Note 4 - Investments

3 Months Ended

Mar. 31, 2025

Note 4 — Investments

Our investments as of March 31, 2025, and December 31, 2024, are summarized as follows (in millions):

	*March 31,*		*December 31,*
	*2025*		*2024*
Current investments:
Seeded investment products:
Consolidated VIEs	$	713.4	$	502.1
Consolidated VREs		127.9		132.5
Unconsolidated VIEs and VREs		101.1		127.1
Separately managed accounts		37.3		41.9
Total seeded investment products		979.7		803.6
Investments related to deferred compensation plans		37.9		29.8
Other investments		58.5		5.8
Total current investments	$	1,076.1	$	839.2
Non-current investments:
Equity method investments		20.5		23.1
Total investments	$	1,096.6	$	862.3

Other investments as of March 31, 2025, includes a $52.0 million investment in the European Smaller Companies Trust PLC. Our investment in the European Smaller Companies Trust PLC is subject to certain sale restrictions.

Investment Gains (Losses), Net

Investment gains (losses), net in our Condensed Consolidated Statements of Comprehensive Income included the following for the three months ended March 31, 2025 and 2024 (in millions):

	*Three months ended*
	*March 31,*
	*2025*			*2024*
Seeded investment products and seed hedges, net	$	5.8		$	11.9
Third-party ownership interests in seeded investment products		(3.3	)		10.5
Equity method investments		(1.7	)		(1.4	)
Other		(6.3	)		1.5
Investment gains (losses), net	$	(5.5	)	$	22.5

Net unrealized gains (losses), excluding noncontrolling interests, on seeded investment products and associated derivative instruments still held at period end for the three months ended March 31, 2025 and 2024, are summarized as follows (in millions):

	*March 31,*
	*2025*		*2024*
Unrealized gains (losses), net	$	29.2	$	28.1

Gains and losses attributable to third-party ownership interests in seeded investment products are noncontrolling interests and are not included in net income attributable to JHG.

Equity Method Investments

Our equity method investments (other than investments in seeded investment products) include a 49% interest in Privacore Capital and a 20% interest in Long Tail Alpha.

Cash Flows

Cash flows related to our investments for the three months ended March 31, 2025 and 2024, are summarized as follows (in millions):

	*Three months ended March 31,*
	*2025*								*2024*
	*Purchases*			*Sales,*					*Purchases*			*Sales,*
	*and*			*settlements and*		*Net*			*and*			*settlements and*		*Net*
	*settlements*			*maturities*		*cash flow*			*settlements*			*maturities*		*cash flow*
Investments by consolidated seeded investment products	$	(204.2	)	$	22.5	$	(181.7	)	$	(41.1	)	$	3.0	$	(38.1	)
Investments		(119.1	)		74.3		(44.8	)		(65.7	)		55.8		(9.9	)