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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)

October 24, 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 October 24, 2013, Janus Capital Group Inc. (“JCG”) issued a press release reporting its financial results for the third 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 9.01.  Financial Statements and Exhibits.

 

(d)                                 Exhibits

 

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

 

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

 



 

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: October 24, 2013

 

By:

/s/ Jennifer J. McPeek

 

 

 

Jennifer J. McPeek

 

 

 

Senior Vice President and
Chief Financial Officer

 

2



 

EXHIBIT INDEX

 

Exhibit No.

 

Document

 

 

 

99.1

 

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

 

 

 

99.2

 

Janus Capital Group Inc. third quarter 2013 earnings presentation.

 

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(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

 

 

October 24, 2013

 

JANUS CAPITAL GROUP INC. ANNOUNCES

THIRD QUARTER 2013 RESULTS

 

DENVER — Janus Capital Group Inc. (“JCG”) (NYSE: JNS) today reported third quarter net income of $32.6 million, or $0.17 per diluted share, compared with second quarter 2013 net income of $15.8 million, or $0.08 per diluted share, and net income of $25.1 million, or $0.14 per diluted share, in the third 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. Third quarter 2012 included an intangible asset impairment charge of $0.01 per share related to the redemption of a sub-advised account.

 

Flows and Assets Under Management

 

Average assets under management during the third quarter 2013 were $165.2 billion compared with $164.2 billion during the second quarter 2013 and $155.5 billion during the third quarter 2012.

 

At September 30, 2013, JCG’s total assets under management were $166.7 billion compared with $160.6 billion at June 30, 2013 and $158.2 billion at September 30, 2012.

 

The increase in complex-wide assets during the third quarter 2013 reflects net market appreciation of $10.3 billion partially offset by long-term net outflows of $4.2 billion. Fundamental equity long-term net outflows totaled $4.9 billion, while mathematical equity long-term net inflows totaled $0.7 billion. Fixed income sales were offset by redemptions for the third quarter 2013.

 

1



 

Investment Performance

 

As of September 30, 2013, 51% of complex-wide mutual funds had a 4- or 5-star Overall Morningstar RatingTM.(1)

 

As of September 30, 2013, 41%, 32% and 39% 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 continued to generate strong long-term relative investment performance with 98%, 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 September 30, 2013.(3)

 

Mathematical equity relative investment performance declined, with 29%, 64% and 42% of strategies surpassing their respective benchmarks, net of fees, over the one-, three- and five-year periods, respectively, as of September 30, 2013.(4)

 


(1)         For the period ending September 30, 2013, 49%, 36% and 63% 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 41, 39 and 30 funds, respectively. 41 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     September 30, 2013, 83% 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 September 30, 2013, 48%, 45%, 55% and 79% of the 40, 33, 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 September 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 September 30, 2013, 83%, 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 September 30, 2013, 67%, 75%, 50% and 50% 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

 

 

 

September 30,

 

June 30,

 

September 30,

 

 

 

2013

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Average Assets Under Management (in billions)

 

$

165.2

 

$

164.2

 

$

155.5

 

Ending Assets Under Management (in billions)

 

$

166.7

 

$

160.6

 

$

158.2

 

Revenues

 

$

217.7

 

$

215.8

 

$

209.0

 

Operating Expenses

 

$

158.7

 

$

157.4

 

$

161.1

 

Operating Income

 

$

59.0

 

$

58.4

 

$

47.9

 

Operating Margin

 

27.1

%

27.1

%

22.9

%

 

 

 

 

 

 

 

 

Net Income Attributable to JCG

 

$

32.6

 

$

15.8

 

$

25.1

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share

 

$

0.17

 

$

0.08

 

$

0.14

 

 

Third quarter 2013 revenues of $217.7 million increased from second quarter 2013, primarily due to higher investment management fee revenue. Third quarter 2013 operating expenses of $158.7 million increased $1.3 million, or 0.8%, from second quarter 2013, primarily due to higher long-term incentive compensation and lower distribution expenses.

 

Capital and Liquidity

 

At September 30, 2013, JCG had stockholders’ equity of $1.5 billion, cash and investments of $792.6 million and outstanding debt of $543.0 million.

 

Cash flows from operations during the third quarter 2013 were $78.3 million compared with $67.0 million during the second quarter 2013 and $75.3 million during the third quarter 2012.

 

On August 30, 2013, JCG repurchased on the open market $8.0 million aggregate principal amount of the Company’s outstanding 6.70% Senior Notes due 2017 (“2017 Notes”) for $8.9 million in cash. JCG recognized a loss of $0.9 million on the repurchase.

 

As part of its capital management, JCG repurchased 1,066,296 shares of its common stock at an average price of $8.99 per share and a total cost of $9.6 million during the third quarter 2013.

 

3



 

On October 21, 2013, JCG’s Board of Directors declared a regular quarterly cash dividend of $0.07 per share. The quarterly dividend will be paid on November 22, 2013, to stockholders of record at the close of business on November 8, 2013.

 

Third Quarter 2013 Earnings Call Information

 

JCG will discuss its results during a conference call on Thursday, October 24, 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 September 2013, JCG managed approximately $166.7 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

 

4



 

JANUS CAPITAL GROUP INC.

