8-K
JANUS HENDERSON GROUP PLC (JHG)
8-K
2022-02-03
For: 2022-02-03
View Original
Added on
April 07, 2026
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): February 3, 2022
Commission File Number 001-38103
JANUS HENDERSON GROUP PLC
(Exact name of registrant as specified in its charter)
| | |
|---|---|
| Jersey , Channel Islands (State or other jurisdiction of<br>incorporation or organization) | 98-1376360<br>(I.R.S. Employer<br>Identification No.) |
| 201 Bishopsgate ****<br><br>London, United Kingdom<br>(Address of principal executive offices) | EC2M3AE<br>(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 February 3, 2022, JHG issued a press release reporting its financial results for the fourth quarter and full-year 2021. 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<br>Number | Description | |
| 99.1 | | Janus Henderson Group plc press release reporting its financial results for the fourth quarter and full-year 2021. |
| 99.2 | | Janus Henderson Group plc fourth quarter and full-year 2021 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: February 3, 2022 | By: | /s/ Roger Thompson |
| | | Roger Thompson |
| | | Chief Financial Officer |
3
Exhibit 99.1
Janus Henderson Group plc Reports Fourth Quarter 2021 Results
and Announces Management-Led Buyout of Quantitative Equities Subsidiary Intech
| ● | Solid long-term investment performance, with 54%, 58%, 76% and 84% of assets under management (‘AUM’) outperforming relevant benchmarks on a one-, three-, five- and 10-year basis, respectively, as at 31 December 2021 |
|---|---|
| ● | Fourth quarter 2021 operating income was US$157.6 million; fourth quarter 2021 adjusted operating income of US$239.7 million increased 3% compared to the same period a year ago |
| --- | --- |
| ● | Record AUM of US$432.3 billion increased 3% compared to the prior quarter, due to market performance partially offset by net outflows of US$(5.2) billion which were concentrated in Quantitative Equities |
| --- | --- |
| ● | Completed US$66.9 million of share buybacks during the fourth quarter and the Board declared quarterly dividend of US$0.38 per share |
| --- | --- |
| ● | Announces strategic decision to sell its Quantitative Equities subsidiary Intech Investment Management to a consortium of Intech management and certain non-executive directors |
| --- | --- |
LONDON — Janus Henderson Group plc (NYSE/ASX: JHG; ‘Janus Henderson’, ‘JHG’, ‘the Group’) published its fourth quarter 2021 results for the period ended 31 December 2021.
Fourth quarter 2021 operating income was US$157.6 million compared to US$248.3 million in the third quarter 2021 and US$227.0 million in the fourth quarter 2020. Adjusted operating income, adjusted for one-time, acquisition and transaction related costs, was US$239.7 million in the fourth quarter 2021 compared to US$253.0 million in the third quarter 2021 and US$231.7 million in the fourth quarter 2020.
Fourth quarter 2021 diluted earnings per share of US$0.78 compared to US$1.14 in the third quarter 2021 and US$1.02 in the fourth quarter 2020. Adjusted diluted earnings per share of US$1.05 in the fourth quarter 2021 declined 9% compared to US$1.16 in the third quarter 2021 and increased 1% compared to US$1.04 in the fourth quarter 2020.
Management-Led Buyout of Quantitative Equities Subsidiary Intech
Janus Henderson today announced that it has made the strategic decision to sell its 97%-owned Quantitative Equities subsidiary, Intech Investment Management LLC (‘Intech’), to a consortium comprised of Intech management and certain non-executive directors (‘Management Buyout’). The Management Buyout is expected to enable both organisations to refocus on their key value propositions: Janus Henderson on providing active, fundamental investing; and Intech on delivering quantitative investment solutions for institutional investors. As part of this decision, JHG and Intech will enter into a transition services agreement that provides for continuation of support services to help ensure a seamless transition in operations and continuity in serving Intech’s clients. The transaction is expected to close in the first half of 2022.
With a focus on company strategy and execution, Jose Marques, PhD, former Head of Trading at Bridgewater Associates and current Chief Executive Officer at Entrypoint Capital, will join Intech as Chief Executive Officer. Adrian Banner, PhD, will continue to lead Intech’s investment teams and quantitative research initiatives as Chief Investment Officer. In addition to his current role as Chief Investment Strategist of Janus Henderson, Myron Scholes, PhD, will join the Intech Board in an advisory capacity. ****
Dick Weil, Chief Executive Officer of Janus Henderson Group plc, stated:
“2021 was a year of significant progress towards our strategy of Simple Excellence. We launched new products in focus areas of growth including active ETFs, ESG and Fixed Income. We strengthened our leadership with key hires. We improved our platform through significant technology and data upgrades, and the strategic decision to sell Intech further simplifies our operating model. We are pleased to have reached an agreement Page | 1
with Intech that benefits both firms, providing Janus Henderson with increased operating efficiency and focus on fundamental, active investment, while fulfilling Intech’s desire to operate independently in the delivery of quantitative investment solutions.
“Our dedicated focus on our clients produced good momentum in our business. Flows into Fixed Income and Multi-Asset capabilities were robust and we saw good client demand in our Intermediary channel, particularly in the EMEA & LatAm and Asia Pacific regions, which had net inflows for the year. Investment performance remained solid, and combined with favourable markets, increased AUM to a record US$432.3 billion at year end. Our financial results were strong. We continued to generate significant cash flow and increased capital returns to shareholders through both dividends and share buybacks. As we enter 2022, we believe that the significant progress towards our strategic objectives and the momentum in our business positions Janus Henderson well on the path to sustained growth.” Page | 2
SUMMARY OF FINANCIAL RESULTS (unaudited) (in US$ 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.
| | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| | | Three months ended | | Year ended | | ||||||
| | | 31 Dec | | 30 Sep | | 31 Dec | | 31 Dec | | 31 Dec | |
| | **** | 2021 | **** | 2021 | **** | 2020 | | 2021 | **** | 2020 | |
| GAAP basis: | | ||||||||||
| Revenue | 697.2 | 687.4 | 657.2 | 2,767.0 | 2,298.6 | | |||||
| Operating expenses | 539.6 | 439.1 | 430.2 | 1,943.6 | 2,140.8 | ||||||
| Operating income | 157.6 | 248.3 | 227.0 | 823.4 | 157.8 | ||||||
| Operating margin | 22.6 | % | 36.1 | % | 34.5 | % | 29.8 | % | 6.9 | % | |
| Net income attributable to JHG | 132.5 | 196.8 | 186.8 | 622.1 | 161.6 | ||||||
| Diluted earnings per share | 0.78 | 1.14 | 1.02 | 3.59 | 0.87 | ||||||
| | | | | | | | | | | | |
| Adjusted basis: | | | | | |||||||
| Revenue | 549.9 | 545.3 | 528.5 | 2,215.4 | 1,834.2 | ||||||
| Operating expenses | 310.2 | 292.3 | 296.8 | 1,251.9 | 1,137.5 | **** | |||||
| Operating income | 239.7 | 253.0 | 231.7 | 963.5 | 696.7 | ||||||
| Operating margin | 43.6 | % | 46.4 | % | 43.8 | % | 43.5 | % | 38.0 | % | |
| Net income attributable to JHG | 180.1 | 199.5 | 189.0 | 741.6 | 557.9 | ||||||
| Diluted earnings per share | 1.05 | 1.16 | 1.04 | 4.28 | 3.01 |
DIVIDEND AND SHARE BUYBACK
On 2 February 2022, the Board declared a fourth quarter dividend in respect of the three months ended 31 December 2021 of US$0.38 per share. Shareholders on the register on the record date of 14 February 2022 will be paid the dividend on 28 February 2022. 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 July 2021, JHG purchased approximately 1.5 million of its ordinary shares on the NYSE and its CHESS Depositary Interests (CDIs) on the ASX in the fourth quarter, for a total outlay of US$66.9 million.
Net tangible assets per share
| | | | |
|---|---|---|---|
| US | 31 Dec 2021 | **** | 31 Dec 2020 |
| Net tangible assets / (liabilities) per ordinary share | 4.41 | 3.68 |
All values are in US Dollars.
Net tangible assets are defined by the ASX as being total assets less intangible assets less total liabilities ranking ahead of, or equally with, claims of ordinary shares.
Page | 3
AUM AND FLOWS (in US$ 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 | ||||
| | | 31 Dec | | 30 Sep | | 31 Dec |
| | **** | 2021 | **** | 2021 | **** | 2020 |
| Opening AUM | **** | 419.3 | **** | 427.6 | **** | 358.3 |
| Sales | 19.3 | 16.0 | 23.2 | |||
| Redemptions | (24.5) | (21.2) | (24.3) | |||
| Net sales / (redemptions) | (5.2) | (5.2) | (1.1) | |||
| Market / FX | 18.2 | (3.1) | 44.4 | |||
| Closing AUM | **** | 432.3 | **** | 419.3 | **** | 401.6 |
Quarterly AUM and flows by capability
| | | | | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | **** | | **** | Fixed | **** | | **** | Quantitative | **** | | **** | |
| | | Equities | | Income | | Multi-Asset | | Equities | | Alternatives | | Total |
| AUM 31 Dec 2020 | | 219.4 | | 81.5 | | 48.0 | | 42.0 | | 10.7 | | 401.6 |
| Sales | 10.5 | 5.9 | 3.0 | 0.2 | 1.1 | 20.7 | ||||||
| Redemptions | (12.0) | (5.5) | (2.2) | (2.3) | (2.0) | (24.0) | ||||||
| Net sales / (redemptions) | (1.5) | 0.4 | 0.8 | (2.1) | (0.9) | (3.3) | ||||||
| Market / FX | 7.0 | (2.4) | 0.7 | 1.4 | 0.1 | 6.8 | ||||||
| AUM 31 Mar 2021 | 224.9 | **** | 79.5 | **** | 49.5 | **** | 41.3 | **** | 9.9 | **** | 405.1 | |
| Sales | 8.6 | 5.9 | 2.4 | 0.2 | 1.3 | 18.4 | ||||||
| Redemptions | (10.5) | (6.0) | (1.9) | (1.5) | (1.0) | (20.9) | ||||||
| Net sales / (redemptions) | | (1.9) | (0.1) | 0.5 | (1.3) | 0.3 | (2.5) | |||||
| Market / FX | 17.1 | 1.1 | 3.2 | 3.4 | 0.2 | 25.0 | ||||||
| AUM 30 Jun 2021 | 240.1 | **** | 80.5 | **** | 53.2 | **** | 43.4 | **** | 10.4 | **** | 427.6 | |
| Sales | 7.5 | 4.7 | 2.6 | 0.1 | 1.1 | 16.0 | ||||||
| Redemptions | (10.1) | (4.0) | (1.8) | (4.5) | (0.8) | (21.2) | ||||||
| Net sales / (redemptions) | (2.6) | 0.7 | 0.8 | (4.4) | 0.3 | (5.2) | ||||||
| Market / FX | (1.3) | (1.7) | (0.1) | 0.1 | (0.1) | (3.1) | ||||||
| AUM 30 Sep 2021 | 236.2 | **** | 79.5 | **** | 53.9 | **** | 39.1 | **** | 10.6 | **** | 419.3 | |
| Sales | 8.1 | 5.6 | 4.3 | 0.1 | 1.2 | 19.3 | ||||||
| Redemptions | (11.3) | (5.5) | (2.2) | (4.3) | (1.2) | (24.5) | ||||||
| Net sales / (redemptions) | (3.2) | 0.1 | 2.1 | (4.2) | — | (5.2) | ||||||
| Market / FX | 11.3 | — | 3.7 | 3.1 | 0.1 | 18.2 | ||||||
| AUM 31 Dec 2021 | 244.3 | **** | 79.6 | **** | 59.7 | **** | 38.0 | **** | 10.7 | **** | 432.3 | |
| | | | | | | | | | | | | |
Average AUM
| | | | | | | |
|---|---|---|---|---|---|---|
| | | Three months ended | ||||
| | | 31 Dec | | 30 Sep | | 31 Dec |
| | **** | 2021 | **** | 2021 | **** | 2020 |
| Equities | 243.0 | 243.5 | 204.1 | |||
| Fixed Income | 79.8 | 80.9 | 78.1 | |||
| Multi-Asset | 57.3 | 54.9 | 45.6 | |||
| Quantitative Equities | 38.7 | 41.9 | 40.8 | |||
| Alternatives | 10.6 | 10.7 | 10.4 | |||
| Total | 429.4 | 431.9 | 379.0 |
Page | 4
INVESTMENT PERFORMANCE
% of AUM outperforming benchmark (at 31 December 2021)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| Capability | **** | 1-year | **** | 3-year | **** | 5-year | **** | 10-year | **** |
| Equities | 39 | % | 37 | % | 68 | % | 81 | % | |
| Fixed Income | 91 | % | 96 | % | 96 | % | 98 | % | |
| Multi-Asset | 99 | % | 96 | % | 96 | % | 97 | % | |
| Quantitative Equities | 8 | % | 58 | % | 53 | % | 21 | % | |
| Alternatives | 91 | % | 100 | % | 100 | % | 100 | % | |
| Total | 54 | % | 58 | % | 76 | % | 84 | % |
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, ETF-enhanced beta strategies, 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 December 2021. Capabilities defined by Janus Henderson.
