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Section 1: 8-K (8-K)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

July 25, 2013

 

 

Janus Capital Group Inc.

(Exact name of registrant as specified in its charter)

 

DELAWARE

 

001-15253

 

43-1804048

(State or other jurisdiction

 

(Commission file

 

(IRS Employer

of incorporation)

 

number)

 

Identification Number)

 

151 DETROIT STREET

DENVER, COLORADO 80206

(Address of principal executive offices)  (Zip Code)

 

Registrant’s telephone number, including area code

(303) 691-3905

 

Not Applicable

(Former name or former address if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o                 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02.  Results of Operations and Financial Condition.

 

On July 25, 2013, Janus Capital Group Inc. (“JCG”) issued a press release reporting its financial results for the second quarter 2013. Copies of that press release and the earnings presentation are being furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report.

 

Item 5.02.  Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

 

On July 25, 2013, JCG announced that Bruce Koepfgen, Executive Vice President and Chief Financial Officer, was appointed President of the Company, effective August 1, 2013. Replacing Mr. Koepfgen as Chief Financial Officer, also effective August 1, 2013, is Jennifer McPeek. Ms. McPeek, age 43, has 21 years of corporate finance and strategy experience, 10 of them in the financial services industry. Ms. McPeek joined JCG in 2009 as its Vice President, Corporate Finance and has served as Senior Vice President, Corporate Finance and Treasurer of JCG since 2011. Previously, Ms. McPeek was Senior Vice President of Strategic Planning at ING Investment Management — Americas Region, an investment management firm, from 2005 to 2009. Her experience also includes working in investment product development and capital management while at ING, as well as holding numerous roles at McKinsey and Company, a corporate consulting firm, in their Corporate Strategy and Finance practice, where she was an Associate Principal and co-leader of the North American Capital Markets knowledge team. She also previously worked in the investment banking industry for Bank of Boston and Goldman, Sachs & Company. Ms. McPeek holds the Chartered Financial Analyst designation.

 

All executive officers are elected annually by, and serve at the discretion of, JCG’s Board of Directors.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)                                 Exhibits

 

99.1                        Janus Capital Group Inc. press release reporting its financial results for the second quarter 2013.

 

99.2                        Janus Capital Group Inc. second quarter 2013 earnings presentation.

 

2



 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Janus Capital Group Inc.

 

 

 

Date: July 25, 2013

By:

/s/ Bruce L. Koepfgen

 

Executive Vice President and

Chief Financial Officer

 

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EXHIBIT INDEX

 

Exhibit No.

 

Document

 

 

 

99.1

 

Janus Capital Group Inc. press release reporting its financial results for the second quarter 2013.

 

 

 

99.2

 

Janus Capital Group Inc. second quarter 2013 earnings presentation.

 

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Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

 

 

July 25, 2013

 

JANUS CAPITAL GROUP INC. ANNOUNCES

SECOND QUARTER 2013 RESULTS

 

DENVER — Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported second quarter net income of $15.8 million, or $0.08 per diluted share, compared with first quarter 2013 net income of $28.0 million, or $0.15 per diluted share, and net income of $23.4 million, or $0.13 per diluted share, in the second quarter 2012. Second quarter 2013 included a charge of $0.04 per share from the early extinguishment of debt associated with the exchange of $110.0 million of JCG’s 3.25% convertible senior notes due 2014 for $116.6 million of newly issued 0.75% convertible senior notes due 2018 and a charge of $0.02 per share (or a $0.04 per share decline quarter over quarter) primarily due to the mark-to-market impact on our seed capital program.

 

Flows and Assets Under Management

 

Average assets under management during the second quarter 2013 were $164.2 billion compared with $161.8 billion during the first quarter 2013 and $155.0 billion during the second quarter 2012.

 

At June 30, 2013, JCG’s total assets under management were $160.6 billion compared with $163.8 billion at March 31, 2013 and $152.4 billion at June 30, 2012.

 

The decrease in complex-wide assets during the second quarter 2013 reflects long-term net outflows of $5.4 billion offset by net market appreciation of $2.2 billion. Fundamental equity and mathematical equity long-term net outflows totaled $4.3 billion and $1.2 billion, respectively, while fixed income long-term net inflows totaled $0.1 billion.

 

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Investment Performance

 

As of June 30, 2013, 50% of complex-wide mutual funds had a 4- or 5-star Overall Morningstar RatingTM.(1)

 

As of June 30, 2013, 45%, 37% and 40% of fundamental equity mutual fund assets ranked in the top half of their Morningstar categories on a one-, three- and five-year total return basis, respectively.(2)

 

Fixed income mutual funds continue to generate strong long-term relative investment performance with 54%, 100% and 100% of mutual fund assets ranked in the top half of their Morningstar categories on a one-, three- and five-year total return basis as of June 30, 2013.(3)

 

Mathematical equity relative investment performance declined, with 33%, 57% and 55% of strategies surpassing their respective benchmarks, net of fees, over the one-, three- and five-year periods, respectively, as of June 30, 2013.(4)

 


(1) For the period ending June 30, 2013, 43%, 44% and 67% of complex-wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 40, 39 and 30 funds, respectively. 40 funds were included in the analysis for the Overall period.

 

(2) References Morningstar relative performance on an asset-weighted basis. For the 10-year period ending June 30, 2013, 82% of the fundamental equity mutual fund assets outperformed the majority of their Morningstar peers based on total returns. For the 1-, 3-, 5- and 10-year periods ending June 30, 2013, 50%, 44%, 58% and 83% of the 40, 32, 31 and 24 fundamental equity mutual funds outperformed the majority of their Morningstar peers based on total returns.

 

(3) References Morningstar relative performance on an asset-weighted basis. For the 10-year period ending June 30, 2013, 100% of the fixed income mutual fund assets outperformed the majority of their Morningstar peers based on total returns. For the 1-, 3-, 5- and 10-year periods ending June 30, 2013, 33%, 100%, 100% and 100% of the 6, 4, 4 and 4 fixed income mutual funds outperformed the majority of their Morningstar peers based on total returns.

 

(4) For the period ending June 30, 2013, 60%, 75%, 50% and 67% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Growth Fund — Class S (1/03); INTECH U.S. Core Fund — Class T (2/03); INTECH U.S. Value Fund — Class I (12/05); INTECH International Fund — Class I (5/07); INTECH Global Dividend Fund — Class I (12/11) and Janus INTECH U.S. Low Volatility Portfolio — Service Shares (9/12).

 

2



 

Financial Discussion

 

Financial Highlights

(dollars in millions, except per share data or as noted)

 

 

 

Three Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

 

2013

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Average Assets (in billions)

 

$

164.2

 

$

161.8

 

$

155.0

 

Ending AUM (in billions)

 

$

160.6

 

$

163.8

 

$

152.4

 

Revenues

 

$

215.8

 

$

214.2

 

$

206.0

 

Operating Expenses

 

$

157.4

 

$

159.5

 

$

153.9

 

Operating Income

 

$

58.4

 

$

54.7

 

$

52.1

 

Operating Margin

 

27.1

%

25.5

%

25.3

%

 

 

 

 

 

 

 

 

Net Income Attributable to JCG

 

$

15.8

 

$

28.0

 

$

23.4

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share

 

$

0.08

 

$

0.15

 

$

0.13

 

 

Second quarter 2013 revenues of $215.8 million increased from first quarter 2013, primarily due to higher investment management fee revenue, partially offset by lower private account performance fees. Second quarter 2013 operating expenses of $157.4 million decreased $2.1 million, or 1.3%, from first quarter 2013, primarily due to lower long-term incentive compensation expenses.

 

Capital and Liquidity

 

At June 30, 2013, JCG had stockholders’ equity of $1.5 billion, cash and investments of $759.9 million and outstanding debt of $549.4 million.

 

Cash flows from operations during the second quarter 2013 were $67.0 million compared with $(13.3) million during the first quarter 2013 and $71.1 million during the second quarter 2012. The change in cash flows from operations comparing second quarter 2013 to first quarter 2013 is due to payment of annual incentive compensation in the first quarter 2013.