UNAUDITED

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

 

 

 

Three Months Ended

 

 

 

September 30,

 

June 30,

 

September 30,

 

 

 

2013

 

2013

 

2012

 

Revenues:

 

 

 

 

 

 

 

Investment management fees

 

$

204.0

 

$

202.8

 

$

194.1

 

Performance fees

 

(22.0

)

(22.2

)

(20.9

)

Shareowner servicing fees and other

 

35.7

 

35.2

 

35.8

 

Total

 

217.7

 

215.8

 

209.0

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Employee compensation and benefits

 

73.3

 

74.4

 

70.8

 

Long-term incentive compensation

 

15.8

 

13.7

 

16.2

 

Marketing and advertising

 

4.6

 

4.8

 

5.4

 

Distribution

 

30.8

 

31.8

 

32.3

 

Depreciation and amortization

 

7.1

 

7.3

 

9.9

 

General, administrative and occupancy

 

27.1

 

25.4

 

26.5

 

Total

 

158.7

 

157.4

 

161.1

 

 

 

 

 

 

 

 

 

Operating income

 

59.0

 

58.4

 

47.9

 

 

 

 

 

 

 

 

 

Interest expense

 

(9.5

)

(11.0

)

(11.1

)

Investment gains (losses), net

 

7.9

 

(6.1

)

7.6

 

Other income (expense), net

 

0.8

 

(0.8

)

0.3

 

Loss on early extinguishment of debt

 

(0.9

)

(12.6

)

 

Income tax provision

 

(21.7

)

(11.1

)

(17.0

)

 

 

 

 

 

 

 

 

Net income

 

35.6

 

16.8

 

27.7

 

 

 

 

 

 

 

 

 

Noncontrolling interests

 

(3.0

)

(1.0

)

(2.6

)

 

 

 

 

 

 

 

 

Net income attributable to JCG

 

$

32.6

 

$

15.8

 

$

25.1

 

 

 

 

 

 

 

 

 

Diluted weighted-average shares outstanding (in millions)

 

186.4

 

186.2

 

185.3

 

 

 

 

 

 

 

 

 

Diluted earnings per share attributable to JCG common shareholders:

 

$

0.17

 

$

0.08

 

$

0.14

 

 

 

 

 

 

 

 

 

Average assets under management (in billions)

 

$

165.2

 

$

164.2

 

$

155.5

 

 

5



 

JANUS CAPITAL GROUP INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

 

 

 

September 30,

 

December 31,

 

 

 

2013

 

2012

 

Assets:

 

 

 

 

 

Cash and cash equivalents

 

$

358.2

 

$

387.0

 

Investment securities

 

434.4

 

350.5

 

Other assets

 

150.2

 

159.1

 

Property and equipment, net

 

29.8

 

33.3

 

Intangible assets and goodwill, net

 

1,721.3

 

1,730.5

 

Total assets

 

$

2,693.9

 

$

2,660.4

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

Debt

 

$

543.0

 

$

545.1

 

Other liabilities

 

190.6

 

201.3

 

Deferred income taxes

 

439.3

 

436.0

 

Redeemable noncontrolling interests

 

7.1

 

42.9

 

Total equity

 

1,513.9

 

1,435.1

 

Total liabilities and equity

 

$

2,693.9

 

$

2,660.4

 

 

UNAUDITED CONDENSED CASH FLOW INFORMATION

(dollars in millions)

 

 

 

Three Months Ended

 

 

 

September 30,

 

June 30,

 

September 30,

 

 

 

2013

 

2013

 

2012

 

Cash provided by (used in):

 

 

 

 

 

 

 

Operating activities

 

$

78.3

 

$

67.0

 

$

75.3

 

Investing activities

 

(4.5

)

(5.9

)

(13.9

)

Financing activities

 

(64.8

)

(30.2

)

(12.8

)

Effect of exchange rate changes

 

(0.1

)

(1.5

)

 

Net change during period

 

$

8.9

 

$

29.4

 

$

48.6

 

 

6



 

JANUS CAPITAL GROUP INC.

ASSETS & FLOWS BY INVESTMENT DISCIPLINE

(dollars in billions)

 

 

 

Three Months Ended

 

 

 

September 30, 2013

 

June 30, 2013

 

September 30, 2012

 

Growth/Core (1)

 

 

 

 

 

 

 

Beginning of period assets

 

$

57.1

 

$

57.8

 

$

52.7

 

Sales

 

2.0

 

2.5

 

2.3

 

Redemptions

 

(5.4

)

(4.6

)

(3.9

)

Net redemptions

 

(3.4

)

(2.1

)

(1.6

)

Market/fund performance

 

4.9

 

1.4

 

3.1

 

End of period assets

 

$

58.6

 

$

57.1

 

$

54.2

 

 

 

 

 

 

 

 

 

Global/International

 

 

 

 

 

 

 

Beginning of period assets

 

$

16.8

 

$

17.9

 

$

17.6

 

Sales

 

1.1

 

0.5

 

0.7

 

Redemptions

 

(1.1

)

(1.6

)

(1.5

)

Net redemptions

 

 

(1.1

)

(0.8

)

Market/fund performance

 

1.5

 

 

0.7

 

End of period assets

 

$

18.3

 

$

16.8

 

$

17.5

 

 

 

 

 

 

 

 

 

Mathematical Equity (2)

 

 

 

 

 

 

 

Beginning of period assets

 

$

41.3

 

$

41.7

 

$

39.2

 

Sales

 

2.7

 

0.8

 

2.6

 

Redemptions

 

(2.0

)

(2.0

)

(2.3

)

Net sales (redemptions)

 

0.7

 

(1.2

)

0.3

 

Market/fund performance

 

2.7

 

0.8

 

2.4

 

End of period assets

 

$

44.7

 

$

41.3

 

$

41.9

 

 

 

 

 

 

 

 

 

Fixed Income (1)

 

 

 

 

