Conference Call Company Overview - **Company**: Janus Henderson Group plc - **Industry**: Asset Management Macro Environment Insights - **Geopolitical Concerns**: Clients are focused on managing through a changing geopolitical environment, seeking help in navigating these uncertainties [5][6] - **Investment Trends**: There is a growing interest in non-US investments, particularly in emerging market debt, European equities, and real estate [6][7] - **Demographics and AI**: Clients are looking for investment opportunities related to demographic shifts and advancements in AI [6][7] - **Cost of Capital**: The current cost of capital is influencing investment strategies, with expectations of rate cuts in the near future [8][9] Partnership with Guardian Life - **Transaction Background**: The partnership with Guardian Life was competitive, emphasizing long-term value creation over short-term pricing [12][13] - **Assets Under Management (AUM)**: Initially expected to manage $45 billion, the partnership has grown to $46.5 billion [14] - **Seed Capital**: Janus Henderson has partnered with Guardian Life on $400 million of seed capital to develop new investment products [14][16] - **Distribution System**: Guardian's Park Avenue Securities, with $60 billion in AUM, will help distribute Janus Henderson's products [18] Insurance Business Expansion - **Pipeline Development**: Janus Henderson is engaging in discussions with large insurance companies, aiming to leverage its expertise in asset management [19][20] - **AUM Growth**: The company manages approximately $100 billion in assets from insurance globally, positioning itself as a significant player in the market [20] ETF Performance and Strategy - **JAAA and JABS ETFs**: JAAA has seen consistent growth, while JABS is expected to complement it, focusing on different durations and rates [21][23] - **Active Fixed Income Growth**: The company aims to grow its active ETFs, with a focus on providing a range of products to meet varying client needs [24][27] - **Institutional Demand**: There is a noticeable increase in demand for ETFs from institutional clients, particularly in the U.S. and Europe [28][30] Alternatives and Privacore - **Privacore Platform**: A platform designed to connect alternative asset managers with wealth platforms, currently has 97 firms on its waiting list [49][51] - **Acquisitions**: Janus Henderson has made strategic acquisitions, including Victory Park Capital, to enhance its private credit offerings [54][57] Blockchain and Tokenization - **Tokenized Funds**: Janus Henderson is the second-largest provider of tokenized funds, attracting interest from on-chain financial institutions seeking yield [61][62] - **Future Opportunities**: The company is preparing for potential changes in the industry due to blockchain technology, aiming to stay ahead of competitors [63][64] Overall Business Performance - **U.S. Flows**: The company has experienced eight consecutive quarters of inflows in the U.S., driven by improvements in the intermediary business [38][39] - **Active Equities**: Despite challenges in the active equities market, there is a shift towards active management as clients seek more tailored portfolio solutions [44][46] Conclusion - Janus Henderson Group is strategically positioning itself for growth through partnerships, innovative product offerings, and a focus on emerging trends in the asset management industry. The company is leveraging its expertise to navigate a complex macroeconomic environment while expanding its reach in both traditional and alternative investment spaces.

Company Overview - Janus Henderson Group plc (JHG) is headquartered in London and operates in the Finance sector, specifically in Investment Management [3] - The company has experienced a price change of 0.16% so far this year [3] Dividend Information - JHG currently pays a dividend of $0.40 per share, resulting in a dividend yield of 3.76%, which is higher than the Financial - Investment Management industry's yield of 2.72% and the S&P 500's yield of 1.49% [3] - The annualized dividend of $1.60 represents a 2.6% increase from the previous year [4] - Over the past 5 years, JHG has increased its dividend 3 times, averaging an annual increase of 1.70% [4] - The current payout ratio for JHG is 44%, indicating that the company pays out 44% of its trailing 12-month earnings per share as dividends [4] Earnings Expectations - JHG is expected to see earnings growth this fiscal year, with the Zacks Consensus Estimate for 2025 at $3.62 per share, reflecting a 2.55% increase from the previous year [5] Investment Appeal - JHG is considered a compelling investment opportunity due to its attractive dividend and strong Zacks Rank of 2 (Buy) [6] - The company is positioned well for income investors, especially in the context of improving stock investing profits and reducing overall portfolio risk [5][6]

Core Viewpoint - Janus Henderson Group plc (JHG) shows potential as a stock pick due to a recent "golden cross" event, indicating a bullish trend from a technical perspective [1][4]. Technical Indicators - A "golden cross" occurs when a stock's short-term moving average (50-day) crosses above its long-term moving average (200-day), signaling a bullish breakout [2]. - The formation of a golden cross involves three stages: a downtrend that bottoms out, the crossover of moving averages, and a subsequent upward price movement [3]. Recent Performance - JHG shares have increased by 8.3% over the past four weeks, indicating positive momentum [4]. - The company holds a 1 (Strong Buy) rating on the Zacks Rank, suggesting strong potential for further price appreciation [4]. Earnings Outlook - JHG has experienced five upward earnings revisions in the last 60 days, with no downward revisions, leading to an improved Zacks Consensus Estimate for the current quarter [4]. - The positive earnings outlook further strengthens the bullish case for JHG [4]. Investment Consideration - Given the technical indicators and positive earnings estimates, JHG is recommended for investors' watchlists [5].