 

As referenced above, on June 13, 2013, JCG entered into separate privately negotiated exchange agreements pursuant to which $110.0 million aggregate principal amount of the existing, 3.25% convertible senior notes due 2014 were exchanged for $116.6 million aggregate principal amount of newly issued, 0.75% convertible senior notes due 2018. JCG recognized a $12.6 million loss on extinguishment of debt as a result of the exchange. The exchange takes advantage of favorable conditions in the marketplace and allows JCG to reduce its annual interest expense, extend the

 

3



 

existing debt maturities and increase its financial flexibility. The additional financial flexibility provided by the transaction may allow JCG to retire additional existing, long-term debt obligations should the opportunity arise in the future.

 

As part of its capital management, JCG repurchased 1,036,934 shares of its common stock at an average price of $8.74 per share and a total cost of $9.1 million during the second quarter 2013.

 

On July 22, 2013, JCG’s Board of Directors declared a regular quarterly cash dividend of $0.07 per share. The quarterly dividend will be paid on August 23, 2013, to stockholders of record at the close of business on August 9, 2013.

 

Executive Team Changes

 

JCG is also announcing today that Chief Financial Officer (“CFO”) Bruce Koepfgen will be promoted to a newly established role as President of JCG. Replacing Mr. Koepfgen as CFO will be Jennifer J. McPeek, who is currently Senior Vice President and Treasurer and has been with the firm since 2009. Both promotions will be effective August 1, 2013.

 

In his new role as President, Mr. Koepfgen will focus on business leadership. “Bruce is a very talented and proven leader, with more than 37 years of experience in the financial services and asset management industry, and is a terrific person. I look forward to getting him more deeply involved in driving our global business forward,” said Richard M. Weil, Chief Executive Officer of JCG. “Ms. McPeek has proven her excellence in the financial and strategy duties. I am very confident that she will do an outstanding job as our new CFO.”

 

Ms. McPeek, age 43, has 21 years of corporate finance and strategy experience. Prior to joining JCG in late-2009, she was Senior Vice President of Strategic Planning at ING Investment Management — Americas Region. Ms. McPeek earned a bachelor of arts degree in mathematics from Duke University, magna cum laude, a master of science degree in Financial Engineering from the Massachusetts Institute of Technology and holds the Chartered Financial Analyst designation.

 

4



 

Second Quarter 2013 Earnings Call Information

 

JCG will discuss its results during a conference call on Thursday, July 25, 2013, at 10 a.m. Eastern Daylight Time. The call-in number will be (888) 397-5338. Anyone outside the U.S. or Canada should call (719) 325-2145. The slides used during the presentation will be available in the investor relations section of the JCG website (http://ir.janus.com). For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.

 

About Janus Capital Group Inc.

 

Janus Capital Group Inc. (JCG) is a global investment firm dedicated to delivering better outcomes for clients through differentiated investment solutions from three independent managers: Janus Capital Management LLC (Janus), INTECH Investment Management LLC (INTECH) and Perkins Investment Management LLC (Perkins). Each manager brings a distinct perspective, style-specific expertise and a disciplined approach to risk. JCG’s multi-boutique approach provides clients with distinctive solutions across a broad range of asset classes including equities, fixed income, alternatives, asset allocation and income products.

 

At the end of June 2013, JCG managed approximately $160.6 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in London, Milan, Munich, Singapore, Hong Kong, Tokyo, Melbourne, Paris, The Hague, Zurich, Frankfurt, Dubai and Taipei.

 

Contact:

John Groneman, (303)-336-7466

 

5



 

JANUS CAPITAL GROUP INC.

UNAUDITED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(dollars in millions, except per share data or as noted)

 

 

 

Three Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

 

2013

 

2013

 

2012

 

Revenues:

 

 

 

 

 

 

 

Investment management fees

 

$

202.8

 

$

198.2

 

$

192.4

 

Performance fees

 

(22.2

)

(19.5

)

(21.9

)

Shareowner servicing fees and other

 

35.2

 

35.5

 

35.5

 

Total

 

215.8

 

214.2

 

206.0

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

74.4

 

74.3

 

66.6

 

Long-term incentive compensation

 

13.7

 

15.8

 

15.2

 

Marketing and advertising

 

4.8

 

4.9

 

6.1

 

Distribution

 

31.8

 

31.4

 

31.4

 

Depreciation and amortization

 

7.3

 

7.5

 

8.0

 

General, administrative and occupancy

 

25.4

 

25.6

 

26.6

 

Total

 

157.4

 

159.5

 

153.9

 

 

 

 

 

 

 

 

 

Operating income

 

58.4

 

54.7

 

52.1

 

 

 

 

 

 

 

 

 

Interest expense

 

(11.0

)

(11.2

)

(11.0

)

Investment (losses) gains, net

 

(6.1

)

4.6

 

(7.0

)

Other (expense) income, net

 

(0.8

)

1.8

 

1.8

 

Loss on early extinguishment of debt

 

(12.6

)

 

 

Income tax provision

 

(11.1

)

(20.2

)

(11.2

)

 

 

 

 

 

 

 

 

Net income

 

16.8

 

29.7

 

24.7

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

(1.0

)

(1.7

)

(1.3

)

 

 

 

 

 

 

 

 

Net income attributable to JCG

 

$

15.8

 

$

28.0

 

$

23.4

 

 

 

 

 

 

 

 

 

Diluted weighted-average shares outstanding (in millions)

 

186.2

 

186.3

 

185.4

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to JCG common shareholders:

 

$

0.08

 

$

0.15

 

$

0.13

 

 

 

 

 

 

 

 

 

Average assets under management (in billions)

 

$

164.2

 

$

161.8

 

$

155.0

 

 

6



 

JANUS CAPITAL GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

 

June 30,

 

December 31,

 

 

 

2013

 

2012

 

Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

349.3

 

$

387.0

 

Investment securities

 

410.6

 

350.5

 

Other assets

 

160.8

 

159.1

 

Property and equipment, net

 

31.0

 

33.3

 

Intangible assets and goodwill, net

 

1,724.4

 

1,730.5

 

Total assets

 

$

2,676.1

 

$

2,660.4

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

Debt

 

$

549.4

 

$

545.1

 

Other liabilities

 

159.4

 

201.3

 

Deferred income taxes

 

438.0

 

436.0

 

Redeemable noncontrolling interests

 

40.3

 

42.9

 

Total equity

 

1,489.0

 

1,435.1

 

Total liabilities and equity

 

$

2,676.1

 

$

2,660.4

 

 

UNAUDITED CONDENSED CASH FLOW INFORMATION

(dollars in millions)

 

 

 

Three Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

 

2013

 

2013

 

2012

 

Cash provided by (used in):

 

 

 

 

 

 

 

Operating activities

 

$

67.0

 

$

(13.3

)

$

71.1

 

Investing activities

 

(5.9

)

(50.2

)

6.9

 

Financing activities

 

(30.2

)

(3.6

)

(26.0

)

Effect of exchange rate changes

 

(1.5

)

 

 

Net change during period

 

$

29.4

 

$

(67.1

)

$

52.0

 

 

7



 

JANUS CAPITAL GROUP INC.

ASSETS & FLOWS BY INVESTMENT DISCIPLINE

(dollars in billions)

 

 

 

Three Months Ended

 

 

 

June 30, 2013

 

March 31, 2013

 

June 30, 2012

 

Growth/Core (1)

 

 

 

 

 

 

 

Beginning of period assets

 

$

57.8

 

$

53.8

 

$

56.6

 

Sales

 

2.5

 

3.5

 

2.2

 

Redemptions

 

(4.6

)

(3.4

)

(3.5

)

Net sales (redemptions)

 

(2.1

)

0.1

 

(1.3

)

Market/fund performance

 

1.4

 

3.9

 

(2.6

)

End of period assets

 

$

57.1

 

$

57.8

 

$

52.7

 

 

 

 

 

 

 

 

 

Global/International

 

 

 

 

 

 

 

Beginning of period assets

 

$

17.9

 

$

17.9

 

$

21.2

 

Sales

 

0.5

 

0.9

 

1.0

 

Redemptions

 

(1.6

)

(1.6

)

(1.7

)

Net redemptions

 

(1.1

)

(0.7

)

(0.7

)

Market/fund performance

 

 

0.7

 

(2.9

)

End of period assets

 

$

16.8

 

$

17.9

 

$

17.6

 

 

 

 

 

 

 

 

 

Mathematical Equity (2)

 

 

