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Section 1: 8-K (8-K)

0001274173false00012741732020-07-292020-07-29

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 29, 2020

Commission File Number 001-38103

Graphic

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 29, 2020, Janus Henderson Group plc (“JHG”) issued a press release reporting its financial results for the second quarter 2020. 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 2020.

99.2

Janus Henderson Group plc second quarter 2020 earnings presentation.

104

Cover Page Interactive Data File - The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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 29, 2020

By:

/s/ Roger Thompson

Roger Thompson

Chief Financial Officer

3

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

Exhibit 99.1

Graphic

Janus Henderson Group plc Reports Second Quarter 2020 Diluted EPS of US$0.55,

or US$0.67 on an Adjusted Basis

Solid long-term investment performance, with 62% and 68% of assets under management (‘AUM’) outperforming relevant benchmarks on a three- and five-year basis, respectively, as at 30 June 2020
AUM of US$336.7 billion was up 14% compared to the prior quarter, reflecting an improvement in global markets partially offset by net outflows of US$(8.2) billion
Completed US$22 million of share buybacks during the second quarter
Board declared quarterly dividend of US$0.36 per share

LONDON — 29 July 2020 — Janus Henderson Group plc (NYSE/ASX: JHG; ‘JHG’, ‘the Group’) published its second quarter 2020 results for the period ended 30 June 2020.

Second quarter 2020 operating income was US$106.7 million compared to US$(332.4) million in the first quarter 2020 and US$118.5 million in the second quarter 2019. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, of US$138.4 million compared to US$164.5 million in the first quarter 2020 and US$152.0 million in the second quarter 2019.

Second quarter 2020 diluted earnings per share was US$0.55 compared to US$(1.35) in the first quarter 2020 and US$0.56 in the second quarter 2019. Adjusted diluted earnings per share of US$0.67 increased 12% compared to US$0.60 in the first quarter 2020 and increased 10% versus US$0.61 in the second quarter 2019.

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

“In the face of the extraordinary challenges resulting from the global COVID-19 pandemic, we have delivered strong financial performance in the second quarter, and our long-term investment performance remains solid.

“Net flows into our Intermediary channel rebounded strongly during the quarter with US$900 million of positive net flows, a 3% annualised organic growth rate; however, the strong progress in this business was offset by outflows across our Institutional channel. Despite these Institutional outflows, we continue to have a strong global pipeline across a diverse set of clients and strategies, and we remain confident in our ability to convert those opportunities into net flows in the quarters to come.

“Looking forward, we are convinced we are on the right path to organic growth and increasing profitability with our strategy of Simple Excellence, and we continue to have a strong focus on costs balanced against appropriate investments to achieve these goals. By continuing to execute on these efforts, we are confident we will be able to deliver for our clients, our owners and our employees, as well as continuing to make positive contributions to the communities in which we operate.”

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, JHG management evaluates the profitability of the Group and its ongoing operations using additional non-GAAP financial measures. Management uses these performance measures to evaluate the business, and adjusted values are consistent with internal management reporting. See ‘Reconciliation of non-GAAP financial information’ below for additional information.

Six months ended

 

30 Jun

30 Jun

 

    

2020

    

2019

    

% change

 

GAAP basis:

 

  

 

  

 

  

Revenue

 

1,072.9

 

1,055.2

 

2

%

Operating expenses

 

1,298.6

 

812.2

 

60

%

Operating income

 

(225.7)

 

243.0

 

(193)

%

Operating margin

 

(21.0)

%  

23.0

%  

(44.0)

ppt

Net income attributable to JHG

 

(144.1)

 

203.5

 

(171)

%

Diluted earnings per share

 

(0.79)

 

1.03

 

(177)

%

Adjusted basis:

 

  

 

  

 

  

Revenue

 

856.0

 

851.8

 

0

%

Operating expenses

 

553.1

 

556.4

 

(1)

%

Operating income

 

302.9

 

295.4

 

3

%

Operating margin

 

35.4

%  

34.7

%  

0.7

ppt

Net income attributable to JHG

 

239.3

 

229.7

 

4

%

Diluted earnings per share

 

1.28

 

1.17

 

10

%

Three months ended

30 Jun

31 Mar

30 Jun

    

2020

    

2020

    

2019

GAAP basis:

 

  

 

  

 

 

Revenue

 

518.0

 

554.9

 

535.9

 

Operating expenses

 

411.3

 

887.3

 

417.4

 

Operating income (loss)

 

106.7

 

(332.4)

 

118.5

 

Operating margin

 

20.6

%  

(59.9)

%  

22.1

%  

Net income (loss) attributable to JHG

 

102.9

 

(247.0)

 

109.4

 

Diluted earnings (loss) per share

 

0.55

 

(1.35)

 

0.56

 

Adjusted basis:

 

  

 

  

 

 

Revenue

 

413.3

 

442.7

 

434.4

 

Operating expenses

 

274.9

 

278.2

 

282.4

 

Operating income

 

138.4

 

164.5

 

152.0

 

Operating margin

 

33.5

%  

37.2

%  

35.0

%  

Net income attributable to JHG

 

126.6

 

112.7

 

119.7

 

Diluted earnings per share

 

0.67

 

0.60

 

0.61

 

First half 2020 adjusted revenue of US$856.0 million increased slightly from the first half 2019 result of US$851.8 million, as lower management fees in the first half 2020 were offset by higher performance and shareowner servicing fees. First half 2020 adjusted operating income of US$302.9 million improved from US$295.4 million in the first half 2019, primarily due to the factors impacting adjusted revenue.

Second quarter 2020 adjusted revenue of US$413.3 million decreased from the first quarter 2020 result of US$442.7 million due to lower average AUM, partially offset by higher performance fees and net management fee

Page | 2


margin. Second quarter 2020 adjusted net income attributable to JHG of US$126.6 million increased from US$112.7 million in the first quarter 2020, primarily due to an improvement in investment gains (losses), net from the second quarter 2019, driven by fair value adjustments in relation to seeded investment products and derivative instruments.

DIVIDEND AND SHARE BUYBACK

On 28 July 2020, the Board declared a second quarter dividend in respect of the three months ended 30 June 2020 of US$0.36 per share. Shareholders on the register on the record date of 10 August 2020 will be paid the dividend on 26 August 2020. 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 2020, JHG purchased approximately 1.1 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$22.0 million.

Net tangible assets per share

US$

    

30 Jun 2020

    

30 Jun 2019

Net tangible assets / (liabilities) per ordinary share

 

2.61

 

1.32

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-US$ denominated AUM is translated into US$. Redemptions include impact of client switches.

