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    Bill Katz • TD Securities

    Bill Katz's questions to Janus Henderson Group PLC (JHG) leadership

    Bill Katz's questions to Janus Henderson Group PLC (JHG) leadership • Q2 2025

    Question

    Represented by Robin Holby, Bill Katz asked about the addressable market for the new JABS ETF, the drivers behind improved investment performance, and the client profile and strategy for the firm's tokenized funds.

    Answer

    CEO Ali Dibadj described the JABS ETF as a client-led innovation, particularly for insurance clients like Guardian, designed to complement the floating-rate JAAA ETF. CFO Roger Thompson attributed the strong one-year performance improvement to a rebound in key US and global equity products. Regarding tokenization, Ali Dibadj explained that the primary clients are on-chain users, such as those holding stablecoins, who are seeking to earn a yield, with the firm aiming to stay ahead in disruptive financial technologies.

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    Bill Katz's questions to T Rowe Price Group Inc (TROW) leadership

    Bill Katz's questions to T Rowe Price Group Inc (TROW) leadership • Q1 2025

    Question

    A representative for Bill Katz asked about the firm's fee rate dynamics, including the exit rate from Q1, trends in April, and the outlook for the rest of 2025.

    Answer

    CFO Jen Dardis explained that the Q1 effective fee rate decline was driven by two factors. Approximately 60% of the impact came from persistent structural shifts toward lower-cost vehicles like ETFs and CITs, and strategies like blend target-date funds. The remaining 40% was cyclical, caused by an AUM mix shift away from higher-fee equity assets due to market performance and flows. She noted the cyclical impact was more significant than typical this quarter and advised analyzing the fee rate over a multi-quarter period.

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    Bill Katz's questions to KKR & Co Inc (KKR) leadership

    Bill Katz's questions to KKR & Co Inc (KKR) leadership • Q1 2025

    Question

    Manu on behalf of Bill Katz at TD Cowen asked for an update on KKR's asset-backed finance (ABF) platform, including its sourcing funnel and bank partnerships, heading into the rest of 2025.

    Answer

    Executive Craig Larson highlighted the significant scale and growth of the ABF business, with AUM at $74 billion, up 35-40% year-over-year. He described the market as a massive opportunity with high barriers to entry, noting that KKR is well-positioned to fill a void left by traditional providers. He also pointed to strong deployment, with over $4 billion in Q1, suggesting a favorable environment for the strategy.

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