 

 

 

 

 

Beginning of period assets

 

$

41.7

 

$

40.2

 

$

42.7

 

Sales

 

0.8

 

0.8

 

0.6

 

Redemptions

 

(2.0

)

(3.2

)

(3.1

)

Net redemptions

 

(1.2

)

(2.4

)

(2.5

)

Market/fund performance

 

0.8

 

3.9

 

(1.0

)

End of period assets

 

$

41.3

 

$

41.7

 

$

39.2

 

 

 

 

 

 

 

 

 

Fixed Income (1)

 

 

 

 

 

 

 

Beginning of period assets

 

$

27.4

 

$

26.4

 

$

22.7

 

Sales

 

3.0

 

3.5

 

3.2

 

Redemptions

 

(2.9

)

(3.2

)

(2.1

)

Net sales

 

0.1

 

0.3

 

1.1

 

Market/fund performance

 

(0.2

)

0.7

 

 

End of period assets

 

$

27.3

 

$

27.4

 

$

23.8

 

 

 

 

 

 

 

 

 

Value (3)

 

 

 

 

 

 

 

Beginning of period assets

 

$

17.6

 

$

17.0

 

$

19.3

 

Sales

 

1.1

 

0.9

 

1.0

 

Redemptions

 

(2.2

)

(2.1

)

(1.5

)

Net redemptions

 

(1.1

)

(1.2

)

(0.5

)

Market/fund performance

 

0.2

 

1.8

 

(1.1

)

End of period assets

 

$

16.7

 

$

17.6

 

$

17.7

 

 

 

 

 

 

 

 

 

Money Market

 

 

 

 

 

 

 

Beginning of period assets

 

$

1.4

 

$

1.5

 

$

1.5

 

Sales

 

0.2

 

0.2

 

0.1

 

Redemptions

 

(0.2

)

(0.3

)

(0.2

)

Net redemptions

 

 

(0.1

)

(0.1

)

Market/fund performance

 

 

 

 

End of period assets

 

$

1.4

 

$

1.4

 

$

1.4

 

 

 

 

 

 

 

 

 

Total Company

 

 

 

 

 

 

 

Beginning of period assets

 

$

163.8

 

$

156.8

 

$

164.0

 

Sales

 

8.1

 

9.8

 

8.1

 

Redemptions

 

(13.5

)

(13.8

)

(12.1

)

Net redemptions

 

(5.4

)

(4.0

)

(4.0

)

Market/fund performance

 

2.2

 

11.0

 

(7.6

)

End of period assets

 

$

160.6

 

$

163.8

 

$

152.4

 

 

 

 

 

 

 

 

 

Total Excluding Money Market

 

 

 

 

 

 

 

Beginning of period assets

 

$

162.4

 

$

155.3

 

$

162.5

 

Sales

 

7.9

 

9.6

 

8.0

 

Redemptions

 

(13.3

)

(13.5

)

(11.9

)

Net redemptions

 

(5.4

)

(3.9

)

(3.9

)

Market/fund performance

 

2.2

 

11.0

 

(7.6

)

End of period assets

 

$

159.2

 

$

162.4

 

$

151.0

 

 


Notes:

(1)         Growth/core and fixed income assets reflect a 50%/50% split of the Janus Balanced Fund between the two categories.

(2)         Represents all assets managed by INTECH Investment Management LLC.

(3)         Represents all assets managed by Perkins Investment Management LLC.

 

8



 

###

 

Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end.

 

Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”).

 

“Complex-Wide Mutual Funds” means all affiliated mutual funds managed by Janus, INTECH and Perkins. “Fundamental Equity Mutual Funds” means all mutual funds managed by Janus or Perkins that invest in equity securities. “Fixed Income Mutual Funds” means all mutual funds managed by Janus that invest primarily in fixed income securities. “Mathematical Equity Strategies” means all discretionary managed accounts (not mutual funds) that are advised or sub-advised by INTECH. INTECH strategies included in the analysis are those with at least a one-year track record.

 

Mutual fund relative performance analysis shown is for each Fund’s initial share class: Class T, S or I Shares in the Janus retail fund (“JIF”) trust and the Institutional or Service Shares in the Janus Aspen Series (“JAS”). These share classes may not be eligible for purchase by all investors. Other share classes may have higher sales and management fees, which can result in differences in performance.

 

Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (“REITs”), derivatives, short sales, commodity linked investments and companies with relatively small market capitalizations. Each fund has different risks. Please see a Janus prospectus for more information about risks, fund holdings and other details.

 

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The Overall Morningstar RatingTM for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Morningstar RatingTM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rate funds with less than a three-year performance history.

 

The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total-return includes both income and capital gains or losses and is not adjusted for sales charges. The top-performing funds in a category will always receive a rank of 1.

 

Morningstar performance on an asset-weighted basis is calculated by taking all funds and assigning the assets under management (“AUM”) in each respective fund to either the 1st, 2nd, 3rd or 4th quartile bucket based on each fund’s respective Morningstar relative ranking. The total AUM of each quartile’s bucket is then divided by complex-wide total AUM to arrive at the respective percent of AUM in each bucket.

 

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call Janus at (800) 525-3713 or download the file from www.janus.com/info. Read it carefully before you invest or send money.

 

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Funds distributed by Janus Distributors LLC.

 

Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “forecast” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. These statements are based on the beliefs and assumptions of Company management based on information currently available to management.

 

Various risks, uncertainties, assumptions and factors that could cause future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks specified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, included under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other filings and furnishings made by the Company with the SEC from time to time. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. Many of these factors are beyond the control of the Company and its management. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except for the Company’s ongoing obligations to disclose material information under the applicable securities law and stock exchange rules, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

 

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Section 3: EX-99.2 (EX-99.2)

Exhibit 99.2

 

 

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Second Quarter 2013 Earnings Presentation July 25, 2013 Dick Weil Chief Executive Officer Bruce Koepfgen Chief Financial Officer

 


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2Q 2013 net flows were negatively impacted by shifting market dynamics, relative investment underperformance and portfolio manager changes We remained financially disciplined; operating margins increased to 27.1% in 2Q 2013 compared to 25.5% in 1Q 2013 and 25.3% in 2Q 2012 Further strengthened our balance sheet and increased financial flexibility during 2Q 2013 Successfully exchanged $110 million of 3.25% 2014 Convertible Senior Notes for $117 million of 0.75% 2018 Convertible Senior Notes Generated cash flow from operations of $196 million over the last 12 months Executive summary

 


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Janus Capital Group 2Q 2013 results EPS AUM Long-Term Net Flows Margin 2Q 2013 EPS of $0.08 compared to $0.15 in 1Q 2013 2Q 2013 EPS includes a $0.04 per share non-cash loss on the early extinguishment of debt and a $0.02 per share loss (or a $0.04 per share decline quarter over quarter) primarily due to the mark-to-market impact on our seed capital program Assets Under Management at June 30, 2013 of $160.6 billion declined 2% versus March 31, 2013 Operating margin in 2Q 2013 of 27.1% versus 25.5% in 1Q 2013 Total company long-term net flows were $(5.4) billion in 2Q 2013 compared to $(3.9) billion in 1Q 2013 LTM Cash Flow From Operations Generated LTM cash flow from operations of $196 million

 


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2Q 2013 results Bruce Koepfgen Chief Financial Officer

 


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2Q 2013 financial overview EPS Average AUM ($ in billions) Total Revenues ($ in millions) Operating Income & Operating Margin ($ in millions) Quarter over Quarter Year over Year Note: 2Q 2013 EPS includes a $0.04 per share non-cash loss on the early extinguishment of debt and a $0.02 per share loss (or a $0.04 per share decline quarter over quarter) primarily due to the mark-to-market impact on our seed capital program. (1) (1) $0.15 $0.08 1Q 2013 2Q 2013 $155.0 $164.2 2Q 2012 2Q 2013 $54.7 $58.4 25.5% 27.1% 1Q 2013 2Q 2013 $206.0 $215.8 2Q 2012 2Q 2013 $0.13 $0.08 2Q 2012 2Q 2013 $52.1 $58.4 25.3% 27.1% 2Q 2012 2Q 2013 (1)

 


