BRUSSELS (Reuters) – Euro zone finance ministers are expected to approve a second bailout for Greece on Monday to try to draw a line under months of uncertainty that has shaken the currency bloc, although there is work to be done to make the figures add up.
Diplomats and economists say they do not expect the package to resolve Greece’s economic problems. That could take a decade or more, a bleak prospect that brought thousands of Greeks onto the streets to protest austerity measures again on Sunday.
The ministers need to agree new measures to square the numbers, given the ever-worsening state of the Greek economy. But they say an agreement on Monday will help restructure the country’s vast debts, put it on a more stable financial footing and keep it inside the 17-country single currency zone.
Senior officials from euro zone finance ministries and the European Central Bank held a conference call on Sunday to go over the final details of the 130-billion-euro programme, including a debt sustainability analysis critical to the International Monetary Fund.
While there is scepticism in Germany and other countries that Greece will be able to live up to its commitments – including implementing 3.3 billion euros of spending cuts and tax increases – officials said momentum was building for approval of the deal.
French Finance Minister Francois Baroin said all the elements were in place to reach an agreement.
“It cannot wait any longer … Greece has debt payments in March and could find itself in bankruptcy, something which France has been trying to avoid for the last 18 months,” he told Europe 1 radio on Monday.
Finnish Finance Minister Jutta Urpilainen said Greece had done all that had been asked of it.
“There are many open details … A big issue is that we have to get Greece’s debt on a level that is sustainable and enables Greece to survive,” she told reporters in Helsinki.
A euro zone official in contact with junior ministers involved in the Sunday conference call said the financing gaps were not so large that they risked derailing the whole process.
“I don’t see anybody wanting to be responsible for pulling the plug on the deal at this late stage,” he said.
“The gut feeling is that this is going to go through – everyone feels the pressure this time to deliver,” he said, indicating that the Netherlands, Finland and Germany, which have been the most critical of Athens‘ ability to commit, looked likely to come on board if the financing gaps could be closed.
GREEK ANGER UNABATED
Several thousand Greeks demonstrated on Sunday against the austerity measures to reduce the country’s debt, although the numbers were much lower than earlier protests.
Greek Prime Minister Lucas Papademos flew to Brussels for last-minute preparations as about 3,000 demonstrators massed on the capital’s central Syntagma square.
Riot police shielded the national assembly to prevent a repeat of riots a week ago when masked youths torched buildings and looted shops across Athens.
Under one crucial element of the deal, Greece will have around 100 billion euros of debt written off via a restructuring involving private-sector holders of Greek government bonds.
Banks and insurers will swap bonds they hold for longer-dated securities that pay a lower coupon, resulting in a real 70 percent reduction in the value of the assets.
The bond exchange is expected to launch on March 8 and complete three days later, Athens said on Saturday. That means a 14.5-billion-euro bond repayment due on March 20 would be restructured, allowing Greece to avoid default.
The vast majority of the funds in the 130-billion-euro programme will be used to finance the bond swap and to ensure that Greece’s banking system remains stable: 30 billion euros will go to “sweeteners” to get the private sector to sign up to the swap, 23 billion will go to recapitalise Greek banks.
A further 35 billion will allow Greece to finance the buying back of the bonds, and 5.7 billion will go to paying off the interest accrued on the bonds being traded in.
The overall objective is to reduce Greece’s debts from 160 percent of GDP to around 120 percent by 2020 – the figure and timeframe that the IMF, ECB and the European Commission, together known as the troika, have established as sustainable.
MEETING THE TARGET
The focus of Monday’s finance ministers‘ meeting will be what “around 120 percent” means in practice.
A debt sustainability report delivered to euro zone finance ministers last week showed that under the main scenario, Greek debt will only fall to 129 percent by 2020.
The IMF has said if the ratio cannot be cut to around 120 percent, it may not be able to help finance the Greek programme.
U.S. Treasury Secretary Tim Geithner urged the International Monetary Fund to support the programme.
“This is a very strong and very difficult package of reforms, deserving of support of the international community and the IMF,” Geithner said in a statement on Sunday.
As well as working to get the number down, there are moves to convince members of the troika that a debt level of 123-125 percent in 2020 would be sustainable.
“If we can get it down to 123 or 124 percent, I think everyone’s going to be okay with that,” the euro zone official said after the Sunday conference call. “Everyone will find a way to tweak the numbers.”
A number of measures, including restructuring the accrued interest portion or reducing the “sweeteners,” are being considered to move the figure closer to 120, a euro zone official familiar with the negotiations said.
There are also discussions about marginally lowering the interest rate on 110 billion euros of bilateral loans already made to Greece in May 2010 – the first package of support – to lighten the financing burden on Athens.
Central banks could help too.
The ECB is weighing up whether to allow Greek bonds held in euro zone central banks’ investment portfolios to be subject to the same writedowns private investors are set to take, central bank sources told Reuters on Friday.
The central banks hold around 20 billion euros of Greek bonds in their traditional investment portfolios and the ECB holds about double that amount from its emergency bond-buying programme. It has also signalled it could forego the profits made on the latter at some point.
If the finance ministers do succeed in reaching an agreement, it will provide immediate relief to Athens and financial markets, which have been kept guessing since the bailout package was announced last October.
But no one is pretending it will end Greece’s problems. Figures last week showed its economy shrank 7 percent year-on-year in the last quarter of 2011, much more than expected, with further cuts likely to make matters worse.
The troika, responsible for monitoring Greece’s reform progress, carries out quarterly reviews, while the European Commission will soon have dozens more monitors on the ground.
Already there is concern that at any one of those reviews of the new programme – if it is approved on Monday – Greece will be found to be behind, especially if GDP continues to slump.
That will again raise the threat the country will have to default if it cannot meet its obligations, and invite questions about its ability to remain in the euro zone.
(Additional reporting by Daniel Flynn in Paris, Terri Kinnunen in Helsinki and George Georgiopoulos in Athens; writing by Mike Peacock; editing by Elizabeth Piper)http://tourism9.com/ http://vkins.com/
2012年2月13日星期一
Marin Software Raises $30 Million Funding
SAN FRANCISCO, CA–(Marketwire -02/13/12)- According to eMarketer, by 2015 advertisers will spend $132.1 billion annually for online advertising. Advertisers are increasing their investment in online advertising across multiple channels to drive greater lead generation, customer acquisition, and revenue. This activity is fueling the expanding adoption of Marin Software’s ad management and optimization platform. During the last year, Marin nearly doubled its customer base to 1,500 as well as the amount of annual spend managed on its platform to $3.5 billion. In the wake of Marin’s success, Asia investment company Temasek led a $30 million round of funding along with SAP Ventures. Joining the new investors in this oversubscribed round were existing Marin venture investors Benchmark Capital, Crosslink Capital, DAG Ventures, and Triangle Peak Partners.
Following Marin Software‘s year of rapid international expansion, customer growth, and product innovation, and the closing of the recent financing, Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com, has joined Marin Software’s Board of Directors.
Marin Software’s Dramatic Growth:
http://tourism9.cm/ http://vkins.com/
About Temasek
About SAP Ventures
About Frank van Veenendaal
Follow Marin Software on Twitter
About Temasek:
Incorporated in 1974, Temasek is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$193 billion portfolio as at 31 March 2011, concentrated principally in Singapore, Asia and growth markets. Temasek’s investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; transportation & industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. It has a corporate credit rating of AAA/Aaa from rating agencies Standard & Poor’s and Moody’s respectively. For further information on Temasek, please visit www.temasek.com.sg.
About SAP Ventures:SAP Ventures is an independent investment firm affiliated with SAP AG (NYSE: SAP – News), the global market leader in enterprise application software, and we leverage our relationships with SAP and its global ecosystem for the benefit of portfolio companies. We make growth equity and later-stage investments in market-leading technology companies across North America, Europe, and key emerging markets. Over the last 15 years, SAP Ventures has supported more than 100 companies across five continents. Past investments include Commerce One, Endeca, Greenplum, MySQL, Red Hat, and WebEx. Current portfolio companies include Alfresco, Alteryx, Control4, LinkedIn, Lithium, OnDeck, OpenX, SAVO, Spring Wireless, Tealeaf, Tremor Media, and Zend. For more information on SAP Ventures, please visit www.sapventures.com.
About Marin Software:Marin Software is a leading provider of online advertising management solutions, offering an integrated platform for managing search, social, display, and mobile marketing. The company provides solutions for advertisers and agencies, enabling them to improve financial performance, save time, and make better decisions. Marin Enterprise, the company’s flagship product, addresses the needs of online marketers spending at least $100,000 per month on biddable media. Marin Professional delivers the same power and ease of use as Marin Enterprise, through an application designed for marketers spending less than $100,000 per month. Headquartered in San Francisco, with offices worldwide, Marin’s technology powers marketing campaigns for over 1,500 customers managing more than $3.5 billion of annualized ad spend in more than 160 countries. For more information, please visit: http://www.marinsoftware.com.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1884165
Following Marin Software‘s year of rapid international expansion, customer growth, and product innovation, and the closing of the recent financing, Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com, has joined Marin Software’s Board of Directors.