 

 

 

Beginning of period assets

 

$

27.3

 

$

27.4

 

$

23.8

 

Sales

 

2.5

 

3.0

 

2.8

 

Redemptions

 

(2.5

)

(2.9

)

(1.8

)

Net sales

 

 

0.1

 

1.0

 

Market/fund performance

 

0.5

 

(0.2

)

0.8

 

End of period assets

 

$

27.8

 

$

27.3

 

$

25.6

 

 

 

 

 

 

 

 

 

Value (3)

 

 

 

 

 

 

 

Beginning of period assets

 

$

16.7

 

$

17.6

 

$

17.7

 

Sales

 

0.7

 

1.1

 

1.0

 

Redemptions

 

(2.2

)

(2.2

)

(1.9

)

Net redemptions

 

(1.5

)

(1.1

)

(0.9

)

Market/fund performance

 

0.7

 

0.2

 

0.8

 

End of period assets

 

$

15.9

 

$

16.7

 

$

17.6

 

 

 

 

 

 

 

 

 

Money Market

 

 

 

 

 

 

 

Beginning of period assets

 

$

1.4

 

$

1.4

 

$

1.4

 

Sales

 

0.2

 

0.2

 

0.2

 

Redemptions

 

(0.2

)

(0.2

)

(0.2

)

Net sales

 

 

 

 

Market/fund performance

 

 

 

 

End of period assets

 

$

1.4

 

$

1.4

 

$

1.4

 

 

 

 

 

 

 

 

 

Total Company

 

 

 

 

 

 

 

Beginning of period assets

 

$

160.6

 

$

163.8

 

$

152.4

 

Sales

 

9.2

 

8.1

 

9.6

 

Redemptions

 

(13.4

)

(13.5

)

(11.6

)

Net redemptions

 

(4.2

)

(5.4

)

(2.0

)

Market/fund performance

 

10.3

 

2.2

 

7.8

 

End of period assets

 

$

166.7

 

$

160.6

 

$

158.2

 

 

 

 

 

 

 

 

 

Total Excluding Money Market

 

 

 

 

 

 

 

Beginning of period assets

 

$

159.2

 

$

162.4

 

$

151.0

 

Sales

 

9.0

 

7.9

 

9.4

 

Redemptions

 

(13.2

)

(13.3

)

(11.4

)

Net redemptions

 

(4.2

)

(5.4

)

(2.0

)

Market/fund performance

 

10.3

 

2.2

 

7.8

 

End of period assets

 

$

165.3

 

$

159.2

 

$

156.8

 

 


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.

 

7



 

###

 

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.

 

8



 

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.

 

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.

 

9



 

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.

 

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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Third Quarter 2013 Earnings Presentation October 24, 2013 Dick Weil Chief Executive Officer Bruce Koepfgen President Jennifer McPeek Chief Financial Officer

 


Executive summary Our highest priority remains improving our investment performance to drive performance fees and then organic growth; while we have made some progress, more work must be done 3Q 2013 net flows were driven by outflows in our fundamental equity strategies and improving demand from non-U.S. institutional clients for our mathematical strategies Operating margins improved to 27.1% in 3Q 2013 versus 22.9% a year ago Generated cash flow from operations of $199 million over the last 12 months

 


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Janus Capital Group 3Q 2013 results EPS AUM Long-Term Net Flows Margin LTM Cash Flow From Operations 3Q 2013 EPS of $0.17 compared to $0.08 in 2Q 2013 2Q 2013 EPS included a $0.04 per share non-cash loss on the early extinguishment of debt Assets Under Management at September 30, 2013 of $166.7 billion increased 3.8% versus June 30, 2013 Operating margin in 3Q 2013 of 27.1% versus 27.1% in 2Q 2013 Total company long-term net flows were $(4.2) billion in 3Q 2013 compared to $(5.4) billion in 2Q 2013 Generated LTM cash flow from operations of $199 million

 


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3Q 2013 Results Jennifer McPeek Chief Financial Officer

 


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3Q 2013 financial review 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 included a $0.04 per share non-cash loss on the early extinguishment of debt. (1) $209.0 $217.7 3Q 2012 3Q 2013 $155.5 $165.2 3Q 2012 3Q 2013 $215.8 $217.7 2Q 2013 3Q 2013 $164.2 $165.2 2Q 2013 3Q 2013 $47.9 $59.0 22.9% 27.1% 3Q 2012 3Q 2013 $58.4 $59.0 27.1% 27.1% 2Q 2013 3Q 2013

 


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3Q 2013 investment performance summary Morningstar ratings are based on risk-adjusted returns. Notes: References Morningstar relative performance on an asset-weighted basis as of 9/30/2013. Refer to p. 24 and 25 for the 1-, 3- and 5-year periods and p. 29 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 9/30/2013, as shown on p. 26 and 27. Refer to p. 28 for INTECH mutual fund analysis and disclosure. Complex-wide as of 9/30/2013. Refer to p. 29 for 3-, 5- and 10-year Morningstar ratings and quantity of funds in the analysis. Period Ending September 30, 2013 1-Year 3-Year 5-Year % of Assets in Top Two Morningstar Quartiles Complex-Wide Mutual Fund Assets (1) 48% 41% 47% Fundamental Equity Mutual Fund Assets (1) 41% 32% 39% Fixed Income Mutual Fund Assets (1) 98% 100% 100% % of Strategies Which Outperformed Respective Benchmarks Mathematical Equity Strategies (2) 29% 64% 42% % of Complex-Wide Mutual Funds with 4- or 5-Star Overall Morningstar Rating TM Complex-Wide Mutual Funds (3) 51%