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Morningstar ratings are based on risk-adjusted returns. Notes: References Morningstar relative performance on an asset-weighted basis as of 6/30/2013. Refer to p. 23 and 24 for the 1-, 3- and 5-year periods and p. 28 for the 10-year period for percent of assets, percent of funds in top 2 Morningstar quartiles for all periods and quantity of funds in analysis. References relative performance net of fees as of 6/30/2013, as shown on p. 25 and 26. Refer to p. 27 for INTECH mutual fund analysis and disclosure. Complex-wide as of 6/30/2013. Refer to p. 28 for 3-, 5- and 10-year Morningstar ratings and quantity of funds in the analysis. 2Q 2013 investment performance summary Period Ending June 30, 2013 1-Year 3-Year 5-Year % of Assets in Top Two Morningstar Quartiles Complex-Wide Mutual Fund Assets (1) 46% 45% 48% Fundamental Equity Mutual Fund Assets (1) 45% 37% 40% Fixed Income Mutual Fund Assets (1) 54% 100% 100% % of Strategies Which Outperformed Respective Benchmarks Mathematical Equity Strategies (2) 33% 57% 55% % of Complex-Wide Mutual Funds with 4- or 5-Star Overall Morningstar Rating TM Complex-Wide Mutual Funds (3) 50% (1) (2) (3)

 


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Note: Long-term flows exclude money market flows. Annualized sales and redemption rates calculated as a percentage of beginning of period assets. 2Q 2013 net flows were driven by fundamental equity outflows 20% 25% 20% 25% 19% Total Company Long-Term Flows (1) ($ in billions) Mathematical Equity Long-Term Flows (1) ($ in billions) Fundamental Equity Long-Term Flows (1) ($ in billions) Gross Redemptions Gross Sales Net Sales 29% 30% 29% 35% 33% Annualized Redemption Rate Annualized Gross Sales Rate Fixed Income Long-Term Flows (1) ($ in billions) 18% 18% 18% 24% 18% 28% 33% 31% 33% 36% Annualized Redemption Rate Annualized Gross Sales Rate 6% 26% 12% 9% 7% 29% 23% 27% 32% 20% Annualized Redemption Rate Annualized Gross Sales Rate 56% 47% 41% 53% 44% 37% 30% 29% 49% 43% Annualized Redemption Rate Annualized Gross Sales Rate $3.2 $2.8 $2.6 $3.5 $3.0 ($2.1) ($1.8) ($1.9) ($3.2) ($2.9) $1.1 $1.0 $0.7 $0.3 $0.1 ($6) ($3) $0 $3 $6 2Q12 3Q12 4Q12 1Q13 2Q13 $4.2 $4.0 $4.1 $5.3 $4.1 ($6.7) ($7.3) ($6.8) ($7.1) ($8.4) ($2.5) ($3.3) ($2.7) ($1.8) ($4.3) ($20) ($10) $0 $10 $20 2Q12 3Q12 4Q12 1Q13 2Q13 $0.6 $2.6 $1.2 $0.8 $0.8 ($3.1) ($2.3) ($2.8) ($3.2) ($2.0) ($2.5) $0.3 ($1.6) ($2.4) ($1.2) ($10) ($5) $0 $5 $10 2Q12 3Q12 4Q12 1Q13 2Q13 $32 $16 $0 ($16) ($32) 20% 25% 20% 25% 19% $8.0 $9.4 $7.9 $9.6 $7.9 ($3.9) ($2.0) ($3.6) ($3.9) ($5.4) ($11.9) ($11.4) ($11.5) ($13.5) ($13.3) Annualized Redemption Rate 29% 305 29% 35% 33% 2q12 3Q12 4Q12 1Q13 2Q13

 


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Quarter-over-quarter increase in management fee revenue was partially offset by a decline in private account performance fees Total Revenue ($ in millions) Note: Includes mutual fund and private account performance fees. Average AUM ($ in billions) (1) Management Fees Shareowner Servicing Fees and Other Performance Fees $35.5 $35.2 ($19.5) ($22.2) $198.2 $202.8 $214.2 $215.8 1Q 2013 2Q 2013 $161.8 $164.2 1Q 2013 2Q 2013 (1)

 


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2Q 2013 operating expenses of $157.4 million decreased $2.1 million compared to 1Q 2013 Long-term incentive compensation declined $2.1 million primarily due to lower mark-to-market adjustments on investments in advised mutual funds Discretionary expenses, including marketing & advertising and G&A, declined 1% versus 1Q 2013 2Q 2013 operating margin improved to 27.1% versus 25.5% in 1Q 2013 2Q 2013 operating expenses declined 1% quarter over quarter Operating Expenses ($ in millions) $25.6 $25.4 $7.5 $7.3 $31.4 $31.8 $4.9 $4.8 $15.8 $13.7 $74.3 $74.4 $159.5 $157.4 1Q 2013 2Q 2013 $79.9 $71.2 $17.7 $16.4 $8.2 $6.2 $39.6 $35.5 $8.4 $8.1 $28.4 $25.3 2Q 2011 3Q 2011 Employee Compensation & Benefits Long - Term Incentive Compensation Marketing & Advertising Distribution Depreciation & Amortization G&A

 


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Balance sheet continues to strengthen Balance Sheet Profile (Carrying Value) – 3/31/2013 versus 6/30/2013 ($ in millions) 6/30/2013 Seed Investments 2017 Maturity Compensation-Related Assets (1) 3/31/2013 Cash Debt Cash Debt Cash and Cash Equivalents Notes: Includes Investments in Advised Mutual Funds of $55.8 million and Deferred Compensation Plans of $12.7 million as of March 31, 2013; includes Investments in Advised Mutual Funds of $56.1 million and Deferred Compensation Plans of $13.1 million as of June 30, 2013. Includes $38.9 million of 6.119% Senior Notes and $156.4 million of 3.250% Convertible Senior Notes as of March 31, 2013; includes $38.9 million of 6.119% Senior Notes and $56.1 million of 3.250% Convertible Senior Notes as of June 30, 2013. 2014 Maturities (2) During the quarter, we successfully completed the exchange of our 2014 Convertible Senior Notes Exchanged $110 million of 3.25% Convertible Senior Notes due 2014 for $117 million of 0.75% Convertible Senior Notes due 2018 Total cash and marketable securities increased $40 million or 6% quarter over quarter Cash and cash equivalents increased by $29 million or 9% quarter over quarter During 2Q 2013, we used cash to fund the following items: $13 million quarterly dividend ($0.07 per share) $9 million of antidilutive share buybacks; repurchasing ~1 million shares at an average price of $8.74 per share 2018 Maturity $320 $349 $69 $69 $331 $341 $720 $760 $195 $95 $352 $352 $102 $548 $549 (1) (2)

 


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Top Questions from Shareholders Dick Weil Chief Executive Officer Bruce Koepfgen Chief Financial Officer

 


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Could you provide additional color on this quarter’s increase in outflows? Absence of large redemption ($1.2 billion in 1Q 2013) Outflow trend continued at 1Q 2013 level Challenging market conditions Performance challenges and PM changes led to increased redemptions and lower sales Note: Long-term flows exclude money market flows. $(3.9) $(5.4) $1.2 $0.1 $(0.2) $(2.6) 1Q 2013 Long-Term Net Outflows INTECH Perkins Janus FI Janus Equity 2Q 2013 Long-Term Net Outflows 1Q 2013 vs. 2Q 2013 Long - Term Net Outflows - Change by Advisor (1) ($ in billions) (1)

 


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Please explain the quarter-over-quarter change in EPS Operating income increased 7% over 1Q 2013 due to higher average assets and expense management We recognized a $12.6 million non-cash loss on the early extinguishment of debt related to the 2014 Convertible Senior Note exchange Primarily consists of mark-to-market losses on our $341 million seed portfolio ($0.02 per share gain in 1Q 2013 and $0.02 per share loss in 2Q 2013) $0.08 $0.04 $0.04 $0.01 $0.15 $0.00 $0.05 $0.10 $0.15 $0.20 1Q 2013 EPS Operating Income Loss on Early Extinguishment of Debt Net Investment Gains / Losses and Other Non- Operating Expenses 2Q 2013 EPS

 