% of mutual fund AUM in top 2 Morningstar quartiles (at 31 December 2021)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| Capability | **** | 1-year | **** | 3-year | **** | 5-year | **** | 10-year | **** |
| Equities | 54 | % | 51 | % | 52 | % | 86 | % | |
| Fixed Income | 64 | % | 81 | % | 75 | % | 70 | % | |
| Multi-Asset | 95 | % | 93 | % | 93 | % | 94 | % | |
| Quantitative Equities | 0 | % | 11 | % | 13 | % | 0 | % | |
| Alternatives | 50 | % | 34 | % | 100 | % | 100 | % | |
| Total | 62 | % | 61 | % | 64 | % | 86 | % |
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. For the 1-, 3-, 5- and 10-year periods ending 31 December 2021, 43%, 57%, 55% and 64% of the 193, 184, 179 and 151 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. © 2021 Morningstar, Inc. All Rights Reserved.
FIRST QUARTER 2022 RESULTS
Janus Henderson intends to publish its first quarter 2022 results on 4 May 2022. Page | 5
FOURTH QUARTER AND FULL-YEAR 2021 RESULTS BRIEFING INFORMATION
Chief Executive Officer Dick Weil and Chief Financial Officer Roger Thompson will present these results on 3 February 2022 on a conference call and webcast to be held at 8am EST, 1pm GMT, 12am AEDT (4 February).
Those wishing to participate should call:
| | |
|---|---|
| United Kingdom | 0808 189 6484 (toll free) |
| United States | 844 200 6205 (toll free) |
| Australia | 02 7908 3093 (this is not toll free) |
| All other countries | +1 929 526 1599 (this is not toll free) |
| Conference ID | 982643 |
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 31 December 2021, Janus Henderson had approximately US$432 billion in assets under management, more than 2,000 employees, and offices in 25 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 |
| Co-Head Investor Relations (US)<br>+1 303 336 4529 | | Head of Media Relations<br><br>+44 (0)20 7818 2523 |
| jim.kurtz@janushenderson.com | | stephen.sobey@janushenderson.com |
| | | |
| Melanie Horton | | Sarah Johnson |
| Co-Head Investor Relations (Non-US) | | Director, Media Relations & Corp Comms |
| +44 (0)20 7818 2905 | | +1 720 364 0708 |
| melanie.horton@janushenderson.com | | sarah.johnson@janushenderson.com |
| | | |
| Or | | United Kingdom: Edelman Smithfield |
| | | Latika Shah |
| Investor Relations | | +44 (0)7950 671 948 |
| investor.relations@janushenderson.com | | latika.shah@edelmansmithfield.com |
| | | |
| | | Andrew Wilde |
| | | +44 (0)7786 022 022 |
| | | andrew.wilde@edelmansmithfield.com |
| | | |
| | | Asia Pacific: Honner |
| | | Craig Morris |
| | | +61 2 8248 3757 |
| | | craig@honner.com.au |
| | | |
| | | |
| | | |
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Page | 6
FINANCIAL DISCLOSURES
Condensed consolidated statements of comprehensive income (unaudited)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| | Three months ended | | Year ended | ||||||
| | 31 Dec | | 30 Sep | | 31 Dec | | 31 Dec | | 31 Dec |
| (in US millions, except per share data or as noted) | 2021 | **** | 2021 | **** | 2020 | | 2021 | **** | 2020 |
| Revenue: | | | | | | | | | |
| Management fees | 565.9 | 564.5 | 489.1 | | 2,189.4 | | 1,794.1 | ||
| Performance fees | 7.7 | 0.6 | 59.3 | | 102.7 | | 98.1 | ||
| Shareowner servicing fees | 68.3 | 67.6 | 57.9 | | 260.7 | | 209.2 | ||
| Other revenue | 55.3 | 54.7 | 50.9 | | 214.2 | | 197.2 | ||
| Total revenue | 697.2 | **** | 687.4 | **** | 657.2 | **** | 2,767.0 | **** | 2,298.6 |
| | | | | | | | | | |
| Operating expenses: | | | | | | | | | |
| Employee compensation and benefits | 160.1 | 166.2 | 162.3 | | 693.3 | | 618.6 | ||
| Long-term incentive plans | 42.7 | 35.0 | 44.7 | | 181.0 | | 170.1 | ||
| Distribution expenses | 147.3 | 142.1 | 128.7 | | 551.6 | | 464.4 | ||
| Investment administration | 12.9 | 13.0 | 12.6 | | 51.6 | | 50.0 | ||
| Marketing | 11.3 | 7.5 | 3.9 | | 31.7 | | 19.6 | ||
| General, administrative and occupancy | 77.6 | 65.5 | 66.4 | | 271.8 | | 255.2 | ||
| Impairment of goodwill and intangible assets | 77.5 | | — | | — | | 121.9 | | 513.7 |
| Depreciation and amortisation | 10.2 | 9.8 | 11.6 | | 40.7 | | 49.2 | ||
| Total operating expenses | 539.6 | **** | 439.1 | **** | 430.2 | **** | 1,943.6 | **** | 2,140.8 |
| | | | | | | | | | |
| Operating income | 157.6 | **** | 248.3 | **** | 227.0 | **** | 823.4 | **** | 157.8 |
| | | | | | | | | | |
| Interest expense | (3.2) | (3.2) | (3.2) | | (12.8) | | (12.9) | ||
| Investment gains (losses), net | (7.3) | 4.7 | 32.2 | | 0.8 | | 57.5 | ||
| Other non-operating income (expense), net | 8.0 | 3.6 | (0.2) | | 8.8 | | 39.7 | ||
| Income before taxes | 155.1 | 253.4 | 255.8 | 820.2 | 242.1 | ||||
| Income tax provision | (29.6) | (53.3) | (57.4) | | (205.7) | | (59.5) | ||
| Net income | 125.5 | 200.1 | 198.4 | 614.5 | 182.6 | ||||
| Net loss (income) attributable to noncontrolling interests | 7.0 | (3.3) | (11.6) | | 7.6 | | (21.0) | ||
| Net income attributable to JHG | 132.5 | **** | 196.8 | **** | 186.8 | **** | 622.1 | **** | 161.6 |
| Less: allocation of earnings to participating stock-based awards | (3.6) | (5.4) | (5.5) | | (17.7) | | (4.7) | ||
| Net income attributable to JHG common shareholders | 128.9 | **** | 191.4 | **** | 181.3 | **** | 604.4 | **** | 156.9 |
| | | | | | | | | | |
| Basic weighted-average shares outstanding (in millions) | 165.6 | 167.1 | 176.5 | | 167.9 | | 179.4 | ||
| Diluted weighted-average shares outstanding (in millions) | 166.2 | 167.8 | 177.0 | | 168.5 | | 179.9 | ||
| | | | | | | | | | |
| Diluted earnings per share (in US) | 0.78 | 1.14 | 1.02 | 3.59 | 0.87 |
All values are in US Dollars.
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, net income attributable to JHG and diluted earnings 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 | | Year ended | | ||||||
| | 31 Dec | | 30 Sep | | 31 Dec | | 31 Dec | | 31 Dec | |
| (in US millions, except per share data or as noted) | 2021 | **** | 2021 | **** | 2020 | | 2021 | **** | 2020 | |
| Reconciliation of revenue to adjusted revenue | | | | | | | | | | |
| Revenue | 697.2 | 687.4 | 657.2 | 2,767.0 | 2,298.6 | |||||
| Management fees1 | (56.5) | | (53.0) | | (51.6) | | (205.9) | | (183.8) | |
| Shareowner servicing fees1 | (56.2) | | (55.4) | | (47.4) | | (214.7) | | (170.3) | |
| Other revenue1 | (34.6) | (33.7) | (29.7) | (131.0) | (110.3) | |||||
| Adjusted revenue | 549.9 | 545.3 | 528.5 | 2,215.4 | 1,834.2 | |||||
| | | | | | | | | | | |
| Reconciliation of operating expenses to adjusted operating expenses | | | | | | |||||
| Operating expenses | 539.6 | 439.1 | 430.2 | 1,943.6 | 2,140.8 | |||||
| Employee compensation and benefits2 | — | — | (0.1) | — | | (2.3) | ||||
| Long-term incentive plans2 | 0.1 | 0.1 | 0.1 | 0.4 | | 0.5 | ||||
| Distribution expenses1 | (147.3) | | (142.1) | | (128.7) | | (551.6) | | (464.4) | |
| General, administration and occupancy2 | (2.6) | (2.9) | (2.8) | (10.8) | | (11.0) | ||||
| Impairment of goodwill and intangible assets3 | (77.5) | — | — | | (121.9) | | (513.7) | | ||
| Depreciation and amortisation3 | (2.1) | (1.9) | (1.9) | (7.8) | | (12.4) | ||||
| Adjusted operating expenses | 310.2 | 292.3 | 296.8 | 1,251.9 | 1,137.5 | |||||
| | | | | | | | | | | |
| Adjusted operating income | 239.7 | 253.0 | 231.7 | 963.5 | 696.7 | |||||
| | | | | | | | | | | |
| Operating margin | 22.6 | % | 36.1 | % | 34.5 | % | 29.8 | % | 6.9 | % |
| Adjusted operating margin | 43.6 | % | 46.4 | % | 43.8 | % | 43.5 | % | 38.0 | % |
| | | | | | | | | | | |
| Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG | | |||||||||
| Net income attributable to JHG | 132.5 | 196.8 | 186.8 | 622.1 | 161.6 | |||||
| Employee compensation and benefits2 | — | — | 0.1 | — | 2.3 | |||||
| Long-term incentive plans2 | (0.1) | (0.1) | (0.1) | (0.4) | (0.5) | |||||
| General, administration and occupancy2 | 2.6 | 2.9 | 2.8 | 10.8 | 11.0 | |||||
| Impairment of goodwill and intangible assets3 | 77.5 | — | — | 121.9 | | 513.7 | | |||
| Depreciation and amortisation3 | 2.1 | 1.9 | 1.9 | 7.8 | 12.4 | |||||
| Interest expense4 | — | — | — | — | | 0.1 | | |||
| Investment gains (losses), net4 | — | — | (1.4) | 0.2 | | (1.4) | ||||
| Other non-operating income (expense), net4 | (9.1) | (1.6) | (1.7) | (14.2) | | (28.7) | ||||
| Income tax benefit (provision)5 | (25.4) | (0.4) | 0.6 | (6.6) | | (112.6) | ||||
| Adjusted net income attributable to JHG | 180.1 | **** | 199.5 | **** | 189.0 | **** | 741.6 | **** | 557.9 | **** |
| Less: allocation of earnings to participating stock-based awards | (5.0) | (5.5) | (5.5) | (21.1) | | (16.4) | ||||
| Adjusted net income attributable to JHG common shareholders | 175.1 | **** | 194.0 | **** | 183.5 | **** | 720.5 | **** | 541.5 | **** |
| | | | | | | | | | | |
| Weighted-average diluted common shares outstanding – diluted (two class) (in millions) | 166.2 | 167.8 | 177.0 | 168.5 | 179.9 | |||||
| Diluted earnings per share (two class) (in US) | 0.78 | **** | 1.14 | **** | 1.02 | **** | 3.59 | **** | 0.87 | **** |
| Adjusted diluted earnings per share (two class) (in US) | 1.05 | **** | 1.16 | **** | 1.04 | **** | 4.28 | **** | 3.01 | **** |
All values are in US Dollars.