 


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3Q 2013 net flow summary Note: Long-term flows exclude money market flows. Annualized sales and redemption rates calculated as a percentage of beginning of period assets. 25% 20% 25% 19% 22% 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 30% 29% 35% 33% 33% Annualized Redemption Rate Annualized Gross Sales Rate Fixed Income Long-Term Flows (1) ($ in billions) 18% 18% 24% 18% 17% 33% 31% 33% 36% 38% Annualized Redemption Rate Annualized Gross Sales Rate 26% 12% 9% 7% 26% 23% 27% 32% 20% 19% Annualized Redemption Rate Annualized Gross Sales Rate 47% 41% 53% 44% 36% 30% 29% 49% 43% 36% Annualized Redemption Rate Annualized Gross Sales Rate $9.4 $7.9 $9.6 $7.9 $9.0 ($11.4) ($11.5) ($13.5) ($13.3) ($13.2) ($2.0) ($3.6) ($3.9) ($5.4) ($4.2) ($32) ($16) $0 $16 $32 3Q12 4Q12 1Q13 2Q13 3Q13 $2.6 $1.2 $0.8 $0.8 $2.7 ($2.3) ($2.8) ($3.2) ($2.0) ($2.0) $0.3 ($1.6) ($2.4) ($1.2) $0.7 ($10) ($5) $0 $5 $10 3Q12 4Q12 1Q13 2Q13 3Q13 $4.0 $4.1 $5.3 $4.1 $3.8 ($7.3) ($6.8) ($7.1) ($8.4) ($8.7) ($3.3) ($2.7) ($1.8) ($4.3) ($4.9) ($20) ($10) $0 $10 $20 3Q12 4Q12 1Q13 2Q13 3Q13

 


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3Q 2013 average AUM and total revenue 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 $35.2 $35.7 ($22.2) ($22.0) $202.8 $204.0 $215.8 $217.7 2Q 2013 3Q 2013 $164.2 $165.2 2Q 2013 3Q 2013

 


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3Q 2013 operating expense breakdown 3Q 2013 operating expenses of $158.7 million increased $1.3 million compared to 2Q 2013 Long-term incentive compensation increased $2.1 million primarily due to higher mark-to-market adjustments on investments in advised mutual funds Discretionary expenses increased 5% versus 2Q 2013 primarily due to a $1.7 million increase in G&A 3Q 2013 operating margin of 27.1% was flat quarter over quarter Operating Expenses ($ in millions) $25.4 $27.1 $7.3 $7.1 $31.8 $30.8 $4.8 $4.6 $13.7 $15.8 $74.4 $73.3 $157.4 $158.7 2Q 2013 3Q 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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3Q 2013 balance sheet profile Balance Sheet Profile (Carrying Value) – 6/30/2013 versus 9/30/2013 ($ in millions) 9/30/2013 Seed Investments 2017 Maturity Compensation-Related Assets (1) 6/30/2013 Cash Debt Cash Debt Cash and Cash Equivalents Notes: Includes Investments in Advised Mutual Funds of $56.1 million and Deferred Compensation Plans of $13.1 million as of June 30, 2013; includes Investments in Advised Mutual Funds of $58.4 million and Deferred Compensation Plans of $13.8 million as of September 30, 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; includes $38.9 million of 6.119% Senior Notes and $57.0 million of 3.250% Convertible Senior Notes as of September 30, 2013. 2014 Maturities (2) Total cash and marketable securities increased $33 million or 4% quarter over quarter, while total debt declined by 1% During 3Q 2013, we used cash to fund the following items: Purchased incremental Perkins minority interest ($34 million) $13 million quarterly dividend ($0.07 per share) $10 million of antidilutive share buybacks; repurchased 1.1 million shares at an average price of $8.99 per share Repurchased $8 million aggregate principal of the 2017 Senior Notes for $9 million Generated $78 million of cash flow from operations during the quarter 2018 Maturity $349 $358 $69 $72 $341 $362 $760 $793 $95 $96 $352 $344 $102 $103 $549 $543

 


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Topics of Discussion Jennifer McPeek Chief Financial Officer Bruce Koepfgen President

 


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South Korea Non-U.S. business update Belgium Denmark France Germany Ireland Italy Luxembourg Netherlands Spain Sweden Switzerland United Kingdom Japan Taiwan Hong Kong Singapore Australia China United Arab Emirates = International Office Location Botswana Thailand Distribution Footprint (1) (as of September 30, 2013) Notes: Countries in blue have client AUM of $100 million or greater. Annualized net flow rates calculated as a percentage of beginning of period assets. AUM by Business and Region (as of September 30, 2013) Historical AUM and Long-Term Net Flows ($ in billions) (2) (2010 - 2012 as of December 31st; 2013 YTD as of September 30th) By Business By Region Fundamental Equity 24% Fixed Income 23% Mathematical 53% Japan 32% Europe 30% Other 3% Australia 18% Asia (ex-Japan) 17% Long-Term Net Flows Annualized Organic Growth $(0.8) $0.5 $1.3 $2.7 -6.2% 4.0% 8.5% 21.7% Our non-U.S. business has more than $20 billion of AUM for the first time in the firm’s history and has grown at a CAGR of 20% since the end of 2010 In 2013, we are seeing net flow momentum across strategies and regions; year to date, we have experienced nearly 22% annualized organic growth in this business 9/30/13 AUM: $21.8 billion CAGR of 20% (December 31, 2010 to September 30, 2013) We are starting to see momentum build in our non-U.S. business as a result of our investments $13.3 $15.3 $16.7 $21.8 2010 2011 2012 2013 YTD