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Could you provide additional color around the convertible exchange and why you did it? Pricing and Terms on 2018 Convertible Senior Notes The exchange of our 2014 Convertible Notes took advantage of favorable market dynamics, which allowed us to reduce our interest expense, extend our existing maturities and increase our financial flexibility Expected interest expense savings of $3.5 million in 2013 In conjunction with the exchange, the note hedge and warrant transaction we entered into will reduce the potential for future dilution to existing shareholders by effectively increasing the conversion premium on the new notes to 45% from 25%, or $12.60 per share Janus Capital Group Inc. Comparative Debt Profile (Carrying Value, $ in millions) Security / Maturity March 31, 2013 June 30, 2013 6.119% Senior Notes Due 4/15/14 $ 38.9 $ 38.9 3.250% Convertible Senior Notes Due 7/15/14 156.4 56.1 6.700% Senior Notes Due 6/15/17 352.2 352.3 0.750% Convertible Senior Notes Due 7/15/18 - 102.1 Total Debt $ 547.5 $ 549.4 2018 Convertible Note Terms Size ($ in millions) $116.6 Premium Paid to Holders 106.6% Maturity 5-year Call / Put Feature None Coupon 0.75% Base Conversion Premium 25.0% Conversion Price $10.86 Conversion Premium with Note Hedge and Warrant Transaction 45% Effective Conversion Price $12.60 Net Cost of Note Hedge and Warrant Transaction (% of Principal / $ in millions) 4.85% / $5.6

 


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Q&A Dick Weil Chief Executive Officer Bruce Koepfgen Chief Financial Officer

 


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Appendix

 


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Retail Intermediary ($103.9bn) $160.6 billion in AUM as of 6/30/13 By Investment Discipline By Distribution Channel Growth / Core ($57.1bn) Money Market ($1.4bn) Mathematical ($41.3bn) Institutional ($38.9bn) International ($17.8bn) AUM by investment discipline and distribution channel Fixed Income ($27.3bn) Global / International ($16.8bn) Value ($16.7bn) 36% 26% 17% 10% 10% 1% 65% 24% 11%

 


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2Q 2013 EPS of $0.08 compared to $0.15 in 1Q 2013 June 30, March 31, Variance June 30, June 30, Variance ($ in millions, except AUM and per share) 2013 2013 (%) 2013 2012 (%) Average AUM ($ in billions) 164.2 $ 161.8 $ 1.5% 164.2 $ 155.0 $ 5.9% Revenues 215.8 $ 214.2 $ 0.7% 215.8 $ 206.0 $ 4.8% Operating expenses 157.4 159.5 -1.3% 157.4 153.9 2.3% Operating income 58.4 $ 54.7 $ 6.8% 58.4 $ 52.1 $ 12.1% Operating margin 27.1% 25.5% 27.1% 25.3% Interest expense (11.0) $ (11.2) $ 1.8% (11.0) $ (11.0) $ 0.0% Investment gains (losses), net (6.1) 4.6 n/m (6.1) (7.0) 12.9% Other income, net (0.8) 1.8 n/m (0.8) 1.8 n/m Loss on early extinguishment of debt (12.6) - n/a (12.6) - n/a Income tax provision (11.1) (20.2) 45.0% (11.1) (11.2) 0.9% Net income 16.8 $ 29.7 $ -43.4% 16.8 $ 24.7 $ -32.0% Noncontrolling interests (1.0) (1.7) 41.2% (1.0) (1.3) 23.1% Net income attributable to JCG 15.8 $ 28.0 $ -43.6% 15.8 $ 23.4 $ -32.5% Diluted earnings per share attributable to JCG common shareholders 0.08 $ 0.15 $ -46.7% 0.08 $ 0.13 $ -38.5% Diluted weighted average shares outstanding (in millions) 186.2 186.3 -0.1% 186.2 185.4 0.4% Quarter Ended Quarter Ended

 


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2Q 2013 operating margin of 27.1% versus 25.5% in 1Q 2013 June 30, March 31, Variance June 30, June 30, Variance ($ in millions, except AUM) 2013 2013 (%) 2013 2012 (%) Average AUM ($ in billions) 164.2 $ 161.8 $ 1.5% 164.2 $ 155.0 $ 5.9% Revenues Investment management fees 202.8 $ 198.2 $ 202.8 $ 192.4 $ Performance fees - mutual funds (22.5) (21.8) (22.5) (23.0) Performance fees - private accounts 0.3 2.3 0.3 1.1 Shareowner servicing fees and other 35.2 35.5 35.2 35.5 Total revenues 215.8 $ 214.2 $ 0.7% 215.8 $ 206.0 $ 4.8% Basis points Investment management fees 49.5 49.7 49.5 49.9 Investment management fees and performance fees 44.1 44.8 44.1 44.2 Operating expenses Employee compensation and benefits 74.4 $ 74.3 $ 74.4 $ 66.6 $ Long-term incentive compensation 13.7 15.8 13.7 15.2 Marketing and advertising 4.8 4.9 4.8 6.1 Distribution 31.8 31.4 31.8 31.4 Depreciation and amortization 7.3 7.5 7.3 8.0 General, administrative and occupancy 25.4 25.6 25.4 26.6 Total operating expenses 157.4 $ 159.5 $ -1.3% 157.4 $ 153.9 $ 2.3% Operating income 58.4 $ 54.7 $ 6.8% 58.4 $ 52.1 $ 12.1% Operating margin 27.1% 25.5% 27.1% 25.3% Quarter Ended Quarter Ended

 


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Mutual funds with performance-based advisory fees Please refer to footnotes on p. 21. Mutual Funds with Performance Fees (1) (AUM $ in millions, performance fees $ in thousands) EOP AUM 6/30/2013 Benchmark Base Fee Performance Fee (2) Performance Hurdle vs. Benchmark 2Q 2013 P&L Impact Janus Contrarian Fund (3) $2,948.9 S&P 500 ® Index 0.64% ± 15 bps ± 7.00% ($1,175.3) Janus Aspen Worldwide Fund (3) 702.5 MSCI World Index SM 0.60% ± 15 bps ± 6.00% (261.5) Janus Research Fund (3) 3,662.3 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 5.00% (1,254.7) Janus Global Research Fund (4) 2,346.9 MSCI World Index SM 0.60% ± 15 bps ± 6.00% (723.1) Janus Global Real Estate Fund (5) 125.7 FTSE EPRA / NAREIT Developed Index 0.75% ± 15 bps ± 4.00% (28.2) Janus International Equity Fund (6) 138.0 MSCI EAFE ® Index 0.68% ± 15 bps ± 7.00% (39.2) INTECH U.S. Core Fund (7) 430.5 S&P 500 ® Index 0.50% ± 15 bps ± 4.00% 106.6 Perkins Mid Cap Value Fund (3) 11,866.8 Russell Midcap ® Value Index 0.64% ± 15 bps ± 4.00% (4,973.3) Perkins Small Cap Value Fund (8) 2,491.4 Russell 2000 ® Value Index 0.72% ± 15 bps ± 5.50% (1,088.6) Perkins Large Cap Value Fund (8) 132.1 Russell 1000 ® Value Index 0.64% ± 15 bps ± 3.50% (47.5) Janus Fund (9) 8,518.3 Core Growth Index 0.64% ± 15 bps ± 4.50% (3,267.8) Perkins Global Value Fund (9,10) 181.6 MSCI World Index SM 0.64% ± 15 bps ± 7.00% (4.1) Janus Aspen Overseas Portfolio (11) 1,324.5 MSCI All Country World ex-U.S. Index SM 0.64% ± 15 bps ± 7.00% (707.8) Janus Overseas Fund (12) 4,959.0 MSCI All Country World ex-U.S. Index SM 0.64% ± 15 bps ± 7.00% (3,656.0) Janus Twenty Fund (13) 8,489.9 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 8.50% (3,167.9) Janus Forty Fund (13) 4,380.4 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 8.50% (2,160.4) Janus Emerging Markets Fund (14) 24.9 MSCI Emerging Markets Index SM 1.00% ± 15 bps ± 6.00% (7.3) Janus Asia Equity (15) 11.3 MSCI All Country Asia ex-Japan Index SM 0.92% ± 15 bps ± 7.00% (0.5) Perkins Select Value (16) 72.0 Russell 3000 ® Value Index 0.70% ± 15 bps ± 5.00% (24.5) Total Existing Funds with Fees $52,807.1 ($22,481.0)

 


