The first four months of 2015 have seen yields on investment-grade corporate bonds falling. There’s been a safe-haven demand for these bonds due to the higher yield they’re providing.
Movement in investment-grade bond yields last week was impacted by the stock market decline, economic indicators, and the release of the FOMC minutes.
Janus Capital’s assets under management stood at $189.5 billion in 2Q15, down from $189.7 billion in the previous quarter but up from $177.7 billion year-over-year.
Bill Gross, the successful debt fund manager, manages $1.5 billion under the Janus Global Unconstrained Bond Fund. His fund’s performance trailed 77% of similar funds in the first half of 2015.
Janus Capital Group posted a 30% operating margin in 2Q15 and has generated $217 million in operating cash flow over the last 12 months.
Janus Capital Group (JNS) announced its acquisition of a 51% stake in Kapstream Capital on July 1, 2015. Kapstream is a global unconstrained fixed income asset manager.
Janus Capital Group (JNS) saw its balance sheet contract marginally in 2Q15. The company’s total assets stood at $2.76 billion as of June 30, 2015.
Janus Capital Group provides investment management services to financial advisors, individuals, and institutional clients. The company’s 2Q15 revenues topped Wall Street estimates.
The US Treasury auctioned five-year TIPS worth $16 billion on August 20. The amount was $2 billion lower than the April 23 auction.
The US Department of the Treasury conducted its weekly auction for four-week Treasury bills (or T-bills) on August 18.
The US Department of the Treasury auctioned 13-week Treasury bills (or T-bills) worth $24 billion on August 17.
The US Department of the Treasury held the weekly 26-week Treasury bills (or T-bills) auction on August 17.
The US Department of the Treasury held its monthly 52-week Treasury bills (or T-bills) auction on August 18, 2015.
Treasury yields tumbled across the yield curve in the week ended August 21, 2015, with a falling stock market and a dovish outlook of the Fed minutes.
KKR is valued at 7.7x on a one-year forward earnings basis compared to its peers trading at 9x. The discount has widened marginally over the last quarter due to the fall in KKR stock prices.
KKR has invested approximately $1.4 billion from its balance sheet in the 1H15. In spite of an increase in leverage, KKR’s balance sheet remains strong and moderately leveraged.
KKR’s 2Q15 earnings benefited largely from an increase in the value of its public holdings, which increased 10% in the second quarter.
KKR’s Capital Markets and Principal Activities segment grew in 2Q15 on the back of higher transaction fees. The segment reported ENI of $37 million in 2Q15 compared to $28 million in 1Q15.
KKR’s Public Markets segment reported ENI of $137 million in 2Q15, an increase of $31 million compared to 2Q14. Revenues increased due to an increase in investment income in the company’s multiple strategies.
In 2Q15, KKR’s Private Markets segment generated a total income of $1 billion compared to $642 million in 1Q15. The increase was due mainly to higher investment income.