 


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Dai-ichi relationship update 14 months after the announcement of Dai-ichi Life’s intention to purchase up to 20% of Janus Capital Group stock, the relationship is off to a strong start Dai-ichi Life is Janus’ largest shareholder holding 37.3 million shares or 19.7% of total shares outstanding The partnership with Dai-ichi Life and its affiliates is contributing to the build-out of our non-U.S. business Approximately $1.7 billion of Dai-ichi Life general account assets have been invested in our fundamental equity, fixed income and mathematical equity strategies Remaining portion of $2 billion commitment will be invested in 4Q 2013 Our distribution relationship with DIAM has resulted in total assets under management of $1.2 billion as of September 30, 2013, across various strategies The relationship continues to deliver significant value and is exceeding expectations

 


36-Month Performance vs. Benchmark = -11.0% Note: Performance fee adjustment is calculated on a monthly basis. No performance adjustment is applied unless the difference between the Fund’s investment performance and the cumulative investment record of the Fund’s benchmark is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark. Trailing 36-Month Average AUM Performance Fee Adjustment X Illustrative 36-Month Average Assets Under Management ($ in billions) ILLUSTRATIVE Trailing 36-month average AUM at 9/30/2013 = $7.5 billion Performance Fee Adjustment(1) (± 8.5% Performance Hurdle vs. Benchmark; ± 15 bps Performance Fee) Illustration of a single fund performance fee calculation = AUM as of 9/30/2013 = $6.3 billion Hurdle Rate = ± 8.5% $0.0 $4.0 $8.0 $12.0 -15bps 15bps -17.0% -8.5% 8.5% 17.0%

 


Hypothetical performance fee roll-forward: Janus Forty Fund Notes: Relative performance shown is for the Janus Forty Fund’s “A” shares, net of fees. Benchmark used is Russell 1000 Growth Index. See pages 29 and 30 for other important disclosures. Assumes performance at benchmark through 9/30/2014 and flat AUM as of 9/30/2013. 36-month average AUM and performance fee adjustment represent a blended amount based on monthly calculations. Quarterly Performance Relative to Benchmark(1) (basis points) 3Q 2013 Actual Results 3Q 2014 Hypothetical Results(2,3) Trailing 36-Month Average AUM $5.5 billion $4.5 billion Performance Fee Adjustment -15bps (-10.9%) +2.3bps (+1.3%) Annual Performance Fee ($ in thousands) ($8,330) $1,052 Rolling off 4 quarters X = X = X = Hypothetical future performance equal to benchmark, net of fees, on flat AUM Quarterly Performance Fee ($ in thousands) ($2,082) $263 (600) (400) (200) 0 200 400 600 Average Annual Total Returns (%) (Data as of 9/30/2013) 1 Year 5 Years 10 Years Janus Forty Fund (A Shares) @ NAV 19.61% 9.32% 9.78% Janus Forty Fund (A Shares) @ MOP 12.74% 8.03% 9.34% Returns quoted reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/2014. Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance, visit janus.com/advisor/mutual- funds. The Fund’s annual gross and net expense ratios are 1.00%. Performance shown for Class A Shares at Maximum Offering Price (MOP) includes the Fund's maximum sales charge of 5.75%. Performance shown at Net Asset Value (NAV) does not include this sales charge and would have been lower had this sales charge been taken into account.

 


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Q&A

 


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Appendix

 


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AUM by investment discipline and distribution channel $166.7 billion in AUM as of 9/30/13 By Investment Discipline By Distribution Channel Retail Intermediary ($105.6bn) Growth / Core ($58.6bn) Money Market ($1.4bn) Mathematical ($44.7bn) Institutional ($39.3bn) International ($21.8bn) Fixed Income ($27.8bn) Global / International ($18.3bn) Value ($15.9bn) 35% 27% 17% 11% 9% 1% 63% 24% 13%

 


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3Q 2013 EPS of $0.17 compared to $0.08 in 2Q 2013 September 30, June 30, Variance September 30, September 30, Variance ($ in millions, except AUM and per share) 2013 2013 (%) 2013 2012 (%) Average AUM ($ in billions) 165.2 $ 164.2 $ 0.6% 165.2 $ 155.5 $ 6.2% Revenues 217.7 $ 215.8 $ 0.9% 217.7 $ 209.0 $ 4.2% Operating expenses 158.7 157.4 0.8% 158.7 161.1 -1.5% Operating income 59.0 $ 58.4 $ 1.0% 59.0 $ 47.9 $ 23.2% Operating margin 27.1% 27.1% 27.1% 22.9% Interest expense (9.5) $ (11.0) $ 13.6% (9.5) $ (11.1) $ 14.4% Investment gains (losses), net 7.9 (6.1) n/m 7.9 7.6 3.9% Other income (expense), net 0.8 (0.8) n/m 0.8 0.3 n/m Loss on early extinguishment of debt (0.9) (12.6) 92.9% (0.9) - n/a Income tax provision (21.7) (11.1) -95.5% (21.7) (17.0) -27.6% Net income 35.6 $ 16.8 $ n/m 35.6 $ 27.7 $ 28.5% Noncontrolling interests (3.0) (1.0) n/m (3.0) (2.6) -15.4% Net income attributable to JCG 32.6 $ 15.8 $ n/m 32.6 $ 25.1 $ 29.9% Diluted earnings per share attributable to JCG common shareholders 0.17 $ 0.08 $ n/m 0.17 $ 0.14 $ 21.4% Diluted weighted average shares outstanding (in millions) 186.4 186.2 0.1% 186.4 185.3 0.6% Quarter Ended Quarter Ended