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Notes: The funds listed have a performance-based investment advisory fee that adjusts upward or downward based on each fund’s performance relative to an approved benchmark index over a performance measurement period. Please see the funds’ Statements of Additional Information for more details. Actual performance measurement periods used for calculating the performance fees are from 12 months up to 36 months, and then over 36-month rolling periods. Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations. The performance measurement period began on 2/1/2006, and the performance adjustment was implemented as of 2/1/2007. Effective close of business on March 15, 2013, Janus Global Research Fund merged with and into Janus Worldwide Fund; following the merger, Janus Worldwide Fund was renamed Janus Global Research Fund (the “Combined Fund”). The Combined Fund’s surviving performance track record is that of the former Janus Global Research Fund, and the performance measurement benchmark is the MSCI World Index. For three years after the merger, Janus will waive its management fee to at least a level that is equivalent to the fee rate the Combined Fund would have paid if, after the merger, the performance history of Janus Worldwide Fund were used to calculate the performance fee adjustment to the base management fee. The performance measurement period began on 12/1/2007 and the performance adjustment was implemented as of 12/1/2008. Beginning 7/1/2010, Janus Global Real Estate Fund’s benchmark index changed from the FTSE EPRA/NAREIT Developed Index to the FTSE EPRA/NAREIT Global Index for purposes of measuring the Fund’s performance and calculating the performance adjustment. Because the Fund’s performance adjustment is based upon a rolling 36-month performance measurement period, comparisons to the FTSE EPRA/NAREIT Global Index will not be fully implemented until 36 months after July 1, 2010. During this transition period, the Fund's returns will be compared to a blended index return. The performance measurement period began on 12/1/2006, and the performance adjustment was implemented as of 12/1/2007. The performance measurement period began on 1/1/2006, and the performance adjustment was implemented as of 1/1/2007. Effective 12/7/11, INTECH Risk-Managed Core Fund was renamed INTECH U.S. Core Fund. The performance measurement period began on 1/1/2009, and the performance adjustment was implemented as of 1/1/2010. The performance measurement period began on 7/1/2010, and the performance adjustment was implemented as of 6/30/2011. Effective 7/1/10, Janus Global Opportunities Fund was renamed Perkins Global Value Fund. The performance measurement period began on 7/1/2010, and the performance adjustment was implemented as of 9/30/2011. The performance measurement period began on 8/1/2010, and the performance adjustment was implemented as of 10/31/2011. The performance measurement period began on 7/1/2010, and the performance adjustment was implemented as of 12/31/2011. The performance measurement period began on 12/31/2010, and the performance adjustment was implemented as of 12/31/2011. The performance measurement period began on 7/29/2011, and the performance adjustment was implemented as of 7/31/2012. The performance measurement period began on 1/1/2012, and the performance adjustment was implemented as of 12/31/2012. Mutual funds with performance-based advisory fees (cont.) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16)

 


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Notes: Schedule reflects LTI awards granted as of 6/30/2013 and includes a reduction related to forfeitures taken, excluding any future forfeitures. All grants include mutual fund share awards, which are subject to market/fund performance adjustments and do not include Perkins senior profit interest awards. Perkins senior profit interest awards were granted on December 31, 2008 and have a formula-driven terminal value based on revenue growth and relative investment performance. Janus can call or terminate any or all awards on the 5th, 7th or each subsequent anniversary of the grant. Grants are expensed on a pro rata basis. Grant includes $2.4 million of awards that vest ratably over four years and $1.2 million in awards that are subject to performance-based vesting and are expensed 52% in 2012, 27% in 2013, 15% in 2014 and 6% in 2015. LTI amortization schedule Full-Year 2013 Long-Term Incentive Compensation Amortization (1)(2) ($ in millions) Date of Grant Amount Remaining to Vest 2010 Grant February 2010 14.0 $ 2011 Grant February 2011 25.7 2012 Grant February 2012 37.8 2013 Grant February 2013 44.4 Additional Grants INTECH 2009 January 2009 3.0 $ Janus CEO 2011 (3) December 2011 2.4 Grants vest over 4 years Janus CEO 2012 December 2012 2.9 Grants vest over 10 years Grants generally vest over 4 years Grants generally vest over 4 years Grants generally vest over 4 years Grants generally vest over 4 years Grants vest over 4 years (1) (2) (3)

 


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46%, 45% and 48% of complex-wide mutual fund assets outperformed the majority of Morningstar peers over the 1-, 3- and 5-year periods, respectively (1) Complex-Wide: Percent in Top 2 Morningstar Quartiles Based on Total Returns 1-Year 3-Year 5-Year % of Funds % of Assets Note: (1) References Morningstar relative performance as of 6/30/2013. Refer to p. 28 for 10-year periods and quantity of funds in the analysis. 46% 61% 63% 61% 48% 24% 27% 31% 33% 39% 88% 94% 88% 94% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 Percent of Janus Managed Equity JIF Funds . 1st Quartile 2nd Quartile 46% 61% 63% 61% 48% 24% 27% 31% 33% 39% 88% 94% 88% 94% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 Percent of Janus Managed Equity JIF Funds . 1st Quartile 2nd Quartile 19% 21% 29% 22% 20% 23% 23% 17% 27% 35% 42% 44% 45% 49% 55% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 29% 29% 41% 12% 25% 20% 13% 26% 45% 21% 48% 41% 66% 57% 46% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 46% 31% 33% 27% 34% 23% 35% 22% 19% 14% 70% 67% 55% 46% 48% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 25% 18% 35% 23% 22% 31% 28% 27% 35% 29% 56% 46% 62% 58% 51% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 7% 8% 15% 12% 7% 17% 18% 12% 19% 38% 23% 26% 27% 31% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13

 


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Fundamental Equity: Percent in Top 2 Morningstar Quartiles Based on Total Returns 45%, 37% and 40% of fundamental equity mutual fund assets outperformed the majority of Morningstar peers over the 1-, 3- and 5-year periods, respectively (1) 1-Year 3-Year 5-Year % of Funds % of Assets Note: References Morningstar relative performance as of 6/30/2013. Refer to p. 28 for 10-year periods and quantity of funds in the analysis. 23% 20% 44% 17% 23% 26% 22% 22% 37% 28% 49% 41% 66% 54% 50% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 41% 28% 31% 26% 35% 28% 38% 28% 29% 23% 69% 66% 59% 55% 58% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 7% 7% 17% 13% 7% 9% 11% 3% 11% 29% 16% 18% 20% 24% 37% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 14% 14% 26% 15% 13% 20% 23% 12% 24% 31% 34% 37% 38% 39% 44% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13 39% 21% 23% 20% 24% 26% 40% 25% 18% 16% 65% 61% 48% 38% 40% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 6/30/12 9/30/12 12/31/12 3/31/13 6/30/13

 