Total Group comparative AUM and flows

Three months ended

30 Jun

31 Mar

30 Jun

    

2020

    

2020

    

2019

Opening AUM

 

294.4

 

374.8

 

357.3

Sales

 

17.9

 

21.4

 

15.6

Redemptions

 

(26.1)

 

(33.6)

 

(25.4)

Net sales / (redemptions)

 

(8.2)

 

(12.2)

 

(9.8)

Market / FX

 

50.5

 

(64.0)

 

12.3

Acquisitions / (disposals)

(4.2)

Closing AUM

 

336.7

 

294.4

 

359.8

Quarterly AUM and flows by capability

    

    

Fixed

    

Quantitative

    

    

    

Equities

Income

Equities

Multi-Asset

Alternatives

Total

AUM 30 Jun 2019

191.3

73.5

47.6

35.1

12.3

359.8

Sales

 

6.0

 

6.1

 

0.3

 

2.4

 

0.5

 

15.3

Redemptions

 

(8.0)

 

(4.7)

 

(2.7)

 

(2.0)

 

(1.4)

 

(18.8)

Net sales / (redemptions)

 

(2.0)

 

1.4

 

(2.4)

 

0.4

 

(0.9)

 

(3.5)

Market / FX

 

(1.1)

 

0.1

 

0.4

 

0.8

 

(0.4)

 

(0.2)

AUM 30 Sep 2019

 

188.2

 

75.0

 

45.6

 

36.3

 

11.0

 

356.1

Sales

 

9.4

 

5.6

 

0.3

 

2.7

 

0.7

 

18.7

Redemptions

 

(10.7)

 

(8.4)

 

(3.6)

 

(1.3)

 

(1.4)

 

(25.4)

Net sales / (redemptions)

(1.3)

 

(2.8)

 

(3.3)

 

1.4

 

(0.7)

 

(6.7)

Market / FX

 

17.1

 

2.6

 

2.9

 

2.1

 

0.7

 

25.4

AUM 31 Dec 2019

 

204.0

 

74.8

 

45.2

 

39.8

 

11.0

 

374.8

Sales

 

8.8

 

8.0

 

0.4

 

3.5

 

0.7

 

21.4

Redemptions

 

(15.7)

 

(11.4)

 

(2.4)

 

(2.5)

 

(1.6)

 

(33.6)

Net sales / (redemptions)

 

(6.9)

 

(3.4)

 

(2.0)

 

1.0

 

(0.9)

 

(12.2)

Market / FX

 

(43.2)

 

(6.1)

 

(8.6)

 

(5.3)

 

(0.8)

 

(64.0)

Acquisitions / (disposals)

 

(4.0)

 

 

 

(0.2)

 

 

(4.2)

AUM 31 Mar 2020

 

149.9

 

65.3

 

34.6

 

35.3

 

9.3

 

294.4

Sales

 

7.9

 

6.3

 

0.4

 

2.5

 

0.8

 

17.9

Redemptions

 

(12.1)

 

(7.0)

 

(4.3)

 

(1.8)

 

(0.9)

 

(26.1)

Net sales / (redemptions)

 

(4.2)

 

(0.7)

 

(3.9)

 

0.7

 

(0.1)

 

(8.2)

Market / FX

 

33.5

 

5.6

 

6.8

 

4.3

 

0.3

 

50.5

Reclassification1

(0.1)

 

 

 

 

0.1

 

AUM 30 Jun 2020

 

179.1

 

70.2

 

37.5

 

40.3

 

9.6

 

336.7


1Reflects reclassification of an existing fund from Equities to Alternatives.

Average AUM

Three months ended

30 Jun

31 Mar

30 Jun

    

2020

    

2020

    

2019

Equities

 

168.7

 

189.3

 

190.5

Fixed Income

 

68.7

 

71.6

 

72.0

Quantitative Equities

 

38.0

 

42.0

 

48.4

Multi-Asset

 

38.3

 

39.4

 

34.2

Alternatives

 

9.3

 

10.4

 

12.6

Total

 

323.0

 

352.7

 

357.7

Page | 4


INVESTMENT PERFORMANCE

% of AUM outperforming benchmark (at 30 June 2020)

Capability

    

1 year

    

3 years

    

5 years

    

Equities

 

52

%

54

%

64

%

Fixed Income

 

83

%

87

%

96

%

Quantitative Equities

 

23

%

22

%

9

%

Multi-Asset

 

93

%

91

%

94

%

Alternatives

 

96

%

96

%

99

%

Total

 

60

%

62

%

68

%

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 30 June 2020. Capabilities defined by Janus Henderson.

% of mutual fund AUM in top 2 Morningstar quartiles (at 30 June 2020)

Capability

    

1 year

    

3 years

    

5 years

    

Equities

 

59

%

56

%

76

%

Fixed Income

 

77

%

86

%

74

%

Quantitative Equities

 

3

%

60

%

8

%

Multi-Asset

 

90

%

92

%

92

%

Alternatives

 

98

%

100

%

96

%

Total

 

67

%

67

%

78

%

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%, 82%, 82%, 86% and 86% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 30 June 2019, 30 September 2019, 31 December 2019, 31 March 2020 and 30 June 2020, respectively. For the one-, three-, five- and 10-year periods ending 30 June 2020, 59%, 61%, 62% and 65% of the 200, 192, 183 and 146 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. © 2020 Morningstar, Inc. All Rights Reserved.

THIRD QUARTER 2020 RESULTS

Janus Henderson intends to publish its third quarter 2020 results on 29 October 2020.

Page | 5


SECOND QUARTER 2020 RESULTS BRIEFING INFORMATION

Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 29 July 2020 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

3404786

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

About Janus Henderson

Janus Henderson Group 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.

At 30 June 2020, Janus Henderson had approximately US$337 billion in assets under management, more than 2,000 employees, and offices in 27 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:

Jim Kurtz

Stephen Sobey

US Investor Relations Manager
+1 303 336 4529

Head of Media Relations

+44 (0) 20 7818 2523

[email protected]

[email protected]

Melanie Horton

United Kingdom: FTI Consulting

Non-US Investor Relations Manager

Tom Blackwell

+44 (0) 20 7818 2905

+44 (0) 20 3727 1051

[email protected]

[email protected]

Or

Asia Pacific: Honner

Craig Morris

Investor Relations

+61 2 8248 3757

[email protected]

[email protected]

Page | 6


FINANCIAL DISCLOSURES

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)

    

2020

    

2020

    

2019

Revenue:

Management fees

 

407.7

 

439.6

 

446.4

Performance fees

 

17.2

 

14.6

 

3.5

Shareowner servicing fees

 

47.3

 

50.3

 

38.3

Other revenue

45.8

 

50.4

 

47.7

Total revenue

 

518.0

 

554.9

 

535.9

Operating expenses:

Employee compensation and benefits

 

145.8

 

155.6

 

146.5

Long-term incentive plans

 

49.1

 

33.6

 

49.2

Distribution expenses

 

104.7

 

112.2

 

101.5

Investment administration

 

12.6

 

11.7

 

11.1

Marketing

 

3.7

 

6.7

 

8.1

General, administrative and occupancy

 

58.0

 

65.2

 

67.7

Impairment of goodwill and intangible assets

26.4

487.3

18.0

Depreciation and amortisation

 

11.0

 

15.0

 

15.3

Total operating expenses

 

411.3

 

887.3

 

417.4

Operating income (loss)

 

106.7

 

(332.4)

 

118.5

Interest expense

 

(3.2)

 

(3.3)

 

(4.2)

Investment gains (losses), net

 