Marin Software’s Dramatic Growth:
http://tourism9.cm/ http://vkins.com/
- Since its inception in 2006, Marin Software has grown into the premier provider of advertising management solutions worldwide. Marin currently serves clients in 160 countries with 25 currencies, increasing its international footprint in the last year with the opening of offices in Singapore, France, Australia, and Germany.
- More than 1,500 of the world’s leading advertisers and agencies manage $3.5 billion in annualized online ad spend through Marin Software. Within the last few months, Hotels.com, Brookstone, Coupons Inc., Rosetta, and Reprise Media have selected Marin’s platform to manage their search, display and social advertising campaigns. Longstanding Marin customers include iProspect, Neo@Ogilvy, Razorfish, Macy’s, Experian, and University of Phoenix.
- Spurred by increasing demand for its products worldwide, Marin Software hired more than 100 new employees during 2011.
- To date, Marin Software has raised more than $80 million in venture funding. Marin plans to invest this new capital to bolster product development, customer support, and service delivery worldwide.
- Temasek is an Asia investment company headquartered in Singapore, with a diversified S$193 billion portfolio as of March 31, 2011, concentrated principally in Singapore, Asia and growth markets. Through its partnership with Temasek, Marin Software will be able to accelerate its growth across Asia and other emerging markets.
- With the investment from SAP Ventures, which is affiliated with SAP AG, the market leader in enterprise application software, Marin Software will have the opportunity to leverage the experience and resources of SAP and its extensive ecosystem to help further Marin’s business momentum.
- Attracted by Marin Software’s exceptional growth and industry leadership, Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com, has joined the Marin Software Board of Directors. Van Veenendaal joined salesforce.com when it had less than $20 million in annual revenue and has since led salesforce.com to its current annual sales run rate of more than $2.3 billion.
- van Veenendaal’s extensive experience will prove invaluable as Marin expands its global sales and services programs.
- Marin Software’s Board of Directors includes Chris Lien, Founder and CEO of Marin Software; Paul Auvil, CFO at Proofpoint, Inc.; Bruce Dunlevie, General Partner at Benchmark Capital; and Donald Hutchison, advisor and investor.
- “I am pleased to welcome Temasek and SAP Ventures as investors in Marin Software,” said Christopher Lien, Founder and CEO of Marin Software. “Temasek brings unrivalled experience and capabilities in Asian and emerging markets, which will benefit Marin’s international development. Support from SAP Ventures and relationships with the SAP global ecosystem will further accelerate Marin’s growth around the world.”
- “We are honored to have Frank van Veenendaal join Marin’s Board of Directors, as he has written the global playbook on world-class SaaS sales and services execution during his tenure at salesforce.com,” said Lien. “The entire Marin team looks forward to benefiting from his expertise and counsel as we further develop Marin’s position as the global leader in online advertising management.”
- “Marin Software has built incredible momentum in a short amount of time to become a leading provider of ad management solutions, helping advertisers and agencies wring more ROI out of every ad buy,” said Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com. “The traction Marin has gained in the global marketplace reminds me of the early days of salesforce.com, and I look forward to working hand-in-hand with the executive team as the company cements its leadership worldwide.”
About Temasek
About SAP Ventures
About Frank van Veenendaal
Follow Marin Software on Twitter
About Temasek:
Incorporated in 1974, Temasek is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$193 billion portfolio as at 31 March 2011, concentrated principally in Singapore, Asia and growth markets. Temasek’s investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; transportation & industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. It has a corporate credit rating of AAA/Aaa from rating agencies Standard & Poor’s and Moody’s respectively. For further information on Temasek, please visit www.temasek.com.sg.
About SAP Ventures:SAP Ventures is an independent investment firm affiliated with SAP AG (NYSE: SAP – News), the global market leader in enterprise application software, and we leverage our relationships with SAP and its global ecosystem for the benefit of portfolio companies. We make growth equity and later-stage investments in market-leading technology companies across North America, Europe, and key emerging markets. Over the last 15 years, SAP Ventures has supported more than 100 companies across five continents. Past investments include Commerce One, Endeca, Greenplum, MySQL, Red Hat, and WebEx. Current portfolio companies include Alfresco, Alteryx, Control4, LinkedIn, Lithium, OnDeck, OpenX, SAVO, Spring Wireless, Tealeaf, Tremor Media, and Zend. For more information on SAP Ventures, please visit www.sapventures.com.
About Marin Software:Marin Software is a leading provider of online advertising management solutions, offering an integrated platform for managing search, social, display, and mobile marketing. The company provides solutions for advertisers and agencies, enabling them to improve financial performance, save time, and make better decisions. Marin Enterprise, the company’s flagship product, addresses the needs of online marketers spending at least $100,000 per month on biddable media. Marin Professional delivers the same power and ease of use as Marin Enterprise, through an application designed for marketers spending less than $100,000 per month. Headquartered in San Francisco, with offices worldwide, Marin’s technology powers marketing campaigns for over 1,500 customers managing more than $3.5 billion of annualized ad spend in more than 160 countries. For more information, please visit: http://www.marinsoftware.com.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1884165
Money-Market Fund Flight From French Banks Reverses in January
http://tourism9.cm/ http://vkins.com/
February 13, 2012, 7:29 AM EST
By Radi Khasawneh and Alberto Fuertes
Feb. 10 (Bloomberg) — U.S. money-market funds more than doubled their short-term loans to French banks in January, ending six months during which they reduced funding.
The funds owned $8.6 billion of French bank certificates of deposit, time deposits, commercial paper and repurchase agreements on Jan. 31, up from $3.2 billion in December, according to reports from the eight largest prime U.S. funds compiled and published in today’s Bloomberg Risk newsletter. At the end of 2010, the equivalent figure was $78 billion.
French banks have had to increase their deposit base to secure funding after the sovereign-debt crisis spread last year, spurring concern about the solvency of European financial institutions. The revival of U.S. money fund investing followed the European Central Bank’s decision to provide three-year funding for banks in December, allaying some of those concerns.
“There definitely was a shift in sentiment around the second week in January,” said Deborah Cunningham, head of money market funds for Pittsburgh-based Federated Investors Inc. The ECB’s loans and a reversal of “year-end window dressing” in December played the biggest role, she said.
Federated manages $245 billion in U.S.-registered money funds, according to research firm Crane Data LLC.
Societe Generale
The largest beneficiary among the French banks was Societe Generale SA, which increased funding more than 10-fold to $3.4 billion in January. BNP Paribas SA and Credit Agricole SA attracted 50 percent and 43 percent more funding from the U.S. money markets, according to a Bloomberg survey.
Officials for all three banks declined to comment.
The funds cut investments in Swedish and Japanese banks, each of which suffered a $9.7 billion reduction over the month. Swiss banks had 5 percent less funding, though banks from all three countries have retained their haven appeal, with money- market funding surpassing 2010 levels.
The ECB provided 489 billion euros ($651 billion) to European banks through a three-year refinancing operation in December and plans to offer a further series of loans at the end of February.
The survey included the eight largest prime money-market funds: Fidelity Cash Reserves, JPMorgan Prime Money Market Fund, Vanguard Prime Money Market Fund, Fidelity Institutional Prime Money Market Portfolio, BlackRock TempFund, Wells Fargo Advantage Heritage Money Markets Fund and Federated Prime Obligations Fund. Together, they manage $597 billion.
‘More Confidence’
“There are thousands of banks across Europe and we only invest in a small number that we believe to be among the strongest institutions representing minimal risk,” Adam Banker, a spokesman for Fidelity Investments, said in an e-mail.
John Woerth, a spokesman for Vanguard Group Inc., said the firm’s money funds don’t own any French bank debt. Officials for JPMorgan and BlackRock declined to comment. A spokesmen for Wells Fargo didn’t respond to a request for comment.
ECB lending “gave market participants a lot more confidence that liquidity was in that marketplace,” said Cunningham at Federated.
Cunningham said higher short-term interest rates and slightly better economic data also helped encourage money funds to lend more to banks in France and other European countries where they had previously pulled back. Annualized rates for overnight lending to European banks were about 0.18 percent to 0.23 percent in mid-January after dropping to as low as 0.01 just before the end of 2011, Cunningham said.
The lending figures include repurchase agreements, which are backed by collateral such as government debt. Collateral- based repo investments make up a larger part of European overall funding, showing that counterparty risk remains a concern for the funds.
European repo deals amounted to $42.8 billion in January, making up 28 percent of European bank securities held at the funds, up from 21 percent in 2010. French bank repo funding was also 28 percent of the total in January, compared with 6 percent in the fourth quarter of 2010.
