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Section 1: 8-K (8-K)

jhg_Current_Folio_8K

 

 

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 31, 2019

 

Commission File Number 001-38103

Picture 1

JANUS HENDERSON GROUP PLC 

(Exact name of registrant as specified in its charter)

 

 

Jersey, Channel Islands
(State or other jurisdiction of
incorporation or organization)

98-1376360
(I.R.S. Employer
Identification No.)

201 Bishopsgate    

London,  United Kingdom
(Address of principal executive offices)

EC2M3AE
(Zip Code)

+44 (0) 20 7818 1818

(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.50 Per Share Par Value

JHG

New York Stock Exchange

 

 

 

 

 

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):

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

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

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

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

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b‑2 of the Securities Exchange Act of 1934 (§240.12b‑2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

On July 31, 2019,  Janus Henderson Group plc (“JHG”) issued a press release reporting its financial results for the second quarter 2019. 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 9.01Financial Statements and Exhibits.

(d) Exhibits. The following exhibits are being furnished herewith.

 

 

 

 

Exhibit
Number

    

Description

99.1

 

Janus Henderson Group plc press release reporting its financial results for the second quarter 2019.

99.2

 

Janus Henderson Group plc second quarter 2019 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 Henderson Group plc

 

 

Date: July 31, 2019

By:

/s/ Roger Thompson

 

 

Roger Thompson

 

 

Chief Financial Officer

3

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

jhg_Ex99_1

Exhibit 99.1

Picture 2

 

Janus Henderson Group plc Reports Second Quarter 2019  Diluted EPS of US$0.56,

or US$0.61 on an  Adjusted Basis

·

Strong investment performance, with 72% and 80% of assets under management (‘AUM’) outperforming relevant benchmarks on a 3 and 5 year basis, respectively, as at 30 June 2019

·

Second quarter net income of US$109.4 million and adjusted net income of US$119.7 million

·

AUM of US$359.8 billion, up 1% compared to the prior quarter, reflecting positive markets partially offset by net outflows of US$9.8 billion

·

Completed US$75 million of share buybacks during the second quarter; US$94 million remains authorised for buybacks in 2019

·

Board declared quarterly dividend of US$0.36 per share

LONDON — 31 July 2019 — Janus Henderson Group plc (NYSE/ASX: JHG;  ‘JHG’,  ‘the Group’) published its second quarter 2019 results for the period ended 30 June 2019.

Second quarter 2019  net income attributable to JHG was US$109.4 million compared to US$94.1 million in the first quarter 2019 and US$140.6 million in the second quarter 2018.  Adjusted net income attributable to JHG, adjusted for one-time,  acquisition and transaction related costs, of US$119.7 million increased 9% compared to US$110.0 million in the first quarter 2019 and declined 20% compared to US$149.9 million in the second quarter 2018.

Second quarter 2019  diluted earnings per share was US$0.56 compared to US$0.48 in the first quarter 2019 and US$0.70 in the second quarter 2018.  Adjusted diluted earnings per share of US$0.61 increased 9%  compared to US$0.56 in the first quarter 2019 and declined 18% versus US$0.74 in the second quarter 2018.

Dick Weil, Chief Executive Officer of Janus Henderson Group plc, stated:

“Our investment performance and financial results in the second quarter and over longer periods are strong; however, the net flow result remains challenging.

 

“Overall, we are seeing improving trends across many areas of our business, but the current concentration of outflows is masking much of this progress.

 

“We remain committed to the strategic agenda we have laid out, which is to provide dependable excellence and deliver on our promises to our clients, shareholders and employees.”

 

Page | 1

RESULTS FOR ANNOUNCEMENT TO THE MARKET

These results for announcement to the market include the interim information required to be provided to the Australian Securities Exchange (ASX) under Listing Rule 4.2A and Appendix 4D.

SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ millions, except per share data or as noted)

The Group presents its financial results in US$ and in accordance with accounting principles generally accepted in the United States of America (‘US GAAP’ or ‘GAAP’). However, in the opinion of Management, the profitability of the Group and its ongoing operations is best evaluated using additional non-GAAP financial measures on an adjusted basis. See adjusted statements of income reconciliation for additional information.

 

 

 

 

 

 

 

 

 

 

 

Six months ended

 

 

 

30 Jun

 

30 Jun

 

 

 

 

    

2019

    

2018

    

% change

 

GAAP basis:

 

  

 

  

 

  

 

Revenue

 

1,055.2

 

1,180.1

 

(11)

%

Operating expenses

 

812.2

 

828.6

 

(2)

%

Operating income

 

243.0

 

351.5

 

(31)

%

Operating margin

 

23.0

%

29.8

%

(6.8)

ppt

Net income attributable to JHG

 

203.5

 

305.8

 

(33)

%

Diluted earnings per share

 

1.03

 

1.51

 

(32)

%

 

 

 

 

 

 

 

 

Adjusted basis:

 

  

 

  

 

  

 

Revenue

 

851.8

 

948.1

 

(10)

%

Operating expenses

 

556.4

 

567.9

 

(2)

%

Operating income

 

295.4

 

380.2

 

(22)

%

Operating margin

 

34.7

%  

40.1

%  

(5.4)

ppt

Net income attributable to JHG

 

229.7

 

293.5

 

(22)

%

Diluted earnings per share

 

1.17

 

1.45

 

(20)

%

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

 

30 Jun

 

31 Mar

 

30 Jun

 

 

    

2019

    

2019

    

2018

 

GAAP basis:

 

  

 

  

 

 

 

Revenue

 

535.9

 

519.3

 

592.4

 

Operating expenses

 

417.4

 

394.8

 

417.1

 

Operating income

 

118.5

 

124.5

 

175.3

 

Operating margin

 

22.1

%

24.0

%

29.6

%

Net income attributable to JHG

 

109.4

 

94.1

 

140.6

 

Diluted earnings per share

 

0.56

 

0.48

 

0.70

 

 

 

 

 

 

 

 

 

Adjusted basis:

 

  

 

  

 

 

 

Revenue

 

434.4

 

417.4

 

477.7

 

Operating expenses

 

282.4

 

274.0

 

286.3

 

Operating income

 

152.0

 

143.4

 

191.4

 

Operating margin

 

35.0

%

34.4

%

40.1

%

Net income attributable to JHG

 

119.7

 

110.0

 

149.9

 

Diluted earnings per share

 

0.61

 

0.56

 

0.74

 

First half 2019 adjusted revenue of US$851.8 million decreased from the first half 2018 result of US$948.1 million, primarily due to lower management fees associated with lower average AUM in the first half 2019, in addition to a decline in performance fees. First half 2019 adjusted operating income of US$295.4 million declined from US$380.2 million in the first half 2018, driven by lower revenue partially offset by lower operating expenses.

Second quarter 2019  adjusted revenue of US$434.4 million improved from the first quarter 2019 result of US$417.4 million primarily due to higher average AUM and improved performance fees.  Second quarter 2019 adjusted operating income of US$152.0 million improved from US$143.4 million in the first quarter 2019, with higher adjusted revenue slightly offset by higher operating expenses.

Page | 2

DIVIDEND AND SHARE BUYBACK

On 30 July 2019, the Board declared a second quarter dividend in respect of the three months ended 30 June 2019 of US$0.36 per share. Shareholders on the register on the record date of 12 August 2019 will be paid the dividend on 28 August 2019.  Janus Henderson does not offer a dividend reinvestment plan.

As part of the US$200 million on-market buyback programme approved by the Board in February, JHG purchased approximately 3.5 million of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX in the second quarter,  for a total outlay of US$75 million.

Net tangible assets per share

 

 

 

 

 

 

US$

    

30 Jun 2019

    

30 Jun 2018

Net tangible assets / (liabilities) per ordinary share

 

1.53

 

1.18

 

Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.

Page | 3

AUM AND FLOWS (in US$ billions)

FX reflects movement in AUM resulting from changes in foreign currency rates as non-USD denominated AUM is translated into USD. Redemptions include impact of client switches. The reclassification in the fourth quarter 2018 reflects an operational reclassification of an existing client’s funds.

