Janus Henderson Group PLC
Reported US equity positions for Q1 2026 — $201.7B across 4,232 positions.
| Holding | Reported value | Share of portfolio | Shares |
|---|---|---|---|
| NVDA NVIDIA Corporation | $14.4B | 7.1% | 83,018,647 |
| MSFT Microsoft Corporation | $8.8B | 4.4% | 23,878,982 |
| AAPL Apple Inc. | $6.8B | 3.4% | 26,916,594 |
| GOOG Alphabet Inc. - Class C Capital Stock | $6.8B | 3.4% | 23,777,274 |
| AMZN Amazon.com, Inc. | $6.0B | 3.0% | 28,983,657 |
| AVGO Broadcom Inc. | $6.0B | 3.0% | 19,350,859 |
| LLY Eli Lilly and Company | $4.0B | 2.0% | 4,347,394 |
| META Meta Platforms, Inc. | $3.9B | 2.0% | 6,915,124 |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | $2.7B | 1.3% | 7,917,824 |
| G0593M107 Astrazeneca PLC | $2.3B | 1.2% | 11,949,424 |
| MA Mastercard Incorporated | $2.3B | 1.1% | 4,568,710 |
| LRCX Lam Research Corporation | $2.0B | 1.0% | 9,265,026 |
| JNJ Johnson & Johnson | $1.9B | 1.0% | 7,872,478 |
| ARGX argenx SE | $1.8B | 0.9% | 2,541,732 |
| KLAC KLA Corporation | $1.8B | 0.9% | 1,240,678 |
| G29183103 Eaton Corp PLC | $1.8B | 0.9% | 5,092,361 |
| HWM Howmet Aerospace Inc. | $1.8B | 0.9% | 7,755,645 |
| ORCL Oracle Corporation | $1.8B | 0.9% | 12,046,414 |
| ABBV AbbVie Inc. | $1.5B | 0.7% | 6,931,036 |
| NFLX Netflix, Inc. | $1.4B | 0.7% | 14,884,336 |
| FERG Ferguson Enterprises Inc. | $1.4B | 0.7% | 6,107,108 |
| V Visa Inc. | $1.4B | 0.7% | 4,486,927 |
| Y2573F102 Flextronics Intl LTD | $1.3B | 0.7% | 20,619,740 |
| GEV GE Vernova Inc. | $1.3B | 0.7% | 1,519,799 |
| MU Micron Technology, Inc. | $1.3B | 0.6% | 3,881,507 |
| JPM JP Morgan Chase & Co. | $1.2B | 0.6% | 4,175,138 |
| APH Amphenol Corporation | $1.2B | 0.6% | 9,458,488 |
| DASH DoorDash, Inc. | $1.2B | 0.6% | 7,762,553 |
| BKNG Booking Holdings Inc. | $1.1B | 0.6% | 270,019 |
| LPLA LPL Financial Holdings Inc. | $1.1B | 0.5% | 3,666,780 |
| MELI MercadoLibre, Inc. | $1.1B | 0.5% | 614,238 |
| F92124100 Totalenergies Se | $1.1B | 0.5% | 11,349,122 |
| MDGL Madrigal Pharmaceuticals, Inc. | $1.1B | 0.5% | 2,018,647 |
| BSX Boston Scientific Corporation | $1.0B | 0.5% | 16,497,366 |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | $991.4M | 0.5% | 3,691,607 |
| ICE Intercontinental Exchange Inc. | $987.7M | 0.5% | 6,315,981 |
| BBIO BridgeBio Pharma, Inc. | $978.6M | 0.5% | 13,179,013 |
| PCVX Vaxcyte, Inc. | $960.2M | 0.5% | 16,575,875 |
| VRTX Vertex Pharmaceuticals Incorporated | $951.8M | 0.5% | 2,131,527 |
| RVMD Revolution Medicines, Inc. | $949.5M | 0.5% | 9,766,496 |
| APG APi Group Corporation | $946.8M | 0.5% | 23,367,041 |
| PGR The Progressive Corporation | $938.0M | 0.5% | 4,731,581 |
| TDY Teledyne Technologies Incorporated | $935.1M | 0.5% | 1,545,674 |
| GE GE Aerospace | $926.1M | 0.5% | 3,263,621 |
| FWONK Liberty Media Corporation - Series C Liberty Formula One | $925.3M | 0.5% | 10,883,212 |
| GOOGL Alphabet Inc. | $885.4M | 0.4% | 3,078,924 |
| CVX Chevron Corporation | $865.2M | 0.4% | 4,181,809 |
| ON ON Semiconductor Corporation | $848.4M | 0.4% | 13,700,884 |
| INTU Intuit Inc. | $848.0M | 0.4% | 1,961,343 |
| JBHT J.B. Hunt Transport Services, Inc. | $842.7M | 0.4% | 3,976,855 |
| ABT Abbott Laboratories | $830.9M | 0.4% | 8,092,917 |
| TJX The TJX Companies, Inc. | $827.6M | 0.4% | 5,183,080 |
| LNT Alliant Energy Corporation | $809.0M | 0.4% | 11,273,621 |
| G8994E103 Trane Technologies PLC | $782.7M | 0.4% | 1,878,018 |
| BA The Boeing Company | $760.2M | 0.4% | 3,860,297 |
| ISRG Intuitive Surgical, Inc. | $757.5M | 0.4% | 1,643,060 |
| RVTY Revvity, Inc. | $731.4M | 0.4% | 8,348,127 |
| PM Philip Morris International Inc | $729.8M | 0.4% | 4,413,854 |
| ARMK Aramark | $729.1M | 0.4% | 17,984,812 |
| APP Applovin Corporation | $718.3M | 0.4% | 1,815,061 |
Long US equity positions only, as filed. 13F does not cover short positions, cash, bonds or non-US listings, so this is not the whole portfolio.
