Analyst Note| Greggory Warren, CFA |
There was little in narrow-moat-rated Janus Henderson's first-quarter results to alter our long-term view of the firm. We are leaving our USD 39 (AUD 52) per share fair value estimate in place. Janus Henderson closed out the March quarter with USD 361.0 billion in assets under management, or AUM, down 16.5% sequentially and 10.9% on a year-over-year basis. Exclusive of the divestment of INTECH, the firm's quantitative equities subsidiary (that has bled USD 33.8 billion in AUM over the past four calendar years), Janus Henderson's managed assets were down 9.9% sequentially and 3.9% year over year.