UK based asset manager JHG plunged over 13% yesterday following a disappointing quarterly update – operating income was down 21% quarter on quarter, and over 35% year on year. JHG is clearly struggling as can be seen by its stocks 45% drop since November, a technical bounce towards $50 wouldn’t surprise but we want to see some operational improvement before going long i.e. “picking bottoms” has been fraught with danger over the last 6-months as selling bounces as opposed to buying dips has proven the more rewarding strategy.
MM is neutral JHG under $40
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