Janus Henderson Group PLC at Bank of America Financial Services Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Craig Siegenthaler - Bank of America - Analyst : So I want to hone in on fixed income a little bit. Your fourth quarter is good, but if you look at industry flows, there is building momentum in fixed income. But in the fourth quarter, when the 10-year went up, it sort of faded a little bit, not surprising. But now we do have that sort of steep yield curve. What metrics or leading indicators are you looking at to give you confidence that bond flows may pick up?

Question: Craig Siegenthaler - Bank of America - Analyst : So Roger, first, congratulations on the positive flow year and strong finish in 4Q. I look back in history of Janus since before the financial crisis. I wasn't sure about Henderson. I didn't check that one. But you finished on a really strong note. Now if we do get duration extensions and rerisking into things like alts or active ETFs, what does your net flow outlook look like, considering you didn't have a money market business, and you managed to get inflows despite not having a lot of the pieces that were grown last year.

Question: Craig Siegenthaler - Bank of America - Analyst : That's great. Roger, since Ali Dibadj is appointed as CEO, you've consistently beat expectations in the institutional channel. And the trajectory there was sort of stronger. So my simple question is why and I was wondering also if you could highlight what the unfunded win pipeline has been tracking because that's generally a leading indicator for where flows are going.

Question: Craig Siegenthaler - Bank of America - Analyst : Let's talk about the EPS algo. You have multiple levels -- levers to drive double-digit EPS growth. And I'm thinking positive organic growth, beta, your fee rate is relatively stable, which is nice because a lot of traditionals don't see that you have operating leverage, you have efficient capital management. Maybe talk about how those pieces can get you to consistent double-digit EPS growth? And then nobody knows what the market is going to do, but if the market is really strong or really weak, tell us what you can do to sort of flex the model to protect investors on downside?

Question: Craig Siegenthaler - Bank of America - Analyst : So Roger, you've been really active on the M&A front. Victory Park, NBK, Tabula. What is your current M&A strategy? And has it now evolved or changed at all past announcing and closing several deals.

Question: Craig Siegenthaler - Bank of America - Analyst : You hit on culture. So I wanted to talk about talent. We've seen an influx of high-quality talent into Janus over the last couple of years. Marc Pinto was a highlight, Bent Lisebeg. Maybe the two best examples. I saw recently a portfolio manager from a competitor, [Fran Radano], joined to what is attracting them to Janus? And have you noticed a change in the culture because you've been at Janus Henderson for a while.

Question: Craig Siegenthaler - Bank of America - Analyst : You mentioned ETFs. And I've watched Janus emerge as one of the leaders in the active ETF space. Can you talk about which specific products have been driving that? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 12, 2025 / 3:30PM, JHG.N - Janus Henderson Group PLC at Bank of America Financial Services Conference

Question: Craig Siegenthaler - Bank of America - Analyst : Roger, I know it's tough to choose which child is your favorite. But as you look at your ETF products today, which ones are you most optimistic about in terms of forward growth?

Question: Craig Siegenthaler - Bank of America - Analyst : So let's talk about the alts platform. you guys have been upgrading this platform via several acquisitions. What does the offering look like today? And how do you expect it to impact your net flow trajectory? And more importantly, your revenue trajectory given the higher fee rate? I know that's important. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 12, 2025 / 3:30PM, JHG.N - Janus Henderson Group PLC at Bank of America Financial Services Conference

Question: Craig Siegenthaler - Bank of America - Analyst : So it's tough to talk about alts without talking about Previcor. So it's a very interesting unique business. You don't own the whole thing yet. Maybe in the future, you will. But it has hit that intersection of retail alts which is a really big theme. And given I work at BofA next to Merrill, like it's a big theme at our firm to. Maybe talk about what you're doing there? How it's differentiated? And how do you monetize this if it's successful?

Question: Craig Siegenthaler - Bank of America - Analyst : So running out of time here, but I just want to look at the audience and see if anybody has a question. Please raise your hand. We have one up here in the front. Unidentified Partcipant I was just wondering about any opportunities that you foresee in digital assets or tokenized funds maybe?

Question: Craig Siegenthaler - Bank of America - Analyst : So Roger, let me just ask the last one, and we'll bring it back down to the Janus stock. The stock's outperformed, you've been beating expectations kind of on all the key metrics. But there's still some headwinds in some of the active equity traditional side of the business. What do you think the markets are under underappreciating at this moment?

Question: Craig Siegenthaler - Bank of America - Analyst : Great. Roger, on behalf of all of us at Bank of America, thank you for joining us.