–With assistance from Fabio Benedetti-Valentini in Paris and Christian Baumgaertel in Boston. Editors: Keith Campbell, Christian Baumgaertel
To contact the reporters on this story: Radi Khasawneh in London at rkhasawneh1@bloomberg.net; Alberto Fuertes in London at afuertes@bloomberg.net
To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net; Edward Evans at eevans3@bloomberg.net; Nicholas Dunbar at ndunbar1@bloomberg.net
February 13, 2012, 7:29 AM EST
By Radi Khasawneh and Alberto Fuertes
Feb. 10 (Bloomberg) — U.S. money-market funds more than doubled their short-term loans to French banks in January, ending six months during which they reduced funding.
The funds owned $8.6 billion of French bank certificates of deposit, time deposits, commercial paper and repurchase agreements on Jan. 31, up from $3.2 billion in December, according to reports from the eight largest prime U.S. funds compiled and published in today’s Bloomberg Risk newsletter. At the end of 2010, the equivalent figure was $78 billion.
French banks have had to increase their deposit base to secure funding after the sovereign-debt crisis spread last year, spurring concern about the solvency of European financial institutions. The revival of U.S. money fund investing followed the European Central Bank’s decision to provide three-year funding for banks in December, allaying some of those concerns.
“There definitely was a shift in sentiment around the second week in January,” said Deborah Cunningham, head of money market funds for Pittsburgh-based Federated Investors Inc. The ECB’s loans and a reversal of “year-end window dressing” in December played the biggest role, she said.
Federated manages $245 billion in U.S.-registered money funds, according to research firm Crane Data LLC.
Societe Generale
The largest beneficiary among the French banks was Societe Generale SA, which increased funding more than 10-fold to $3.4 billion in January. BNP Paribas SA and Credit Agricole SA attracted 50 percent and 43 percent more funding from the U.S. money markets, according to a Bloomberg survey.
Officials for all three banks declined to comment.
The funds cut investments in Swedish and Japanese banks, each of which suffered a $9.7 billion reduction over the month. Swiss banks had 5 percent less funding, though banks from all three countries have retained their haven appeal, with money- market funding surpassing 2010 levels.
The ECB provided 489 billion euros ($651 billion) to European banks through a three-year refinancing operation in December and plans to offer a further series of loans at the end of February.
The survey included the eight largest prime money-market funds: Fidelity Cash Reserves, JPMorgan Prime Money Market Fund, Vanguard Prime Money Market Fund, Fidelity Institutional Prime Money Market Portfolio, BlackRock TempFund, Wells Fargo Advantage Heritage Money Markets Fund and Federated Prime Obligations Fund. Together, they manage $597 billion.
‘More Confidence’
“There are thousands of banks across Europe and we only invest in a small number that we believe to be among the strongest institutions representing minimal risk,” Adam Banker, a spokesman for Fidelity Investments, said in an e-mail.
John Woerth, a spokesman for Vanguard Group Inc., said the firm’s money funds don’t own any French bank debt. Officials for JPMorgan and BlackRock declined to comment. A spokesmen for Wells Fargo didn’t respond to a request for comment.
ECB lending “gave market participants a lot more confidence that liquidity was in that marketplace,” said Cunningham at Federated.
Cunningham said higher short-term interest rates and slightly better economic data also helped encourage money funds to lend more to banks in France and other European countries where they had previously pulled back. Annualized rates for overnight lending to European banks were about 0.18 percent to 0.23 percent in mid-January after dropping to as low as 0.01 just before the end of 2011, Cunningham said.
The lending figures include repurchase agreements, which are backed by collateral such as government debt. Collateral- based repo investments make up a larger part of European overall funding, showing that counterparty risk remains a concern for the funds.
European repo deals amounted to $42.8 billion in January, making up 28 percent of European bank securities held at the funds, up from 21 percent in 2010. French bank repo funding was also 28 percent of the total in January, compared with 6 percent in the fourth quarter of 2010.
–With assistance from Fabio Benedetti-Valentini in Paris and Christian Baumgaertel in Boston. Editors: Keith Campbell, Christian Baumgaertel
To contact the reporters on this story: Radi Khasawneh in London at rkhasawneh1@bloomberg.net; Alberto Fuertes in London at afuertes@bloomberg.net
To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net; Edward Evans at eevans3@bloomberg.net; Nicholas Dunbar at ndunbar1@bloomberg.net
Marin Software Raises $30 Million Funding
SAN FRANCISCO, CA–(Marketwire -02/13/12)- According to eMarketer, by 2015 advertisers will spend $132.1 billion annually for online advertising. Advertisers are increasing their investment in online advertising across multiple channels to drive greater lead generation, customer acquisition, and revenue. This activity is fueling the expanding adoption of Marin Software’s ad management and optimization platform. During the last year, Marin nearly doubled its customer base to 1,500 as well as the amount of annual spend managed on its platform to $3.5 billion. In the wake of Marin’s success, Asia investment company Temasek led a $30 million round of funding along with SAP Ventures. Joining the new investors in this oversubscribed round were existing Marin venture investors Benchmark Capital, Crosslink Capital, DAG Ventures, and Triangle Peak Partners.
Following Marin Software’s year of rapid international expansion, customer growth, and product innovation, and the closing of the recent financing, Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com, has joined Marin Software’s Board of Directors.
Marin Software’s Dramatic Growth:
http://tourism9.cm/ http://vkins.com/
About Temasek
About SAP Ventures
About Frank van Veenendaal
Follow Marin Software on Twitter
About Temasek:
Incorporated in 1974, Temasek is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$193 billion portfolio as at 31 March 2011, concentrated principally in Singapore, Asia and growth markets. Temasek’s investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; transportation & industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. It has a corporate credit rating of AAA/Aaa from rating agencies Standard & Poor’s and Moody’s respectively. For further information on Temasek, please visit www.temasek.com.sg.
About SAP Ventures:SAP Ventures is an independent investment firm affiliated with SAP AG (NYSE: SAP – News), the global market leader in enterprise application software, and we leverage our relationships with SAP and its global ecosystem for the benefit of portfolio companies. We make growth equity and later-stage investments in market-leading technology companies across North America, Europe, and key emerging markets. Over the last 15 years, SAP Ventures has supported more than 100 companies across five continents. Past investments include Commerce One, Endeca, Greenplum, MySQL, Red Hat, and WebEx. Current portfolio companies include Alfresco, Alteryx, Control4, LinkedIn, Lithium, OnDeck, OpenX, SAVO, Spring Wireless, Tealeaf, Tremor Media, and Zend. For more information on SAP Ventures, please visit www.sapventures.com.
About Marin Software:Marin Software is a leading provider of online advertising management solutions, offering an integrated platform for managing search, social, display, and mobile marketing. The company provides solutions for advertisers and agencies, enabling them to improve financial performance, save time, and make better decisions. Marin Enterprise, the company’s flagship product, addresses the needs of online marketers spending at least $100,000 per month on biddable media. Marin Professional delivers the same power and ease of use as Marin Enterprise, through an application designed for marketers spending less than $100,000 per month. Headquartered in San Francisco, with offices worldwide, Marin’s technology powers marketing campaigns for over 1,500 customers managing more than $3.5 billion of annualized ad spend in more than 160 countries. For more information, please visit: http://www.marinsoftware.com.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1884165
Following Marin Software’s year of rapid international expansion, customer growth, and product innovation, and the closing of the recent financing, Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com, has joined Marin Software’s Board of Directors.
Marin Software’s Dramatic Growth:
http://tourism9.cm/ http://vkins.com/
- Since its inception in 2006, Marin Software has grown into the premier provider of advertising management solutions worldwide. Marin currently serves clients in 160 countries with 25 currencies, increasing its international footprint in the last year with the opening of offices in Singapore, France, Australia, and Germany.
- More than 1,500 of the world’s leading advertisers and agencies manage $3.5 billion in annualized online ad spend through Marin Software. Within the last few months, Hotels.com, Brookstone, Coupons Inc., Rosetta, and Reprise Media have selected Marin’s platform to manage their search, display and social advertising campaigns. Longstanding Marin customers include iProspect, Neo@Ogilvy, Razorfish, Macy’s, Experian, and University of Phoenix.
- Spurred by increasing demand for its products worldwide, Marin Software hired more than 100 new employees during 2011.
- To date, Marin Software has raised more than $80 million in venture funding. Marin plans to invest this new capital to bolster product development, customer support, and service delivery worldwide.
- Temasek is an Asia investment company headquartered in Singapore, with a diversified S$193 billion portfolio as of March 31, 2011, concentrated principally in Singapore, Asia and growth markets. Through its partnership with Temasek, Marin Software will be able to accelerate its growth across Asia and other emerging markets.
- With the investment from SAP Ventures, which is affiliated with SAP AG, the market leader in enterprise application software, Marin Software will have the opportunity to leverage the experience and resources of SAP and its extensive ecosystem to help further Marin’s business momentum.
