JHG - Janus Henderson gets double downgrade at CLSA on net outflows market uncertainty

Despite stronger-than-expected Q4 earnings, CLSA downgraded Janus Henderson (NYSE:JHG) to Underperform from Outperform as the company's net fund flows deteriorated. Moreover, "market uncertainty remains a headwind, JHG faces fulcrum fee headwinds, and net outflows are likely to continue despite the Intech sale," CLSA wrote in a note to clients. Excluding the Intech sale, net outflows were $4.3B in 2021 vs. $15B in 2020. "We're not where we want to be, but it is a significant improvement year-on-year," Janus Henderson CEO Dick Weil said in the Q4 earnings call. CLSA's Underperform rating diverges from the Hold Quant Rating and the Hold Wall Street Analyst Rating (1 Strong Buy, 8 Hold, 1 Sell). Earlier this week, Janus Henderson declared a $0.38 per share dividend.

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Janus Henderson gets double downgrade at CLSA on net outflows, market uncertainty