50.3

 

(50.5)

 

4.8

Other non-operating income, net

 

8.6

 

32.2

 

28.5

Income (loss) before taxes

 

162.4

 

(354.0)

 

147.6

Income tax benefit (provision)

 

(30.1)

 

68.8

 

(35.3)

Net income (loss)

 

132.3

 

(285.2)

 

112.3

Net loss (income) attributable to noncontrolling interests

 

(29.4)

 

38.2

 

(2.9)

Net income (loss) attributable to JHG

 

102.9

 

(247.0)

 

109.4

Less: allocation of earnings to participating stock-based awards

 

(3.0)

 

 

(3.2)

Net income (loss) attributable to JHG common shareholders

 

99.9

 

(247.0)

 

106.2

Basic weighted-average shares outstanding (in millions)

 

181.8

 

182.4

 

190.2

Diluted weighted-average shares outstanding (in millions)

 

182.1

 

182.4

 

190.7

Diluted earnings (loss) per share (in US$)

 

0.55

 

(1.35)

 

0.56

Page | 7


Reconciliation of non-GAAP financial information

In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components, as defined by the SEC. These measures are not in accordance with, or a substitute for, GAAP, and our financial measures may be different from non-GAAP financial measures used by other companies. We have provided a reconciliation of our non-GAAP components to the most directly comparable GAAP components. The following are reconciliations of US GAAP revenue, operating expenses, operating income (loss), net income (loss) attributable to JHG and diluted earnings (loss) per share to adjusted revenue, adjusted operating expenses, 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)

    

2020

    

2020

    

2019

Reconciliation of revenue to adjusted revenue

Revenue

 

518.0

 

554.9

 

535.9

 

Management fees1

(40.2)

(44.1)

(46.4)

Shareowner servicing fees1

(39.0)

(41.1)

(29.1)

Other revenue1

 

(25.5)

 

(27.0)

 

(26.0)

 

Adjusted revenue

 

413.3

 

442.7

 

434.4

 

Reconciliation of operating expenses to adjusted operating expenses

Operating expenses

 

411.3

 

887.3

 

417.4

 

Employee compensation and benefits2

 

(0.5)

 

(1.4)

 

(3.1)

 

Long-term incentive plans2

 

0.2

 

0.1

 

0.2

 

Distribution expenses1

(104.7)

(112.2)

(101.5)

General, administration and occupancy2

 

(2.8)

 

(1.9)

 

(5.3)

 

Impairment of goodwill and intangible assets3

(26.4)

 

(487.3)

 

(18.0)

Depreciation and amortisation3

 

(2.2)

 

(6.4)

 

(7.3)

 

Adjusted operating expenses

 

274.9

 

278.2

 

282.4

 

Adjusted operating income

 

138.4

 

164.5

 

152.0

 

Operating margin

20.6

%

(59.9)

%

22.1

%

Adjusted operating margin

 

33.5

%

37.2

%

35.0

%

Reconciliation of net income (loss) attributable to JHG to adjusted net income attributable to JHG

Net income (loss) attributable to JHG

 

102.9

 

(247.0)

 

109.4

 

Employee compensation and benefits2

 

0.5

 

1.4

 

3.1

 

Long-term incentive plans2

 

(0.2)

 

(0.1)

 

(0.2)

 

General, administration and occupancy2

 

2.8

 

1.9

 

5.3

 

Impairment of goodwill and intangible assets3

26.4

 

487.3

 

18.0

 

Depreciation and amortisation3

 

2.2

 

6.4

 

7.3

 

Interest expense4

 

 

0.1

 

1.0

 

Investment gains (losses), net

 

 

 

1.0

 

Other non-operating income (expenses), net4

 

(0.6)

 

(25.9)

 

(22.6)

 

Income tax benefit (provision)5

 

(7.4)

 

(111.4)

 

(2.6)

 

Adjusted net income attributable to JHG

 

126.6

 

112.7

 

119.7

 

Less: allocation of earnings to participating stock-based awards

 

(3.7)

 

(3.2)

 

(3.5)

 

Adjusted net income attributable to JHG common shareholders

 

122.9

 

109.5

 

116.2

 

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

 

182.1

 

182.4

 

190.7

 

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

 

0.55

 

(1.35)

 

0.56

 

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

 

0.67

 

0.60

 

0.61

 


1JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG

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management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue.
2Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs are not representative of the ongoing operations of the Group.
3Investment 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. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements and client relationships. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group.
4Adjustments for the three months ended 31 March 2020 primarily relate to the gain recognised on the disposal of Geneva during the quarter. Other adjustments include contingent consideration adjustments associated with prior acquisitions and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. JHG management believes these costs are not representative of the ongoing operations of the Group.
5The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates 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)

    

2020

    

2019

Assets:

 

  

 

  

Cash and cash equivalents

 

836.6

733.9

Investment securities

 

219.1

253.5

Property, equipment and software, net

 

82.5

84.7

Intangible assets and goodwill, net

 

3,949.0

4,592.9

Assets of consolidated variable interest entities

 

712.4

1,010.9

Other assets

 

925.6

945.8

Total assets

 

6,725.2

 

7,621.7

Liabilities, redeemable noncontrolling interests and equity:

 

  

 

  

Long-term debt

 

314.8

316.2

Deferred tax liabilities, net

 

600.5

729.1

Liabilities of consolidated variable interest entities

 

81.0

57.1

Other liabilities

 

831.3

935.2

Redeemable noncontrolling interests

 

468.7

677.9

Total equity

 

4,428.9

4,906.2

Total liabilities, redeemable noncontrolling interests and equity

6,725.2

7,621.7

Condensed consolidated statements of cash flows (unaudited)

Three months ended

30 Jun

31 Mar

30 Jun

(in US$ millions)

    

2020

    

2020

    

2019

Cash provided by (used for):

 

  

 

  

 

  

Operating activities

 

204.6

37.9

117.7

Investing activities

 

(166.8)

41.8

(39.8)

Financing activities

 

37.4

(46.0)

(77.2)

Effect of exchange rate changes

 

3.0

(28.0)

(9.6)

Net change during period

 

78.2

5.7

(8.9)

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STATUTORY DISCLOSURES

Associates and joint ventures

At 30 June 2020, 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:

LongTail 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 2019, 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.

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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  2019 and in other filings or furnishings made by the Company with the Securities and Exchange Commission from time to time (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 and Knowledge Shared are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc.