| 1 | 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. |
|---|
Page | 8
| 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 rent expense for subleased office space. In addition, the adjustments for the three months ended 30 September 2021 and the year ended 31 December 2021 include a one-time charge related to the employee benefits trust. 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, client relationships and trademarks. JHG management believes these non-cash and acquisition-related costs are not representative of the ongoing operations of the Group. |
| --- | --- |
| 4 | Adjustments primarily represent contingent consideration adjustments associated with prior acquisitions. 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. |
| --- | --- |
Condensed consolidated balance sheets (unaudited)
| | | | |
|---|---|---|---|
| | 31 Dec | | 31 Dec |
| (in US millions) | 2021 | **** | 2020 |
| Assets: | |||
| Cash and cash equivalents | 1,107.3 | | 1,099.7 |
| Investment securities | 451.4 | | 268.1 |
| Property, equipment and software, net | 63.3 | | 77.9 |
| Intangible assets and goodwill, net | 3,917.0 | | 4,070.2 |
| Assets of consolidated variable interest entities | 264.3 | | 226.5 |
| Other assets | 932.4 | | 948.4 |
| Total assets | 6,735.7 | **** | 6,690.8 |
| | | | |
| Liabilities, redeemable noncontrolling interests and equity: | |||
| Long-term debt | 310.4 | | 313.3 |
| Deferred tax liabilities, net | 619.2 | | 627.4 |
| Liabilities of consolidated variable interest entities | 2.6 | | 3.2 |
| Other liabilities | 976.9 | | 927.3 |
| Redeemable noncontrolling interests | 163.4 | | 85.8 |
| Total equity | 4,663.2 | | 4,733.8 |
| Total liabilities, redeemable noncontrolling interests and equity | 6,735.7 | | 6,690.8 |
All values are in US Dollars.
Condensed consolidated statements of cash flows (unaudited)
| | | | | | |
|---|---|---|---|---|---|
| | Three months ended | ||||
| | 31 Dec | | 30 Sep | | 31 Dec |
| (in US millions) | 2021 | **** | 2021 | **** | 2020 |
| Cash provided by (used for): | |||||
| Operating activities | 281.2 | | 319.4 | | 220.2 |
| Investing activities | (17.5) | | (222.9) | | 119.4 |
| Financing activities | (90.7) | | (112.9) | | (191.2) |
| Effect of exchange rate changes | 1.0 | | (16.3) | | 33.2 |
| Net change during period | 174.0 | | (32.7) | | 181.6 |
All values are in US Dollars.
Page | 9
STATUTORY DISCLOSURES
Associates and joint ventures
At 31 December 2021, 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 2020, 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 2020 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 undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law.
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 US LLC.
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 and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc. Page | 11
Exhibit 99.2
| Thursday 3 February 2022<br>FOURTH QUARTER AND FULL<br>-<br>YEAR 2021 RESULTS<br>Dick Weil<br>Chief Executive Officer<br>Roger Thompson<br>Chief Financial Officer |
|---|
| 2021 RESULTS AND PROGRESS<br>Dick Weil<br>Chief Executive Officer |
| --- |
| 3<br>1<br>Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on s<br>li<br>de 27.<br>2<br>See adjusted financial measures reconciliation on slides 33 and 34 for additional information.<br>FULL<br>-<br>YEAR 2021 RESULTS<br>▪<br>Long<br>-<br>term investment performance<br>remained solid despite volatile<br>markets<br>▪<br>AUM increased 8% in 2021 to<br>US$432bn; strength in global markets<br>was partially offset by net outflows<br>▪<br>Flows excluding Quantitative Equities<br>improved significantly during the year,<br>with outflows of US$4.2bn and<br>US$15.0bn in 2021 and 2020,<br>respectively<br>▪<br>Adjusted diluted EPS of US$4.28 in<br>2021 improved 42% over 2020<br>▪<br>Returned US$628m in capital through<br>dividends and share buybacks in<br>2021<br>2021<br>2020<br>3<br>-<br>year investment<br>out<br>performance<br>¹<br>58%<br>65%<br>Net flows<br>US$(16.2)bn<br>US$(24.4)bn<br>Total AUM<br>US$432.3bn<br>US$401.6bn<br>US<br>GAAP diluted<br>EPS<br>US$3.59<br>US$0.87<br>Adjusted diluted EPS²<br>US$4.28<br>US$3.01<br>D<br>ividend per share<br>US$1.50<br>US$1.44<br>Key metrics<br>–<br>2021 vs 2020 |
| --- |
| 4<br>2021 PROGRESS AND UPDATE ON INTECH<br>Strengthened operating platform for sustained organic and inorganic growth<br>Produce dependable<br>investment outcomes<br>✓<br>Long<br>-<br>term investment performance remains solid; more than half<br>of AUM outperforming benchmarks on a 1<br>-<br>, 3<br>-<br>and 5<br>-<br>year basis<br>¹<br>✓<br>Improved investment results in pockets of underperformance<br>Excel in distribution<br>and client experience<br>✓<br>Multiple leadership appointments across key distribution roles<br>and geographies<br>✓<br>Growth in net flows in the Intermediary channel<br>Focus and<br>in<br>crease<br>operational efficiency<br>✓<br>New Chief Operating Officer appointment<br>✓<br>Significant technology and data upgrades<br>✓<br>Simplified operating model, including agreed sale of Intech<br>Proactive<br>r<br>isk and<br>control<br>e<br>nvironment<br>✓<br>Strengthened risk model and relationships with regulators<br>–<br>lower capital requirements<br>Develop<br>n<br>ew<br>g<br>rowth<br>initiatives<br>✓<br>Innovative ETF launches<br>✓<br>Model portfolio expansion<br>✓<br>Significant investment in ESG products, resourcing and data<br>1<br>Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on s<br>lid<br>e 27. |
| --- |
| BUSINESS AND FINANCIAL UPDATE<br>Roger Thompson<br>Chief Financial Officer |
| --- |
| 6<br>1<br>Represents percentage of AUM outperforming the relevant benchmark. Full performance disclosures detailed in the appendix on s<br>li<br>de 27.<br>2<br>See adjusted financial measures reconciliation on slides 33 and 34 for additional information.<br>Key metrics<br>–<br>Q4 2021 vs Q3 2021<br>Q4 2021 RESULTS<br>▪<br>Long<br>-<br>term investment performance<br>remains solid<br>▪<br>AUM increased 3% to US$432bn,<br>primarily due to markets<br>▪<br>Adjusted diluted EPS of US$1.05<br>declined 9% versus Q3 2021 and<br>increased 1% versus Q4 2020<br>▪<br>Declared US$0.38 per share<br>dividend and completed US$67m<br>of share buybacks<br>Q4 2021<br>Q3 2021<br>3<br>-<br>year investment<br>out<br>performance<br>¹<br>58%<br>64%<br>Net flows<br>US$(5.2)bn<br>US$(5.2)bn<br>Total AUM<br>US$432.3bn<br>US$419.3bn<br>US<br>GAAP diluted<br>EPS<br>US$0.78<br>US$1.14<br>Adjusted diluted EPS²<br>US$1.05<br>US$1.16<br>D<br>ividend per share<br>US$0.38<br>US$0.38 |
| --- |
| 7<br>Capability<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>Equities<br>Fixed Income<br>Multi<br>-<br>Asset<br>Quantitative<br>Equities<br>Alternatives<br>Total<br>Excl. Quantitative<br>Equities<br>Capability<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>Equities<br>Fixed Income<br>Multi<br>-<br>Asset<br>Quantitative<br>Equities<br>Alternatives<br>Total<br>Excl. Quantitative<br>Equities<br>Note:<br>Full performance disclosures detailed in the appendix on slides 27 and 28.<br>The top two Morningstar quartiles represent funds in the top half of their category based on total return. The top quartile r<br>ep<br>resents those in the top 25%.<br>Refer to slide<br>28<br>for the percent of funds in the top 2 quartiles for all periods and description and quantity of funds included in the analysi<br>s;<br>refer to slides<br>29<br>to<br>31<br>for distribution across first and second quartiles.<br>Past performance is no guarantee of future results.<br>58%<br>58%<br>86%<br>78%<br>INVESTMENT PERFORMANCE<br>% of mutual fund AUM in top 2 Morningstar quartiles<br>As at 31 Dec 21<br>% of AUM outperforming benchmark<br>As at 31 Dec 21<br>8%<br>58%<br>53%<br>76%<br>58%<br>54%<br>100%<br>100%<br>91%<br>96%<br>96%<br>99%<br>96%<br>96%<br>91%<br>68%<br>37%<br>39%<br>0%<br>11%<br>13%<br>64%<br>61%<br>62%<br>100%<br>34%<br>50%<br>93%<br>93%<br>95%<br>75%<br>81%<br>64%<br>52%<br>51%<br>54%<br>▪<br>44% of mutual fund AUM is in the top Morningstar quartile on a 3<br>-<br>and 5<br>-<br>year basis, as at<br>31<br>December 2021<br>Long<br>-<br>term investment performance remains solid<br>21%<br>84%<br>100%<br>97%<br>98%<br>81%<br>0%<br>86%<br>100%<br>94%<br>70%<br>86%<br>63%<br>61%<br>86%<br>64% |
| --- |
| 8<br>18.7<br>21.4<br>17.9<br>15.8<br>23.2<br>20.7<br>18.4<br>16.0<br>19.3<br>(25.4)<br>(33.6)<br>(26.1)<br>(18.7)<br>(24.3)<br>(24.0)<br>(20.9)<br>(21.2)<br>(24.5)<br>(6.7)<br>(12.2)<br>(8.2)<br>(2.9)<br>(1.1)<br>(3.3)<br>(2.5)<br>(5.2)<br>(5.2)<br>Q4 2019<br>Q1 2020<br>Q2 2020<br>Q3 2020<br>Q4 2020<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q4 2019 to Q4 2021 total flows<br>(US$bn)<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>21%<br>23%<br>25%<br>19%<br>26%<br>21%<br>18%<br>15%<br>18%<br>Annualised gross sales¹<br>Annualised gross redemptions¹<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.<br>TOTAL FLOWS<br>Net outflows are unchanged compared to the prior quarter<br>(29%)<br>(36%)<br>(36%)<br>(22%)<br>(27%)<br>(24%)<br>(21%)<br>(20%)<br>(23%) |