- Attracted by Marin Software’s exceptional growth and industry leadership, Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com, has joined the Marin Software Board of Directors. Van Veenendaal joined salesforce.com when it had less than $20 million in annual revenue and has since led salesforce.com to its current annual sales run rate of more than $2.3 billion.
- van Veenendaal’s extensive experience will prove invaluable as Marin expands its global sales and services programs.
- Marin Software’s Board of Directors includes Chris Lien, Founder and CEO of Marin Software; Paul Auvil, CFO at Proofpoint, Inc.; Bruce Dunlevie, General Partner at Benchmark Capital; and Donald Hutchison, advisor and investor.
- “I am pleased to welcome Temasek and SAP Ventures as investors in Marin Software,” said Christopher Lien, Founder and CEO of Marin Software. “Temasek brings unrivalled experience and capabilities in Asian and emerging markets, which will benefit Marin’s international development. Support from SAP Ventures and relationships with the SAP global ecosystem will further accelerate Marin’s growth around the world.”
- “We are honored to have Frank van Veenendaal join Marin’s Board of Directors, as he has written the global playbook on world-class SaaS sales and services execution during his tenure at salesforce.com,” said Lien. “The entire Marin team looks forward to benefiting from his expertise and counsel as we further develop Marin’s position as the global leader in online advertising management.”
- “Marin Software has built incredible momentum in a short amount of time to become a leading provider of ad management solutions, helping advertisers and agencies wring more ROI out of every ad buy,” said Frank van Veenendaal, President of Worldwide Sales and Services at salesforce.com. “The traction Marin has gained in the global marketplace reminds me of the early days of salesforce.com, and I look forward to working hand-in-hand with the executive team as the company cements its leadership worldwide.”
About Temasek
About SAP Ventures
About Frank van Veenendaal
Follow Marin Software on Twitter
About Temasek:
Incorporated in 1974, Temasek is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, Temasek owns a diversified S$193 billion portfolio as at 31 March 2011, concentrated principally in Singapore, Asia and growth markets. Temasek’s investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; transportation & industrials; telecommunications, media & technology; life sciences, consumer & real estate; energy & resources. Total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. It has a corporate credit rating of AAA/Aaa from rating agencies Standard & Poor’s and Moody’s respectively. For further information on Temasek, please visit www.temasek.com.sg.
About SAP Ventures:SAP Ventures is an independent investment firm affiliated with SAP AG (NYSE: SAP – News), the global market leader in enterprise application software, and we leverage our relationships with SAP and its global ecosystem for the benefit of portfolio companies. We make growth equity and later-stage investments in market-leading technology companies across North America, Europe, and key emerging markets. Over the last 15 years, SAP Ventures has supported more than 100 companies across five continents. Past investments include Commerce One, Endeca, Greenplum, MySQL, Red Hat, and WebEx. Current portfolio companies include Alfresco, Alteryx, Control4, LinkedIn, Lithium, OnDeck, OpenX, SAVO, Spring Wireless, Tealeaf, Tremor Media, and Zend. For more information on SAP Ventures, please visit www.sapventures.com.
About Marin Software:Marin Software is a leading provider of online advertising management solutions, offering an integrated platform for managing search, social, display, and mobile marketing. The company provides solutions for advertisers and agencies, enabling them to improve financial performance, save time, and make better decisions. Marin Enterprise, the company’s flagship product, addresses the needs of online marketers spending at least $100,000 per month on biddable media. Marin Professional delivers the same power and ease of use as Marin Enterprise, through an application designed for marketers spending less than $100,000 per month. Headquartered in San Francisco, with offices worldwide, Marin’s technology powers marketing campaigns for over 1,500 customers managing more than $3.5 billion of annualized ad spend in more than 160 countries. For more information, please visit: http://www.marinsoftware.com.
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2012年1月30日星期一
Venture Capital Investment in Europe Fell 14% in 2011
LONDON, Jan. 30, 2012 /PRNewswire/ – Venture capitalists put euro 4.4 billion into 1,012 deals for European companies in 2011, a 14% decline in investment and 19% decline in deal flow from 2010, according to Dow Jones VentureSource. This marks the lowest annual deal count for Europe since VentureSource began tracking the region in 2000.
The fourth quarter was the weakest of the year in terms of deal activity as 194 deals collected euro 1.1 billion, a 43% drop in deals and 38% decline in investment over the same period in 2010. Weakness in the fourth quarter is notable as it is traditionally one of the most active quarters for deals.
“Venture capitalists are having difficulty raising funds as the Euro crisis weighs on limited partners’ minds and fewer companies are finding exits. This has naturally led to a slowdown in investment. With less capital flowing into venture firms, there’s less to invest in start-ups,” said Anthony Sheldon, research manager, Dow Jones VentureSource. The median size of a European venture capital deal was euro 2 million in 2011, on par with 2010.
Exits Mirror Fourth-Quarter Drop in Investment
The fourth quarter’s weakness in investments mirrored the exit environment. The fourth quarter of 2011 was the year’s weakest for mergers and acquisitions (M&As) and initial public offerings (IPOs) as 30 European venture-backed companies were acquired and two companies went public.
In all of 2011, 148 companies exited via an M&A, raising euro 7 billion, a 12% decline in deals and 7% increase in capital raised. Companies that got acquired, however, recorded the highest median raised on record. The median paid for an acquisition in 2011 was euro 5.1 million.
In all of 2011, 14 venture-backed companies went public, raising euro 695 million, a drop in IPOs but an increase in capital raised from 2010 when 18 IPOs raised euro 438 million.
As VCs Focus on Web, Consumer Services Investment Passes IT for First Time Since 2001
For the first time since 2001, the Web-heavy Consumer Services industry raised more capital than the Information Technology (IT) industry. Consumer Services companies raised euro 1.1 billion for 223 deals in 2011, a 63% increase in investment despite a 6% drop in deals from 2010. It was the industry’s strongest year for investment since 2001. IT companies raised $812 million for 270 deals in 2011, a 50% decline in investment and 25% decline in deals.
More than half of the capital collected by the Consumer Services industry went to the social media, entertainment and shopping companies in the Consumer Information Services sector. Those companies raised euro 691 million for 192 deals, a 79% increase in investment despite an 8% decline in deals.
Within the IT industry, Software remained the most popular investment area, driven by interest in business applications software and communications software. The Software sector raised euro 467 million through 194 deals in 2011, a 14% decline in investment and 13% decline in deal activity.
Medical Devices Offers Some Stability in Healthcare
As deal activity and investment fell in all areas of Healthcare, the Medical Devices sector offered moderate stability, seeing a drop of just 7% in both deal activity and investment. Medical Devices companies raised euro 323 million for 91 deals in 2011, a mild decline from the euro 348 million raised for 98 deals in 2010.
As usual, Biopharmaceuticals took the lion’s share of the industry’s investment as 121 deals raised euro 856 million, a 29% decline in deals and 20% decline in investment.
Uptick in Deals for Advertising, Data Companies
The Business Support Services sector, which includes companies developing technologies and services for data management, advertising and marketing, was the only sector to see an uptick in both deals and investment in 2011. The sector raised euro 479 million for 90 deals, a 62% increase in investment and 5% increase in deals.
The broader Business and Financial Services industry, which includes the Business Support Services sector as well as financial services and engineering companies, raised euro 614 million for 132 deals, a 15% increase in capital invested despite a 12% decline in investment.
Companies Focused on Renewables Capture Most Energy Investment
In 2011, 56 deals in the Energy & Utilities industry raised euro 253 million, a 26% decline in deals and 25% decline in investment. Renewable Energy companies accounted for most of the industry’s investment, raising euro 238 million for 49 deals.
Country Perspectives
Europe’s four major countries for venture investment – the U.K., France, Germany and Sweden – witnessed record-low deal activity in 2011.
About Dow JonesDow Jones & Company is a global provider of news and business information and a developer of technology to deliver content to consumers and organizations across multiple platforms. Dow Jones produces newspapers, newswires, Web sites, apps, newsletters, magazines, proprietary databases, conferences, radio and video. Its premier brands include The Wall Street Journal, Dow Jones Newswires, Factiva, Barron’s, MarketWatch, SmartMoney and All Things D. Its information services combine technology with news and data to support business decision making. The company pioneered the first successful paid online news site and its industry leading innovation enables it to serve customers wherever they may be, via the Web, mobile devices and tablets. The Dow Jones Local Media Group publishes community newspapers, Web sites and other products in six U.S. states. Dow Jones & Company (www.dowjones.com) is a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV; http://www.newscorp.com/).
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The fourth quarter was the weakest of the year in terms of deal activity as 194 deals collected euro 1.1 billion, a 43% drop in deals and 38% decline in investment over the same period in 2010. Weakness in the fourth quarter is notable as it is traditionally one of the most active quarters for deals.