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Mathematical equity performance (1) Past performance is no guarantee of future results. Notes: (1) (2) Returns for periods greater than 1 year are annualized. Refer to p. 27 for performance disclosure. Differences may not agree with input data due to rounding. Inception Since Composite and Respective Benchmark Date 1 Year 3 Year 5 Year 10 Year Inception U.S. Enhanced Plus Gross 7/87 19.71 18.60 7.24 8.47 10.44 U.S. Enhanced Plus Net 19.35 18.23 6.91 8.13 10.04 S&P 500 ® Index 20.60 18.45 7.01 7.30 9.06 Difference versus S&P 500 ® Index Net of Fees (1.24) (0.22) (0.10) 0.83 0.98 U.S. Large Cap Growth Gross 7/93 15.66 18.06 7.30 8.23 12.30 U.S. Large Cap Growth Net 15.12 17.51 6.80 7.72 11.73 S&P 500 ® Growth Index 16.77 18.89 7.57 7.11 8.66 Difference versus S&P 500 ® Growth Index Net of Fees (1.65) (1.37) (0.76) 0.62 3.07 U.S. Large Cap Value Gross 7/93 24.39 19.59 7.66 8.95 10.38 U.S. Large Cap Value Net 23.91 19.13 7.24 8.53 9.95 S&P 500 ® Value Index 25.04 18.10 6.47 7.41 8.40 Difference versus S&P 500 ® Value Index Net of Fees (1.13) 1.03 0.77 1.12 1.55 U.S. Enhanced Index Gross 4/98 20.05 18.69 7.66 8.02 5.50 U.S. Enhanced Index Net 19.66 18.31 7.31 7.67 5.15 S&P 500 ® Index 20.60 18.45 7.01 7.30 4.39 Difference versus S&P 500 ® Index Net of Fees (0.93) (0.14) 0.30 0.38 0.76 U.S. Broad Large Cap Growth Gross 11/00 16.06 19.06 7.10 7.99 3.05 U.S. Broad Large Cap Growth Net 15.49 18.46 6.55 7.44 2.52 Russell 1000 ® Growth Index 17.07 18.68 7.47 7.40 0.71 Difference versus Russell 1000 ® Growth Index Net of Fees (1.58) (0.21) (0.92) 0.04 1.81 U.S. Broad Enhanced Plus Gross 4/01 20.45 19.08 7.53 8.38 6.41 U.S. Broad Enhanced Plus Net 20.07 18.71 7.20 8.05 6.07 Russell 1000 ® Index 21.24 18.63 7.12 7.67 5.13 Difference versus Russell 1000 ® Index Net of Fees (1.17) 0.07 0.08 0.38 0.94 U.S. Large Cap Core Gross 8/01 20.55 18.30 7.14 8.86 6.23 U.S. Large Cap Core Net 19.99 17.73 6.62 8.35 5.74 S&P 500 ® Index 20.60 18.45 7.01 7.30 4.45 Difference versus S&P 500 ® Index Net of Fees (0.61) (0.72) (0.39) 1.06 1.29 U.S. Broad Large Cap Value Gross 8/04 25.49 20.39 8.48 - 7.93 U.S. Broad Large Cap Value Net 25.02 19.94 8.07 - 7.52 Russell 1000 ® Value Index 25.32 18.51 6.67 - 6.63 Difference versus Russell 1000 ® Value Index Net of Fees (0.30) 1.43 1.39 - 0.89 Global Large Cap Core Gross 1/05 20.97 16.45 4.04 - 6.96 Global Large Cap Core Net 20.41 15.89 3.51 - 6.41 MSCI World ® Index 19.27 14.36 3.30 - 5.17 Difference versus MSCI World ® Index Net of Fees 1.14 1.53 0.21 - 1.23 Enhanced Plus USA Gross 1/06 20.90 19.59 6.87 - 5.97 Enhanced Plus USA Net 20.51 19.20 6.52 - 5.63 MSCI USA ® Index 20.67 18.58 6.95 - 5.73 Difference versus MSCI USA ® Index Net of Fees (0.15) 0.63 (0.43) - (0.10) International Large Cap Core Gross 11/06 22.18 12.98 1.08 - 3.30 International Large Cap Core Net 21.67 12.50 0.65 - 2.86 MSCI EAFE ® Index 19.14 10.55 (0.16) - 0.77 Difference versus MSCI EAFE ® Index Net of Fees 2.53 1.95 0.81 - 2.09 Annualized Returns (%) for Periods Ended 6/30/2013 (2)

 


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Mathematical equity performance (cont.) (1) Past performance is no guarantee of future results. Notes: Returns for periods greater than 1 year are annualized. Refer to p. 27 for performance disclosure. Differences may not agree with input data due to rounding. Global Low Volatility product is engineered to reduce the portfolio’s absolute standard deviation for a given target excess return rather than its tracking error relative to a cap-weighted benchmark. Inception Since Composite and Respective Benchmark Date 1 Year 3 Year 5 Year 10 Year Inception U.S. Broad Enhanced Index Gross 10/08 21.09 18.80 - - 9.67 U.S. Broad Enhanced Index Net 20.83 18.54 - - 9.38 Russell 1000 ® Index 21.24 18.63 - - 9.75 Difference versus Russell 1000 ® Index Net of Fees (0.41) (0.09) - - (0.38) Global Large Cap Core ex Japan (Kokusai) Gross 5/09 20.50 16.57 - - 16.53 Global Large Cap Core ex Japan (Kokusai) Net 19.85 15.93 - - 15.89 MSCI KOKUSAI ® World ex Japan Index 18.95 14.98 - - 15.82 Difference versus MSCI KOKUSAI ® World ex Japan Index Net of Fees 0.89 0.95 - - 0.07 European Large Cap Core Gross (EUR) 1/10 21.71 12.82 - - 11.95 European Large Cap Core Net (EUR) 21.05 12.20 - - 11.33 MSCI Europe ® Index (EUR) 16.74 9.05 - - 7.10 Difference versus MSCI Europe ® Index (EUR) Net of Fees 4.31 3.15 - - 4.24 U.S. Broad Large Cap Core Gross 2/11 23.01 - - - 13.50 U.S. Broad Large Cap Core Net 22.34 - - - 12.88 Russell 1000 ® Index 21.24 - - - 11.98 Difference versus Russell 1000 ® Index Net of Fees 1.10 - - - 0.90 Global Enhanced Index ex Australia Gross 6/11 20.88 - - - 7.18 Global Enhanced Index ex Australia Net 20.57 - - - 6.90 MSCI World ® ex Australia Index 19.57 - - - 5.96 Difference versus MSCI World ® ex Australia Index Net of Fees 1.00 - - - 0.94 Global Enhanced All Country Gross 11/11 17.39 - - - 12.66 Global Enhanced All Country Net 16.99 - - - 12.27 MSCI All Country World ® Index Net of Fees 17.22 - - - 11.78 Difference versus MSCI All Country World ® Index Net of Fees (0.23) - - - 0.49 Global Low Volatility Gross (3) 1/12 17.12 - - - 16.21 Global Low Volatility Net 16.71 - - - 15.81 MSCI World ® Index 19.27 - - - 17.14 Difference versus MSCI World ® Index Net of Fees (2.56) - - - (1.33) Global High Dividend Core Gross 4/12 17.18 - - - 12.26 Global High Dividend Core Net 16.54 - - - 11.65 MSCI World ® High Dividend Index 17.25 - - - 12.37 Difference versus MSCI World ® High Dividend Yield Index Net of Fees (0.71) - - - (0.73) Global Enhanced Index Gross 6/12 20.22 - - - 24.01 Global Enhanced Index Net 19.81 - - - 23.58 MSCI World ® Index 19.27 - - - 23.24 Difference versus MSCI World ® Index Net of Fees 0.53 - - - 0.34 Enhanced Index North America Gross 7/12 19.70 - - - 19.70 Enhanced Index North America Net 19.35 - - - 19.35 MSCI North America ® Index 19.37 - - - 19.37 Difference versus MSCI North America ® Index Net of Fees (0.02) - - - (0.02) Annualized Returns (%) for Periods Ended 6/30/2013 (2) (1) (2) (3)

 