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(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 2Q20 results presentation Wednesday 29 July 2020

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1 Progress since the merger Next steps: ‘Simple Excellence’ ✓ While growth and net flows have not met expectations, recent results are showing positive momentum Building on the encouraging signs of growth, powered by the execution of our Simple Excellence strategy ✓ Successfully created a unified company with a strong culture, common systems and a simplified operating model Further modernising and simplifying our platform across products, capabilities and global client servicing ✓ Delivered over US$125m of merger-related cost savings, along with continued expense management discipline Pursuing Simple Excellence, balancing strategic investments with further efficiencies Strategy journey: three years into the merger Strengthening our foundation as we enter our next growth phase

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Roger Thompson Chief Financial Officer 2Q20 results presentation Business and financial update

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3 2Q20 results • Investment performance is solid over 1, 3 and 5 years • AUM increased 14% to US$336.7bn as improved global markets offset net outflows • Adjusted diluted EPS of US$0.67 • Declared US$0.36 per share dividend and completed US$22m of share buybacks 2Q20 1Q20 3-year investment outperformance¹ 62% 65% Net flows (US$8.2bn) (US$12.2bn) Total AUM US$336.7bn US$294.4bn US GAAP diluted EPS US$0.55 US($1.35) Adjusted diluted EPS² US$0.67 US$0.60 Dividend per share US$0.36 US$0.36 Key metrics – 2Q20 vs 1Q20 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 slides 35 and 36 for additional information.

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4 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 Firmwide investment performance remains solid; 1-year improved since March % of mutual fund AUM in top 2 Morningstar quartiles (as at 30 Jun 2020) % of AUM outperforming benchmark (as at 30 Jun 2020) 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. 99% 68% 54% 62% 60% 96% 9% 96% 78% 92% 67% 90% 92% 48% 96% 76% 74% 52% 23% 83% 94% 91% 93% 22% 64% 59% 86% 77% 98% 60% 96% 87% 56% 3% 8% 100% 67%

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5 17.1 17.7 16.6 15.6 15.6 15.3 18.7 21.4 17.9 (19.8) (22.0) (25.0) (23.0) (25.4) (18.8) (25.4) (33.6) (26.1) (2.7) (4.3) (8.4) (7.4) (9.8) (3.5) (6.7) (12.2) (8.2) 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Total flows Total flows 2Q18 to 2Q20 (US$bn) Redemptions Sales Net sales / (redemptions) 18% 19% 17% 19% 18% 17% 21% 23% 25% Annualised gross sales¹ Annualised gross redemptions¹ Net flows improved quarter over quarter and year over year 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. (21%) (24%) (26%) (28%) (29%) (21%) (29%) (36%) (36%)

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6 7.9 6.3 0.4 2.5 0.8 (12.1) (7.0) (4.3) (1.8) (0.9) (4.2) (0.7) (3.9) 0.7 (0.1) Equities Fixed Income Quantitative Equities Multi-Asset Alternatives 2Q20 flows by capability 2Q20 flows by capability (US$bn) Annualised gross sales¹ Redemptions Sales Net sales / (redemptions) 21% 39% 5% 29% 36% (32%) (43%) (50%) (21%) (40%) Annualised gross redemptions¹ Outflows across four capabilities partially offset by continued strength in Multi-Asset 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.

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7 Statement of income US GAAP and adjusted US GAAP Adjustments Adjusted Revenue Management fees 407.7 Performance fees 17.2 Shareowner servicing fees 47.3 Other revenue 45.8 Total revenue 518.0 (104.7) 413.3 Operating expenses Employee compensation and benefits 145.8 Long-term incentive plans 49.1 Distribution expenses 104.7 Investment administration 12.6 Marketing 3.7 General, administrative and occupancy 58.0 Impairment of goodwill and intangible assets 26.4 Depreciation and amortisation 11.0 Total operating expenses 411.3 (136.4) 274.9 Operating income (loss) 106.7 31.7 138.4 US$m 3 months ended 30 Jun 2020 Note: See adjusted financial measures reconciliation on slides 35 and 36 for additional information.

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8 US$, except margin data 2Q20 1Q20 Change 2Q20 vs 1Q20 2Q19 Change 2Q20 vs 2Q19 Average AUM 323.0bn 352.7bn (8%) 357.7bn (10%) Total revenue 518.0m 554.9m (7%) 535.9m (3%) Operating income (loss) 106.7m (332.4)m nm 118.5m (10%) Operating margin 20.6% (59.9%) nm 22.1% (1.5ppt) US GAAP diluted EPS 0.55 (1.35) nm 0.56 (2%) Adjusted revenue 413.3m 442.7m (7%) 434.4m (5%) Adjusted operating income 138.4m 164.5m (16%) 152.0m (9%) Adjusted operating margin 33.5% 37.2% (3.7ppt) 35.0% (1.5ppt) Adjusted diluted EPS 0.67 0.60 12% 0.61 10% Summary financial results Summary of results Note: See adjusted financial measures reconciliation on slides 35 and 36 for additional information. US GAAP and adjusted

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9 367.5 395.5 17.2 14.6 8.3 9.2 20.3 23.4 413.3 442.7 2Q20 1Q20 Management fees Performance fees Shareowner servicing fees Other revenue 2Q20 adjusted revenue drivers Revenue 2Q20 adjusted revenue reflects lower average assets Adjusted revenue – 1Q20 vs 2Q20 (US$m) Note: See adjusted financial measures reconciliation on slides 35 and 36 for additional information. 1 Net margin based on management fees net of distribution expenses. • Decrease from 1Q20 management fees driven by lower average assets • Improved average net management fee margin due to asset mix shift US$m, except margin data 2Q20 1Q20 Change Total adjusted revenue 413.3 442.7 (7%) Management fees 367.5 395.5 (7%) Performance fees 17.2 14.6 18% Shareowner servicing fees 8.3 9.2 (10%) Other revenue 20.3 23.4 (13%) Average net¹ mgmt fee margin 45.7bps 45.1bps 0.6bps

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10 274.9 278.2 15.6 0.9 0.2 (8.9) (3.0) (8.1) 1Q20 Compensation and benefits LT incentive plans Investment administration Marketing General, admin. and occupancy Depreciation and amortisation 2Q20 Adjusted operating expenses – 1Q20 vs 2Q20 (US$m) Operating expenses Note: See adjusted financial measures reconciliation on slides 35 and 36 for additional information. 2Q20 adjusted expenses reflect impact of COVID-19 and cost discipline US$m 2Q20 US GAAP Adjustments 2Q20 adjusted 1Q20 adjusted Change 2Q20 adjusted vs 1Q20 adjusted Employee compensation and benefits 145.8 (0.5) 145.3 154.2 (6%) Long-term incentive plans 49.1 0.2 49.3 33.7 46% Total compensation expenses 194.9 (0.3) 194.6 187.9 4% Distribution expenses 104.7 (104.7) –– nm Investment administration 12.6 – 12.6 11.7 8% Marketing 3.7 – 3.7 6.7 (45%) General, administrative and occupancy 58.0 (2.8) 55.2 63.3 (13%) Impairment of goodwill and intangible assets 26.4 (26.4) –– nm Depreciation and amortisation 11.0 (2.2) 8.8 8.6 2% Non-staff operating expenses 216.4 (136.1) 80.3 90.3 (11%) Total operating expenses 411.3 (136.4) 274.9 278.2 (1%)

