Analyst Note| Greggory Warren, CFA |
There was little in narrow-moat Janus Henderson's second-quarter results that would alter our long-term view of the firm. We are leaving our USD 20 (AUD 29) per share fair value estimate in place. The firm closed out the June quarter with USD 336.7 billion in AUM, up 14.4% sequentially but down 6.4% on a year-over-year basis. Net outflows of USD 8.2 billion (indicative of an annualized organic AUM growth rate of negative 11.1%) were on par with our expectations for the quarter.