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For the period ending June 30, 2013, 60%, 75%, 50% and 67% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Growth Fund – Class S (1/03); INTECH U.S. Core Fund – Class T (2/03); INTECH U.S. Value Fund – Class I (12/05); INTECH International Fund – Class I (5/07); INTECH Global Dividend Fund – Class I (12/11) and Janus INTECH U.S. Low Volatility Portfolio – Service Shares (9/12). The proprietary mathematical process used by INTECH may not achieve the desired results. Since the portfolios are regularly re-balanced, this may result in a higher portfolio turnover rate, higher expenses and potentially higher net taxable gains or losses compared to a "buy and hold" or index fund strategy. Past performance cannot guarantee future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Performance results reflect the reinvestment of dividends and other earnings. Composite performance results shown are time-weighted rates of return using daily valuation, include the effect of transaction costs (commissions, exchange fees, etc.), and are gross of non-reclaimable withholding taxes, if any. The composites include all actual fee-paying accounts managed on a fully discretionary basis according to the investment strategy from inception date, including those no longer under management. Portfolios meeting such criteria enter the composite upon the full first month under management. Reporting currency is USD, unless otherwise noted. The gross performance results presented do not reflect the deduction of investment advisory fees. Returns will be reduced by such advisory fees and other contractual expenses as described in each client’s individual contract. The net performance results do not reflect the deduction of investment advisory fees actually charged to the accounts in the composite. However, the net performance results do reflect the deduction of model investment advisory fees. Through 12/31/04, net returns were derived using the maximum fixed fee in effect for each strategy. As of 1/1/05, net returns are calculated by applying the standard fee schedule in effect for the respective period to each account in the composite on a monthly basis. Actual advisory fees may vary among clients invested in this strategy. Actual advisory fees paid may be higher or lower than model advisory fees. Some clients may utilize a performance-based fee. For U.S. Large Cap Growth from inception to 12/31/05, the composite’s benchmark was the S&P 500/Barra Growth Index (“Barra Growth Index”). In 2005, S&P announced index name and methodology changes affecting the Barra Growth Index, which later became the S&P 500/Citigroup Growth Index (“Citigroup Growth Index”). During the transitional period, from 1/1/06 to 3/31/06, the benchmark return consisted partially of the return of the Barra Growth Index and the Citigroup Growth Index. On 4/1/06, the composite’s benchmark was changed to the Citigroup Growth Index. Effective 12/9/2009, the Citigroup Growth Index's name was changed to S&P 500 Growth Index. The S&P 500 Growth Index is a market-capitalization-weighted index developed by Standard and Poor's consisting of those stocks within the S&P 500 Index that exhibit strong growth characteristics. The index measures the performance of the growth style of investing in large cap U.S. stocks. The S&P 500 Growth Index will be reconstituted annually. For U.S. Large Cap Value from inception to 12/31/05, the composite’s benchmark was the S&P 500/Barra Value Index (“Barra Value Index”). In 2005, S&P announced index name and methodology changes affecting the Barra Value Index, which later became the S&P 500/Citigroup Value Index (“Citigroup Value Index”). During the transitional period, from 1/1/06 to 3/31/06, the benchmark return consisted partially of the return of the Barra Value Index and the Citigroup Value Index. On 4/1/06, the composite’s benchmark was changed to the Citigroup Value Index. Effective 12/9/2009, the Citigroup Value Index's name was changed to S&P 500 Value Index. The S&P 500 Value Index is a market-capitalization-weighted index developed by Standard and Poor’s consisting of those stocks within the S&P 500 Index that exhibit strong value characteristics. The index measures the performance of the value style of investing in large cap U.S. stocks. The S&P 500 Value Index will be reconstituted annually. Prior to May 21, 2010, with respect to non-U.S. securities traded on non-U.S. exchanges, INTECH used fair value prices that reflected current market conditions at the end of regular trading hours of the NYSE, normally 4:00 PM ET, rather than unadjusted closing prices in local markets. Therefore, the prices as well as foreign exchange rates used to calculate the U.S. dollar market values of securities may have differed from those used by an index. Indices typically use the unadjusted closing price in local markets instead of fair value pricing. As of May 21, 2010, prices for non-U.S. securities traded on non-U.S. exchanges are valued as of the close of their respective local markets. Non-U.S. securities are translated into U.S. dollars using the 4:00 PM London spot rate. Non-U.S. investments are subject to certain risks of overseas investing, including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. With respect to European Large Cap Core, prices assigned to investments are published prices on their primary markets or exchanges since the composite’s inception. The returns for the indices shown do not include any transaction costs, management fees or other costs and are gross of dividend tax withholdings. Mathematical equity strategies included in the investment performance summaries include only those strategies with at least a 1-year track record. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products This report has not been approved, reviewed or produced by MSCI. Mathematical equity performance disclosure

 


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Other important disclosures Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end. Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”). “Complex-Wide Mutual Funds” means all affiliated mutual funds managed by Janus, INTECH and Perkins. “Fundamental Equity Mutual Funds” means all mutual funds managed by Janus or Perkins that invest in equity securities. “Fixed Income Mutual Funds” means all mutual funds managed by Janus that invest primarily in fixed income securities. “Mathematical Equity Strategies” means all discretionary managed accounts (not mutual funds) that are advised or sub-advised by INTECH. Mutual fund relative performance analysis shown is for each Fund's initial share class: Class T, S or I Shares in the Janus retail fund (“JIF”) trust and the Institutional or Service Shares in the Janus Aspen Series (“JAS”). These share classes may not be eligible for purchase by all investors. Other share classes may have higher sales and management fees, which can result in differences in performance. Morningstar Comparative Performance Morningstar performance on an asset-weighted basis is calculated by taking all funds and assigning the assets under management ("AUM") in each respective fund to either the 1st, 2nd, 3rd or 4th quartile bucket based on each fund's respective Morningstar relative ranking. The total AUM of each quartile’s bucket is then divided by complex-wide total AUM to arrive at the respective percent of AUM in each bucket. The Morningstar percentile ranking is based on the fund’s total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total-return includes both income and capital gains or losses and is not adjusted for sales charges. The top-performing funds in a category will always receive a rank of 1. For the 1-, 3-, 5- and 10-year periods ending June 30, 2013, 51%, 55%, 64% and 83% of the 51, 40, 39 and 30 Complex-Wide mutual funds; 50%, 44%, 58% and 83% of the 40, 32, 31 and 24 Fundamental Equity mutual funds; and 33%, 100%, 100% and 100% of the 6,4,4 and 4 Fixed Income mutual funds outperformed the majority of their Morningstar peers based on total returns. On an asset-weighted basis, 85% of the Complex-Wide mutual fund assets, 82% of the Fundamental Equity mutual fund assets and 100% of the Fixed Income mutual fund assets outperformed the majority of their Morningstar peers based on total returns for the 10-year period. The Overall Morningstar RatingTM for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTM metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Morningstar RatingTM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rate funds with less than a 3-year performance history. For the period ending June 30, 2013, 43%, 44% and 67% of Complex-Wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 40, 39 and 30 funds, respectively. 40 funds were included in the analysis for the Overall period. Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity linked Investments and companies with relatively small market capitalizations. Each fund has different risks, please see a Janus prospectus for more information about risks, fund holdings and other details.

 


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Indexes are not available for direct investment; therefore, their performance does not reflect the expenses associated with the active management of an actual portfolio. Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Russell 1000® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Russell Midcap® Value Index measures the performance of those Russell Midcap® companies with lower price-to-book ratios and lower forecasted growth rates. Russell 2000® Value Index measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. S&P 500® Index is a commonly recognized, market capitalization weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance. MSCI World IndexSM is a market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in North America, Europe and the Asia/Pacific Region. MSCI EAFE® Index is a market capitalization weighted index composed of companies representative of the market structure of Developed Market countries in Europe, Australasia and the Far East. MSCI World Growth Index is a subset of the Morgan Stanley Capital WorldSM Index which is a market capitalization weighted index composed of companies representative of the market structure of developed market countries around the world. The index includes reinvestment of dividends, net of foreign withholding taxes. MSCI World High Dividend Yield Index is a free float-adjusted market capitalization-weighted index based on the MSCI World Index, its parent index, which includes large- and mid-cap stocks across 24 Developed Market Countries. The MSCI World High Dividend Yield Index is designed to reflect the performance of equities with higher-than-average dividend yields and pass dividend sustainability and persistence screens. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure performance of global developed and emerging equity markets. MSCI All Country World ex-U.S. IndexSM is an unmanaged, free float-adjusted, market capitalization weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes. Russell 1000 Index measures performance of the 1,000 largest companies in the Russell 3000 Index. Core Growth Index is an internally calculated, hypothetical combination of unmanaged indices that combines total returns from the Russell 1000® Growth Index (50%) and the S&P 500® Index (50%). MSCI USA Index is a free float-adjusted market capitalization index that is designed to measure large and mid cap U.S. equity market performance. MSCI World ex Australia Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets excluding Australia. MSCI KOKUSAI World ex Japan Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets excluding Japan. MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. MSCI North America Index is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the developed equity markets in Canada and the United States. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 1-800-525-3713 or download the file from www.janus.com. Read it carefully before you invest or send money. Funds distributed by Janus Distributors LLC C-0713-41369 10-15-13 Other important disclosures

 


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Safe harbor statement This presentation includes statements concerning potential future events involving Janus Capital Group Inc. that could differ materially from the events that actually occur. The differences could be caused by a number of factors including those factors identified in Janus’ Annual Report on Form 10-K for the year ended December 31, 2012, on file with the Securities and Exchange Commission (Commission file no. 001-15253), including those that appear under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Many of these factors are beyond the control of the company and its management. Any forward-looking statements contained in this presentation are as of the date on which such statements were made. The company assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected results expressed or implied therein will not be realized.

 

 

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