| --- |
| 9<br>18.4<br>21.0<br>17.5<br>14.5<br>22.9<br>20.5<br>18.2<br>15.9<br>19.2<br>(21.8)<br>(31.2)<br>(21.8)<br>(17.3)<br>(20.6)<br>(21.7)<br>(19.4)<br>(16.7)<br>(20.2)<br>(3.4)<br>(10.2)<br>(4.3)<br>(2.8)<br>2.3<br>(1.2)<br>(1.2)<br>(0.8)<br>(1.0)<br>Q4 2019<br>Q1 2020<br>Q2 2020<br>Q3 2020<br>Q4 2020<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q4 2019 to Q4 2021 total flows<br>(US$bn)<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>23%<br>26%<br>27%<br>19%<br>29%<br>23%<br>20%<br>16%<br>20%<br>Annualised gross sales¹<br>Annualised gross redemptions¹<br>TOTAL FLOWS EXCLUDING QUANTITATIVE<br>EQUITIES<br>Net flows remained stable as increased redemptions offset higher sales<br>(28%)<br>(38%)<br>(34%)<br>(23%)<br>(26%)<br>(24%)<br>(21%)<br>(17%)<br>(21%)<br>Note:<br>See total quarterly flows including Quantitative Equities on slide 8.<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. |
| --- |
| 10<br>8.6<br>3.2<br>4.0<br>2.4<br>4.2<br>(6.5)<br>(4.7)<br>(4.7)<br>(3.9)<br>(4.3)<br>2.1<br>(1.5)<br>(0.6)<br>(1.5)<br>(0.1)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>13.4<br>16.4<br>13.5<br>12.8<br>14.0<br>(12.4)<br>(15.3)<br>(13.3)<br>(11.6)<br>(14.1)<br>1.1<br>1.1<br>0.1<br>1.2<br>(0.1)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>0.9<br>0.9<br>0.7<br>0.7<br>1.0<br>(1.7)<br>(1.8)<br>(1.4)<br>(1.2)<br>(1.7)<br>(0.9)<br>(0.9)<br>(0.7)<br>(0.6)<br>(0.8)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>Intermediary<br>(US$bn)<br>QUARTERLY FLOWS BY CLIENT TYPE<br>EXCLUDING QUANTITATIVE EQUITIES<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>Institutional<br>(US$bn)<br>44%<br>15%<br>18%<br>10%<br>19%<br>32%<br>35%<br>28%<br>25%<br>27%<br>5%<br>4%<br>4%<br>3%<br>4%<br>(33%)<br>(21%)<br>(21%)<br>(17%)<br>(19%)<br>(29%)<br>(32%)<br>(28%)<br>(22%)<br>(27%)<br>(10%)<br>(9%)<br>(7%)<br>(6%)<br>(8%)<br>Annualised gross redemptions¹<br>Annualised gross sales¹<br>Self<br>-<br>Directed<br>(US$bn)<br>Net flows reflect improvement in Institutional and a decline in Intermediary<br>Note:<br>See quarterly flows by client type including Quantitative Equities on slide 23. Numbers may not cast due to rounding.<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. |
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| 11<br>Q4 2021 FLOWS BY CAPABILITY<br>EXCLUDING QUANTITATIVE EQUITIES<br>Net flows reflect strength in Fixed Income and Multi<br>-<br>Asset<br>8.1<br>5.6<br>4.3<br>1.2<br>(11.3)<br>(5.5)<br>(2.2)<br>(1.2)<br>(3.2)<br>0.1<br>2.1<br>-<br>Equities<br>Fixed Income<br>Multi-Asset<br>Alternatives<br>Annualised gross sales¹<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>14%<br>28%<br>31%<br>44%<br>Annualised gross redemptions¹<br>(19%)<br>(28%)<br>(16%)<br>(43%)<br>Q4 2021 flows by capability<br>(US$bn)<br>Note:<br>See Quantitative Equities quarterly flows on slide 25.<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM. |
| --- |
| 12<br>US GAAP<br>Adjustments<br>Adjusted<br>US GAAP<br>Adjustments<br>Adjusted<br>Revenue<br>Management fees<br>565.9<br>(56.5)<br>509.4<br>2,189.4<br>(205.9)<br>1,983.5<br>Performance fees<br>7.7<br>–<br>7.7<br>102.7<br>–<br>102.7<br>Shareowner servicing fees<br>68.3<br>(56.2)<br>12.1<br>260.7<br>(214.7)<br>46.0<br>Other revenue<br>55.3<br>(34.6)<br>20.7<br>214.2<br>(131.0)<br>83.2<br>Total revenue<br>697.2<br>(147.3)<br>549.9<br>2,767.0<br>(551.6)<br>2,215.4<br>Operating expenses<br>Employee compensation and benefits<br>160.1<br>–<br>160.1<br>693.3<br>–<br>693.3<br>Long-term incentive plans<br>42.7<br>0.1<br>42.8<br>181.0<br>0.4<br>181.4<br>Distribution expenses<br>147.3<br>(147.3)<br>–<br>551.6<br>(551.6)<br>–<br>Investment administration<br>12.9<br>–<br>12.9<br>51.6<br>–<br>51.6<br>Marketing<br>11.3<br>–<br>11.3<br>31.7<br>–<br>31.7<br>General, administrative and occupancy<br>77.6<br>(2.6)<br>75.0<br>271.8<br>(10.8)<br>261.0<br>Impairment of goodwill and intangible assets<br>77.5<br>(77.5)<br>–<br>121.9<br>(121.9)<br>–<br>Depreciation and amortisation<br>10.2<br>(2.1)<br>8.1<br>40.7<br>(7.8)<br>32.9<br>Total operating expenses<br>539.6<br>(229.4)<br>310.2<br>1,943.6<br>(691.7)<br>1,251.9<br>Operating income<br>157.6<br>82.1<br>239.7<br>823.4<br>140.1<br>963.5<br>3 months ended 31 Dec 21<br>Year ended 31 Dec 21<br>(US$m)<br>STATEMENT OF INCOME<br>US GAAP and adjusted<br>Note:<br>See adjusted financial measures reconciliation on slides 33 and 34 for additional information. |
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| 13<br>(US$, except margin data)<br>Q4 2021<br>Q3 2021<br>Change<br>Q4 2021 vs<br>Q3 2021<br>2021<br>2020<br>Change<br>2021 vs<br>2020<br>Average AUM<br>429.4bn<br>431.9bn<br>(1%)<br>422.0bn<br>352.7bn<br>20%<br>Total revenue<br>697.2m<br>687.4m<br>1%<br>2,767.0m<br>2,298.6m<br>20%<br>Operating income<br>157.6m<br>248.3m<br>(37%)<br>823.4m<br>157.8m<br>nm<br>Operating margin<br>22.6%<br>36.1%<br>(13.5ppt)<br>29.8%<br>6.9%<br>22.9ppt<br>US GAAP diluted EPS<br>0.78<br>1.14<br>(32%)<br>3.59<br>0.87<br>nm<br>Adjusted revenue<br>549.9m<br>545.3m<br>1%<br>2,215.4m<br>1,834.2m<br>21%<br>Adjusted operating income<br>239.7m<br>253.0m<br>(5%)<br>963.5m<br>696.7m<br>38%<br>Adjusted operating margin<br>43.6%<br>46.4%<br>(2.8ppt)<br>43.5%<br>38.0%<br>5.5ppt<br>Adjusted diluted EPS<br>1.05<br>1.16<br>(9%)<br>4.28<br>3.01<br>42%<br>SUMMARY FINANCIAL RESULTS<br>US GAAP and adjusted<br>Note:<br>See adjusted financial measures reconciliation on slides 33 and 34 for additional information. |
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| 14<br>REVENUE<br>Q4 2021 adjusted revenue up 1% quarter over quarter<br>Note:<br>See adjusted financial measures reconciliation on slides 33 and 34 for additional information.<br>1<br>Net margin based on management fees net of distribution expenses.<br>Adjusted revenue<br>–<br>Q3 2021 vs Q4 2021<br>(US$m)<br>Q4 2021 adjusted revenue drivers<br>509.4<br>511.5<br>7.7<br>0.6<br>12.1<br>12.2<br>20.7<br>21.0<br>549.9<br>545.3<br>Q4 2021<br>Q3 2021<br>Management fees<br>Performance fees<br>Shareowner servicing fees<br>Other revenue<br>(US$m, except margin data)<br>Q4 2021<br>Q3 2021<br>Change<br>Total adjusted revenue<br>549.9<br>545.3<br>1%<br>Management fees<br>509.4<br>511.5<br>(0%)<br>Performance fees<br>7.7<br>0.6<br>nm<br>Shareowner servicing fees<br>12.1<br>12.2<br>(1%)<br>Other revenue<br>20.7<br>21.0<br>(1%)<br>Average net¹ mgmt fee margin<br>47.0bps<br>47.0bps<br>0.0bps<br>Capability<br>2021<br>2020<br>Change<br>Equities<br>56.1<br>55.8<br>1%<br>Fixed Income<br>29.1<br>27.7<br>5%<br>Multi<br>-<br>Asset<br>52.9<br>52.1<br>2%<br>Quantitative Equities<br>16.5<br>18.7<br>(12%)<br>Alternatives<br>68.4<br>66.3<br>3%<br>Total<br>47.0<br>45.6<br>3%<br>Excl. Quantitative Equities<br>50.3<br>49.1<br>2%<br>Annual average net<br>1<br>mgmt. fee margin<br>(bps) |
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| 15<br>▪<br>Change in compensation expense primarily<br>due to long<br>-<br>term incentive compensation<br>offset by lower variable compensation<br>▪<br>Higher other operating expenses driven by<br>marketing, general and administrative<br>expenses<br>▪<br>Full<br>-<br>year 2022 expense expectations<br>▪<br>Adjusted compensation ratio of low 40s<br>▪<br>Adjusted non<br>-<br>compensation annual growth in<br>the low teens<br>▪<br>Statutory tax rate of 23<br>-<br>25%<br>OPERATING EXPENSES<br>Note:<br>See adjusted financial measures reconciliation on slides 33 and 34 for additional information.<br>Adjusted operating expenses<br>–<br>Q3 2021 vs Q4 2021<br>(US$m)<br>310.2<br>292.3<br>7.7<br>3.8<br>12.4<br>0.2<br>(6.1)<br>(0.1)<br>Q3 2021<br>Compensation<br>and benefits<br>LT incentive<br>plans<br>Investment<br>administration<br>Marketing<br>General, admin.<br>and occupancy<br>Depreciation and<br>amortisation<br>Q4 2021<br>(US$m)<br>Q4 2021<br>Q3 2021<br>Change<br>Employee comp. and benefits<br>160.1<br>166.2<br>(4%)<br>Long-term incentive plans<br>42.8<br>35.1<br>22%<br>Total comp. expenses<br>202.9<br>201.3<br>1%<br>Investment administration<br>12.9<br>13.0<br>(1%)<br>Marketing<br>11.3<br>7.5<br>51%<br>General, admin. and occup.<br>75.0<br>62.6<br>20%<br>Depreciation and amortisation<br>8.1<br>7.9<br>3%<br>Other operating expenses<br>107.3<br>91.0<br>18%<br>Total operating expenses<br>310.2<br>292.3<br>6%<br>Adjusted expenses primarily reflect higher other operating expenses<br>Q4 2021 adjusted expense drivers |