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11 802.2 880.4 799.4 851.3 1,601.6 1,731.7 315.5 314.8 Cash and investments Debt Cash and investments Debt 1 Includes seed investments of US$694.6m (including investment securities of consolidated variable interest entities of US$548.8m), investments related to deferred compensation plans of US$99.5m and other investments of US$5.3m as at 31 March 2020; includes seed investments of US$763.2m (including investment securities of consolidated variable interest entities of US$632.2m), investments related to deferred compensation plans of US$82.8m and other investments of US$5.3m as at 30 June 2020. 2 Includes cash and cash equivalents of consolidated variable interest entities of US$69.7m and US$43.8m as at 31 March 2020 and 30 June 2020, respectively. Balance sheet • At 30 June 2020, cash and investment securities totalled US$1,732m compared to outstanding debt of US$315m • Increase in investment securities due to market improvement • Board declared a dividend of US$0.36 per share to be paid on 26 August to shareholders on record at the close of business on 10 August Strong liquidity position Investment securities¹ Cash and cash equivalents² 2025 maturity Balance sheet profile – carrying value (31 Mar 2020 vs 30 Jun 2020) (US$m) 30 Jun 2020 31 Mar 2020

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Dick Weil Chief Executive Officer Strategy Update

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13 Delivering on our strategy of Simple Excellence Produce dependable investment outcomes Excel in client experience Focus and increase operational efficiency Proactive risk and control environment Develop new growth initiatives Our strategy: Simple Excellence Strengthening our core foundation while maximising growth potential Focus and execution lay the foundation for a successful business built for the long term Positive flows and AUM growth Revenue stability and profitability A return to consistent net inflows driven by organic growth across regions, client types and investment capabilities A growing and diversified AUM and client base, able to weather shifting market environments Revenue yield stability resulting from a focus on profitable growth, in context of changing global investor trends A balanced approach to managing costs, allowing for investment, expanded profitability and increased cash flow generation

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14 Produce dependable investment outcomes Focus on quality and stability of investment performance Key execution highlights Filling key investment roles ✓ Head of US Fixed Income, Director of Research and several analyst additions or replacements Investing to modernise ✓ New technology enhancing portfolio management, trading operations and compliance functions Strong results in growth products ✓ Performance for ‘Focus Products’ supports an optimistic, high-growth outlook Historical firmwide investment performance Additional highlights • Strong long-term investment performance with 67% of mutual fund AUM in the top 2 Morningstar quartiles and 62% of AUM outperforming the relative benchmark, each on a trailing 3-year basis as at 30 June 2020 • Improvement in our 1-year investment performance as market volatility subsided 62% 67% 0% 20% 40% 60% 80% 100% Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 % of AUM outperforming benchmark (3 years) % of mutual fund AUM in top 2 Morningstar quartiles (3 years) Note: Full performance and ranking disclosures detailed in the appendix on slides 28 and 29, including additional time periods and descriptions and quantities of assets and funds included in the analysis. 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.

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15 Excel in client experience Key execution highlights Revitalised leadership ✓ Global Head of Distribution, Global Head of Institutional, Head of Asia and a Global Distribution COO Investing to modernise ✓ Expansive upgrades to CRM, data / client analytics, global web platform, PCS and Business Intelligence Strategic programs ✓ Instituting new global distribution programmes across focused products and strategic client accounts Enhance our global distribution platform to drive growth and increase loyalty / duration 10.4 10.4 11.7 14.0 13.0 (12.7) (9.8) (10.1) (17.2) (12.1) (2.3) 0.5 1.6 (3.1) 0.9 Annualised gross sales¹ Annualised gross redemptions¹ 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. Numbers may not cast due to rounding. 27% 26% 29% 33% 38% (33%) (24%) (25%) (40%) (35%) 2Q19 3Q19 4Q19 1Q20 2Q20 Additional highlights • Firmwide gross sales set a post- merger record in 1Q20 and regained footing by the end of 2Q20, supporting the outlook for firmwide net inflows over the coming years • Strong global distribution momentum continues, evidenced by Intermediary market share gains in many key regions and a growing Institutional sales pipeline Select channel snapshot: Intermediary flow momentum (US$bn)

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16 Focus and increase operational efficiency Standardise the global model and modernise our infrastructure Rationalising our portfolio Simplicity and efficiency Infrastructure modernisation Product rationalisations Continual focus on costs Investment technology Consolidating or winding down sub- scale and non-core products amid a continued drive to reduce product complexities Balanced approach to managing costs while investing in growth, in context of a single, global profit-based incentive compensation model Order Management System (OMS) upgrade and global data infrastructure modernisation Divestitures and business exits Global operating model Distribution technology Reducing complexity through strategic exits from overlapping, non-core businesses Outsourcing and consolidating fund administration functions; merging disparate trading and operating models Upgrades to global CRM, client analytics and performance reporting US$125 million in merger-related cost synergies delivered ahead of schedule, in addition to incremental post-merger cost savings and a dedicated focus on pursuing the next phase of efficiencies 1 2 3

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17 Proactive risk and control environment This work, together with our infrastructure investments, is critical to building a long-term growth foundation and supporting a more active pursuit of future expansion opportunities Embedding a deep sense of understanding and ownership of risk and controls to support our long-term growth initiatives Fostering a proactive risk and control environment People & engagement ✓ Engagement by senior leaders to emphasise and own risk culture ✓ Key senior-level hires, in addition to a restructuring of Risk and Compliance teams Processes & governance ✓ Firmwide control enhancements, including for key investment activities ✓ Global risk management committees, policies and procedures Training & awareness ✓ Risk training and awareness improvement across the organisation ✓ Further embedding a strong culture of risk and compliance

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18 Develop new growth initiatives Build the businesses of tomorrow Focus on initiatives that build on our investment and distribution strengths Led by our clients in determining where and how we invest to grow Profitable growth forms the foundation of our expansion philosophy Thoughtfully balancing diversification of our business with the demands of scale Select growth initiatives currently underway Products & vehicles ✓ Delivering new products leveraging our breadth of equity, fixed income, alternatives and multi-asset investment expertise across a variety of vehicle types ✓ ETF development ✓ Fixed Income Regional expansion ✓ Expansion into new regions or client distribution channels with nascent client demand for our most successful capabilities ✓ Asia ex. Japan ✓ Latin America In addition, we remain focused on other expansion areas which complement our strategy and further enhance our strengthened post-merger operating model 1 2 3

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Q&A

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Appendix

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21 53% 21% 12% 11% 3% Equities Fixed Income Multi-Asset Quantitative Equities Alternatives Assets under management as at 30 Jun 2020 47% 33% 20% Intermediary Institutional Self-directed 56% 30% 14% North America EMEA & LatAm Asia Pacific By client type By capability By client location US$179.1bn US$70.2bn US$40.3bn US$37.5bn US$9.6bn US$159.7bn US$109.5bn US$67.5bn US$187.6bn US$100.5bn US$48.6bn AUM: US$336.7bn

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22 Investment management capabilities Diversified product range Equities US$179.1bn AUM 30 Jun 2020 US$336.7bn Fixed Income US$70.2bn Multi-Asset US$40.3bn Self-directed Intermediary Institutional Institutional Institutional Quantitative Equities US$37.5bn Institutional Alternatives US$9.6bn Equities • Wide range of equity strategies encompassing different geographic focuses and investment styles Fixed Income • Innovative and differentiated techniques designed to support clients as they navigate each unique economic cycle Multi-Asset • Provides a range of diversified core investment solutions with the aim of delivering attractive returns over the long term with lower levels of volatility Quantitative Equities • Intech applies advanced mathematics and systematic portfolio rebalancing intended to harness the volatility of movements in stock prices Alternatives • Investment solutions aimed at delivering specific outcomes tailored to meet the needs and constraints of clients Intermediary