Total Group comparative AUM and flows

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

30 Jun

 

31 Mar

 

30 Jun

 

    

2019

    

2019

    

2018

Opening AUM

 

357.3

 

328.5

 

371.9

Sales

 

15.6

 

15.6

 

17.1

Redemptions

 

(25.4)

 

(23.0)

 

(19.8)

Net sales / (redemptions)

 

(9.8)

 

(7.4)

 

(2.7)

Market / FX

 

12.3

 

36.2

 

0.9

Closing AUM

 

359.8

 

357.3

 

370.1

 

Quarterly AUM and flows by capability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Fixed

    

Quantitative

    

 

    

 

    

 

 

 

Equities

 

Income

 

Equities

 

Multi-Asset

 

Alternatives

 

Total

AUM 30 Jun 2018

 

193.3

 

76.5

 

50.1

 

32.6

 

17.6

 

370.1

Sales

 

6.8

 

6.0

 

1.3

 

2.2

 

1.4

 

17.7

Redemptions

 

(9.9)

 

(7.6)

 

(1.3)

 

(1.3)

 

(1.9)

 

(22.0)

Net sales / (redemptions)

 

(3.1)

 

(1.6)

 

(0.0)

 

0.9

 

(0.5)

 

(4.3)

Market / FX

 

9.0

 

(0.4)

 

2.8

 

1.1

 

(0.2)

 

12.3

AUM 30 Sep 2018

 

199.2

 

74.5

 

52.9

 

34.6

 

16.9

 

378.1

Sales

 

8.6

 

4.7

 

0.3

 

2.3

 

0.7

 

16.6

Redemptions

 

(12.7)

 

(6.0)

 

(1.4)

 

(2.0)

 

(2.9)

 

(25.0)

Net sales / (redemptions)

 

(4.1)

 

(1.3)

 

(1.1)

 

0.3

 

(2.2)

 

(8.4)

Market / FX

 

(29.2)

 

(1.3)

 

(7.5)

 

(2.5)

 

(0.7)

 

(41.2)

Reclassification

 

1.7

 

0.5

 

 —

 

(2.2)

 

 —

 

 —

AUM 31 Dec 2018

 

167.6

 

72.4

 

44.3

 

30.2

 

14.0

 

328.5

Sales

 

6.9

 

4.9

 

0.7

 

2.2

 

0.9

 

15.6

Redemptions

 

(9.8)

 

(7.7)

 

(1.7)

 

(1.5)

 

(2.3)

 

(23.0)

Net sales / (redemptions)

 

(2.9)

 

(2.8)

 

(1.0)

 

0.7

 

(1.4)

 

(7.4)

Market / FX

 

24.1

 

2.9

 

6.3

 

2.5

 

0.4

 

36.2

AUM 31 Mar 2019

 

188.8

 

72.5

 

49.6

 

33.4

 

13.0

 

357.3

Sales

 

6.9

 

5.5

 

0.2

 

2.1

 

0.9

 

15.6

Redemptions

 

(12.9)

 

(5.2)

 

(4.3)

 

(1.5)

 

(1.5)

 

(25.4)

Net sales / (redemptions)

 

(6.0)

 

0.3

 

(4.1)

 

0.6

 

(0.6)

 

(9.8)

Market / FX

 

8.5

 

0.7

 

2.1

 

1.1

 

(0.1)

 

12.3

AUM 30 Jun 2019

 

191.3

 

73.5

 

47.6

 

35.1

 

12.3

 

359.8

 

Average AUM

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

30 Jun

 

31 Mar

 

30 Jun

 

    

2019

    

2019

    

2018

Equities

 

190.5

 

182.8

 

191.0

Fixed Income

 

72.0

 

73.3

 

77.9

Quantitative Equities

 

48.4

 

48.3

 

50.0

Multi-Asset

 

34.2

 

32.1

 

31.9

Alternatives

 

12.6

 

13.5

 

18.3

Total

 

357.7

 

350.0

 

369.1

 

Page | 4

INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 30 June 2019)

 

 

 

 

 

 

 

 

 

Capability

    

1 year

    

3 years

    

5 years

    

Equities

 

73

%

74

%

83

%

Fixed Income

 

61

%

90

%

89

%

Quantitative Equities

 

32

%

11

%

39

%

Multi-Asset

 

90

%

91

%

92

%

Alternatives

 

39

%

100

%

100

%

Total

 

66

%

72

%

80

%

 

Note: Outperformance is measured based on composite performance gross of fees vs primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable.

Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 4% of AUM as at 30 June 2019. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 30 June 2019)

 

 

 

 

 

 

 

 

 

Capability

    

1 year

    

3 years

    

5 years

    

Equities

 

85

%

70

%

88

%

Fixed Income

 

50

%

50

%

51

%

Quantitative Equities

 

61

%

 3

%

51

%

Multi-Asset

 

87

%

87

%

88

%

Alternatives

 

32

%

58

%

58

%

Total

 

78

%

68

%

81

%

 

Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes.  The top two Morningstar quartiles represent funds in the top half of their category based on total return. On an asset-weighted basis, 74% of total mutual fund AUM was in the top 2 Morningstar quartiles for the 10‑year period ended 30 June 2019. For the 1‑,  3‑,  5‑ and 10‑year periods ending 30 June 2019, 62%, 52%, 62% and 62% of the 205, 199, 182 and 147 total mutual funds, respectively, were in the top 2 Morningstar quartiles.

Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period.

ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by JHG. © 2019 Morningstar, Inc. All Rights Reserved.

THIRD QUARTER 2019 RESULTS

Janus Henderson intends to publish its third quarter 2019 results on 30 October 2019.

Page | 5

SECOND QUARTER 2019 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 31 July 2019  on a conference call and webcast to be held at 8am EDT, 1pm BST, 10pm AEST.

Those wishing to participate should call:

 

 

United Kingdom

0800 358 6377 (toll free)

US & Canada

800 239 9838 (toll free)

Australia

1 800 573 793 (toll free)

All other countries

+1 323 794 2551 (this is not a toll free number)

Conference ID

9749827

 

Access to the webcast and accompanying slides will be available via the investor relations section of Janus Henderson’s website (www.janushenderson.com/IR).

About Janus Henderson

Janus Henderson Group (JHG) is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset and alternative asset class strategies.

Janus Henderson has approximately US$360 billion in assets under management (at 30 June 2019), more than 2,000 employees, and offices in 28 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX).

 

 

 

Investor enquiries:

 

Media enquiries:

John Groneman

 

North America:

Global Head of Investor Relations

 

Taylor Smith

+44 (0) 20 7818 2106

 

+1 303 336 5031

[email protected]

 

[email protected]

 

 

 

Jim Kurtz

 

EMEA:

US Investor Relations Manager
+1 (303) 336 4529

 

Sally Todd

+44 (0) 20 7818 2244

[email protected]

 

[email protected]

 

 

 

Melanie Horton

 

United Kingdom: FTI Consulting

Non-US Investor Relations Manager
+44 (0) 20 7818 2905

 

Tom Blackwell

+ 44 (0) 20 3727 1051

[email protected]

 

[email protected]

 

 

 

Or

 

Asia Pacific: Honner

 

 

Jessica Effeney

Investor Relations

 

+ 61 2 8248 3745

[email protected]

 

[email protected]

 

 

 

 

Page | 6

FINANCIAL DISCLOSURES

Period ending 30 June 2018 reflects the reclassification of certain revenue amounts from ‘Other revenue’ to ‘Shareowner servicing fees’.