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| 16<br>CAPITAL RESOURCES<br>Strong liquidity position<br>▪<br>Cash and investment securities<br>1<br>totalled US$1,657m compared to<br>outstanding debt of US$310m<br>▪<br>Increase in investment securities due to<br>net seed investment<br>▪<br>Board declared a dividend of US$0.38<br>per share to be paid on 28 February to<br>shareholders on record at the close of<br>business on 14<br>February<br>▪<br>Repurchased 1.5m shares in Q4 2021<br>for US$67m from the US$200m<br>buyback programme authorised in<br>July<br>2021<br>1,096.9<br>1,106.0<br>407.6<br>551.0<br>1,504.5<br>1,657.0<br>313.3<br>310.4<br>Cash and<br>investments<br>Debt<br>Cash and<br>investments<br>Debt<br>Balance sheet profile<br>–<br>carrying value<br>31 Dec 20 vs 31 Dec 21<br>(US$m)<br>Investment securities¹<br>Cash and cash equivalents¹<br>2025 maturity<br>31 Dec 21<br>31 Dec 20<br>1<br>Cash and cash equivalents exclude cash associated with consolidated VIEs and VREs, and investment securities exclude non<br>-<br>control<br>ling interests. |
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| Q&A |
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| APPENDIX |
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| 19<br>ASSETS UNDER MANAGEMENT<br>AUM as at 31 Dec 2021: US$432.3bn<br>57%<br>18%<br>14%<br>9%<br>2%<br>Equities<br>Fixed Income<br>Multi-Asset<br>Quantitative Equities<br>Alternatives<br>50%<br>29%<br>21%<br>Intermediary<br>Institutional<br>Self-Directed<br>56%<br>30%<br>14%<br>North America<br>EMEA & LatAm<br>Asia Pacific<br>By client type<br>By capability<br>By client location<br>US$244.3bn<br>US$79.6bn<br>US$59.7bn<br>US$38.0bn<br>US$10.7bn<br>US$215.0bn<br>US$127.2bn<br>US$90.1bn<br>US$241.0bn<br>US$132.3bn<br>US$59.0bn |
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| 20<br>ASSETS UNDER MANAGEMENT EXCLUDING<br>QUANTITATIVE EQUITIES<br>AUM excluding Quantitative Equities as at 31 Dec 2021: US$394.3bn<br>62%<br>20%<br>15%<br>3%<br>Equities<br>Fixed Income<br>Multi-Asset<br>Alternatives<br>54%<br>23%<br>23%<br>Intermediary<br>Institutional<br>Self-Directed<br>56%<br>30%<br>14%<br>North America<br>EMEA & LatAm<br>Asia Pacific<br>By client type<br>By capability<br>By client location<br>US$244.3bn<br>US$79.6bn<br>US$59.7bn<br>US$10.7bn<br>US$213.3bn<br>US$91.6bn<br>US$89.6bn<br>US$227.8bn<br>US$128.5bn<br>US$38.1bn<br>Note:<br>Numbers may not cast due to rounding. |
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| 21<br>INVESTMENT MANAGEMENT CAPABILITIES<br>Diversified product range<br>Equities<br>US$244.3bn<br>AUM<br>31 Dec 21<br>US$432.3bn<br>Fixed Income<br>US$79.6bn<br>Multi<br>-<br>Asset<br>US$59.7bn<br>Self<br>-<br>Directed<br>Intermediary<br>Institutional<br>Institutional<br>Quantitative Equities<br>US$38.0bn<br>Institutional<br>Alternatives<br>US$10.7bn<br>Intermediary<br>Equities (56bps<br>1<br>)<br>▪<br>Wide range of equity strategies encompassing<br>different geographic focuses and investment<br>styles<br>Fixed Income (29bps<br>1<br>)<br>▪<br>Innovative and differentiated techniques designed<br>to support clients as they navigate each unique<br>economic cycle<br>Multi<br>-<br>Asset (53bps<br>1<br>)<br>▪<br>Provides a range of diversified core investment<br>solutions with the aim of delivering attractive<br>returns over the long term with lower levels of<br>volatility<br>Quantitative Equities (17bps<br>1<br>)<br>▪<br>Intech applies advanced mathematics and<br>systematic portfolio rebalancing intended to<br>harness the volatility of movements in stock<br>prices<br>Alternatives (68bps<br>1<br>)<br>▪<br>Investment solutions aimed at delivering specific<br>outcomes tailored to meet the needs and<br>constraints of clients<br>1<br>Full<br>-<br>year<br>2021 average net management fee margin; net margin based on management fees net of distribution expenses. |
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| 22<br>LARGEST STRATEGIES BY CAPABILITY<br>Note:<br>Numbers may not cast due to rounding.<br>Capability<br>Strategy<br>AUM<br>(US$bn)<br>31 Dec 21<br>US Concentrated Growth<br>31.3<br>US Mid Cap Growth<br>29.9<br>US Research Growth Equity<br>22.9<br>Global Life Sciences<br>15.0<br>US SMID Cap Growth<br>12.8<br>Global Strategic Fixed Income<br>10.7<br>Absolute Return Income<br>10.3<br>Sterling Buy & Maintain Credit<br>9.6<br>Core Plus Fixed Income<br>7.0<br>Australian Fixed Income<br>6.4<br>Balanced<br>52.3<br>UK Cautious Managed<br>1.4<br>Adaptive Portable Alpha<br>0.9<br>Global Adaptive Capital Appreciation<br>0.6<br>Protective Life Dynamic Allocation Series - Moderate<br>0.5<br>Intech Global Large Cap Core ex-Japan - ESG<br>13.0<br>Intech US Enhanced Plus<br>4.1<br>Intech Global Enhanced Index ex-Australia ex-Tobacco 1% Risk<br>2.8<br>Intech Global Large Cap Core<br>2.3<br>Intech US Broad Equity Plus<br>2.0<br>Absolute Return Equity<br>5.3<br>UK Direct Property<br>1.5<br>Multi Strategy<br>1.1<br>Europe Large Cap Long/Short<br>0.7<br>Concentrated Pan Europe Equity<br>0.4<br>Total<br>245.2<br>Equity<br>Fixed Income<br>Multi-Asset<br>Alternatives<br>Quantitative Equities |
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| 23<br>8.8<br>3.3<br>4.2<br>2.5<br>4.3<br>(10.0)<br>(6.8)<br>(6.0)<br>(8.3)<br>(8.5)<br>(1.2)<br>(3.5)<br>(1.8)<br>(5.8)<br>(4.2)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>13.5<br>16.5<br>13.5<br>12.9<br>14.0<br>(12.5)<br>(15.4)<br>(13.5)<br>(11.7)<br>(14.2)<br>1.0<br>1.1<br>-<br>1.2<br>(0.2)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>0.9<br>0.9<br>0.7<br>0.6<br>1.0<br>(1.8)<br>(1.8)<br>(1.4)<br>(1.2)<br>(1.8)<br>(0.9)<br>(0.9)<br>(0.7)<br>(0.6)<br>(0.8)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>Intermediary<br>(US$bn)<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.<br>QUARTERLY FLOWS BY CLIENT TYPE<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>Institutional<br>(US$bn)<br>30%<br>11%<br>13%<br>7%<br>14%<br>32%<br>35%<br>28%<br>25%<br>27%<br>5%<br>4%<br>4%<br>3%<br>4%<br>(34%)<br>(22%)<br>(19%)<br>(25%)<br>(27%)<br>(29%)<br>(32%)<br>(28%)<br>(23%)<br>(27%)<br>(10%)<br>(9%)<br>(7%)<br>(6%)<br>(8%)<br>Annualised gross redemptions¹<br>Annualised gross sales¹<br>Self<br>-<br>Directed<br>(US$bn) |
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| 24<br>10.3<br>10.5<br>8.6<br>7.5<br>8.1<br>(10.4)<br>(12.0)<br>(10.5)<br>(10.1)<br>(11.3)<br>(0.1)<br>(1.5)<br>(1.9)<br>(2.6)<br>(3.2)<br>Q4 2020<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Equities<br>(US$bn)<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.<br>QUARTERLY FLOWS BY CAPABILITY<br>Equities and Fixed Income<br>8.7<br>5.9<br>5.9<br>4.7<br>5.6<br>(7.5)<br>(5.5)<br>(6.0)<br>(4.0)<br>(5.5)<br>1.2<br>0.4<br>(0.1)<br>0.7<br>0.1<br>Q4 2020<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>(22%)<br>(22%)<br>(19%)<br>(17%)<br>(19)%<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>Annualised gross redemptions¹<br>22%<br>19%<br>15%<br>12%<br>14%<br>46%<br>29%<br>30%<br>23%<br>28%<br>(40%)<br>(28%)<br>(31%)<br>(19%)<br>(28)%<br>Fixed Income<br>(US$bn)<br>Annualised gross sales¹ |
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| 25<br>0.3<br>0.2<br>0.2<br>0.1<br>0.1<br>(3.7)<br>(2.3)<br>(1.5)<br>(4.5)<br>(4.3)<br>(3.4)<br>(2.1)<br>(1.3)<br>(4.4)<br>(4.2)<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>3.1<br>3.0<br>2.4<br>2.6<br>4.3<br>(1.9)<br>(2.2)<br>(1.9)<br>(1.8)<br>(2.2)<br>1.2<br>0.8<br>0.5<br>0.8<br>2.1<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>0.8<br>1.1<br>1.3<br>1.1<br>1.2<br>(0.8)<br>(2.0)<br>(1.0)<br>(0.8)<br>(1.2)<br>-<br>(0.9)<br>0.3<br>0.3<br>-<br>Q4<br>2020<br>Q1<br>2021<br>Q2<br>2021<br>Q3<br>2021<br>Q4<br>2021<br>Multi<br>-<br>Asset<br>(US$bn)<br>1<br>Annualised gross sales and redemption rates calculated as a percentage of beginning period AUM.<br>QUARTERLY FLOWS BY CAPABILITY<br>Multi<br>-<br>Asset, Quantitative Equities and Alternatives<br>Redemptions<br>Sales<br>Net sales / (redemptions)<br>Quantitative Equities<br>(US$bn)<br>3%<br>2%<br>2%<br>1%<br>2%<br>28%<br>25%<br>20%<br>20%<br>31%<br>33%<br>41%<br>52%<br>42%<br>44%<br>(36%)<br>(22%)<br>(14%)<br>(41%)<br>(44%)<br>(17%)<br>(18%)<br>(15%)<br>(14%)<br>(16%)<br>(31%)<br>(77%)<br>(39%)<br>(30%)<br>(43%)<br>Annualised gross redemptions¹<br>Annualised gross sales¹<br>Alternatives<br>(US$bn) |
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| 26<br>Q4 2019<br>Q1 2020<br>Q2 2020<br>Q3 2020<br>Q4 2020<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Equities<br>Fixed Income<br>Multi-Asset<br>Quantitative Equities<br>Alternatives<br>Q4 2019 to Q4 2021 total net flows by capability<br>(US$bn)<br>NET FLOWS BY CAPABILITY<br>(12.2)<br>(6.7)<br>(8.2)<br>(2.9)<br>(1.1)<br>(3.3)<br>(2.5)<br>(5.2)<br>(5.2) |