 


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3Q 2013 operating margin of 27.1% versus 27.1% in 2Q 2013 September 30, June 30, Variance September 30, September 30, Variance ($ in millions, except AUM) 2013 2013 (%) 2013 2012 (%) Average AUM ($ in billions) 165.2 $ 164.2 $ 0.6% 165.2 $ 155.5 $ 6.2% Revenues Investment management fees 204.0 $ 202.8 $ 204.0 $ 194.1 $ Performance fees - mutual funds (22.3) (22.5) (22.3) (23.0) Performance fees - private accounts 0.3 0.3 0.3 2.1 Shareowner servicing fees and other 35.7 35.2 35.7 35.8 Total revenues 217.7 $ 215.8 $ 0.9% 217.7 $ 209.0 $ 4.2% Basis points Investment management fees 49.0 49.5 49.0 49.7 Investment management fees and performance fees 43.7 44.1 43.7 44.3 Operating expenses Employee compensation and benefits 73.3 $ 74.4 $ 73.3 $ 70.8 $ Long-term incentive compensation 15.8 13.7 15.8 16.2 Marketing and advertising 4.6 4.8 4.6 5.4 Distribution 30.8 31.8 30.8 32.3 Depreciation and amortization 7.1 7.3 7.1 9.9 General, administrative and occupancy 27.1 25.4 27.1 26.5 Total operating expenses 158.7 $ 157.4 $ 0.8% 158.7 $ 161.1 $ -1.5% Operating income 59.0 $ 58.4 $ 1.0% 59.0 $ 47.9 $ 23.2% Operating margin 27.1% 27.1% 27.1% 22.9% Quarter Ended Quarter Ended

 


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Mutual funds with performance-based advisory fees Please refer to footnotes on p. 22. Mutual Funds with Performance Fees (1) (AUM $ in millions, performance fees $ in thousands) EOP AUM 9/30/2013 Benchmark Base Fee Performance Fee (2) Performance Hurdle vs. Benchmark 3Q 2013 P&L Impact Janus Contrarian Fund (3) $3,099.7 S&P 500 ® Index 0.64% ± 15 bps ± 7.00% ($1,146.6) Janus Aspen Worldwide Fund (3) 745.0 MSCI World Index SM 0.60% ± 15 bps ± 6.00% (268.5) Janus Research Fund (3) 3,809.4 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 5.00% (1,232.5) Janus Global Research Fund (4) 2,477.9 MSCI World Index SM 0.60% ± 15 bps ± 6.00% (818.4) Janus Global Real Estate Fund (5) 123.9 FTSE EPRA / NAREIT Developed Index 0.75% ± 15 bps ± 4.00% (31.2) Janus International Equity Fund (6) 154.0 MSCI EAFE ® Index 0.68% ± 15 bps ± 7.00% (60.6) INTECH U.S. Core Fund (7) 542.0 S&P 500 ® Index 0.50% ± 15 bps ± 4.00% 123.1 Perkins Mid Cap Value Fund (3) 11,026.0 Russell Midcap ® Value Index 0.64% ± 15 bps ± 4.00% (4,962.7) Perkins Small Cap Value Fund (8) 2,455.0 Russell 2000 ® Value Index 0.72% ± 15 bps ± 5.50% (1,086.2) Perkins Large Cap Value Fund (8) 130.0 Russell 1000 ® Value Index 0.64% ± 15 bps ± 3.50% (49.3) Janus Fund (9) 7,703.8 Core Growth Index 0.64% ± 15 bps ± 4.50% (3,254.1) Perkins Global Value Fund (9,10) 203.5 MSCI World Index SM 0.64% ± 15 bps ± 7.00% (0.2) Janus Aspen Overseas Portfolio (11) 1,387.2 MSCI All Country World ex-U.S. Index SM 0.64% ± 15 bps ± 7.00% (684.2) Janus Overseas Fund (12) 4,833.2 MSCI All Country World ex-U.S. Index SM 0.64% ± 15 bps ± 7.00% (3,482.5) Janus Twenty Fund (13) 9,202.1 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 8.50% (3,179.6) Janus Forty Fund (13) 4,207.9 Russell 1000 ® Growth Index 0.64% ± 15 bps ± 8.50% (2,082.4) Janus Emerging Markets Fund (14) 26.8 MSCI Emerging Markets Index SM 1.00% ± 15 bps ± 6.00% (7.5) Janus Asia Equity (15) 13.0 MSCI All Country Asia ex-Japan Index SM 0.92% ± 15 bps ± 7.00% (1.6) Perkins Select Value (16) 74.0 Russell 3000 ® Value Index 0.70% ± 15 bps ± 5.00% (24.9) Total Existing Funds with Fees $52,214.4 ($22,249.8)

 


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Mutual funds with performance-based advisory fees (cont.) 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.