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23 Capability Strategy AUM (US$bn) 30 Jun 2020 US Mid Cap Growth 25.8 US Concentrated Growth 19.9 US Research Growth Equity 17.2 US SMID Cap Growth 11.7 Global Life Sciences 11.1 Absolute Return Income 10.1 Buy & Maintain Credit 9.8 Global Strategic Fixed Income 7.8 Core Plus Fixed Income 7.1 Australian Fixed Income 4.9 Intech Global Large Cap Core ex-Japan - ESG 8.6 Intech Global Large Cap Core 4.8 Intech US Enhanced Plus 4.1 Intech US Broad Large Cap Growth 2.7 Intech US Large Cap Growth 2.3 Balanced 34.8 UK Cautious Managed 1.5 Global Adaptive Capital Appreciation 0.6 Multi Manager Managed 0.4 Global Diversified Growth 0.3 UK Large Cap Absolute Return Equity 4.9 Property 2.4 Global Commodities 0.5 Europe Large Cap Long/Short 0.5 Multi Strategy Liquidity Risk Premia 0.3 Total 193.9 Equity Fixed Income Multi-Asset Alternatives Quantitative Equities Largest strategies by capability Note: Numbers may not cast due to rounding.

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24 5.5 6.1 5.6 8.0 6.3 (5.2) (4.7) (8.4) (11.4) (7.0) 0.3 1.4 (2.8) (3.4) (0.7) 2Q19 3Q19 4Q19 1Q20 2Q20 6.9 6.0 9.4 8.8 7.9 (12.9) (8.0) (10.7) (15.7) (12.1) (6.0) (2.0) (1.3) (6.9) (4.2) 2Q19 3Q19 4Q19 1Q20 2Q20 (27%) (17%) (23%) (31%) (32%) Flows: Equities and Fixed Income Equities (US$bn) Fixed Income (US$bn) Redemptions Sales Net sales / (redemptions) Annualised gross sales¹ Annualised gross redemptions¹ 15% 12% 20% 17% 21% 30% 33% 30% 43% 39% (28%) (25%) (45%) (61%) (43%) 1 Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.

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25 2.1 2.4 2.7 3.5 2.5 (1.5) (2.0) (1.3) (2.5) (1.8) 0.6 0.4 1.4 1.0 0.7 2Q19 3Q19 4Q19 1Q20 2Q20 0.2 0.3 0.3 0.4 0.4 (4.3) (2.7) (3.6) (2.4) (4.3) (4.1) (2.4) (3.3) (2.0) (3.9) 2Q19 3Q19 4Q19 1Q20 2Q20 0.9 0.5 0.7 0.7 0.8 (1.5) (1.4) (1.4) (1.6) (0.9) (0.6) (0.9) (0.7) (0.9) (0.1) 2Q19 3Q19 4Q19 1Q20 2Q20 Flows: Quantitative Equities, Multi-Asset and Alternatives Quantitative Equities (US$bn) Multi-Asset (US$bn) Alternatives (US$bn) 2% 2% 3% 4% 5% Annualised gross sales¹ Annualised gross redemptions¹ Redemptions Sales Net sales / (redemptions) 25% 27% 29% 36% 29% 28% 16% 24% 25% 36% (35%) (22%) (31%) (22%) (50%) (18%) (22%) (14%) (26%) (21%) (48%) (45%) (49%) (58%) (40%) 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 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Equities Fixed Income Quantitative Equities Multi-Asset Alternatives Total net flows by capability 2Q18 to 2Q20 (US$bn) (12.2) (2.7) (4.3) (7.4) (8.4) (9.8) (3.5) (6.7) (8.2)

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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 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 Sales 6.0 6.1 0.3 2.4 0.5 15.3 Redemptions (8.0) (4.7) (2.7) (2.0) (1.4) (18.8) Net sales / (redemptions) (2.0) 1.4 (2.4) 0.4 (0.9) (3.5) Market / FX (1.1) 0.1 0.4 0.8 (0.4) (0.2) AUM 30 Sep 2019 188.2 75.0 45.6 36.3 11.0 356.1 Sales 9.4 5.6 0.3 2.7 0.7 18.7 Redemptions (10.7) (8.4) (3.6) (1.3) (1.4) (25.4) Net sales / (redemptions) (1.3) (2.8) (3.3) 1.4 (0.7) (6.7) Market / FX 17.1 2.6 2.9 2.1 0.7 25.4 AUM 31 Dec 2019 204.0 74.8 45.2 39.8 11.0 374.8 Sales 8.8 8.0 0.4 3.5 0.7 21.4 Redemptions (15.7) (11.4) (2.4) (2.5) (1.6) (33.6) Net sales / (redemptions) (6.9) (3.4) (2.0) 1.0 (0.9) (12.2) Market / FX (43.2) (6.1) (8.6) (5.3) (0.8) (64.0) Acquisitions / (disposals) (4.0) 0.0 0.0 (0.2) 0.0 (4.2) AUM 31 Mar 2020 149.9 65.3 34.6 35.3 9.3 294.4 Sales 7.9 6.3 0.4 2.5 0.8 17.9 Redemptions (12.1) (7.0) (4.3) (1.8) (0.9) (26.1) Net sales / (redemptions) (4.2) (0.7) (3.9) 0.7 (0.1) (8.2) Market / FX 33.5 5.6 6.8 4.3 0.3 50.5 Reclassification1 (0.1) 0.0 0.0 0.0 0.1 0.0 AUM 30 Jun 2020 179.1 70.2 37.5 40.3 9.6 336.7 1 Reflects reclassification of an existing fund from Equities to Alternatives.

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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 30 Jun 2020, 31 Dec 2019 and 30 Sep 2019, 6% of AUM as at 31 Mar 2020, and 4% of AUM as at 30 Jun 2019. Capabilities defined by Janus Henderson. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 73% 74% 83% 75% 74% 80% 67% 76% 80% 43% 69% 70% 52% 54% 64% Fixed Income 61% 90% 89% 63% 94% 90% 82% 84% 92% 48% 55% 61% 83% 87% 96% Quantitative Equities 32% 11% 39% 39% 26% 25% 37% 40% 16% 35% 28% 9% 23% 22% 9% Multi-Asset 90% 91% 92% 90% 91% 93% 91% 91% 93% 86% 87% 93% 93% 91% 94% Alternatives 39% 100% 100% 96% 99% 100% 94% 99% 100% 95% 97% 97% 96% 96% 99% Total 66% 72% 80% 70% 74% 78% 69% 76% 77% 50% 65% 66% 60% 62% 68% Capability 2Q19 3Q19 4Q19 1Q20 2Q20