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| 27<br>Note:<br>Outperformance is measured based on composite performance gross of fees vs primary benchmark, except where a strategy has<br>no benchmark index or<br>corresponding composite in which case the most relevant metric is used: (1) composite gross of fees vs zero for absolute retu<br>rn<br>strategies, (2) fund net of<br>fees vs primary index or (3) fund net of fees vs Morningstar peer group average or median.<br>Non<br>-<br>discretionary and separately managed account assets are included with a corresponding composite where applicable.<br>Cash management vehicles, ETF<br>-<br>enhanced beta strategies, Managed CDOs, Private Equity funds and custom non<br>-<br>discretionary account<br>s with no<br>corresponding composite are excluded from the analysis.<br>Excluded assets represent 5% of AUM across all time periods. Capabilities defined by Janus Henderson.<br>INVESTMENT PERFORMANCE<br>% of AUM outperforming benchmark<br>Capability<br>1yr<br>3yr<br>5yr<br>10yr<br>1yr<br>3yr<br>5yr<br>10yr<br>1yr<br>3yr<br>5yr<br>10yr<br>1yr<br>3yr<br>5yr<br>10yr<br>Equities<br>55%<br>54%<br>69%<br>77%<br>56%<br>56%<br>55%<br>78%<br>64%<br>56%<br>60%<br>84%<br>39%<br>37%<br>68%<br>81%<br>Fixed Income<br>94%<br>97%<br>89%<br>98%<br>98%<br>96%<br>97%<br>98%<br>98%<br>96%<br>96%<br>99%<br>91%<br>96%<br>96%<br>98%<br>Multi-Asset<br>98%<br>97%<br>94%<br>96%<br>98%<br>97%<br>97%<br>96%<br>99%<br>97%<br>97%<br>97%<br>99%<br>96%<br>96%<br>97%<br>Quantitative Equities<br>48%<br>4%<br>11%<br>72%<br>23%<br>23%<br>2%<br>71%<br>41%<br>2%<br>2%<br>32%<br>8%<br>58%<br>53%<br>21%<br>Alternatives<br>98%<br>97%<br>100%<br>100%<br>98%<br>97%<br>100%<br>100%<br>94%<br>97%<br>100%<br>100%<br>91%<br>100%<br>100%<br>100%<br>Total<br>67%<br>62%<br>70%<br>83%<br>66%<br>66%<br>63%<br>83%<br>72%<br>64%<br>67%<br>86%<br>54%<br>58%<br>76%<br>84%<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021 |
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| 28<br>INVESTMENT PERFORMANCE<br>Note:<br>Includes Janus Investment Fund, Janus Aspen Series and Clayton Street Trust (US Trusts), Janus Henderson Capital Funds (Du<br>blin based), Dublin and UK<br>OEIC and Investment Trusts, Luxembourg SICAVs and Australian Managed Investment Schemes.<br>The top two Morningstar quartiles represent funds in the top half of their category based on total return. For the 1<br>-<br>, 3<br>-<br>, 5<br>-<br>a<br>nd 10<br>-<br>year periods ending<br>31<br>December 2021, 43%, 57%, 55% and 64% of the 193, 184, 179 and 151 total mutual funds, respectively, were in the top 2 Morning<br>star quartiles.<br>Analysis based on ‘primary’ share class (Class<br>I Shares, Institutional Shares or share class with longest history for US Trusts<br>; Class A Shares or share class<br>with longest history for Dublin based; primary share class as defined by Morningstar for other funds). Performance may vary b<br>y s<br>hare class. Rankings may<br>be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodol<br>ogy<br>that differs from that<br>used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the ranking. When an<br>exp<br>ense waiver is in effect,<br>it may have a material effect on the total return, and therefore the ranking for the period.<br>ETFs and funds not ranked by Morningstar are excluded from the analysis. Capabilities defined by Janus Henderson. © 2021 Morn<br>in<br>gstar, Inc. All Rights<br>Reserved.<br>% of mutual fund AUM in top 2 Morningstar quartiles<br>Capability<br>1yr<br>3yr<br>5yr<br>10yr<br>1yr<br>3yr<br>5yr<br>10yr<br>1yr<br>3yr<br>5yr<br>10yr<br>1yr<br>3yr<br>5yr<br>10yr<br>Equities<br>35%<br>60%<br>64%<br>79%<br>32%<br>59%<br>44%<br>71%<br>47%<br>47%<br>49%<br>68%<br>54%<br>51%<br>52%<br>86%<br>Fixed Income<br>69%<br>79%<br>73%<br>70%<br>57%<br>80%<br>75%<br>71%<br>84%<br>77%<br>73%<br>69%<br>64%<br>81%<br>75%<br>70%<br>Multi-Asset<br>19%<br>91%<br>92%<br>96%<br>19%<br>92%<br>91%<br>93%<br>20%<br>92%<br>92%<br>94%<br>95%<br>93%<br>93%<br>94%<br>Quantitative Equities<br>32%<br>32%<br>4%<br>0%<br>41%<br>47%<br>7%<br>0%<br>11%<br>11%<br>11%<br>0%<br>0%<br>11%<br>13%<br>0%<br>Alternatives<br>30%<br>76%<br>30%<br>98%<br>27%<br>76%<br>27%<br>98%<br>27%<br>70%<br>74%<br>98%<br>50%<br>34%<br>100%<br>100%<br>Total<br>37%<br>67%<br>68%<br>81%<br>33%<br>67%<br>55%<br>75%<br>47%<br>59%<br>60%<br>73%<br>62%<br>61%<br>64%<br>86%<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021 |
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| 29<br>INVESTMENT PERFORMANCE<br>% of mutual fund AUM in top 2 Morningstar quartiles (continued)<br>Group<br>10<br>21<br>17<br>24<br>44<br>42<br>47<br>44<br>42<br>41<br>45<br>44<br>57<br>57<br>48<br>59<br>27<br>12<br>29<br>38<br>24<br>26<br>13<br>17<br>26<br>14<br>14<br>19<br>24<br>18<br>25<br>26<br>37<br>33<br>47<br>62<br>67<br>67<br>59<br>61<br>68<br>55<br>60<br>64<br>81<br>75<br>73<br>86<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Equities<br>8<br>22<br>19<br>8<br>27<br>26<br>32<br>30<br>32<br>31<br>31<br>29<br>53<br>54<br>37<br>52<br>27<br>10<br>28<br>46<br>32<br>33<br>15<br>21<br>32<br>14<br>17<br>23<br>27<br>18<br>31<br>34<br>35<br>32<br>47<br>54<br>60<br>59<br>47<br>51<br>64<br>44<br>49<br>52<br>79<br>71<br>68<br>86<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>2<br>nd<br>quartile<br>1<br>st<br>quartile<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>Note:<br>Full performance disclosures detailed on slide 28. Numbers may not cast due to rounding. |
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| 30<br>INVESTMENT PERFORMANCE<br>% of mutual fund AUM in top 2 Morningstar quartiles (continued)<br>2<br>nd<br>quartile<br>1<br>st<br>quartile<br>Fixed Income<br>Multi<br>-<br>Asset<br>27<br>30<br>25<br>21<br>69<br>71<br>70<br>61<br>38<br>40<br>56<br>55<br>31<br>33<br>48<br>46<br>43<br>27<br>59<br>43<br>11<br>9<br>7<br>19<br>35<br>35<br>17<br>21<br>39<br>38<br>21<br>23<br>69<br>57<br>84<br>64<br>79<br>80<br>77<br>81<br>73<br>75<br>73<br>75<br>70<br>71<br>69<br>70<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>1<br>15<br>4<br>92<br>90<br>91<br>92<br>92<br>91<br>91<br>91<br>92<br>92<br>93<br>93<br>94<br>18<br>4<br>16<br>4<br>1<br>1<br>1<br>1<br>1<br>1<br>1<br>1<br>4<br>1<br>1<br>1<br>19<br>19<br>20<br>95<br>91<br>92<br>92<br>93<br>92<br>91<br>92<br>93<br>96<br>93<br>94<br>94<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>Note:<br>Full performance disclosures detailed on slide 28. Numbers may not cast due to rounding. |
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| 31<br>7<br>11<br>4<br>7<br>11<br>4<br>7<br>11<br>11<br>32<br>34<br>28<br>40<br>11<br>2<br>32<br>41<br>11<br>0<br>32<br>47<br>11<br>11<br>4<br>7<br>11<br>13<br>0<br>0<br>0<br>0<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>19<br>0<br>14<br>2<br>74<br>20<br>24<br>8<br>24<br>22<br>65<br>64<br>67<br>50<br>66<br>71<br>12<br>26<br>13<br>48<br>2<br>56<br>46<br>26<br>6<br>6<br>9<br>36<br>31<br>48<br>32<br>29<br>30<br>27<br>27<br>50<br>76<br>76<br>70<br>34<br>30<br>27<br>74<br>100<br>98<br>98<br>98<br>100<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>INVESTMENT PERFORMANCE<br>% of mutual fund AUM in top 2 Morningstar quartiles (continued)<br>Quantitative Equities<br>Alternatives<br>2<br>nd<br>quartile<br>1<br>st<br>quartile<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>1<br>-<br>year<br>3<br>-<br>year<br>5<br>-<br>year<br>10<br>-<br>year<br>Note:<br>Full performance disclosures detailed on slide 28. Numbers may not cast due to rounding. |
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| 32<br>US GAAP: STATEMENT OF INCOME<br>(US$m, except per share data or as noted)<br>31 Dec 21<br>30 Sep 21<br>31 Dec 20<br>31 Dec 21<br>31 Dec 20<br>Revenue<br>Management fees<br>565.9<br>564.5<br>489.1<br>2,189.4<br>1,794.1<br>Performance fees<br>7.7<br>0.6<br>59.3<br>102.7<br>98.1<br>Shareowner servicing fees<br>68.3<br>67.6<br>57.9<br>260.7<br>209.2<br>Other revenue<br>55.3<br>54.7<br>50.9<br>214.2<br>197.2<br>Total revenue<br>697.2<br>687.4<br>657.2<br>2,767.0<br>2,298.6<br>Operating expenses<br>Employee compensation and benefits<br>160.1<br>166.2<br>162.3<br>693.3<br>618.6<br>Long-term incentive plans<br>42.7<br>35.0<br>44.7<br>181.0<br>170.1<br>Distribution expenses<br>147.3<br>142.1<br>128.7<br>551.6<br>464.4<br>Investment administration<br>12.9<br>13.0<br>12.6<br>51.6<br>50.0<br>Marketing<br>11.3<br>7.5<br>3.9<br>31.7<br>19.6<br>General, administrative and occupancy<br>77.6<br>65.5<br>66.4<br>271.8<br>255.2<br>Impairment of goodwill and intangible assets<br>77.5<br>–<br>–<br>121.9<br>513.7<br>Depreciation and amortisation<br>10.2<br>9.8<br>11.6<br>40.7<br>49.2<br>Total operating expenses<br>539.6<br>439.1<br>430.2<br>1,943.6<br>2,140.8<br>Operating income<br>157.6<br>248.3<br>227.0<br>823.4<br>157.8<br>Interest expense<br>(3.2)<br>(3.2)<br>(3.2)<br>(12.8)<br>(12.9)<br>Investment gains (losses), net<br>(7.3)<br>4.7<br>32.2<br>0.8<br>57.5<br>Other non-operating income (expense), net<br>8.0<br>3.6<br>(0.2)<br>8.8<br>39.7<br>Income before taxes<br>155.1<br>253.4<br>255.8<br>820.2<br>242.1<br>Income tax provision<br>(29.6)<br>(53.3)<br>(57.4)<br>(205.7)<br>(59.5)<br>Net income<br>125.5<br>200.1<br>198.4<br>614.5<br>182.6<br>Net loss (income) attributable to noncontrolling interests<br>7.0<br>(3.3)<br>(11.6)<br>7.6<br>(21.0)<br>Net income attributable to JHG<br>132.5<br>196.8<br>186.8<br>622.1<br>161.6<br>Less: allocation of earnings to participating stock-based<br>(3.6)<br>(5.4)<br>(5.5)<br>(17.7)<br>(4.7)<br>Net income attributable to JHG common shareholders<br>128.9<br>191.4<br>181.3<br>604.4<br>156.9<br>Diluted weighted-average shares outstanding (m)<br>166.2<br>167.8<br>177.0<br>168.5<br>179.9<br>Diluted earnings per share (in US$)<br>0.78<br>1.14<br>1.02<br>3.59<br>0.87<br>Year ended<br>3 months ended |
