Global Index Mail Jun 23, 2026

Research evidence excerpt

Global Index Mail Jun 23, 2026

Pankaj Gupta, CFA AC Global Markets Strategy

(44-20) 7134-5483 23 June 2026 J P M O R G A N

pankaj.gupta2@jpmorgan.com

(privately held; not in the FTSE Russell Indexes) will acquire Janus Henderson Group for

cash. In the transaction, each share of Janus Henderson Group will be exchanged for

$52.00 in cash. The merger was approved at Janus Henderson Group’s shareholder

meeting on April 16, 2026. Janus Henderson Group will be removed from the FTSE

Russell Indexes in conjunction with the June 29, 2026 semi-annual Recon.

-Indexer Demand: -3.7 million shares of JHG US (-157% of volume)

-Effective as close of Friday, June 26, 2026

• Russell 1000 - Honeywell International will spin off its shares of Honeywell Aerospace.

In the transaction, every 2 shares of Honeywell International stock will receive 1 share

of Honeywell Aerospace. Honeywell Aerospace is projected to be added to the FTSE

Russell Indexes, as it satisfies FTSE Russell’s inclusion criteria. The new company will

be added to Honeywell International’s respective indexes (Russell 1000 and Russell Top

200). Based on Honeywell International’s current probabilities, Honeywell Aerospace’s

style probabilities will be 0% growth and 100% value and stability probabilities will be

100% defensive and 0% dynamic. Honeywell Aerospace will be distributed to

shareholders June 26, 2026 (after the close). The price for Honeywell International will

be adjusted to reflect the spin-off.

- No trading impact

• MSCI USA Small Cap - Trian Fund General Catalyst intend to acquire JANUS

HENDERSON (J) via agreement for cash USD 52.00 per share. Reg approvals received.

Expected last trading day Jun 30. MSCI intends to delete J as of close of Jun 30 (eff Jul

1) at closing market price.