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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%, 82%, 82%, 86% and 86% of total mutual fund AUM were in the top 2 Morningstar quartiles for the 10-year periods ended 30 Jun 2019, 30 Sep 2019, 31 Dec 2019, 31 Mar 2020 and 30 Jun 2020, respectively. For the 1-, 3-, 5- and 10-year periods ending 30 Jun 2020, 59%, 61%, 62% and 65% of the 200, 192, 183 and 146 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. © 2020 Morningstar, Inc. All Rights Reserved. 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr 1yr 3yr 5yr Equities 85% 70% 88% 84% 79% 87% 88% 87% 77% 60% 85% 78% 59% 56% 76% Fixed Income 50% 50% 51% 53% 53% 55% 70% 55% 56% 75% 82% 70% 77% 86% 74% Quantitative Equities 61% 3% 51% 97% 57% 97% 22% 22% 19% 37% 57% 46% 3% 60% 8% Multi-Asset 87% 87% 88% 87% 88% 89% 93% 89% 90% 91% 91% 92% 90% 92% 92% Alternatives 32% 58% 58% 38% 37% 56% 36% 74% 95% 98% 60% 98% 98% 100% 96% Total 78% 68% 81% 78% 74% 82% 83% 82% 76% 69% 84% 79% 67% 67% 78% 2Q20 Capability 2Q19 3Q19 4Q19 1Q20

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30 Mutual fund investment performance (cont’d) Group 55 56 45 44 42 43 52 51 44 46 51 54 50 51 41 23 22 38 25 25 25 23 31 40 22 30 28 26 28 37 78 78 83 69 67 68 74 82 84 67 81 82 76 79 78 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 % of mutual fund AUM in top 2 Morningstar quartiles Equities 55 57 45 35 31 40 50 50 31 33 53 53 50 46 30 31 27 43 25 28 30 29 37 54 23 35 34 27 32 46 85 84 88 60 59 70 79 87 85 56 88 87 77 78 76 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 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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31 38 40 29 3 3 3 3 4 4 40 4 4 3 23 57 22 7 3 53 19 54 56 47 57 15 42 4 61 97 22 37 3 3 57 22 57 60 51 97 19 46 8 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Mutual fund investment performance (cont’d) Fixed Income 38 42 19 37 41 27 41 29 52 64 21 35 28 44 41 12 11 51 38 36 22 12 26 30 23 30 19 28 27 33 50 53 70 75 77 50 53 55 82 86 51 55 56 70 74 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 % of mutual fund AUM in top 2 Morningstar quartiles 1 year 3 year 5 year 1 year 3 year 5 year 2nd quartile 1st quartile Quantitative Equities 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) % of mutual fund AUM in top 2 Morningstar quartiles Alternatives 31 5 29 64 31 31 31 56 32 31 24 25 47 2 38 31 69 34 27 6 43 5 68 27 32 95 73 48 32 38 36 98 98 58 37 74 60 100 58 56 95 98 96 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 1 year 3 year 5 year 2nd quartile 1st quartile 1 year 3 year 5 year 2nd quartile 1st quartile 83 85 86 89 89 84 86 86 89 90 85 87 87 88 90 4 2 6 2 1 2 2 3 3 2 3 2 3 4 2 87 87 93 91 90 87 88 89 91 92 88 89 90 92 92 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 2Q19 3Q19 4Q19 1Q20 2Q20 Multi-Asset Note: Full performance disclosures detailed on slide 29. Numbers may not cast due to rounding.

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33 Capital management Continued commitment to return of capital – US$186m 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. Numbers may not cast due to rounding. 1 Total shares outstanding reflect amounts disclosed on forms 10-Q or 10-K for each respective quarter. Quarterly capital return 3Q18 to 2Q20 Dividend paid / share $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 $0.36 Debt repayment (US$m) 13.5 ––––––– Shares repurchased (m) 1.8 2.2 1.3 3.5 4.2 0.5 2.1 1.1 Total shares outstanding1 (m) 198.6 196.4 195.2 191.6 187.5 187.0 184.9 183.9 71.2 69.2 69.7 68.6 67.8 66.3 66.2 66.1 49.9 49.9 30.9 75.2 81.3 12.5 31.2 22.0 121.1 119.1 100.6 143.8 149.1 78.8 97.4 88.1 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Dividends Share repurchases

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34 US GAAP: statement of income 3 months ended 30 Jun 2020 31 Mar 2020 30 Jun 2019 Revenue Management fees 407.7 439.6 446.4 Performance fees 17.2 14.6 3.5 Shareowner servicing fees 47.3 50.3 38.3 Other revenue 45.8 50.4 47.7 Total revenue 518.0 554.9 535.9 Operating expenses Employee compensation and benefits 145.8 155.6 146.5 Long-term incentive plans 49.1 33.6 49.2 Distribution expenses 104.7 112.2 101.5 Investment administration 12.6 11.7 11.1 Marketing 3.7 6.7 8.1 General, administrative and occupancy 58.0 65.2 67.7 Impairment of goodwill and intangible assets 26.4 487.3 18.0 Depreciation and amortisation 11.0 15.0 15.3 Total operating expenses 411.3 887.3 417.4 Operating income (loss) 106.7 (332.4) 118.5 Interest expense (3.2) (3.3) (4.2) Investment gains (losses), net 50.3 (50.5) 4.8 Other non-operating income, net 8.6 32.2 28.5 Income (loss) before taxes 162.4 (354.0) 147.6 Income tax benefit (provision) (30.1) 68.8 (35.3) Net income (loss) 132.3 (285.2) 112.3 Net loss (income) attributable to noncontrolling interests (29.4) 38.2 (2.9) Net income (loss) attributable to JHG 102.9 (247.0) 109.4 Less: allocation of earnings to participating stock-based awards (3.0) –(3.2) Net income (loss) attributable to JHG common shareholders 99.9 (247.0) 106.2 Diluted weighted-average shares outstanding (m) 182.1 182.4 190.7 Diluted EPS (in US$) 0.55 (1.35) 0.56 US$m, except per share data or as noted

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35 Alternative performance measures Reconciliation of adjusted financial measures Note: Reconciliation to be used in conjunction with slide 36. Footnotes included on slide 37. 3 months ended 30 Jun 2020 31 Mar 2020 30 Jun 2019 Reconciliation of revenue to adjusted revenue Revenue 518.0 554.9 535.9 Management fees1 (40.2) (44.1) (46.4) Shareowner servicing fees1 (39.0) (41.1) (29.1) Other revenue1 (25.5) (27.0) (26.0) Adjusted revenue 413.3 442.7 434.4 Reconciliation of operating expenses to adjusted operating expenses Operating expenses 411.3 887.3 417.4 Employee compensation and benefits2 (0.5) (1.4) (3.1) Long-term incentive plans2 0.2 0.1 0.2 Distribution expenses1 (104.7) (112.2) (101.5) General, administrative and occupancy2 (2.8) (1.9) (5.3) Impairment of goodwill and intangible assets3 (26.4) (487.3) (18.0) Depreciation and amortisation3 (2.2) (6.4) (7.3) Adjusted operating expenses 274.9 278.2 282.4 Adjusted operating income 138.4 164.5 152.0 Operating margin 20.6% (59.9%) 22.1% Adjusted operating margin 33.5% 37.2% 35.0% US$m, except margin data