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| 33<br>ALTERNATIVE PERFORMANCE MEASURES<br>Reconciliation of adjusted financial measures<br>Note:<br>Reconciliation to be used in conjunction with slide 34. Footnotes included on slide 35.<br>(US$m, except per share data)<br>31 Dec 21<br>30 Sep 21<br>31 Dec 20<br>31 Dec 21<br>31 Dec 20<br>Reconciliation of revenue to adjusted revenue<br>Revenue<br>697.2<br>687.4<br>657.2<br>2,767.0<br>2,298.6<br>Management fees<br>1<br>(56.5)<br>(53.0)<br>(51.6)<br>(205.9)<br>(183.8)<br>Shareowner servicing fees<br>1<br>(56.2)<br>(55.4)<br>(47.4)<br>(214.7)<br>(170.3)<br>Other revenue<br>1<br>(34.6)<br>(33.7)<br>(29.7)<br>(131.0)<br>(110.3)<br>Adjusted revenue<br>549.9<br>545.3<br>528.5<br>2,215.4<br>1,834.2<br>Reconciliation of operating expenses to adjusted operating expenses<br>Operating expenses<br>539.6<br>439.1<br>430.2<br>1,943.6<br>2,140.8<br>Employee compensation and benefits<br>2<br>–<br>–<br>(0.1)<br>–<br>(2.3)<br>Long-term incentive plans<br>2<br>0.1<br>0.1<br>0.1<br>0.4<br>0.5<br>Distribution expenses<br>1<br>(147.3)<br>(142.1)<br>(128.7)<br>(551.6)<br>(464.4)<br>General, administrative and occupancy<br>2<br>(2.6)<br>(2.9)<br>(2.8)<br>(10.8)<br>(11.0)<br>Impairment of goodwill and intangible assets<br>3<br>(77.5)<br>–<br>–<br>(121.9)<br>(513.7)<br>Depreciation and amortisation<br>3<br>(2.1)<br>(1.9)<br>(1.9)<br>(7.8)<br>(12.4)<br>Adjusted operating expenses<br>310.2<br>292.3<br>296.8<br>1,251.9<br>1,137.5<br>3 months ended<br>Year ended |
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| 34<br>ALTERNATIVE PERFORMANCE MEASURES<br>Reconciliation of adjusted financial measures (continued)<br>(US$m, except per share data)<br>31 Dec 21<br>30 Sep 21<br>31 Dec 20<br>31 Dec 21<br>31 Dec 20<br>Reconciliation of net income attributable to JHG to adjusted net income attributable to JHG<br>Net income attributable to JHG<br>132.5<br>196.8<br>186.8<br>622.1<br>161.6<br>Employee compensation and benefits<br>2<br>–<br>–<br>0.1<br>–<br>2.3<br>Long-term incentive plans<br>2<br>(0.1)<br>(0.1)<br>(0.1)<br>(0.4)<br>(0.5)<br>General, administrative and occupancy<br>2<br>2.6<br>2.9<br>2.8<br>10.8<br>11.0<br>Impairment of goodwill and intangible assets<br>3<br>77.5<br>–<br>–<br>121.9<br>513.7<br>Depreciation and amortisation<br>3<br>2.1<br>1.9<br>1.9<br>7.8<br>12.4<br>Interest expense<br>4<br>–<br>–<br>–<br>–<br>0.1<br>Investment gains (losses), net<br>4<br>–<br>–<br>(1.4)<br>0.2<br>(1.4)<br>Other non-operating expense, net<br>4<br>(9.1)<br>(1.6)<br>(1.7)<br>(14.2)<br>(28.7)<br>Income tax benefit (provision)<br>5<br>(25.4)<br>(0.4)<br>0.6<br>(6.6)<br>(112.6)<br>Adjusted net income attributable to JHG<br>180.1<br>199.5<br>189.0<br>741.6<br>557.9<br>Diluted earnings per share (in US$)<br>0.78<br>1.14<br>1.02<br>3.59<br>0.87<br>Adjusted diluted earnings per share (in US$)<br>1.05<br>1.16<br>1.04<br>4.28<br>3.01<br>3 months ended<br>Year ended<br>Note:<br>Reconciliation to be used in conjunction with slide 33. Footnotes included on slide 35. |
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| 35<br>ALTERNATIVE PERFORMANCE MEASURES<br>Footnotes to reconciliation of adjusted financial measures<br>1<br>JHG<br>contracts<br>with<br>third<br>-<br>party<br>intermediaries<br>to<br>distribute<br>and<br>service<br>certain<br>of<br>its<br>investment<br>products<br>..<br>Fees<br>for<br>distribution<br>and<br>servicing<br>related<br>activities<br>are<br>either<br>provided<br>for<br>separately<br>in<br>an<br>investment<br>product’s<br>prospectus<br>or<br>are<br>part<br>of<br>the<br>management<br>fee<br>..<br>Under<br>both<br>arrangements,<br>the<br>fees<br>are<br>collected<br>by<br>JHG<br>and<br>passed<br>through<br>to<br>third<br>-<br>party<br>intermediaries<br>who<br>are<br>responsible<br>for<br>performing<br>the<br>applicable<br>services<br>..<br>The<br>majority<br>of<br>distribution<br>and<br>servicing<br>fees<br>collected<br>by<br>JHG<br>are<br>passed<br>through<br>to<br>third<br>-<br>party<br>intermediaries<br>..<br>JHG<br>management<br>believes<br>that<br>the<br>deduction<br>of<br>distribution<br>and<br>service<br>fees<br>from<br>revenue<br>in<br>the<br>computation<br>of<br>adjusted<br>revenue<br>reflects<br>the<br>pass<br>-<br>through<br>nature<br>of<br>these<br>revenues<br>..<br>In<br>certain<br>arrangements,<br>JHG<br>performs<br>the<br>distribution<br>and<br>servicing<br>activities<br>and<br>retains<br>the<br>applicable<br>fees<br>..<br>Revenues<br>for<br>distribution<br>and<br>servicing<br>activities<br>performed<br>by<br>JHG<br>are<br>not<br>deducted<br>from<br>GAAP<br>revenue<br>..<br>2<br>Adjustments<br>primarily<br>represent<br>rent<br>expense<br>for<br>subleased<br>office<br>space<br>..<br>In<br>addition,<br>the<br>adjustments<br>for<br>the<br>three<br>months<br>ended<br>30<br>September<br>2021<br>and<br>the<br>year<br>ended<br>31<br>December<br>2021<br>include<br>a<br>one<br>-<br>time<br>charge<br>related<br>to<br>the<br>employee<br>benefits<br>trust<br>..<br>JHG<br>management<br>believes<br>these<br>costs<br>are<br>not<br>representative<br>of<br>the<br>ongoing<br>operations<br>of<br>the<br>Group<br>..<br>3<br>Investment<br>management<br>contracts<br>have<br>been<br>identified<br>as<br>a<br>separately<br>identifiable<br>intangible<br>asset<br>arising<br>on<br>the<br>acquisition<br>of<br>subsidiaries<br>and<br>businesses<br>..<br>Such<br>contracts<br>are<br>recognised<br>at<br>the<br>net<br>present<br>value<br>of<br>the<br>expected<br>future<br>cash<br>flows<br>arising<br>from<br>the<br>contracts<br>at<br>the<br>date<br>of<br>acquisition<br>..<br>For<br>segregated<br>mandate<br>contracts,<br>the<br>intangible<br>asset<br>is<br>amortised<br>on<br>a<br>straight<br>-<br>line<br>basis<br>over<br>the<br>expected<br>life<br>of<br>the<br>contracts<br>..<br>Adjustments<br>also<br>include<br>impairment<br>charges<br>of<br>our<br>goodwill<br>and<br>certain<br>mutual<br>fund<br>investment<br>management<br>agreements,<br>client<br>relationships<br>and<br>trademarks<br>..<br>JHG<br>management<br>believes<br>these<br>non<br>-<br>cash<br>and<br>acquisition<br>-<br>related<br>costs<br>are<br>not<br>representative<br>of<br>the<br>ongoing<br>operations<br>of<br>the<br>Group<br>..<br>4<br>Adjustments<br>primarily<br>represent<br>contingent<br>consideration<br>adjustments<br>associated<br>with<br>prior<br>acquisitions<br>..<br>JHG<br>management<br>believes<br>these<br>costs<br>are<br>not<br>representative<br>of<br>the<br>ongoing<br>operations<br>of<br>the<br>Group<br>..<br>5<br>The<br>tax<br>impact<br>of<br>the<br>adjustments<br>is<br>calculated<br>based<br>on<br>the<br>applicable<br>US<br>or<br>foreign<br>statutory<br>tax<br>rate<br>as<br>it<br>relates<br>to<br>each<br>adjustment<br>..<br>Certain<br>adjustments<br>are<br>either<br>not<br>taxable<br>or<br>not<br>tax<br>-<br>deductible<br>.. |
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| 36<br>CAPITAL MANAGEMENT<br>Note:<br>JHG purchases shares on market for the annual share grants associated with variable compensation, which is not included i<br>n the above share repurchases.<br>Numbers may not cast due to rounding.<br>1<br>Total shares outstanding reflect amounts disclosed on Forms 10<br>-<br>Q or 10<br>-<br>K for each respective quarter.<br>2<br>Cumulative decrease from commencement of buyback programme in Q3 2018.<br>Continued commitment to return of capital<br>Dividend paid / share (US$)<br>0.36<br>0.36<br>0.36<br>0.36<br>0.36<br>0.38<br>0.38<br>0.38<br>Shares repurchased (m)<br>2.1<br>1.1<br>2.4<br>1.0<br>8.1<br>0.0<br>1.8<br>1.5<br>Total shares outstanding<br>1<br>(m)<br>184.9<br>183.9<br>181.4<br>180.4<br>172.3<br>172.3<br>170.6<br>169.0<br>Cumulative decrease in shares<br>2<br>7.7%<br>8.3%<br>9.5%<br>10.0%<br>14.0%<br>14.0%<br>14.9%<br>15.6%<br>Q1 2020 to Q4 2021 quarterly capital return<br>(US$m)<br>66.2<br>66.1<br>65.8<br>64.8<br>61.7<br>64.8<br>64.5<br>31.2<br>22.0<br>50.2<br>27.4<br>230.2<br>75.0<br>66.9<br>97.4<br>88.1<br>116.0<br>92.2<br>291.9<br>65.0<br>139.8<br>131.4<br>Q1 2020<br>Q2 2020<br>Q3 2020<br>Q4 2020<br>Q1 2021<br>Q2 2021<br>Q3 2021<br>Q4 2021<br>Dividends<br>Share repurchases |