Condensed consolidated statements of comprehensive income (unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

 

 

30 Jun

 

31 Mar

 

30 Jun

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

    

2019

    

2019

    

2018

Revenue:

 

 

 

 

 

 

Management fees

 

446.4

 

441.9

 

493.5

Performance fees

 

3.5

 

(5.6)

 

13.5

Shareowner servicing fees

 

38.3

 

35.9

 

38.7

Other revenue

 

47.7

 

47.1

 

46.7

Total revenue

 

535.9

 

519.3

 

592.4

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Employee compensation and benefits

 

146.5

 

145.0

 

151.0

Long-term incentive plans

 

49.2

 

48.4

 

55.2

Distribution expenses

 

101.5

 

101.9

 

114.7

Investment administration

 

11.1

 

11.8

 

11.7

Marketing

 

8.1

 

7.5

 

9.5

General, administrative and occupancy

 

67.7

 

65.2

 

59.2

Depreciation and amortisation

 

33.3

 

15.0

 

15.8

Total operating expenses

 

417.4

 

394.8

 

417.1

 

 

 

 

 

 

 

Operating income

 

118.5

 

124.5

 

175.3

 

 

 

 

 

 

 

Interest expense

 

(4.2)

 

(4.1)

 

(3.9)

Investment gains (losses), net

 

4.8

 

13.3

 

(16.6)

Other non-operating income (expenses), net

 

28.5

 

(3.9)

 

13.9

Income before taxes

 

147.6

 

129.8

 

168.7

Income tax provision

 

(35.3)

 

(29.9)

 

(38.2)

Net income

 

112.3

 

99.9

 

130.5

Net loss (income) attributable to noncontrolling interests

 

(2.9)

 

(5.8)

 

10.1

Net income attributable to JHG

 

109.4

 

94.1

 

140.6

Less: allocation of earnings to participating stock-based awards

 

(3.2)

 

(2.4)

 

(3.8)

Net income attributable to JHG common shareholders

 

106.2

 

91.7

 

136.8

 

 

 

 

 

 

 

Basic weighted-average shares outstanding (in millions)

 

190.2

 

191.8

 

195.8

Diluted weighted-average shares outstanding (in millions)

 

190.7

 

192.5

 

196.6

 

 

 

 

 

 

 

Diluted earnings per share (in US$)

 

0.56

 

0.48

 

0.70

 

Page | 7

Adjusted statements of income (unaudited)

The following are reconciliations of US GAAP basis revenues, operating income, net income attributable to JHG and diluted earnings per share to adjusted revenues, adjusted operating income, adjusted net income attributable to JHG and adjusted diluted earnings per share.

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

30 Jun

 

31 Mar

 

30 Jun

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

    

2019

    

2019

    

2018

Reconciliation of revenue to adjusted revenue

 

 

 

 

 

 

Revenue

 

535.9

 

519.3

 

592.4

Distribution expenses1

 

(101.5)

 

(101.9)

 

(114.7)

Adjusted revenue

 

434.4

 

417.4

 

477.7

 

 

 

 

 

 

 

Reconciliation of operating income to adjusted operating income

 

 

 

 

 

 

Operating income

 

118.5

 

124.5

 

175.3

Employee compensation and benefits2,3

 

3.1

 

4.3

 

6.0

Long-term incentive plans2

 

(0.2)

 

(0.2)

 

0.7

Investment administration2

 

 —

 

 —

 

0.7

Marketing2

 

 —

 

 —

 

(0.2)

General, administration and occupancy2,3

 

5.3

 

7.4

 

1.5

Depreciation and amortisation2,4

 

25.3

 

7.4

 

7.4

Adjusted operating income

 

152.0

 

143.4

 

191.4

 

 

 

 

 

 

 

Operating margin

 

22.1

%

24.0

%

29.6

Adjusted operating margin

 

35.0

%

34.4

%

40.1

 

 

 

 

 

 

 

Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG

Net income attributable to JHG

 

109.4

 

94.1

 

140.6

Employee compensation and benefits2,3

 

3.1

 

4.3

 

6.0

Long-term incentive plans2

 

(0.2)

 

(0.2)

 

0.7

Investment administration2

 

 —

 

 —

 

0.7

Marketing2

 

 —

 

 —

 

(0.2)

General, administration and occupancy2,3

 

5.3

 

7.4

 

1.5

Depreciation and amortisation2,4

 

25.3

 

7.4

 

7.4

Interest expense3

 

1.0

 

0.9

 

0.7

Investment gains (losses), net2

 

1.0

 

 —

 

 —

Other non-operating income (expenses), net3

 

(22.6)

 

0.4

 

(4.0)

Income tax provision5

 

(2.6)

 

(4.3)

 

(3.5)

Adjusted net income attributable to JHG

 

119.7

 

110.0

 

149.9

Less: allocation of earnings to participating stock-based awards

 

(3.5)

 

(2.8)

 

(4.1)

Adjusted net income attributable to JHG common shareholders

 

116.2

 

107.2

 

145.8

 

 

 

 

 

 

 

Weighted-average diluted common shares outstanding – diluted (two class) (in millions)

 

190.7

 

192.5

 

196.6

Diluted earnings per share (two class) (in US$)

 

0.56

 

0.48

 

0.70

Adjusted diluted earnings per share (two class) (in US$)

 

0.61

 

0.56

 

0.74


1

Substantially all distribution expenses are paid to financial intermediaries for the distribution of JHG’s investment products. JHG management believes that the deduction of third-party distribution, service and advisory expenses from revenue in the computation of net revenue reflects the nature of these expenses, as these costs are passed through to external parties that perform functions on behalf of, and distribute, the Group’s managed AUM.

2

Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs do not represent the ongoing operations of the Group.

3

2019 adjustments primarily represent contingent consideration adjustments associated with acquisitions prior to the Merger and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. Adjustments for the three months ended 30 June 2018 primarily represent fair value movements on options issued to Dai-ichi in addition to contingent consideration costs associated with acquisitions prior to the merger. JHG management believes these costs do not represent the ongoing operations of the Group.

4

Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from

Page | 8

the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. The three months ended 30 June 2019 also include a US$18 million impairment of certain mutual fund contracts. JHG management believes these non-cash and acquisition-related costs do not represent the ongoing operations of the Group.

5

The tax impact of the adjustments is calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

 

Condensed consolidated balance sheets (unaudited)

 

 

 

 

 

 

 

 

30 Jun

 

31 Dec

(in US$ millions)

    

2019

    

2018

Assets:

 

  

 

  

Cash and cash equivalents

 

707.0

 

880.4

Investment securities

 

246.8

 

291.8

Property, equipment and software, net

 

72.6

 

69.5

Intangible assets and goodwill, net

 

4,567.1

 

4,601.3

Assets of consolidated variable interest entities

 

340.0

 

323.9

Other assets

 

926.6

 

745.0

Total assets

 

6,860.1

 

6,911.9

 

 

 

 

 

Liabilities, redeemable noncontrolling interests and equity:

 

  

 

  

Debt

 

317.7

 

319.1

Deferred tax liabilities, net

 

727.6

 

729.9

Liabilities of consolidated variable interest entities

 

4.8

 

6.5

Other liabilities

 

835.9

 

859.5

Redeemable noncontrolling interests

 

153.6

 

136.1

Total equity

 

4,820.5

 

4,860.8

Total liabilities, redeemable noncontrolling interests and equity

 

6,860.1

 

6,911.9

 

Condensed consolidated statements of cash flows (unaudited)

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

30 Jun

 

31 Mar

 

30 Jun

(in US$ millions)

    

2019

    

2019

    

2018

Cash provided by (used for):

 

  

 

  

 

  

Operating activities

 

117.7

 

(34.7)

 

119.2

Investing activities

 

(39.8)

 

51.3

 

44.4

Financing activities

 

(77.2)

 

(198.3)

 

(98.4)

Effect of exchange rate changes

 

(9.6)

 

5.0

 

(26.8)

Net change during period

 

(8.9)

 

(176.7)

 

38.4

 

Page | 9

STATUTORY DISCLOSURES

Associates and joint ventures

At 30 June 2019,  the Group holds interests in the following associates and joint ventures managed through shareholder agreements with third party investors, accounted for under the equity method:

·

Long Tail Alpha LLC. Ownership 20%

Basis of preparation

In the opinion of management of Janus Henderson Group plc, the condensed consolidated financial statements contain all normal recurring adjustments necessary to fairly present the financial position, results of operations and cash flows of JHG in accordance with US GAAP. Such financial statements have been prepared in accordance with the instructions to Form 10‑Q pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The financial statements should be read in conjunction with the annual consolidated financial statements and notes presented in Janus Henderson Group’s Annual Report on Form 10‑K for the year ended 31 December 2018, on file with the SEC (Commission file no. 001‑38103). Events subsequent to the balance sheet date have been evaluated for inclusion in the financial statements through the issuance date and are included in the notes to the condensed consolidated financial statements.