“Venture capitalists are having difficulty raising funds as the Euro crisis weighs on limited partners’ minds and fewer companies are finding exits. This has naturally led to a slowdown in investment. With less capital flowing into venture firms, there’s less to invest in start-ups,” said Anthony Sheldon, research manager, Dow Jones VentureSource. The median size of a European venture capital deal was euro 2 million in 2011, on par with 2010.
Exits Mirror Fourth-Quarter Drop in Investment
The fourth quarter’s weakness in investments mirrored the exit environment. The fourth quarter of 2011 was the year’s weakest for mergers and acquisitions (M&As) and initial public offerings (IPOs) as 30 European venture-backed companies were acquired and two companies went public.
In all of 2011, 148 companies exited via an M&A, raising euro 7 billion, a 12% decline in deals and 7% increase in capital raised. Companies that got acquired, however, recorded the highest median raised on record. The median paid for an acquisition in 2011 was euro 5.1 million.
In all of 2011, 14 venture-backed companies went public, raising euro 695 million, a drop in IPOs but an increase in capital raised from 2010 when 18 IPOs raised euro 438 million.
As VCs Focus on Web, Consumer Services Investment Passes IT for First Time Since 2001
For the first time since 2001, the Web-heavy Consumer Services industry raised more capital than the Information Technology (IT) industry. Consumer Services companies raised euro 1.1 billion for 223 deals in 2011, a 63% increase in investment despite a 6% drop in deals from 2010. It was the industry’s strongest year for investment since 2001. IT companies raised $812 million for 270 deals in 2011, a 50% decline in investment and 25% decline in deals.
More than half of the capital collected by the Consumer Services industry went to the social media, entertainment and shopping companies in the Consumer Information Services sector. Those companies raised euro 691 million for 192 deals, a 79% increase in investment despite an 8% decline in deals.
Within the IT industry, Software remained the most popular investment area, driven by interest in business applications software and communications software. The Software sector raised euro 467 million through 194 deals in 2011, a 14% decline in investment and 13% decline in deal activity.
Medical Devices Offers Some Stability in Healthcare
As deal activity and investment fell in all areas of Healthcare, the Medical Devices sector offered moderate stability, seeing a drop of just 7% in both deal activity and investment. Medical Devices companies raised euro 323 million for 91 deals in 2011, a mild decline from the euro 348 million raised for 98 deals in 2010.
As usual, Biopharmaceuticals took the lion’s share of the industry’s investment as 121 deals raised euro 856 million, a 29% decline in deals and 20% decline in investment.
Uptick in Deals for Advertising, Data Companies
The Business Support Services sector, which includes companies developing technologies and services for data management, advertising and marketing, was the only sector to see an uptick in both deals and investment in 2011. The sector raised euro 479 million for 90 deals, a 62% increase in investment and 5% increase in deals.
The broader Business and Financial Services industry, which includes the Business Support Services sector as well as financial services and engineering companies, raised euro 614 million for 132 deals, a 15% increase in capital invested despite a 12% decline in investment.
Companies Focused on Renewables Capture Most Energy Investment
In 2011, 56 deals in the Energy & Utilities industry raised euro 253 million, a 26% decline in deals and 25% decline in investment. Renewable Energy companies accounted for most of the industry’s investment, raising euro 238 million for 49 deals.
Country Perspectives
Europe’s four major countries for venture investment – the U.K., France, Germany and Sweden – witnessed record-low deal activity in 2011.
- The U.K. remained the favorite destination for venture capital investment in Europe in 2011. Companies in the U.K. raised euro 1.2 billion for 274 deals, a 36% decline in investment and 17% decline in deals.
- France came in second place as companies raised euro 728 million for 217 deals, a 15% decline in investment and 18% decline in deals.
- Germany came in third as companies raised euro 475 million for 120 deals, a 23% decline in investment and 26% decline in deals.
- Sweden came in fourth as companies raised euro 299 million for 67 deals, a 7% increase in investment despite a 36% decline in deals.
About Dow JonesDow Jones & Company is a global provider of news and business information and a developer of technology to deliver content to consumers and organizations across multiple platforms. Dow Jones produces newspapers, newswires, Web sites, apps, newsletters, magazines, proprietary databases, conferences, radio and video. Its premier brands include The Wall Street Journal, Dow Jones Newswires, Factiva, Barron’s, MarketWatch, SmartMoney and All Things D. Its information services combine technology with news and data to support business decision making. The company pioneered the first successful paid online news site and its industry leading innovation enables it to serve customers wherever they may be, via the Web, mobile devices and tablets. The Dow Jones Local Media Group publishes community newspapers, Web sites and other products in six U.S. states. Dow Jones & Company (www.dowjones.com) is a News Corporation company (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV; http://www.newscorp.com/).
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2012年1月27日星期五
Janus Capital Group Inc. Announces Fourth Quarter and Year-End 2011 Results
DENVER–(BUSINESS WIRE)– Janus Capital Group Inc. (“JCG”) (NYSE: JNS – News) today reported fourth quarter net income of $35.7 million, or $0.19 per diluted share, compared with net income of $27.4 million, or $0.15 per diluted share, in the third quarter 2011 and net income of $65.9 million, or $0.36 per diluted share, in the fourth quarter 2010.
Third quarter 2011 net income included a net charge of $0.06 per share primarily related to mark-to-market losses on investments. Fourth quarter 2010 included a $0.12 per share net benefit from an insurance recovery, the sale of JCG’s structured investment vehicle securities, the reversal of income tax reserves and the cumulative effect of correcting a hedge accounting issue.
For the full-year 2011, net income totaled $142.9 million, or $0.78 per diluted share, compared with net income of $159.9 million, or $0.88 per diluted share for 2010.
The company’s operating margin for the fourth quarter 2011 was 32.7% compared with 31.3% for the third quarter 2011 and 34.7% for the fourth quarter 2010.
Flows and Assets Under Management
Average assets under management during the fourth quarter 2011 were $149.2 billion compared with $155.9 billion during the third quarter 2011 and $167.3 billion during the fourth quarter 2010.
At December 31, 2011, the company’s total assets under management were $148.2 billion compared with $141.0 billion at September 30, 2011 and $169.5 billion at December 31, 2010.
The increase in complex-wide assets during the fourth quarter 2011 primarily reflects net market appreciation of $11.2 billion offset by long-term net outflows of $4.0 billion. Fundamental equity and mathematical equity long-term net outflows totaled $3.2 billion and $2.2 billion, respectively, while fixed income long-term net inflows totaled $1.4 billion. The decrease in year-over-year assets under management was primarily the result of long-term net outflows of $12.2 billion and $9.1 billion of net market depreciation.
Investment Performance
Relative investment performance in key fundamental equity strategies continues to be challenged, with 38%, 38%, and 79% of mutual fund assets ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2011.1
Fixed income mutual funds continue to generate strong long-term relative investment performance with 80%, 5% and 100% of mutual fund assets ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2011.2
Mathematical equity relative investment performance continues to improve, with 75%, 43% and 69% of strategies surpassing their respective benchmarks, net of fees, over the one-, three- and five-year periods, respectively, as of December 31, 2011.3
In addition, 56% of complex-wide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at December 31, 2011.4
Financial Discussion
Fourth quarter 2011 revenues of $215.6 million decreased $21.3 million, or 9.0%, from third quarter 2011 primarily due to $13.8 million of negative performance fees incurred on certain mutual funds during the fourth quarter 2011. Fourth quarter 2011 operating expenses decreased $17.7 million, or 10.9%, primarily from lower variable compensation expenses and a continued focus on expense management.
Non-operating items for the third quarter 2011 included $20.6 million of mark-to-market losses on investment securities (net of $2.8 million of mark-to-market losses attributable to noncontrolling interests) and a benefit of $2.5 million for the reversal of income tax reserves following the expiration of statutes of limitations on tax positions taken in previous years.
Capital and Liquidity
At December 31, 2011, JCG had stockholders’ equity of $1.3 billion, cash and investments of $672 million and outstanding debt of $595 million.
On January 24, 2012, JCG’s Board of Directors declared a regular quarterly cash dividend of $0.05 per share. The quarterly dividend will be paid on February 21, 2012, to stockholders of record at the close of business on February 6, 2012.
Fourth Quarter 2011 Earnings Call Information
JCG will discuss its results during a conference call on Thursday, January 26, 2012 at 10 a.m. Eastern Standard Time. The call-in number will be (888) 428-7458. Anyone outside the U.S. or Canada should call (201) 604-5177. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group website (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.
About Janus Capital Group Inc.
Janus Capital Group Inc. (“JCG”) is a global investment firm offering strategies from three individual investment boutiques: Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”). Each manager employs a research-intensive approach that is distinct within its respective asset class. This multi-boutique approach enables the firm to provide style-specific expertise across an array of strategies, including growth, value and risk-managed equities, fixed income and alternatives through one common distribution platform.
At the end of December 2011, JCG managed $148.2 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in France, London, Milan, Munich, Singapore, Hong Kong, Tokyo and Melbourne.