Core Insights - Investing in stocks based on valuation metrics, particularly the price-to-sales (P/S) ratio, can identify opportunities with strong upside potential, especially for unprofitable or early-stage companies [1][2][3] Valuation Metrics - The P/S ratio compares a company's market capitalization to its revenues, providing a clearer picture of value when earnings are minimal or volatile [2][5] - A P/S ratio below 1 indicates a good bargain, as investors pay less than a dollar for each dollar of revenue generated [6] - The P/S ratio is preferred over the price-to-earnings (P/E) ratio due to the difficulty of manipulating sales figures compared to earnings [7] Investment Opportunities - Low P/S stocks can offer compelling opportunities for growth at a discount, especially when combined with strong fundamentals and positive business momentum [3][10] - Companies such as Janus Henderson Group plc (JHG), The Greenbrier Companies, Inc. (GBX), Precision Drilling (PDS), The Mosaic Company (MOS), and PagSeguro Digital (PAGS) have low P/S ratios and potential for higher returns [4][10] Company Profiles - **Janus Henderson Group plc (JHG)**: A global asset management firm with a strong balance sheet and positive net inflows, positioned for long-term value creation [13] - **The Greenbrier Companies, Inc. (GBX)**: A leading supplier in freight transportation markets, benefiting from strong market demand and a profitable leasing business [15] - **Precision Drilling (PDS)**: An oilfield services company with a positive outlook supported by U.S. drilling activity and strategic expansions [17] - **The Mosaic Company (MOS)**: A major producer of phosphate and potash, experiencing strong demand and improving cost structures [20] - **PagSeguro Digital (PAGS)**: A financial services provider in Brazil, enhancing its digital banking platform and focusing on sustainable growth [22]

Financial Data and Key Metrics Changes - The company reported adjusted diluted EPS of $0.90, a 6% increase compared to the same period a year ago [30] - 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 [25][30] - The adjusted operating margin for the second quarter was 33.5% [30] Business Line Data and Key Metrics Changes - The company achieved net inflows of $46.7 billion for the quarter, marking the fifth consecutive quarter of positive net flows [14][53] - Fixed income net inflows were $49.7 billion, significantly up from $5.6 billion in the prior quarter [21] - Equity flows were negative $2.6 billion, an improvement from $4.2 billion of net outflows in the prior quarter [21] Market Data and Key Metrics Changes - The U.S. market saw positive net flows for the eighth consecutive quarter, while EMEA, LatAm, and Asia Pacific experienced net outflows [17] - Institutional net inflows were $49 billion, compared to $800 million in the prior quarter, marking the third consecutive quarter of positive flows [19] - The company’s AUM increased by 23% to $457.3 billion, the highest quarterly AUM ever [8] 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 [34] - The partnership with Guardian is expected to amplify the company’s insurance, institutional, and fixed income businesses [38] - The company aims to enhance client relationships by evolving from transactional to partnership-based interactions [40] Management's Comments on Operating Environment and Future Outlook - Management noted that business trends have stabilized despite market volatility, with strong alpha generation from investment teams [5] - The company is optimistic about its growth trajectory, particularly in the institutional channel, and is focused on broadening its reach [58] - Management emphasized the importance of delivering consistent investment performance to attract and retain clients [62] 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 reduced shares outstanding by over 22% since 2018 and continues to return capital to shareholders through dividends and share buybacks [32] Q&A Session Summary Question: What are the next priorities on the institutional side? - Management expressed satisfaction with the positive net flows in the institutional channel and indicated that they are broadening their reach among institutional players [56][58] Question: How does the company plan to address persistent outflows in retail equities? - Management remains confident in their equities franchise and is focused on delivering outstanding investment performance to regain market share [62] Question: Can you discuss the addressable market for the new product, JABS? - Management highlighted JABS as a client-led innovation aimed at meeting the demand for short-duration, high-quality fixed-rate securitized assets [71][73] Question: What is driving the strong improvement in investment performance? - Management noted that the improvement is largely due to US and global equity products that have rebounded above benchmarks [75][76] Question: What are the plans for the multi-asset segment? - Management indicated that there is growing interest in balanced funds and solutions, particularly in the U.S., Europe, and Asia [80][82]