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| 37<br>PERFORMANCE FEES<br>Note:<br>Performance fees include prior quarter accrual true<br>-<br>ups.<br>1<br>AUM data present US mutual fund AUM subject to performance fees as at 31 December 2021. Janus Investment Funds and Janus Aspe<br>n S<br>eries<br>Portfolios are counted as distinct and separate funds.<br>Q4 2021<br>(US$m)<br>Q3 2021<br>(US$m)<br>Q4 2020<br>(US$m)<br>AUM<br>generating<br>Q4 2021<br>pfees<br>(US$bn)<br># of funds<br>generating<br>Q4 2021<br>pfees<br>Frequency<br>Timing<br>SICAVs<br>0.1<br>1.0<br>5.4<br>–<br>–<br>17 annually;<br>3 quarterly<br>17 at June;<br>3 on quarters<br>UK OEICs and unit trusts<br>–<br>–<br>0.5<br>–<br>–<br>annually<br>various<br>Offshore absolute return and<br>other funds<br>11.0<br>1.1<br>6.9<br>0.9<br>4<br>quarterly /<br>annually<br>various<br>Segregated mandates<br>2.7<br>–<br>48.6<br>9.3<br>16<br>quarterly /<br>annually<br>various<br>Investment trusts<br>1.6<br>–<br>–<br>0.2<br>1<br>annually<br>various<br>US mutual funds<br>1<br>(7.7)<br>(1.5)<br>(2.1)<br>66.1<br>15<br>monthly<br>monthly<br>Total<br>7.7<br>0.6<br>59.3<br>76.5<br>36 |
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| 38<br>US MUTUAL FUNDS WITH PERFORMANCE FEES<br>Note:<br>Numbers may not cast due to rounding.<br>1<br>The funds listed have a performance<br>-<br>based investment advisory fee that adjusts up or down based on performance relative to a ben<br>chmark over 36<br>-<br>month<br>rolling periods. Please see the funds’ Statements of Additional Information for more details and benchmark information.<br>2<br>Adjustment of<br>±<br>15 bps assumes constant assets and could be higher or lower depending on asset fluctuations.<br>3<br>Until 1 August 2022, the Fund’s performance during the portion of the performance measurement period prior to 1 August 2019 w<br>il<br>l be compared to the<br>Fund's former benchmark, the Russell 3000<br>®<br>Value Index.<br>Mutual funds with performance fees¹<br>AUM<br>31 Dec 21<br>(US$m)<br>Benchmark<br>Base<br>fee<br>Performance<br>fee<br>2<br>Performance<br>cap/(floor) vs<br>benchmark<br>Q4 2021 P&L<br>impact<br>(US$’000)<br>Forty Fund and Portfolio<br>23,716<br>Russell 1000<br>®<br>Growth Index<br>0.64%<br>±<br>15 bps<br>±<br>8.50%<br>(1,815)<br>Research Fund and Portfolio<br>22,184<br>Russell 1000<br>®<br>Growth Index<br>0.64%<br>±<br>15 bps<br>±<br>5.00%<br>(6,457)<br>Contrarian Fund<br>5,303<br>S&P 500<br>®<br>Index<br>0.64%<br>±<br>15 bps<br>±<br>7.00%<br>1,283<br>Global Research Fund and Portfolio<br>4,499<br>MSCI World Index<br>SM<br>0.60%<br>±<br>15 bps<br>±<br>6.00%<br>725<br>Small Cap Value Fund<br>3,812<br>Russell 2000<br>®<br>Value Index<br>0.72%<br>±<br>15 bps<br>±<br>5.50%<br>(1,287)<br>Mid Cap Value Fund and Portfolio<br>2,915<br>Russell Midcap<br>®<br>Value Index<br>0.64%<br>±<br>15 bps<br>±<br>4.00%<br>(1,132)<br>Overseas Fund and Portfolio<br>2,592<br>MSCI All Country World ex<br>-<br>U.S. Index<br>SM<br>0.64%<br>±<br>15 bps<br>±<br>7.00%<br>772<br>Global Real Estate Fund<br>925<br>FTSE EPRA / NAREIT Global Index<br>0.75%<br>±<br>15 bps<br>±<br>4.00%<br>219<br>Small<br>-<br>Mid Cap Value Fund<br>3<br>109<br>Russell 2500<br>TM<br>Value Index<br>0.70%<br>±<br>15 bps<br>±<br>5.00%<br>(30)<br>Asia Equity Fund<br>22<br>MSCI All Country Asia ex<br>-<br>Japan Index<br>SM<br>0.92%<br>±<br>15 bps<br>±<br>7.00%<br>(11)<br>Total<br>66,077<br>(7,733) |
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| 39<br>LONG<br>-<br>TERM INCENTIVE COMPENSATION<br>Note:<br>Annual grants generally vest over three and four years. Assumed no forfeitures in future periods. Assumed no change in fut<br>ure values related to market or<br>currency, which would impact expense related to cash<br>-<br>based awards (MFSAs, DIP and DEP funds) and social security expense upon ve<br>sting.<br>1<br>Estimated 2022 annual grant based on amounts expected to be granted associated with the annual award process. Actual awards a<br>re<br>expected to be<br>between US$210m and US$220m.<br>2<br>Includes retention and recruiting awards; other subsidiary grants and social security expense. Social security expense is est<br>ima<br>ted based on amount of<br>existing awards expected to vest in that year.<br>Estimated future long<br>-<br>term incentive compensation amortization<br>(US$<br>m)<br>Amount<br>remaining<br>to expense<br>2022<br>2023<br>2024<br>2025<br>2026<br>2019 annual grant<br>3<br>3<br>–<br>–<br>–<br>–<br>2020<br>annual grant<br>20<br>18<br>2<br>–<br>–<br>–<br>2021<br>annual grant<br>68<br>46<br>19<br>3<br>–<br>–<br>Estimated 2022<br>annual grant<br>1<br>215<br>110<br>71<br>30<br>4<br>–<br>Other<br>2<br>60<br>19<br>17<br>12<br>9<br>3<br>Total long<br>-<br>term incentive compensation<br>366<br>196<br>109<br>45<br>13<br>3 |
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| 40<br>CONTACTS<br>Investor enquiries<br>Melanie Horton<br>Co<br>-<br>Head Investor Relations (Non<br>-<br>US)<br>+44 (0)20 7818 2905<br>melanie.horton@janushenderson.com<br>Jim Kurtz<br>Co<br>-<br>Head Investor Relations (US)<br>+1 303 336 4529<br>jim.kurtz@janushenderson.com<br>Investor Relations<br>investor.relations@janushenderson.com<br>Media enquiries<br>Stephen Sobey<br>+44 (0)20 7818 2523<br>stephen.sobey@janushenderson.com<br>Sarah Johnson<br>+1 720 364 0708<br>sarah.johnson@janushenderson.com<br>United Kingdom: Edelman Smithfield<br>Latika Shah<br>+44 (0)7950 671 948<br>latika.shah@edelmansmithfield.com<br>Andrew Wilde<br>+44 (0)7786 022 022<br>andrew.wilde@edelmansmithfield.com<br>Asia Pacific: Honner<br>Craig Morris<br>+61 2 8248 3757<br>craig@honner.com.au |
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| 201 Bishopsgate London EC2M 3AE United Kingdom<br>www.janushenderson.com<br>Contact us<br>Past performance is no guarantee of future results. Investing involves risk, including the possible loss of principal and flu<br>ctu<br>ation of value.<br>Forward<br>-<br>looking information<br>This presentation includes statements concerning potential future events involving Janus Henderson Group plc that could diffe<br>r m<br>aterially from the<br>events that actually occur. The differences could be caused by a number of factors, including those factors identified in Jan<br>us<br>Henderson Group’s<br>Annual Report on Form 10<br>-<br>K for the fiscal year ended 31<br>December 2020 and the Company’s other filings and furnishings with the S<br>ecurities and<br>Exchange Commission (Commission file no. 001<br>-<br>38103), including those that appear under headings such as ‘Risk Factors’ and ‘Mana<br>gement’s<br>Discussion and Analysis of Financial Condition and Results of Operations’. Many of these factors are beyond the control of th<br>e C<br>ompany and its<br>management. Any forward<br>-<br>looking statements contained in this presentation are as of the date on which such statements were made.<br>The Company<br>assumes no duty to update them, even if experience, unexpected events, or future changes make it clear that any projected res<br>ult<br>s expressed or<br>implied therein will not be<br>realised<br>.. Annualised, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts<br>and may not reflect actual results.<br>No public offer<br>The information, statements and opinions contained in this presentation do not constitute a public offer under any applicable<br>le<br>gislation or an offer to<br>sell or solicitation of any offer to buy any securities or financial instruments or any advice or recommendation with respect<br>to<br>such securities or other<br>financial instruments.<br>Not all products or services are available in all jurisdictions. Various account minimums or other eligibility qualifications<br>ap<br>ply depending on the<br>investment strategy, vehicle or investor jurisdiction. Mutual funds in the US distributed by Janus Henderson Distributors US<br>LLC<br>..<br>Please consider the charges, risks, expenses and investment objectives carefully before investing. For a US fund prospectus<br>or, if available, a summary prospectus containing this and other information, please contact your investment professional or<br>call 800.668.0434. Read it carefully before you invest or send money.<br>Janus Henderson and Intech are trademarks of Janus Henderson Group plc or one of its subsidiaries. ©<br>Janus Henderson Group plc. |
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