1 References Lipper relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2011, 80% of the 24 fundamental equity mutual funds outperformed the majority of their Lipper peers on an asset-weighted basis. For the 1-, 3-, 5- and 10-year periods ending December 31, 2011, 32%, 60%, 78% and 75% of the 37, 35, 32 and 24 fundamental equity mutual funds outperformed the majority of their Lipper peers based on total returns.
2 References Lipper relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2011, 100% of the 4 fixed income mutual funds outperformed the majority of their Lipper peers on an asset-weighted basis. For the 1-, 3-, 5- and 10-year periods ending December 31, 2011, 80%, 25%, 100% and 100% of the 5, 4, 4 and 4 fixed income mutual funds outperformed the majority of their peers based on total returns.
3 For the period ending December 31, 2011, 50%, 50%, 67% and 40% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Growth Fund – Class S (1/03); INTECH U.S. Core Fund – Class T (2/03); INTECH U.S. Value Fund – Class I (12/05); INTECH International Fund – Class I (5/07); INTECH Global Dividend Fund – Class I (12/11).
4 For the period ending December 31, 2011, 40%, 49% and 57% of complex-wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 43, 39 and 28 funds, respectively. 43 funds were included in the analysis for the overall period.
Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end.
Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”).
“Complex-Wide Mutual Funds” means all affiliated mutual funds managed by Janus, INTECH and Perkins. “Fundamental Equity Mutual Funds” means all mutual funds managed by Janus or Perkins that invest in equity securities. “Fixed Income Mutual Funds” means all mutual funds managed by Janus that invest primarily in fixed income securities. “Mathematical Equity Strategies” means all discretionary managed accounts (not mutual funds) that are advised or sub-advised by INTECH.
Mutual fund relative performance analysis shown is for each Fund’s initial share class: Class T, S or I Shares in the Janus retail fund (“JIF”) trust and the Institutional or Service Shares in the Janus Aspen Series (“JAS”). These share classes may not be eligible for purchase by all investors. Other share classes may have higher sales and management fees, which can result in differences in performance.
Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (“REITs”), derivatives, short sales and companies with relatively small market capitalizations. Each fund has different risks. Please see a Janus prospectus for more information about risk, fund holdings and other details.
Lipper performance on an asset-weighted basis is calculated by taking all funds and assigning the assets under management (“AUM”) in each respective fund to either the 1st, 2nd, 3rd or 4th quartile bucket based on each fund’s respective Lipper relative rankings. The total AUM of each quartile’s bucket is then divided by complex-wide total AUM to arrive at the respective percent of AUM in each bucket. Lipper, a wholly-owned subsidiary of Thomson Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Funds not ranked by Lipper are not included in the analysis.
The Overall Morningstar RatingTMfor a fund is derived from a weighted- average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTMmetrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Morningstar RatingTM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a 3-year performance history.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call JCG at (800) 525-3713 or download the file from www.janus.com/info. Read it carefully before you invest or send money.
Funds distributed by Janus Distributors LLC.
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “forecast” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. These statements are based on the beliefs and assumptions of Company management based on information currently available to management.
Various risks, uncertainties, assumptions and factors that could cause future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks specified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 included under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other filings and furnishings made by the Company with the SEC from time to time. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. Many of these factors are beyond the control of the Company and its management. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except for the Company’s ongoing obligations to disclose material information under the applicable securities law and stock exchange rules, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
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Third quarter 2011 net income included a net charge of $0.06 per share primarily related to mark-to-market losses on investments. Fourth quarter 2010 included a $0.12 per share net benefit from an insurance recovery, the sale of JCG’s structured investment vehicle securities, the reversal of income tax reserves and the cumulative effect of correcting a hedge accounting issue.
For the full-year 2011, net income totaled $142.9 million, or $0.78 per diluted share, compared with net income of $159.9 million, or $0.88 per diluted share for 2010.
The company’s operating margin for the fourth quarter 2011 was 32.7% compared with 31.3% for the third quarter 2011 and 34.7% for the fourth quarter 2010.
Flows and Assets Under Management
Average assets under management during the fourth quarter 2011 were $149.2 billion compared with $155.9 billion during the third quarter 2011 and $167.3 billion during the fourth quarter 2010.
At December 31, 2011, the company’s total assets under management were $148.2 billion compared with $141.0 billion at September 30, 2011 and $169.5 billion at December 31, 2010.
The increase in complex-wide assets during the fourth quarter 2011 primarily reflects net market appreciation of $11.2 billion offset by long-term net outflows of $4.0 billion. Fundamental equity and mathematical equity long-term net outflows totaled $3.2 billion and $2.2 billion, respectively, while fixed income long-term net inflows totaled $1.4 billion. The decrease in year-over-year assets under management was primarily the result of long-term net outflows of $12.2 billion and $9.1 billion of net market depreciation.
Investment Performance
Relative investment performance in key fundamental equity strategies continues to be challenged, with 38%, 38%, and 79% of mutual fund assets ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2011.1
Fixed income mutual funds continue to generate strong long-term relative investment performance with 80%, 5% and 100% of mutual fund assets ranked in the top half of their Lipper categories on a one-, three- and five-year total return basis, respectively, as of December 31, 2011.2
Mathematical equity relative investment performance continues to improve, with 75%, 43% and 69% of strategies surpassing their respective benchmarks, net of fees, over the one-, three- and five-year periods, respectively, as of December 31, 2011.3
In addition, 56% of complex-wide mutual funds have a 4- or 5-star Overall Morningstar RatingTM at December 31, 2011.4
Financial Discussion
| Financial Highlights | ||||||||||||||||||||
| (dollars in millions, except per share data or as noted) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||||||
| 2011 | 2011 | 2011 | 2010 | |||||||||||||||||
| Average Assets (in billions) | $ | 149.2 | $ | 155.9 | $ | 162.3 | $ | 160.7 | ||||||||||||
| Ending AUM (in billions) | $ | 148.2 | $ | 141.0 | $ | 148.2 | $ | 169.5 | ||||||||||||
| Revenues | $ | 215.6 | $ | 236.9 | $ | 981.9 | $ | 1,015.7 | ||||||||||||
| Operating Expenses | $ | 145.0 | $ | 162.7 | $ | 670.1 | $ | 734.1 | ||||||||||||
| Operating Income | $ | 70.6 | $ | 74.2 | $ | 311.8 | $ | 281.6 | ||||||||||||
| Operating Margin | 32.7% | 31.3% | 31.8% | 27.7% | ||||||||||||||||
| Net Income | $ | 35.7 | $ | 27.4 | $ | 142.9 | $ | 159.9 | ||||||||||||
| Diluted Earnings per Share | $ | 0.19 | $ | 0.15 | $ | 0.78 | $ | 0.88 | ||||||||||||
Fourth quarter 2011 revenues of $215.6 million decreased $21.3 million, or 9.0%, from third quarter 2011 primarily due to $13.8 million of negative performance fees incurred on certain mutual funds during the fourth quarter 2011. Fourth quarter 2011 operating expenses decreased $17.7 million, or 10.9%, primarily from lower variable compensation expenses and a continued focus on expense management.
Non-operating items for the third quarter 2011 included $20.6 million of mark-to-market losses on investment securities (net of $2.8 million of mark-to-market losses attributable to noncontrolling interests) and a benefit of $2.5 million for the reversal of income tax reserves following the expiration of statutes of limitations on tax positions taken in previous years.
Capital and Liquidity
At December 31, 2011, JCG had stockholders’ equity of $1.3 billion, cash and investments of $672 million and outstanding debt of $595 million.
On January 24, 2012, JCG’s Board of Directors declared a regular quarterly cash dividend of $0.05 per share. The quarterly dividend will be paid on February 21, 2012, to stockholders of record at the close of business on February 6, 2012.
Fourth Quarter 2011 Earnings Call Information
JCG will discuss its results during a conference call on Thursday, January 26, 2012 at 10 a.m. Eastern Standard Time. The call-in number will be (888) 428-7458. Anyone outside the U.S. or Canada should call (201) 604-5177. The slides used during the presentation will be available in the investor relations section of the Janus Capital Group website (www.janus.com/ir) approximately one hour prior to the call. For those unable to join the conference call at the scheduled time, an audio replay will be available on www.janus.com/ir.
About Janus Capital Group Inc.
Janus Capital Group Inc. (“JCG”) is a global investment firm offering strategies from three individual investment boutiques: Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”). Each manager employs a research-intensive approach that is distinct within its respective asset class. This multi-boutique approach enables the firm to provide style-specific expertise across an array of strategies, including growth, value and risk-managed equities, fixed income and alternatives through one common distribution platform.
At the end of December 2011, JCG managed $148.2 billion in assets for shareholders, clients and institutions around the globe. Based in Denver, JCG also has offices in France, London, Milan, Munich, Singapore, Hong Kong, Tokyo and Melbourne.