Corporate governance principles and recommendations

In the opinion of the Directors, the financial records of the Group have been properly maintained, and the Condensed Consolidated Financial Statements comply with the appropriate accounting standards and give a true and fair view of the financial position and performance of the Group. This opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

Page | 10

FORWARD-LOOKING STATEMENTS DISCLAIMER

Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value.

This document includes statements concerning potential future events involving Janus Henderson Group plc 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 Henderson Group’s  Annual Report on Form 10‑K for the fiscal year ended 31 December  2018, on file with the Securities and Exchange Commission (Commission file no. 001‑38103), 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 JHG and its management. Any forward-looking statements contained in this document are as at the date on which such statements were made. Janus Henderson Group 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 realised.

Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Not all products or services are available in all jurisdictions.

Mutual funds in the US are distributed by Janus Henderson Distributors.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money.

Janus Henderson, Janus, Henderson, Intech, Alphagen and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

 

Page | 11

(Back To Top)

Section 3: EX-99.2 (EX-99.2)

Exhibit 99.2

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Dick Weil Chief Executive Officer Roger Thompson Chief Financial Officer Janus Henderson Group 2Q19 results presentation Wednesday 31 July 2019


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1 2Q19 results • 3 year investment performance strengthened in 2Q19 • AUM of US$359.8bn reflects impact of stronger markets partially offset by net outflows during the quarter • Adjusted diluted EPS of US$0.61 • Declared US$0.36 per share dividend and completed US$75m of share buybacks 2Q19 1Q19 3 year investment outperformance¹ 72% 69% Net flows (US$9.8bn) (US$7.4bn) Total AUM US$359.8bn US$357.3bn US GAAP diluted EPS US$0.56 US$0.48 Adjusted diluted EPS² US$0.61 US$0.56 Dividend per share US$0.36 US$0.36 Key metrics – 2Q19 vs 1Q19 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 28. 2 See adjusted financial measures reconciliation on slide 37 for additional information.


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Roger Thompson Chief Financial Officer 2Q19 results presentation Business and financial results


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3 Capability 1 year 3 years 5 years Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total Capability 1 year 3 years 5 years Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total Investment performance Total company investment performance improved in 2Q19 % of mutual fund AUM in top 2 Morningstar quartiles (as at 30 Jun 2019) % of AUM outperforming benchmark (as at 30 Jun 2019) Note: Full performance disclosures detailed in the appendix on slides 28 and 29. Past performance is no guarantee of future results. The top two Morningstar quartiles represent funds in the top half of their category based on total return. Refer to slide 29 for the 10-year period, percent of funds in the top 2 quartiles for all periods, and description and quantity of funds included in the analysis. 73% 74% 83% 61% 89% 90% 32% 39% 39% 11% 92% 91% 100% 100% 90% 66% 72% 80% 85% 70% 88% 50% 51% 50% 61% 51% 32% 3% 88% 87% 58% 58% 87% 78% 68% 81%


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4 20.2 18.3 20.0 19.7 17.1 17.7 16.6 15.6 15.6 (21.2) (17.6) (22.9) (22.4) (19.8) (22.0) (25.0) (23.0) (25.4) (1.0) 0.7 (2.9) (2.7) (2.7) (4.3) (8.4) (7.4) (9.8) 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Total flows Total flows 2Q17 to 2Q19 (US$bn) Redemptions Sales Net sales / (redemptions) 24% 21% 22% 21% 18% 19% 17% 19% 18% Annualised gross sales¹ Annualised gross redemptions¹ Increased redemptions drove quarter-over-quarter decline in net flows Note: Data for 2Q17 presents pro forma flows of JHG as if the merger had occurred at the beginning of the period shown. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. (26%) (20%) (25%) (24%) (21%) (24%) (26%) (28%) (29%)


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5 (9.8) (4.1) (2.5) (1.0) (0.8) (1.4) Total Company Net Flows Quantitative Equities Global Emerging Markets Core Plus Fixed Income European Equities Remaining Business Principal components of 2Q19 net flows 2Q19 net flows driven by weakness in four known areas 14.8 13.6 14.7 (20.3) (17.0) (16.1) (5.5) (3.4) (1.4) 4Q18 1Q19 2Q19 2Q19 flows (US$bn) Represents US$286bn in AUM as at 30 June 2019


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6 Statement of income Note: See adjusted financial measures reconciliation on slide 36 for additional information. US GAAP and adjusted US GAAP Adjustments Adjusted Revenue Management fees 446.4 Performance fees 3.5 Shareowner servicing fees 38.3 Other revenue 47.7 Total revenue 535.9 (101.5) 434.4 Operating expenses Employee compensation and benefits 146.5 Long-term incentive plans 49.2 Distribution expenses 101.5 Investment administration 11.1 Marketing 8.1 General, administrative and occupancy 67.7 Depreciation and amortisation 33.3 Total operating expenses 417.4 (135.0) 282.4 Operating income 118.5 33.5 152.0 US$m 3 months ended 30 Jun 2019


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7 US$, except margin data 2Q19 1Q19 Change 2Q19 vs 1Q19 2Q18 Change 2Q19 vs 2Q18 Average AUM 357.7bn 350.0bn 2% 369.1bn (3%) Total revenue 535.9m 519.3m 3% 592.4m (10%) Operating income 118.5m 124.5m (5%) 175.3m (32%) Operating margin 22.1% 24.0% (1.9ppt) 29.6% (7.5ppt) US GAAP diluted EPS 0.56 0.48 17% 0.70 (20%) Adjusted revenue 434.4m 417.4m 4% 477.7m (9%) Adjusted operating income 152.0m 143.4m 6% 191.4m (21%) Adjusted operating margin 35.0% 34.4% 0.6ppt 40.1% (5.1ppt) Adjusted diluted EPS 0.61 0.56 9% 0.74 (18%) Summary financial results Summary of results Note: See adjusted financial measures reconciliation on slides 36 and 37 for additional information. US GAAP and adjusted


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8 2Q19 adjusted revenue drivers Revenue 2Q19 adjusted revenue reflects higher assets and improved performance Pro forma adjusted revenue – 1Q19 vs 2Q19 (US$m) Note: See adjusted financial measures reconciliation on slide 36 for additional information. 1 Net margin based on management fees net of distribution expenses. • Increase from 1Q19 management fees driven by higher average assets • Performance fees improved from 1Q19 driven by fees from segregated mandates and improved mutual fund performance fees US$m, except margin data 2Q19 1Q19 Change Total adjusted revenue 434.4 417.4 4% Management fees 446.4 441.9 1% Performance fees 3.5 (5.6) nm Shareowner servicing fees 38.3 35.9 7% Other revenue 47.7 47.1 1% Distribution expenses (101.5) (101.9) 0% Average net¹ mgmt fee margin 42.2bps 42.9bps (0.7bps) 446.4 441.9 3.5 (5.6) 38.3 35.9 47.7 47.1 (101.5) (101.9) 434.4 417.4 2Q19 1Q19 Management fees Performance fees Shareowner servicing fees Other revenue Distribution expenses


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9 282.4 (0.7) 274.0 2.7 0.8 0.6 4.6 0.4 1Q19 Compensation and benefits LT incentive plans Investment administration Marketing General, admin. and occupancy Depreciation and amortisation 2Q19 Adjusted operating expenses – 1Q19 vs 2Q19 (US$m) Operating expenses Note: See adjusted financial measures reconciliation on slide 36 for additional information. US$m 2Q19 US GAAP Adjustments 2Q19 adjusted 1Q19 adjusted Change 2Q19 adjusted vs 1Q19 adjusted Employee compensation and benefits 146.5 (3.1) 143.4 140.7 2% Long-term incentive plans 49.2 0.2 49.4 48.6 2% Total compensation expenses 195.7 (2.9) 192.8 189.3 2% Distribution expenses 101.5 (101.5) –– nm Investment administration 11.1 – 11.1 11.8 (6%) Marketing 8.1 – 8.1 7.5 8% General, administrative and occupancy 67.7 (5.3) 62.4 57.8 8% Depreciation and amortisation 33.3 (25.3) 8.0 7.6 5% Non-staff operating expenses 221.7 (132.1) 89.6 84.7 6% Total operating expenses 417.4 (135.0) 282.4 274.0 3% 3% quarter-over-quarter increase in adjusted operating expenses