 


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LTI amortization schedule Notes: Schedule reflects LTI awards granted as of 9/30/2013 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 generally but not always expensed on a pro rata basis. Grant includes $2.4 million of awards that vest ratably over four years and $1.2 million in awards that are subject to performance-based vesting and are expensed 52% in 2012, 27% in 2013, 15% in 2014 and 6% in 2015. Full-Year 2013 Long-Term Incentive Compensation Amortization (1)(2) ($ in millions) Date of Grant Amount Remaining to Vest 2010 Grant 2010 14.5 $ 2011 Grant 2011 26.5 2012 Grant 2012 39.1 2013 Grant 2013 52.5 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 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 10 years Grants vest over 4 years

 


Complex-Wide: Percent in Top 2 Morningstar Quartiles Based on Total Returns 1-Year 3-Year 5-Year % of Funds % of Assets Complex-wide performance (1) Note: References Morningstar relative performance as of 9/30/2013. Refer to p. 29 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 18% 35% 23% 22% 31% 28% 27% 35% 29% 21% 46% 62% 58% 51% 52% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 35% 35% 28% 41% 31% 35% 28% 33% 23% 33% 70% 63% 62% 64% 64% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 8% 15% 12% 7% 6% 18% 12% 19% 38% 35% 26% 27% 31% 45% 41% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 21% 29% 22% 20% 22% 23% 17% 27% 35% 34% 44% 45% 49% 55% 56% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 31% 33% 27% 34% 30% 35% 22% 19% 14% 17% 67% 55% 46% 48% 47% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13

 


Fundamental Equity: Percent in Top 2 Morningstar Quartiles Based on Total Returns Fundamental equity performance (1) 1-Year 3-Year 5-Year % of Funds % of Assets Note: References Morningstar relative performance as of 9/30/2013. Refer to p. 29 for 10-year periods and quantity of funds in the analysis. 33% 47% 13% 28% 15% 6% 21% 44% 16% 25% 39% 68% 57% 45% 41% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 21% 23% 20% 24% 27% 40% 25% 18% 16% 12% 61% 48% 38% 40% 39% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 14% 26% 15% 13% 15% 23% 12% 24% 31% 30% 37% 38% 39% 44% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 7% 17% 13% 7% 6% 11% 3% 11% 29% 26% 18% 20% 24% 37% 32% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13 28% 31% 26% 35% 32% 38% 28% 29% 23% 23% 66% 59% 55% 58% 55% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 9/30/12 12/31/12 3/31/13 6/30/13 9/30/13

 


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Mathematical equity performance (1) Past performance is no guarantee of future results. Notes: Returns for periods greater than 1 year are annualized. Refer to p. 28 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 18.49 16.46 10.26 8.71 10.56 U.S. Enhanced Plus Net 18.15 16.10 9.92 8.37 10.16 S&P 500 ® Index 19.34 16.27 10.02 7.56 9.18 Difference versus S&P 500 ® Index Net of Fees (1.19) (0.16) (0.09) 0.81 0.98 U.S. Large Cap Growth Gross 7/93 16.93 15.86 11.07 8.59 12.51 U.S. Large Cap Growth Net 16.38 15.32 10.55 8.08 11.94 S&P 500 ® Growth Index 17.00 16.73 11.58 7.50 8.89 Difference versus S&P 500 ® Growth Index Net of Fees (0.61) (1.41) (1.03) 0.58 3.05 U.S. Large Cap Value Gross 7/93 20.32 16.73 9.02 9.04 10.41 U.S. Large Cap Value Net 19.86 16.28 8.60 8.61 9.98 S&P 500 ® Value Index 22.15 15.86 8.38 7.55 8.49 Difference versus S&P 500 ® Value Index Net of Fees (2.30) 0.42 0.22 1.07 1.49 U.S. Enhanced Index Gross 4/98 18.22 16.31 10.30 8.29 5.74 U.S. Enhanced Index Net 17.84 15.94 9.94 7.95 5.39 S&P 500 ® Index 19.34 16.27 10.02 7.56 4.66 Difference versus S&P 500 ® Index Net of Fees (1.50) (0.33) (0.07) 0.38 0.73 U.S. Broad Large Cap Growth Gross 11/00 18.95 17.65 11.95 8.33 3.63 U.S. Broad Large Cap Growth Net 18.36 17.06 11.39 7.78 3.09 Russell 1000 ® Growth Index 19.27 16.94 12.07 7.83 1.31 Difference versus Russell 1000 ® Growth Index Net of Fees (0.92) 0.12 (0.69) (0.05) 1.78 U.S. Broad Enhanced Plus Gross 4/01 20.09 17.04 10.73 8.63 6.78 U.S. Broad Enhanced Plus Net 19.72 16.67 10.39 8.30 6.44 Russell 1000 ® Index 20.91 16.64 10.53 7.98 5.51 Difference versus Russell 1000 ® Index Net of Fees (1.19) 0.03 (0.13) 0.32 0.93 U.S. Large Cap Core Gross 8/01 19.05 16.23 10.08 9.06 6.55 U.S. Large Cap Core Net 18.50 15.68 9.55 8.55 6.06 S&P 500 ® Index 19.34 16.27 10.02 7.56 4.79 Difference versus S&P 500 ® Index Net of Fees (0.84) (0.59) (0.47) 0.98 1.27 U.S. Broad Large Cap Value Gross 8/04 22.56 17.92 10.21 - 8.20 U.S. Broad Large Cap Value Net 22.10 17.48 9.79 - 7.80 Russell 1000 ® Value Index 22.30 16.25 8.86 - 6.90 Difference versus Russell 1000 ® Value Index Net of Fees (0.20) 1.23 0.93 - 0.90 Global Large Cap Core Gross 1/05 23.01 14.62 9.32 - 7.82 Global Large Cap Core Net 22.44 14.08 8.78 - 7.26 MSCI World ® Index 20.90 12.46 8.46 - 5.98 Difference versus MSCI World ® Index Net of Fees 1.54 1.62 0.32 - 1.28 Enhanced Plus USA Gross 1/06 20.03 17.52 10.67 - 6.55 Enhanced Plus USA Net 19.65 17.14 10.31 - 6.20 MSCI USA ® Index 19.95 16.49 10.21 - 6.31 Difference versus MSCI USA ® Index Net of Fees (0.30) 0.65 0.10 - (0.10) International Large Cap Core Gross 11/06 28.39 11.52 8.29 - 4.96 International Large Cap Core Net 27.85 11.05 7.84 - 4.52 MSCI EAFE ® Index 24.29 8.97 6.85 - 2.35 Difference versus MSCI EAFE ® Index Net of Fees 3.55 2.08 0.98 - 2.17 U.S. Broad Enhanced Index Gross 10/08 20.22 16.75 10.39 - 10.39 U.S. Broad Enhanced Index Net 19.96 16.49 10.10 - 10.10 Russell 1000 ® Index 20.91 16.64 10.53 - 10.53 Difference versus Russell 1000 ® Index Net of Fees (0.95) (0.14) (0.43) - (0.43) Annualized Returns (%) for Periods Ended 9/30/2013 (2)

