Janus Henderson Group PLC

JHG: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$78.00	Cdvg	Qygbntrh

Janus Henderson: Lowering Moat Rating to No-Moat from Narrow on Diminished Intangible Assets

Greggory Warren

Sep 23, 2024

We've lowered our moat rating for Janus Henderson to no-moat from narrow. Our fair value estimate remains at $34 per share. While the firm has some moat-worthy characteristics—like well-known brands, repeatable investment strategies, and a track record of generating excess returns—these attributes and other intangibles continue to diminish, much as they do for the rest of the United States-based traditional asset managers.

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