Outflows Offset Market Gains in Janus Henderson's 4Q; No Change to $36 FVE
There was little in narrow-moat Janus Henderson's fourth-quarter results that would alter our long-term view of the company, and we are leaving our $36 fair value estimate in place. The company closed the December quarter with $370.8 billion in assets under management, up 2.9% sequentially and 16.2% year over year on a pro forma basis. Net outflows of $2.9 billion during the period were a setback when compared with the positive $700 million in flows generated during the third quarter but in line...
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