1 References Lipper relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2011, 80% of the 24 fundamental equity mutual funds outperformed the majority of their Lipper peers on an asset-weighted basis. For the 1-, 3-, 5- and 10-year periods ending December 31, 2011, 32%, 60%, 78% and 75% of the 37, 35, 32 and 24 fundamental equity mutual funds outperformed the majority of their Lipper peers based on total returns.
2 References Lipper relative performance on an asset-weighted basis. For the 10-year period ending December 31, 2011, 100% of the 4 fixed income mutual funds outperformed the majority of their Lipper peers on an asset-weighted basis. For the 1-, 3-, 5- and 10-year periods ending December 31, 2011, 80%, 25%, 100% and 100% of the 5, 4, 4 and 4 fixed income mutual funds outperformed the majority of their peers based on total returns.
3 For the period ending December 31, 2011, 50%, 50%, 67% and 40% of the mathematical equity mutual funds were beating their benchmarks on a 1-, 3-, 5-year and since-fund inception basis. Funds included in the analysis and their inception dates are: INTECH U.S. Growth Fund – Class S (1/03); INTECH U.S. Core Fund – Class T (2/03); INTECH U.S. Value Fund – Class I (12/05); INTECH International Fund – Class I (5/07); INTECH Global Dividend Fund – Class I (12/11).
4 For the period ending December 31, 2011, 40%, 49% and 57% of complex-wide mutual funds had a 4- or 5-star Morningstar rating for the 3-, 5- and 10-year periods based on risk-adjusted returns for 43, 39 and 28 funds, respectively. 43 funds were included in the analysis for the overall period.
| JANUS CAPITAL GROUP INC. | ||||||||||||||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||||||||||||||
| (dollars in millions, except per share data) | ||||||||||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||
| 2011 | 2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||
| Investment management fees | $ | 190.9 | $ | 202.2 | $ | 218.7 | $ | 844.3 | $ | 834.6 | ||||||||||||||||||
| Performance fees | (9.2 | ) | (3.1 | ) | 18.5 | (11.7 | ) | 32.6 | ||||||||||||||||||||
| Shareowner servicing fees and other | 33.9 | 37.8 | 38.5 | 149.3 | 148.5 | |||||||||||||||||||||||
| Total | 215.6 | 236.9 | 275.7 | 981.9 | 1,015.7 | |||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||||
| Employee compensation and benefits | 62.1 | 71.2 | 79.2 | 294.9 | 314.5 | |||||||||||||||||||||||
| Long-term incentive compensation | 10.7 | 16.4 | 23.3 | 63.0 | 83.1 | |||||||||||||||||||||||
| Marketing and advertising | 7.5 | 6.2 | 7.8 | 28.0 | 35.8 | |||||||||||||||||||||||
| Distribution | 30.5 | 35.5 | 36.9 | 141.7 | 140.1 | |||||||||||||||||||||||
| Depreciation and amortization | 7.8 | 8.1 | 9.5 | 33.3 | 39.1 | |||||||||||||||||||||||
| General, administrative and occupancy | 26.4 | 25.3 | 23.2 | 109.2 | 121.5 | |||||||||||||||||||||||
| Total | 145.0 | 162.7 | 179.9 | 670.1 | 734.1 | |||||||||||||||||||||||
| Operating income | 70.6 | 74.2 | 95.8 | 311.8 | 281.6 | |||||||||||||||||||||||
| Interest expense | (11.7 | ) | (13.0 | ) | (15.9 | ) | (51.0 | ) | (63.2 | ) | ||||||||||||||||||
| Investment gains (losses), net | 1.2 | (23.4 | ) | 19.9 | (21.9 | ) | 24.7 | |||||||||||||||||||||
| Other income, net | 2.0 | 1.4 | 0.5 | 3.8 | 1.9 | |||||||||||||||||||||||
| Loss on early extinguishment of debt | - | - | - | (9.9 | ) | - | ||||||||||||||||||||||
| Income tax provision | (22.4 | ) | (11.9 | ) | (31.9 | ) | (79.4 | ) | (76.4 | ) | ||||||||||||||||||
| Net income | 39.7 | 27.3 | 68.4 | 153.4 | 168.6 | |||||||||||||||||||||||
| Noncontrolling interests | (4.0 | ) | 0.1 | (2.5 | ) | (10.5 | ) | (8.7 | ) | |||||||||||||||||||
| Net income attributable to JCG | $ | 35.7 | $ | 27.4 | $ | 65.9 | $ | 142.9 | $ | 159.9 | ||||||||||||||||||
| Diluted weighted-average shares outstanding (in millions) | 184.0 | 184.0 | 183.1 | 184.2 | 182.1 | |||||||||||||||||||||||
| Diluted earnings per share | ||||||||||||||||||||||||||||
| attributable to JCG common shareholders: | $ | 0.19 | $ | 0.15 | $ | 0.36 | $ | 0.78 | $ | 0.88 | ||||||||||||||||||
| Average Assets Under Management (in billions) | $ | 149.2 | $ | 155.9 | $ | 167.3 | $ | 162.3 | $ | 160.7 | ||||||||||||||||||
| JANUS CAPITAL GROUP INC. | |||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||
| (dollars in millions) | |||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2011 | 2010 | ||||||||||||||
| Assets | |||||||||||||||
| Cash and cash equivalents | $ | 360.0 | $ | 373.2 | |||||||||||
| Investment securities | 312.0 | 296.1 | |||||||||||||
| Other assets | 185.0 | 251.6 | |||||||||||||
| Property and equipment, net | 36.9 | 44.1 | |||||||||||||
| Intangibles and goodwill, net | 1,750.0 | 1,761.8 | |||||||||||||
| Total Assets | $ | 2,643.9 | $ | 2,726.8 | |||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Debt | $ | 595.2 | $ | 799.8 | |||||||||||
| Other liabilities | 281.1 | 333.5 | |||||||||||||
| Deferred income taxes | 421.7 | 410.3 | |||||||||||||
| Stockholders’ equity | 1,345.9 | 1,183.2 | |||||||||||||
| Total Liabilities and Stockholders’ Equity | $ | 2,643.9 | $ | 2,726.8 | |||||||||||
| UNAUDITED CONDENSED CONSOLIDATED | ||||||||||||||||||||||||||||||
| CASH FLOW INFORMATION | ||||||||||||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||||||||||||
| December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||
| Cash provided by (used in) | 2011 | 2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||||||
| Operating activities | $ | 74.3 | $ | 47.8 | $ | 101.4 | $ | 224.6 | $ | 246.6 | ||||||||||||||||||||
| Investing activities | (33.1 | ) | 116.0 | (18.0 | ) | 21.7 | (148.0 | ) | ||||||||||||||||||||||
| Financing activities | (10.6 | ) | (103.9 | ) | 1.8 | (259.5 | ) | (50.1 | ) | |||||||||||||||||||||
| Net change during period | $ | 30.6 | $ | 59.9 | $ | 85.2 | $ | (13.2 | ) | $ | 48.5 | |||||||||||||||||||
| JANUS CAPITAL GROUP INC. | |||||||||||||||||||||
| ASSETS & FLOWS BY INVESTMENT DISCIPLINE | |||||||||||||||||||||
| (dollars in billions) | |||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||
| December 31, 2011 | September 30, 2011 | December 31, 2010 | December 31, 2011 | December 31, 2010 | |||||||||||||||||
| Growth/Core (1) | |||||||||||||||||||||
| Beginning of period assets | $ | 47.3 | $ | 58.5 | $ | 58.3 | $ | 60.9 | $ | 60.9 | |||||||||||
| Sales | 1.6 | 2.9 | 3.3 | 10.7 | 12.4 | ||||||||||||||||
| Redemptions | 3.4 | 4.7 | 6.0 | 18.7 | 18.6 | ||||||||||||||||
| Net redemptions | (1.8 | ) | (1.8 | ) | (2.7 | ) | (8.0 | ) | (6.2 | ) | |||||||||||
| Market / fund performance | 4.2 | (9.4 | ) | 5.3 | (3.2 | ) | 6.2 | ||||||||||||||
| End of period assets | $ | 49.7 | $ | 47.3 | $ | 60.9 | $ | 49.7 | $ | 60.9 | |||||||||||
| Global/International | |||||||||||||||||||||
| Beginning of period assets | $ | 18.6 | $ | 26.1 | $ | 26.2 | $ | 27.9 | $ | 23.8 | |||||||||||
| Sales | 0.9 | 0.8 | 1.9 | 4.8 | 6.0 | ||||||||||||||||
| Redemptions | 1.6 | 2.2 | 2.1 | 7.7 | 6.3 | ||||||||||||||||
| Net redemptions | (0.7 | ) | (1.4 | ) | (0.2 | ) | (2.9 | ) | (0.3 | ) | |||||||||||
| Market / fund performance | 0.5 | (6.1 | ) | 1.9 | (6.6 | ) | 4.4 | ||||||||||||||
| End of period assets | $ | 18.4 | $ | 18.6 | $ | 27.9 | $ | 18.4 | $ | 27.9 | |||||||||||
| Mathematical Equity (2) | |||||||||||||||||||||
| Beginning of period assets | $ | 38.0 | $ | 45.5 | $ | 42.4 | $ | 44.1 | $ | 48.0 | |||||||||||
| Sales | 0.7 | 1.0 | 1.0 | 4.5 | 4.4 | ||||||||||||||||
| Redemptions | 2.9 | 1.7 | 3.6 | 9.5 | 14.9 | ||||||||||||||||
| Net redemptions | (2.2 | ) | (0.7 | ) | (2.6 | ) | (5.0 | ) | (10.5 | ) | |||||||||||
| Market / fund performance | 4.1 | (6.8 | ) | 4.3 | 0.8 | 6.6 | |||||||||||||||
| End of period assets | $ | 39.9 | $ | 38.0 | $ | 44.1 | $ | 39.9 | $ | 44.1 | |||||||||||
| Fixed Income (1) | |||||||||||||||||||||
| Beginning of period assets | $ | 18.6 | $ | 17.2 | $ | 14.5 | $ | 15.3 | $ | 10.3 | |||||||||||