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10 Capital management Continued commitment to return of capital – US$244m year to date Note: JHG purchases shares on market for the annual share grants associated with variable compensation, which is not included in the above share repurchases. 1 Total shares outstanding reflect amounts disclosed on forms 10-Q or 10-K for each respective quarter. Quarterly capital return 3Q17 to 2Q19 Dividend paid / share $0.32 $0.32 $0.32 $0.36 $0.36 $0.36 $0.36 $0.36 Debt repayment (US$m) 50.2 42.3 81.6 0.3 13.5 – – – Shares repurchased (m) – – – – 1.8 2.2 1.3 3.5 Total shares outstanding1 (m) 200.4 200.4 200.4 200.4 198.6 196.4 195.2 191.6 71.2 69.2 69.7 68.6 49.9 49.9 30.9 75.2 63.7 63.7 63.1 71.6 121.1 119.1 100.6 143.8 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Dividends Share repurchases


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Dick Weil Chief Executive Officer 2Q19 results presentation Strategic priorities update


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12 Our path to success: Excellence and execution Produce dependable investment outcomes Excel in client experience Focus and increase operational efficiency Proactive risk and control environment Develop new growth initiatives Focus on quality and stability of investment performance Embed understanding and ownership of risk and controls at all levels and establish strong feedback loops for learning and improvement Deliver industry- leading client experiences that drive client loyalty and increase duration Build the businesses of tomorrow Standardise the global model and modernise our infrastructure Focus on our strategic priorities


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13 Produce dependable investment outcomes A legacy of exceptional investment thinking that… … spans multiple asset classes … is not tied by a central or dominant investment style or philosophy … incorporates differing approaches to creating alpha Ensuring the success of a global, diversified investing platform The reality today What we are working on • Investment process: Linking goals with client outcomes to improve transparency and accountability • Technology: Continued development of portfolio management and risk management tools to enhance efficiency • People: Building and nurturing talent within diverse teams, ensuring we have a strong bench for future growth


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14 Enhancing a culture of excellence by weaving client experience into everything we do as a firm Excel in client experience • Embedding client-centric values into all of our policies, procedures and processes Building client experience capabilities • Enhancing client relationship journeys and redesigning where necessary • Improving feedback loops to understand and identify gaps between product and service promise and delivery Driving market- leading experiences Developing client feedback tools & measurement • Establishing a robust client feedback measurement system, baseline performance and test measurement approach What we are working on


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15 Focus • Focusing our product portfolio • Standardising global operating model and systems • Consolidating to a strategic data architecture • Streamlining and reducing operational complexity Focus and increase operational efficiency Proactive risk and control environment What we are working on • Building strong relationships with global regulators • Fostering a culture of risk management, transparency and urgency Reliability, scalability and simplicity across the platform


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16 Develop new growth initiatives Building the foundations for future businesses • Appointed Head of Multi-Asset and Alternatives • Organising existing capabilities and developing new ones for the future Multi-Asset and Alternatives ETFs Asia Pacific region • Supporting our growing business with improved marketing and distribution capabilities • Capitalising on existing momentum and evaluating new growth opportunities What we are working on


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17 Our outlook remains encouraging Net outflows mask many encouraging results we see across our business Investment performance People and talent Winning new business Financial strength • Total company investment performance is strong • 66%, 72% and 80% of AUM beating benchmarks over the 1, 3 and 5 year time periods, respectively1 • Attracting outstanding talent alongside a strong existing team • Fostering a culture of diversity and inclusion • Gaining market share in US Equities in the US Retail channel • 2Q19 annualised organic growth of 7% in Multi-Asset capability • Net inflows in fixed income during 2Q19, driven by wins across US, European and Australian clients • Strong cash flow generation and balance sheet is supporting ongoing investments in the business to meet evolving client needs • Returning excess cash to shareholders via dividends and share repurchases 1 Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on slide 28.


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Q&A


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Appendix


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20 53% 21% 13% 10% 3% Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Assets under management as at 30 Jun 2019 54% 30% 16% North America EMEA & LatAm Asia Pacific By client type By capability By client location US$191.3bn US$73.5bn US$47.6bn US$35.1bn US$12.3bn US$159.5bn US$134.2bn US$66.1bn US$195.7bn US$108.3bn US$55.8bn AUM: US$359.8bn 44% 37% 19% Intermediary Institutional Self-directed


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21 Investment management capabilities Diversified product range Equities US$191.3bn AUM 30 Jun 2019 US$359.8bn Fixed Income US$73.5bn Multi-Asset US$35.1bn Self-directed Intermediary Institutional Institutional Institutional Quantitative Equities US$47.6bn Equities • Wide range of equity strategies encompassing different geographic focuses and investment styles Fixed Income •Coverage across the asset class, applying a wide range of differentiated techniques Quantitative Equities • Intech applies advanced mathematics and systematic portfolio rebalancing intended to harness the volatility of movements in stock prices Multi-Asset • Retail and Institutional offering through a diversity of asset allocation strategies Alternatives • Expertise in liquid alternatives alongside traditional hedge funds Alternatives US$12.3bn


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22 Largest pooled funds by capability Capability Fund Product Strategy AUM (US$bn) 30 Jun 2019 JnsHnd Enterprise US Mutual Fund Mid Cap Growth 21.2 JnsHnd Research US Mutual Fund US Research Growth Equity 14.5 JnsHnd Forty US Mutual Fund Concentrated Growth 13.2 JnsHnd Triton US Mutual Fund Small-Mid Cap Growth 12.1 JnsHnd Growth and Income US Mutual Fund Growth & Income 6.1 JnsHnd Flexible Bond US Mutual Fund Core Plus Fixed Income 4.2 Kapstream Abs Rtn Inc Australian UT Absolute Return Income 4.1 JnsHnd Strategic Bond UK OEIC Global Strategic Fixed Income 3.1 JnsHnd Tactical Income Australian MIS Australian Tactical Income 2.3 JnsHnd Hzn Euro Corporate Bond SICAV Investment Grade (EUR) 1.4 JnsHnd US Mgd Volatility US Mutual Fund US Adaptive Volatility 1.4 JnsHnd US Low Volatility Portfolio US Mutual Fund US Low Volatility 1.1 JnsHnd Intech All World Minimum Variance Core Dublin OEIC All World Minimum Variance Core 0.7 JnsHnd Global Inc Mgd Volatility US Mutual Fund Global Income Adaptive Volatility 0.3 JnsHnd Intech Global All Country Low Volatility Dublin OEIC Global All Country Low Volatility 0.2 JnsHnd Balanced US Mutual Fund Balanced 16.8 JnsHnd Balanced Portfolio US Mutual Fund Balanced 4.5 JnsHnd Balanced Dublin OEIC Balanced 2.4 JnsHnd Cautious Managed UK OEIC UK Income and Growth 1.9 JnsHnd Multi-Manager Managed UK OEIC Multi Manager 0.5 JnsHnd UK Absolute Return SICAV UK Large Cap Absolute Return Equity 3.6 JnsHnd UK Property PAIF / Feeder UK OEIC/UT Property 3.1 JnsHnd UK Absolute Return UK OEIC UK Large Cap Absolute Return Equity 2.5 JnsHnd Horizon Pan European Alpha SICAV Europe Large Cap Long/Short 0.6 Alphagen Euro Best Ideas Hedge Fund Concentrated Pan Europe Equity 0.3 Total 122.1 Equity Fixed Income Multi-Asset Alternatives Quantitative Equities Note: Numbers may not cast due to rounding. Excludes unregulated pooled funds.


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23 2Q19 flows by capability 6.9 5.5 0.2 2.1 0.9 (12.9) (5.2) (4.3) (1.5) (1.5) (6.0) 0.3 (4.1) 0.6 (0.6) Equities Fixed Income Quantitative Equities Multi-Asset Alternatives 2Q19 flows by capability (US$bn) Annualised gross sales¹ Redemptions Sales Net sales / (redemptions) 15% 30% 2% 25% 28% (27%) (28%) (35%) (18%) (48%) Annualised gross redemptions¹ 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.


