Janus Henderson is an independent global active asset manager with ~$493B in AUM. The firm manages money across equities (~52% of AUM), fixed income (~32%), multi-asset (~12%), and alternatives (~4%) on behalf of institutional clients, financial intermediaries, and self-directed individual investors. Janus Henderson earns revenue primarily through management fees, calculated as a percentage of AUM, and supplemented by performance fees that are concentrated in hedge funds and certain managed accounts. The firm reaches clients through three channels: intermediary (~49% of AUM), institutional (~31%), and self-directed (~20%). North America represents ~65% of AUM. Janus Henderson's growth strategy has three pillars: protecting and growing its core active management business, particularly in U.S. intermediary distribution; expanding into new vehicles and geographies, most notably through its active ETF franchise (~$40B AUM, eighth-largest active ETF provider globally); and diversifying into private markets through Victory Park Capital (asset-backed private credit), NBK Capital Partners (emerging markets private credit), and Privacore (a joint venture targeting the wealth channel). A 2025 partnership with Guardian Life added ~$46.5B of insurance general account AUM. Janus Henderson returns capital to shareholders through quarterly dividends and share buybacks, while maintaining an active M&A program focused on areas aligned with its core strategy.