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36 Alternative performance measures (cont’d) Reconciliation of adjusted financial measures Note: Reconciliation to be used in conjunction with slide 35. Footnotes included on slide 37. 3 months ended 30 Jun 2020 31 Mar 2020 30 Jun 2019 Reconciliation of net income (loss) attributable to JHG to adjusted net income attributable to JHG Net income (loss) attributable to JHG 102.9 (247.0) 109.4 Employee compensation and benefits2 0.5 1.4 3.1 Long-term incentive plans2 (0.2) (0.1) (0.2) General, administrative and occupancy2 2.8 1.9 5.3 Impairment of goodwill and intangible assets3 26.4 487.3 18.0 Depreciation and amortisation3 2.2 6.4 7.3 Interest expense4 – 0.1 1.0 Investment gains (losses), net –– 1.0 Other non-operating income (expense)4 (0.6) (25.9) (22.6) Income tax benefit (provision)5 (7.4) (111.4) (2.6) Adjusted net income attributable to JHG 126.6 112.7 119.7 Diluted earnings (loss) per share (in US$) 0.55 (1.35) 0.56 Adjusted diluted earnings per share (in US$) 0.67 0.60 0.61 US$m, except per share data

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37 Alternative performance measures (cont’d) Footnotes to reconciliation of adjusted financial measures 1 JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and JHG contracts with third-party intermediaries to distribute and service certain of its investment products. Fees for distribution and servicing related activities are either provided for separately in an investment product’s prospectus or are part of the management fee. Under both arrangements, the fees are collected by JHG and passed through to third-party intermediaries who are responsible for performing the applicable services. The majority of distribution and servicing fees collected by JHG are passed through to third-party intermediaries. JHG management believes that the deduction of distribution and service fees from revenue in the computation of adjusted revenue reflects the pass-through nature of these revenues. In certain arrangements, JHG performs the distribution and servicing activities and retains the applicable fees. Revenues for distribution and servicing activities performed by JHG are not deducted from GAAP revenue. 2 Adjustments primarily represent integration costs in relation to the Merger, including severance costs, legal costs and consulting fees. JHG management believes these costs are not representative of the ongoing operations of the Group. 3 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. Adjustments also include impairment charges of our goodwill and certain mutual fund investment management agreements and client relationships. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group. 4 Adjustments for the three months ended 31 March 2020, primarily relate to the gain recognised on the disposal of Geneva during the quarter. Other adjustments include contingent consideration adjustments associated with prior acquisitions and increased debt expense as a consequence of the fair value uplift on debt due to acquisition accounting. JHG management believes these costs are not representative of the ongoing operations of the Group. 5 The tax impact of the adjustments is calculated based on the applicable US or foreign statutory tax rate as it relates to each adjustment. Certain adjustments are either not taxable or not tax-deductible.

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38 2Q20 (US$m) 1Q20 (US$m) 2Q19 (US$m) AUM generating 2Q20 pfees (US$bn) # of funds generating 2Q20 pfees Frequency Timing SICAVs 9.2 0.2 1.5 6.3 11 23 annually; 2 quarterly 23 at June; 2 on quarters Offshore Absolute Return – 4.0 ––– Quarterly / Annually Various Segregated Mandates1 9.3 11.0 5.5 14.2 9 Quarterly / Annually Various UK OEICs & Unit Trusts 2.3 1.3 – 1.8 1 Quarterly Various US Mutual Funds2 (3.6) (1.9) (3.5) 47.5 17 Monthly Monthly Total 17.2 14.6 3.5 69.8 38 Performance fees Note: Performance fees include prior quarter accrual true-ups. Numbers may not cast due to rounding. 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 2020. Janus Investment Funds and Janus Aspen Series Portfolios are counted as distinct and separate funds.

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39 Mutual funds with performance fees¹ AUM 30 Jun 2020 US$m Benchmark Base fee Performance fee2 Performance cap/(floor) vs benchmark 2Q20 P&L impact US$’000 Forty Fund and Portfolio 16,551 Russell 1000® Growth Index 0.64% ± 15 bps ± 8.50% 24 Research Fund 15,847 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (5,207) Global Research Fund and Portfolio 3,510 MSCI World IndexSM 0.60% ± 15 bps ± 6.00% 1,109 Small Cap Value Fund 3,123 Russell 2000® Value Index 0.72% ± 15 bps ± 5.50% 793 Contrarian Fund 2,788 S&P 500® Index 0.64% ± 15 bps ± 7.00% (719) Mid Cap Value Fund and Portfolio 2,561 Russell Midcap® Value Index 0.64% ± 15 bps ± 4.00% 452 Overseas Fund and Portfolio 1,740 MSCI All Country World ex-U.S. IndexSM 0.64% ± 15 bps ± 7.00% 117 Research Portfolio³ 557 Russell 1000® Growth Index 0.64% ± 15 bps ± 5.00% (196) Global Real Estate Fund 555 FTSE EPRA / NAREIT Global Index 0.75% ± 15 bps ± 4.00% 124 Global Value Fund 106 MSCI World IndexSM 0.64% ± 15 bps ± 7.00% (81) Large Cap Value Fund 83 Russell 1000® Value Index 0.64% ± 15 bps ± 3.50% (28) Small-Mid Cap Value Fund4 76 Russell 2500TM Value Index 0.70% ± 15 bps ± 5.00% 21 Asia Equity Fund 25 MSCI All Country Asia ex-Japan IndexSM 0.92% ± 15 bps ± 7.00% (4) Total 47,523 (3,596) US mutual funds with performance fees 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 Until 1 May 2020, the Portfolio’s performance during the portion of the performance measurement period prior to 1 May 2017 was 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. 4 Until 1 August 2022, the Fund’s performance during the portion of the performance measurement period prior to 1 August 2019 will be compared to the Fund's former benchmark, the Russell 3000® Value Index.

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40 Long-term incentive compensation Estimated future long-term incentive compensation amortisation Note: Annual grants generally vest over three and four years. Assumed no forfeitures in future periods. Assumed no change in future values related to market or currency, which would impact expense related to cash based awards (MFSAs, DIP and DEP funds) and social security expense upon vesting. 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. US$m Amount remaining to expense 2020 2021 2022 2023 2024 2017 annual grant 5 5 –––– 2018 annual grant 27 22 5 ––– 2019 annual grant 67 45 19 3 –– 2020 annual grant 129 64 42 19 3 1 Other1 69 22 21 14 8 4 Total long-term incentive compensation 297 158 87 36 11 5

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41 Contacts Investor enquiries 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 Stephen Sobey +44 (0) 20 7818 2523 [email protected] United Kingdom: FTI Consulting Tom Blackwell +44 (0) 20 3727 1051 [email protected] Asia Pacific: Honner Craig Morris +61 2 8248 3757 [email protected]

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42 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 2019 and the Company’s other filings and furnishings 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 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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