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24 Flows: Equities and Fixed Income 8.5 6.8 8.6 6.9 6.9 (9.6) (9.9) (12.7) (9.8) (12.9) (1.1) (3.1) (4.1) (2.9) (6.0) 2Q18 3Q18 4Q18 1Q19 2Q19 5.0 6.0 4.7 4.9 5.5 (5.6) (7.6) (6.0) (7.7) (5.2) (0.6) (1.6) (1.3) (2.8) 0.3 2Q18 3Q18 4Q18 1Q19 2Q19 Equities (US$bn) Fixed Income (US$bn) Redemptions Sales Net sales / (redemptions) Annualised gross sales¹ Annualised gross redemptions¹ 18% 14% 17% 17% 15% 25% 31% 25% 27% 30% (20%) (21%) (25%) (24%) (27%) (28%) (39%) (32%) (43%) (28%) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 27. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.


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25 1.8 2.2 2.3 2.2 2.1 (1.3) (1.3) (2.0) (1.5) (1.5) 0.5 0.9 0.3 0.7 0.6 2Q18 3Q18 4Q18 1Q19 2Q19 0.4 1.3 0.3 0.7 0.2 (1.2) (1.3) (1.4) (1.7) (4.3) (0.8) (0.0) (1.1) (1.0) (4.1) 2Q18 3Q18 4Q18 1Q19 2Q19 1.4 1.4 0.7 0.9 0.9 (2.1) (1.9) (2.9) (2.3) (1.5) (0.7) (0.5) (2.2) (1.4) (0.6) 2Q18 3Q18 4Q18 1Q19 2Q19 Flows: Quantitative Equities, Multi-Asset and Alternatives Quantitative Equities (US$bn) Multi-Asset (US$bn) Alternatives (US$bn) 3% 10% 3% 7% 2% Annualised gross sales¹ Annualised gross redemptions¹ Redemptions Sales Net sales / (redemptions) 22% 27% 27% 29% 25% 30% 31% 18% 25% 28% (10%) (11%) (11%) (16%) (35%) (16%) (15%) (22%) (20%) (18%) (44%) (43%) (69%) (64%) (48%) Note: Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 27. 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.


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26 Total net flows by capability 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Equities Fixed Income Quantitative Equities Multi-Asset Alternatives (1.0) Total net flows by capability 2Q17 to 2Q19 (US$bn) Note: Data for 2Q17 presents pro forma flows of JHG as if the merger had occurred at the beginning of the period shown. Reflects operational reclassification of existing client’s funds in 4Q18 as detailed on slide 27. 0.7 (2.9) (2.7) (2.7) (4.3) (7.4) (8.4) (9.8)


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27 AUM and flows by capability All data in US$bn Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total AUM 31 Mar 2018 190.7 80.0 50.4 31.8 19.0 371.9 Sales 8.5 5.0 0.4 1.8 1.4 17.1 Redemptions (9.6) (5.6) (1.2) (1.3) (2.1) (19.8) Net sales / (redemptions) (1.1) (0.6) (0.8) 0.5 (0.7) (2.7) Market / FX 3.7 (2.9) 0.5 0.3 (0.7) 0.9 AUM 30 Jun 2018 193.3 76.5 50.1 32.6 17.6 370.1 Sales 6.8 6.0 1.3 2.2 1.4 17.7 Redemptions (9.9) (7.6) (1.3) (1.3) (1.9) (22.0) Net sales / (redemptions) (3.1) (1.6) (0.0) 0.9 (0.5) (4.3) Market / FX 9.0 (0.4) 2.8 1.1 (0.2) 12.3 AUM 30 Sep 2018 199.2 74.5 52.9 34.6 16.9 378.1 Sales 8.6 4.7 0.3 2.3 0.7 16.6 Redemptions (12.7) (6.0) (1.4) (2.0) (2.9) (25.0) Net sales / (redemptions) (4.1) (1.3) (1.1) 0.3 (2.2) (8.4) Market / FX (29.2) (1.3) (7.5) (2.5) (0.7) (41.2) Reclassification1 1.7 0.5 – (2.2) – – AUM 31 Dec 2018 167.6 72.4 44.3 30.2 14.0 328.5 Sales 6.9 4.9 0.7 2.2 0.9 15.6 Redemptions (9.8) (7.7) (1.7) (1.5) (2.3) (23.0) Net sales / (redemptions) (2.9) (2.8) (1.0) 0.7 (1.4) (7.4) Market / FX 24.1 2.9 6.3 2.5 0.4 36.2 AUM 31 Mar 2019 188.8 72.5 49.6 33.4 13.0 357.3 Sales 6.9 5.5 0.2 2.1 0.9 15.6 Redemptions (12.9) (5.2) (4.3) (1.5) (1.5) (25.4) Net sales / (redemptions) (6.0) 0.3 (4.1) 0.6 (0.6) (9.8) Market / FX 8.5 0.7 2.1 1.1 (0.1) 12.3 AUM 30 Jun 2019 191.3 73.5 47.6 35.1 12.3 359.8 1 Reflects operational reclassification of existing client’s funds.


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28 Investment performance % of AUM outperforming benchmark Note: Outperformance is measured based on composite performance gross of fees vs primary benchmark, except where a strategy has no benchmark index or corresponding composite in which case the most relevant metric is used: (1) composite gross of fees vs zero for absolute return strategies, (2) fund net of fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median. Non-discretionary and separately managed account assets are included with a corresponding composite where applicable. Cash management vehicles, ETFs, Managed CDOs, Private Equity funds and custom non-discretionary accounts with no corresponding composite are excluded from the analysis. Excluded assets represent 5% of AUM as at 31 Dec 2018 and 4% of AUM for all other periods. Capabilities defined by Janus Henderson. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 63% 58% 73% 61% 56% 75% 67% 55% 71% 64% 69% 77% 73% 74% 83% Fixed Income 87% 93% 98% 79% 92% 94% 36% 88% 93% 58% 92% 89% 61% 90% 89% Quantitative Equities 47% 25% 87% 21% 8% 83% 20% 11% 15% 15% 14% 12% 32% 11% 39% Multi-Asset 90% 88% 90% 89% 89% 90% 81% 90% 91% 88% 91% 91% 90% 91% 92% Alternatives 99% 73% 100% 99% 73% 100% 35% 94% 100% 89% 98% 100% 39% 100% 100% Total 69% 64% 82% 63% 60% 81% 55% 61% 72% 60% 69% 74% 66% 72% 80% Capability 2Q18 3Q18 4Q18 1Q19 2Q19


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29 Mutual fund investment performance % of mutual fund AUM in top 2 Morningstar quartiles Note: Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Dublin based), Dublin and UK OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes. The top two Morningstar quartiles represent funds in the top half of their category based on total return. On an asset-weighted basis, 74%, 84%, 82%, 80% and 74% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 30 Jun 2018, 30 Sep 2018, 31 Dec 2018, 31 Mar 2019 and 30 Jun 2019, respectively. For the 1-, 3-, 5- and 10-year periods ending 30 Jun 2019, 62%, 52%, 62% and 62% of the 205, 199, 182 and 147 total mutual funds, respectively, were in the top 2 Morningstar quartiles. Analysis based on ‘primary’ share class (Class I Shares, Institutional Shares or share class with longest history for US Trusts; Class A Shares or share class with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary by share class. Rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an expense waiver is in effect, it may have a material effect on the total return, and therefore the ranking for the period. ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2019 Morningstar, Inc. All Rights Reserved. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 56% 61% 75% 72% 65% 86% 67% 63% 85% 78% 72% 86% 85% 70% 88% Fixed Income 42% 38% 42% 63% 36% 66% 46% 28% 57% 68% 42% 48% 50% 50% 51% Quantitative Equities 58% 54% 53% 59% 5% 55% 98% 17% 100% 63% 3% 97% 61% 3% 51% Multi-Asset 92% 83% 83% 86% 88% 88% 89% 89% 88% 84% 86% 88% 87% 87% 88% Alternatives 92% 25% 25% 54% 26% 53% 26% 93% 59% 93% 33% 94% 32% 58% 58% Total 60% 57% 68% 71% 60% 81% 65% 62% 80% 78% 67% 81% 78% 68% 81% 2Q19 Capability 2Q18 3Q18 4Q18 1Q19