| Sales | 2.9 | 3.8 | 2.1 | 10.7 | 8.5 | ||||||||||||||||
| Redemptions | 1.5 | 1.7 | 1.5 | 5.8 | 4.5 | ||||||||||||||||
| Net sales | 1.4 | 2.1 | 0.6 | 4.9 | 4.0 | ||||||||||||||||
| Market / fund performance | 0.6 | (0.7 | ) | 0.2 | 0.4 | 1.0 | |||||||||||||||
| End of period assets | $ | 20.6 | $ | 18.6 | $ | 15.3 | $ | 20.6 | $ | 15.3 | |||||||||||
| Value (3) | |||||||||||||||||||||
| Beginning of period assets | $ | 17.0 | $ | 21.0 | $ | 17.8 | $ | 19.8 | $ | 15.0 | |||||||||||
| Sales | 0.9 | 1.2 | 1.7 | 5.3 | 7.7 | ||||||||||||||||
| Redemptions | 1.6 | 1.8 | 1.5 | 6.5 | 5.5 | ||||||||||||||||
| Net sales (redemptions) | (0.7 | ) | (0.6 | ) | 0.2 | (1.2 | ) | 2.2 | |||||||||||||
| Market / fund performance | 1.8 | (3.4 | ) | 1.8 | (0.5 | ) | 2.6 | ||||||||||||||
| End of period assets | $ | 18.1 | $ | 17.0 | $ | 19.8 | $ | 18.1 | $ | 19.8 | |||||||||||
| Money Market | |||||||||||||||||||||
| Beginning of period assets | $ | 1.5 | $ | 1.5 | $ | 1.6 | $ | 1.5 | $ | 1.7 | |||||||||||
| Sales | 0.2 | 0.3 | 0.2 | 1.0 | 0.8 | ||||||||||||||||
| Redemptions | 0.2 | 0.3 | 0.3 | 1.0 | 1.0 | ||||||||||||||||
| Net redemptions | - | - | (0.1 | ) | - | (0.2 | ) | ||||||||||||||
| Market / fund performance | - | - | - | - | - | ||||||||||||||||
| End of period assets | $ | 1.5 | $ | 1.5 | $ | 1.5 | $ | 1.5 | $ | 1.5 | |||||||||||
| Total Company | |||||||||||||||||||||
| Beginning of period assets | $ | 141.0 | $ | 169.8 | $ | 160.8 | $ | 169.5 | $ | 159.7 | |||||||||||
| Sales | 7.2 | 10.0 | 10.2 | 37.0 | 39.8 | ||||||||||||||||
| Redemptions | 11.2 | 12.3 | 15.0 | 49.2 | 50.8 | ||||||||||||||||
| Net redemptions | (4.0 | ) | (2.3 | ) | (4.8 | ) | (12.2 | ) | (11.0 | ) | |||||||||||
| Market / fund performance | 11.2 | (26.5 | ) | 13.5 | (9.1 | ) | 20.8 | ||||||||||||||
| End of period assets | $ | 148.2 | $ | 141.0 | $ | 169.5 | $ | 148.2 | $ | 169.5 | |||||||||||
| Total Excluding Money Market | |||||||||||||||||||||
| Beginning of period assets | $ | 139.5 | $ | 168.3 | $ | 159.2 | $ | 168.0 | $ | 158.0 | |||||||||||
| Sales | 7.0 | 9.7 | 10.0 | 36.0 | 39.0 | ||||||||||||||||
| Redemptions | 11.0 | 12.1 | 14.7 | 48.2 | 49.8 | ||||||||||||||||
| Net redemptions | (4.0 | ) | (2.4 | ) | (4.7 | ) | (12.2 | ) | (10.8 | ) | |||||||||||
| Market / fund performance | 11.2 | (26.4 | ) | 13.5 | (9.1 | ) | 20.8 | ||||||||||||||
| End of period assets | $ | 146.7 | $ | 139.5 | $ | 168.0 | $ | 146.7 | $ | 168.0 | |||||||||||
| Each line has been rounded on the schedule individually to increase the accuracy of the amounts presented. Therefore totals and subtotals may not foot. | |||||||||||||||||||||
| Notes: | ||
| (1) | Growth/core and fixed income assets reflect a 50%/50% split of the Janus Balanced Fund between the two categories. | |
| (2) | Represents all assets managed by INTECH Investment Management LLC. Year-to-date 2011 gross sales and redemptions exclude the transfer of $1.1 billion within mathematical equity strategies in the first quarter 2011. | |
| (3) | Represents all assets managed by Perkins Investment Management LLC. | |
Data presented reflects past performance, which is no guarantee of future results. Due to market volatility, current performance may be higher or lower than the performance shown. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for performance, rankings and ratings current to the most recent month-end.
Janus Capital Group Inc. (“JCG”) provides investment advisory services through its primary subsidiaries, Janus Capital Management LLC (“Janus”), INTECH Investment Management LLC (“INTECH”) and Perkins Investment Management LLC (“Perkins”).
“Complex-Wide Mutual Funds” means all affiliated mutual funds managed by Janus, INTECH and Perkins. “Fundamental Equity Mutual Funds” means all mutual funds managed by Janus or Perkins that invest in equity securities. “Fixed Income Mutual Funds” means all mutual funds managed by Janus that invest primarily in fixed income securities. “Mathematical Equity Strategies” means all discretionary managed accounts (not mutual funds) that are advised or sub-advised by INTECH.
Mutual fund relative performance analysis shown is for each Fund’s initial share class: Class T, S or I Shares in the Janus retail fund (“JIF”) trust and the Institutional or Service Shares in the Janus Aspen Series (“JAS”). These share classes may not be eligible for purchase by all investors. Other share classes may have higher sales and management fees, which can result in differences in performance.
Investing involves risk, including the possible loss of principal. The value of your investment will fluctuate over time and you may gain or lose money. A fund’s performance may be affected by risks that include those associated with non-diversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to funds may include those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (“REITs”), derivatives, short sales and companies with relatively small market capitalizations. Each fund has different risks. Please see a Janus prospectus for more information about risk, fund holdings and other details.
Lipper performance on an asset-weighted basis is calculated by taking all funds and assigning the assets under management (“AUM”) in each respective fund to either the 1st, 2nd, 3rd or 4th quartile bucket based on each fund’s respective Lipper relative rankings. The total AUM of each quartile’s bucket is then divided by complex-wide total AUM to arrive at the respective percent of AUM in each bucket. Lipper, a wholly-owned subsidiary of Thomson Reuters, provides independent insight on global collective investments including mutual funds, retirement funds, hedge funds, fund fees and expenses to the asset management and media communities. Lipper ranks the performance of mutual funds within a classification of funds that have similar investment objectives. Funds not ranked by Lipper are not included in the analysis.
The Overall Morningstar RatingTMfor a fund is derived from a weighted- average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar RatingTMmetrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of the funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages). The Morningstar RatingTM may differ among share classes of a mutual fund as a result of different sales loads and/or expense structures. It may be based, in part, on the performance of a predecessor fund. Morningstar does not rank funds with less than a 3-year performance history.
Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus containing this and other information, please call JCG at (800) 525-3713 or download the file from www.janus.com/info. Read it carefully before you invest or send money.
Funds distributed by Janus Distributors LLC.
Certain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “forecast” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. These statements are based on the beliefs and assumptions of Company management based on information currently available to management.
Various risks, uncertainties, assumptions and factors that could cause future results to differ materially from those expressed by the forward-looking statements included in this press release include, but are not limited to, risks specified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 included under headings such as “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and in other filings and furnishings made by the Company with the SEC from time to time. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. Many of these factors are beyond the control of the Company and its management. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Except for the Company’s ongoing obligations to disclose material information under the applicable securities law and stock exchange rules, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
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