Institutional Manager · CIK 0001274173

JANUS HENDERSON GROUP PLC

LONDON, X0 · File #028-10904

Latest AUM

$223.31B

Positions

4,350

Top-10 Concentration

56.3%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	BROADCOM INC	AVGO	+16,031,435	+$5.52B	+$28.0M
REDUCE	TAIWAN SEMICONDUCTOR MFG LTD	874039100	-5,866,691	-$1.78B	+$146.3M
ADD	LAM RESEARCH CORP	LRCX	+8,605,513	+$1.47B	+$1.5M
REDUCE	NVIDIA CORPORATION	NVDA	-7,187,754	-$1.34B	-$554,267
REDUCE	EATON CORP PLC	ETN	-4,053,288	-$1.29B	-$231.5M
ADD	FERGUSON ENTERPRISES INC	FERG	+5,431,738	+$1.21B	-$346,909
ADD	DOORDASH INC	DASH	+5,355,678	+$1.21B	-$107,749
ADD	FLEX LTD	FLEX	+18,432,986	+$1.11B	+$2.4M
REDUCE	BOSTON SCIENTIFIC CORP	BSX	-11,057,534	-$1.05B	-$25.8M
REDUCE	MICROSOFT CORP	MSFT	-2,138,938	-$1.03B	-$911.7M

Sector Allocation

Technology

30.6%$68.38B

Healthcare

16.6%$37.12B

Consumer Discretionary

8.3%$18.64B

Industrials

6.8%$15.26B

Financials

4.5%$10.00B

Communication Services

4.2%$9.39B

1.1%$2.52B

0.9%$2.14B

0.9%$2.01B

0.9%$1.92B

0.8%$1.92B

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 20254,350 pos · $223.31B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 20254,336 pos · $219.04B
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 20254,322 pos · $204.02B
May 15, 202513F HOLDINGS REPORTQ/E Mar 20254,554 pos · $182.44B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 20244,612 pos · $196.74B
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 20244,587 pos · $195.38B
Aug 14, 202413F HOLDINGS REPORTQ/E Jun 20243,910 pos · $186.74B
May 15, 202413F HOLDINGS REPORTQ/E Mar 20246,260 pos · $183.33B
Nov 14, 202313F COMBINATION REPORTQ/E Dec 20236,469 pos · $152.71B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORPORATION	NVDA	71,124,638	$13.21B	11.74%
2	MICROSOFT CORP	MSFT	22,806,632	$10.98B	9.76%
3	ALPHABET INC	GOOG	21,921,582	$6.85B	6.09%
4	AMAZON COM INC	AMZN	29,630,804	$6.80B	6.04%
5	APPLE INC	AAPL	23,339,698	$6.32B	5.61%
6	BROADCOM INC	AVGO	17,936,362	$6.18B	5.49%
7	ELI LILLY & CO	LLY	4,201,757	$4.50B	4.00%
8	META PLATFORMS INC	META	5,055,574	$3.32B	2.96%
9	MASTERCARD INCORPORATED	MA	4,608,043	$2.61B	2.32%
10	ORACLE CORP	ORCL-PD	13,188,278	$2.55B	2.27%
11	APPLOVIN CORP	APP	3,115,705	$2.09B	1.86%
12	TAIWAN SEMICONDUCTOR MFG LTD	874039100	6,533,671	$1.96B	1.75%
13	ARGENX SE	ARGX	2,318,249	$1.94B	1.72%
14	BOOKING HOLDINGS INC	BKNG	308,740	$1.65B	1.47%
15	HOWMET AEROSPACE INC	HWM	7,787,615	$1.58B	1.41%
16	EATON CORP PLC	ETN	4,887,739	$1.54B	1.37%
17	LAM RESEARCH CORP	LRCX	8,645,576	$1.48B	1.32%
18	KLA CORP	KLAC	1,217,746	$1.48B	1.32%
19	DANAHER CORPORATION	235851102	6,500,084	$1.48B	1.31%
20	NVIDIA CORPORATION	NVDA	7,830,709	$1.46B	1.30%