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30 Mutual fund investment performance (cont’d) Group 23 21 39 30 55 40 35 30 44 43 51 50 47 55 51 37 50 26 48 23 17 26 32 23 25 17 31 33 26 30 60 71 65 78 78 57 60 62 67 68 68 81 80 81 81 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 % of mutual fund AUM in top 2 Morningstar quartiles Equities 14 11 34 18 55 43 34 26 45 40 57 55 46 58 53 42 61 33 60 31 18 31 37 28 30 18 31 39 27 35 56 72 67 78 85 61 65 63 72 70 75 86 85 86 88 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 1 year 3 year 5 year 1 year 3 year 5 year Note: Full performance disclosures detailed on slide 29. Numbers may not cast due to rounding. 2nd quartile 1st quartile


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31 38 42 52 39 38 38 3 5 3 3 48 4 4 20 17 46 24 23 16 2 12 53 55 52 93 47 58 59 98 63 61 54 5 17 3 3 53 55 100 97 51 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 Mutual fund investment performance (cont’d) Fixed Income 10 11 33 37 38 9 19 14 24 27 13 14 15 18 21 32 52 13 31 12 29 17 13 18 22 29 52 42 30 30 42 63 46 68 50 38 36 28 42 50 42 66 57 48 51 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 % of mutual fund AUM in top 2 Morningstar quartiles Quantitative Equities 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 29. Numbers may not cast due to rounding.


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32 Mutual fund investment performance (cont’d) Multi-Asset 90 81 84 82 83 80 82 83 84 84 79 82 84 84 85 2 5 4 2 4 3 6 6 2 2 4 6 5 4 3 92 86 89 84 87 83 88 89 86 87 83 88 88 88 88 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 % of mutual fund AUM in top 2 Morningstar quartiles Alternatives 28 29 1 33 31 23 31 24 24 56 57 31 64 25 25 61 2 2 26 93 33 27 1 29 2 37 27 92 54 26 93 32 25 26 93 33 58 25 53 59 94 58 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Note: Full performance disclosures detailed on slide 29. Numbers may not cast due to rounding.


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33 739.9 731.0 568.1 557.9 1,308.0 1,288.9 318.4 317.7 Cash and investments Debt Cash and investments Debt 1 Includes seed investments of US$442.7m (including investment securities of consolidated variable interest entities of US$297.4m), investments related to deferred compensation plans of US$125.0m and other investments of US$0.4m as at 31 March 2019; includes seed investments of US$419.8m (including investment securities of consolidated variable interest entities of US$311.1m), investments related to deferred compensation plans of US$132.6m and other investments of US$5.5m as at 30 June 2019. 2 Includes cash and cash equivalents of consolidated variable interest entities of US$22.8m and US$24.0m as at 31 March 2019 and 30 June 2019, respectively. Balance sheet • At 30 June 2019, cash and investment securities totalled US$1,289m compared to outstanding debt of US$318m • Cash and cash equivalents decreased 1%, as cash flow generation was offset by capital return • Board declared a dividend of US$0.36 per share to be paid on 28 August to shareholders on record at the close of business on 12 August • Repurchased approximately 3.5m shares for US$75m, completing US$106m year to date of the US$200m buyback programme authorised in February 2019 Strong liquidity position Investment securities¹ Cash and cash equivalents² 2025 maturity Balance sheet profile – carrying value (31 Mar 2019 vs 30 Jun 2019) (US$m) 30 Jun 2019 31 Mar 2019


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34 US GAAP: statement of income Note: 2Q18 reflects the reclassification of certain revenue amounts from ‘Other revenue’ to ‘Shareowner servicing fees’. 3 months ended 30 Jun 2019 31 Mar 2019 30 Jun 2018 Revenue Management fees 446.4 441.9 493.5 Performance fees 3.5 (5.6) 13.5 Shareowner servicing fees 38.3 35.9 38.7 Other revenue 47.7 47.1 46.7 Total revenue 535.9 519.3 592.4 Operating expenses Employee compensation and benefits 146.5 145.0 151.0 Long-term incentive plans 49.2 48.4 55.2 Distribution expenses 101.5 101.9 114.7 Investment administration 11.1 11.8 11.7 Marketing 8.1 7.5 9.5 General, administrative and occupancy 67.7 65.2 59.2 Depreciation and amortisation 33.3 15.0 15.8 Total operating expenses 417.4 394.8 417.1 Operating income 118.5 124.5 175.3 Interest expense (4.2) (4.1) (3.9) Investment gains (losses), net 4.8 13.3 (16.6) Other non-operating income (expenses), net 28.5 (3.9) 13.9 Income before taxes 147.6 129.8 168.7 Income tax provision (35.3) (29.9) (38.2) Net income 112.3 99.9 130.5 Net loss (income) attributable to noncontrolling interests (2.9) (5.8) 10.1 Net income attributable to JHG 109.4 94.1 140.6 Less: allocation of earnings to participating stock-based awards (3.2) (2.4) (3.8) Net income attributable to JHG common shareholders 106.2 91.7 136.8 Diluted weighted-average shares outstanding (m) 190.7 192.5 196.6 Diluted EPS (in US$) 0.56 0.48 0.70 US$m, except per share data or as noted


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35 Adjusted: statement of income Note: 2Q18 reflects the reclassification of certain revenue amounts from ‘Other revenue’ to ‘Shareowner servicing fees’. See adjusted financial measures reconciliation on slides 36 and 37 for additional information. 3 months ended 30 Jun 2019 31 Mar 2019 30 Jun 2018 Revenue Management fees 446.4 441.9 493.5 Performance fees 3.5 (5.6) 13.5 Shareowner servicing fees 38.3 35.9 38.7 Other revenue 47.7 47.1 46.7 Distribution expenses (101.5) (101.9) (114.7) Total adjusted revenue 434.4 417.4 477.7 Operating expenses Employee compensation and benefits 143.4 140.7 145.0 Long-term incentive plans 49.4 48.6 54.5 Investment administration 11.1 11.8 11.0 Marketing 8.1 7.5 9.7 General, administrative and occupancy 62.4 57.8 57.7 Depreciation and amortisation 8.0 7.6 8.4 Total adjusted operating expenses 282.4 274.0 286.3 Adjusted operating income 152.0 143.4 191.4 Interest expense (3.2) (3.2) (3.2) Investment gains (losses), net 5.8 13.3 (16.6) Other non-operating income (expenses), net 5.9 (3.5) 9.9 Adjusted income before taxes 160.5 150.0 181.5 Income tax provision (37.9) (34.2) (41.7) Adjusted net income 122.6 115.8 139.8 Net loss (income) attributable to noncontrolling interests (2.9) (5.8) 10.1 Adjusted net income attributable to JHG 119.7 110.0 149.9 Less: allocation of earnings to participating stock-based awards (3.5) (2.8) (4.1) Adjusted net income attributable to JHG common shareholders 116.2 107.2 145.8 Diluted weighted-average shares outstanding (m) 190.7 192.5 196.6 Adjusted diluted EPS (in US$) 0.61 0.56 0.74 US$m, except per share data or as noted


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36 Alternative performance measures Reconciliation of adjusted financial measures 3 months ended 30 Jun 2019 31 Mar 2019 30 Jun 2018 Reconciliation of revenue to adjusted revenue Revenue 535.9 519.3 592.4 Distribution expenses1 (101.5) (101.9) (114.7) Adjusted revenue 434.4 417.4 477.7 Reconciliation of operating income to adjusted operating income Operating income 118.5 124.5 175.3 Employee compensation and benefits2,3 3.1 4.3 6.0 Long-term incentive plans2 (0.2) (0.2) 0.7 Investment administration2 –– 0.7 Marketing2 ––(0.2) General, administrative and occupancy2,3 5.3 7.4 1.5 Depreciation and amortisation2,4 25.3 7.4 7.4 Adjusted operating income 152.0 143.4 191.4 Operating margin 22.1% 24.0% 29.6% Adjusted operating margin 35.0% 34.4% 40.1% US$m, except margin data Note: Reconciliation to be used in conjunction with slide 37. Footnotes included on slide 38.