 


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. 28 for performance disclosure. Differences may not agree with input data due to rounding. This 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 Global Large Cap Core ex Japan (Kokusai) Gross 5/09 21.90 14.60 - - 17.79 Global Large Cap Core ex Japan (Kokusai) Net 21.24 13.97 - - 17.15 MSCI KOKUSAI ® World ex Japan Index 19.92 12.81 - - 16.99 Difference versus MSCI KOKUSAI ® World ex Japan Index Net of Fees 1.31 1.16 - - 0.15 European Large Cap Core Gross (EUR) 1/10 23.98 13.23 - - 13.98 European Large Cap Core Net (EUR) 23.30 12.61 - - 13.35 MSCI Europe ® Index (EUR) 18.75 9.72 - - 9.12 Difference versus MSCI Europe ® Index (EUR) Net of Fees 4.55 2.89 - - 4.23 U.S. Broad Large Cap Core Gross 2/11 21.60 - - - 14.64 U.S. Broad Large Cap Core Net 20.93 - - - 14.01 Russell 1000 ® Index 20.91 - - - 13.25 Difference versus Russell 1000 ® Index Net of Fees 0.02 - - - 0.76 Global Enhanced Index ex Australia Gross 6/11 22.29 - - - 9.96 Global Enhanced Index ex Australia Net 21.98 - - - 9.68 MSCI World ® ex Australia Index 21.22 - - - 8.91 Difference versus MSCI World ® ex Australia Index Net of Fees 0.76 - - - 0.77 Global Enhanced All Country Gross 11/11 18.59 - - - 15.40 Global Enhanced All Country Net 18.18 - - - 15.01 MSCI All Country World ® Index Net of Fees 18.37 - - - 14.70 Difference versus MSCI All Country World ® Index Net of Fees (0.19) - - - 0.31 Global Low Volatility Gross (3) 1/12 18.21 - - - 17.38 Global Low Volatility Net 17.80 - - - 16.97 MSCI World ® Index 20.90 - - - 19.85 Difference versus MSCI World ® Index Net of Fees (3.10) - - - (2.88) Global High Dividend Core Gross 4/12 17.56 - - - 15.12 Global High Dividend Core Net 16.91 - - - 14.49 MSCI World ® High Dividend Index 17.94 - - - 15.54 Difference versus MSCI World ® High Dividend Yield Index Net of Fees (1.03) - - - (1.05) Global Enhanced Index Gross 6/12 21.53 - - - 26.30 Global Enhanced Index Net 21.11 - - - 25.87 MSCI World ® Index 20.90 - - - 25.81 Difference versus MSCI World ® Index Net of Fees 0.21 - - - 0.06 Enhanced Index North America Gross 7/12 18.68 - - - 20.62 Enhanced Index North America Net 18.34 - - - 20.27 MSCI North America ® Index 18.53 - - - 20.70 Difference versus MSCI North America ® Index Net of Fees (0.19) - - - (0.42) Large Cap Core USA Gross 8/12 20.28 - - - 22.59 Large Cap Core USA Net 19.81 - - - 22.11 MSCI USA ® Index 19.95 - - - 21.82 Difference versus MSCI USA ® Index Net of Fees (0.14) - - - 0.29 U.S. Low Volatility Gross 8/12 17.34 - - - 16.09 U.S. Low Volatility Net 16.94 - - - 15.69 Russell 1000 ® Index 20.91 - - - 22.76 Difference versus Russell 1000 ® Index Net of Fees (3.97) - - - (7.07) Eurozone Low Volatility Gross (EUR) 8/12 15.99 - - - 14.70 Eurozone Low Volatility Net (EUR) 15.58 - - - 14.30 MSCI EMU ® Index (EUR) 23.64 - - - 25.49 Difference versus MSCI EMU ® Index (EUR) Net of Fees (8.05) - - - (11.19) Annualized Returns (%) for Periods Ended 9/30/2013 (2) (3) (3)

 


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Mathematical equity performance disclosure For the period ending September 30, 2013, 67%, 75%, 50% and 50% 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.

 


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 September 30, 2013, 52%, 56%, 64% and 80% of the 52, 41, 39 and 30 Complex-Wide mutual funds; 48%, 45%, 55% and 79% of the 40, 33, 31 and 24 Fundamental Equity mutual funds; and 83%, 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, 83% 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 September 30, 2013, 49%, 36% and 63% 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 41, 39 and 30 funds, respectively. 41 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.

 


Other important disclosures 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. MSCI EMU (European Economic and Monetary Union) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of countries within EMU (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain). 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-1013-49324 01-15-14

 


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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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