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37 Alternative performance measures (cont’d) Reconciliation of adjusted financial measures 3 months ended 30 Jun 2019 31 Mar 2019 30 Jun 2018 Reconciliation of net income to adjusted net income, attributable to JHG Net income attributable to JHG 109.4 94.1 140.6 Employee compensation and benefits2,3 3.1 4.3 6.0 Long-term incentive plans2 (0.2) (0.2) 0.7 Investment administration2 –– 0.7 Marketing2 ––(0.2) General, administrative and occupancy2,3 5.3 7.4 1.5 Depreciation and amortisation2,4 25.3 7.4 7.4 Interest expense3 1.0 0.9 0.7 Investment gains (losses), net2 1.0 –– Other non-operating income (expense)3 (22.6) 0.4 (4.0) Income tax provision5 (2.6) (4.3) (3.5) Adjusted net income attributable to JHG 119.7 110.0 149.9 Diluted earnings per share (in US$) 0.56 0.48 0.70 Adjusted diluted earnings per share (in US$) 0.61 0.56 0.74 US$m, except per share data Note: Reconciliation to be used in conjunction with slide 36. Footnotes included on slide 38.


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38 Alternative performance measures (cont’d) Footnotes to reconciliation of adjusted financial measures 1 Substantially all distribution expenses are paid to financial intermediaries for the distribution of JHG’s investment products. JHG management believes that the deduction of third- party distribution, service and advisory expenses from revenue in the computation of net revenue reflects the nature of these expenses, as these costs are passed through to external parties that perform functions on behalf of, and distribute, the Group’s managed AUM. 2 Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs do not represent the ongoing operations of the Group. 3 2019 adjustments primarily represent contingent consideration adjustments associated with acquisitions prior to the Merger and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. Adjustments for the three months ended 30 June 2018 primarily represent fair value movements on options issued to Dai-ichi in addition to contingent consideration costs associated with acquisitions prior to the merger. JHG management believes these costs do not represent the ongoing operations of the Group. 4 Investment management contracts have been identified as a separately identifiable intangible asset arising on the acquisition of subsidiaries and businesses. Such contracts are recognised at the net present value of the expected future cash flows arising from the contracts at the date of acquisition. For segregated mandate contracts, the intangible asset is amortised on a straight-line basis over the expected life of the contracts. The three months ended 30 June 2019 also include a US$18m impairment of certain mutual fund contracts. JHG management believes these non-cash and acquisition-related costs do not represent the ongoing operations of the Group. 5 The tax impact of the adjustments is calculated based on the US or foreign statutory tax rate as they relate to each adjustment. Certain adjustments are either not taxable or not tax-deductible.


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39 2Q19 (US$m) 1Q19 (US$m) 2Q18 (US$m) AUM generating 2Q19 pfees (US$bn) # of funds generating 2Q19 pfees Frequency Timing SICAVs 1.5 – 4.2 4.9 12 23 annually; 2 quarterly 23 at June; 2 on quarters Offshore Absolute Return – – 1.5 – – Quarterly / Annually Various Segregated Mandates1 5.5 3.3 4.4 13.6 15 Quarterly / Annually Various UK OEICs & Unit Trusts – – 4.4 – – Quarterly Various Investment Trusts – – 6.7 – – Annually Various US Mutual Funds2 (3.5) (8.9) (7.7) 44.8 17 Monthly Monthly Total 3.5 (5.6) 13.5 63.3 44 Performance fees Note: Performance fees include prior quarter accrual true-ups. 1 Segregated Mandates includes Private Accounts, Managed CDOs and Private Equity. 2 AUM data presents US Mutual Fund AUM subject to performance fees as at 30 June 2019. Janus Investment Funds and Janus Aspen Series Portfolios are counted as distinct and separate funds.


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40 US mutual funds with performance fees Mutual funds with performance fees¹ AUM 30 Jun 2019 US$m Benchmark Base fee Performance fee2 Performance cap/(floor) vs benchmark 2Q19 P&L impact US$’000 Research Fund³ 14,503 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (4,031) Forty Fund³ and Portfolio 14,064 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% (126) Global Research Fund and Portfolio 3,566 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% 869 Mid Cap Value Fund and Portfolio 3,350 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% 117 Small Cap Value Fund 3,216 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% 1 Contrarian Fund 2,785 S&P 500® Index 0.64% ± 15 bps ± 7.00% (431) Overseas Fund and Portfolio 2,053 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% 302 Research Portfolio⁴ 524 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (193) Global Real Estate Fund 377 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% 93 Global Value Fund 203 MSCI World IndexSM 0.64% ± 15 bps ± 7.00% (87) Large Cap Value Fund 100 Russell 1000® Value Index 0.64% ± 15 bps ± 3.50% (36) Select Value Fund 59 Russell 3000® Value Index 0.70% ± 15 bps ± 5.00% 27 Asia Equity Fund 25 MSCI All Country Asia ex-Japan IndexSM 0.92% ± 15 bps ± 7.00% 4 Total 44,825 (3,490) Note: AUM data shown on a managed view. Numbers may not cast due to rounding. 1 The funds listed have a performance-based investment advisory fee that adjusts up or down based on performance relative to a benchmark over 36-month rolling periods. Please see the funds’ Statements of Additional Information for more details and benchmark information. 2 Adjustment of ± 15 bps assumes constant assets and could be higher or lower depending on asset fluctuations. 3 The Janus Fund merged into the Research Fund and the Twenty Fund merged into the Forty Fund effective 1 May 2017. For two years, the investment advisory fee will be waived to the lesser of the investment advisory fee rate payable by the surviving fund, or the investment advisory fee rate that the merged fund would have paid if the merger did not occur. 4 Until 1 May 2020, the portion of performance for periods prior to 1 May 2017 will be compared to the Portfolio's former benchmark, the Core Growth Index (50% S&P 500® Index / 50% Russell 1000® Growth Index). Prior to 1 May 2017, the performance fee hurdle was ± 4.5% vs the Core Growth Index.


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41 Long-term incentive compensation Estimated future long-term incentive compensation amortisation US$m Amount remaining to expense 2019 2020 2021 2022 2023 2016 annual grant 7 7 – – – – 2017 annual grant 23 18 5 – – – 2018 annual grant 82 52 24 6 – – 2019 annual grant 148 72 49 22 4 1 Other¹ 110 36 29 21 13 11 Total long-term incentive compensation 371 186 107 49 17 12 Note: 2016, 2017 and 2018 annual grants generally vest over three and four years. 2019 annual grants generally vest over three years. Assumes no forfeitures in future periods. Assumes no change in future values related to market or currency, which would impact expense related to cash based awards (MFSAs and DEP funds) and social security expense upon vesting. Numbers may not cast due to rounding. 1 Includes retention and recruiting awards, other subsidiary grants and social security expense. Social security expense is estimated based on amount of existing awards expected to vest in that year.


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42 Contacts Investor enquiries John Groneman Global Head of Investor Relations +44 (0) 20 7818 2106 [email protected] Jim Kurtz US Investor Relations Manager +1 (303) 336 4529 [email protected] Melanie Horton Non-US Investor Relations Manager +44 (0) 20 7818 2905 [email protected] Investor Relations [email protected] Media enquiries North America: Taylor Smith +1 303 336 5031 [email protected] EMEA: Sally Todd +44 (0) 20 7818 2244 [email protected] United Kingdom: FTI Consulting Tom Blackwell +44 (0) 20 3727 1051 [email protected] Asia Pacific: Honner Jessica Effeney +61 2 8248 3745 [email protected]


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43 Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. Forward looking information This presentation includes statements concerning potential future events involving Janus Henderson Group plc 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 Henderson Group’s Annual Report on Form 10-K for the fiscal year ended 31 December 2018, on file with the Securities and Exchange Commission (Commission file no. 001-38103), 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 realised. Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. No public offer The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments. Not all products or services are available in all jurisdictions. Mutual funds in the US distributed by Janus Henderson Distributors. Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus or, if available, a summary prospectus containing this and other information, please contact your investment professional or call 800.668.0434. Read it carefully before you invest or send money. Janus Henderson, Janus, Henderson, Intech, Alphagen and Knowledge. Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Janus Henderson Investors 201 Bishopsgate, London EC2M 3AE Tel: 020 7818 1818 Fax: 020 7818 1819


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