What changed last quarter
| Holding | Change | Now | Was | Shares |
|---|---|---|---|---|
| MSFT Microsoft Corporation | Trim | $8.8B | $12.9B | -11% |
| AAPL Apple Inc. | Trim | $6.8B | $7.4B | -2% |
| GOOG Alphabet Inc. - Class C Capital Stock | Trim | $6.8B | $7.7B | -3% |
| AMZN Amazon.com, Inc. | Trim | $6.0B | $7.8B | -15% |
| AVGO Broadcom Inc. | Trim | $6.0B | $7.0B | -4% |
| LLY Eli Lilly and Company | Trim | $4.0B | $4.8B | -2% |
| META Meta Platforms, Inc. | Add | $3.9B | $4.0B | +13% |
| TSM Taiwan Semiconductor Manufacturing Company Ltd. | Trim | $2.7B | $2.5B | -5% |
| MA Mastercard Incorporated | Trim | $2.3B | $3.0B | -13% |
| LRCX Lam Research Corporation | Add | $2.0B | $1.6B | +2% |
| JNJ Johnson & Johnson | Add | $1.9B | $1.6B | +2% |
| ARGX argenx SE | Add | $1.8B | $2.1B | +3% |
| KLAC KLA Corporation | Trim | $1.8B | $1.6B | -8% |
| HWM Howmet Aerospace Inc. | Trim | $1.8B | $1.6B | -2% |
| ORCL Oracle Corporation | Trim | $1.8B | $2.8B | -17% |
| ABBV AbbVie Inc. | Add | $1.5B | $1.5B | +8% |
| NFLX Netflix, Inc. | Add | $1.4B | $1.2B | +12% |
| FERG Ferguson Enterprises Inc. | Add | $1.4B | $1.3B | +2% |
| V Visa Inc. | Add | $1.4B | $1.2B | +33% |
| Y2573F102 Flextronics Intl LTD | Trim | $1.3B | $1.3B | -8% |
| MU Micron Technology, Inc. | Add | $1.3B | $926.6M | +20% |
| APH Amphenol Corporation | Trim | $1.2B | $1.3B | -5% |
| DASH DoorDash, Inc. | Add | $1.2B | $1.2B | +40% |
| BKNG Booking Holdings Inc. | Trim | $1.1B | $1.7B | -15% |
| LPLA LPL Financial Holdings Inc. | Add | $1.1B | $1.2B | +9% |
| MELI MercadoLibre, Inc. | Add | $1.1B | $1.2B | +2% |
| F92124100 Totalenergies Se | Add | $1.1B | $591.4M | +25% |
| MDGL Madrigal Pharmaceuticals, Inc. | Add | $1.1B | $918.2M | +27% |
| BSX Boston Scientific Corporation | Add | $1.0B | $1.2B | +31% |
| UNH UnitedHealth Group Incorporated Common Stock (DE) | Add | $991.4M | $1.2B | +2% |
| ICE Intercontinental Exchange Inc. | Trim | $987.7M | $1.1B | -4% |
| BBIO BridgeBio Pharma, Inc. | Add | $978.6M | $841.3M | +20% |
| PCVX Vaxcyte, Inc. | Add | $960.2M | $617.7M | +24% |
| VRTX Vertex Pharmaceuticals Incorporated | Trim | $951.8M | $1.0B | -4% |
| RVMD Revolution Medicines, Inc. | Trim | $949.5M | $980.0M | -21% |
| APG APi Group Corporation | Add | $946.8M | $884.4M | +1% |
| PGR The Progressive Corporation | Trim | $938.0M | $1.2B | -13% |
| TDY Teledyne Technologies Incorporated | Trim | $935.1M | $864.8M | -9% |
| GE GE Aerospace | Trim | $926.1M | $1.1B | -8% |
| FWONK Liberty Media Corporation - Series C Liberty Formula One | Add | $925.3M | $1.0B | +3% |
New and exited positions are only shown for managers whose entire filed portfolio fits inside the positions stored here. For a manager filing more than that, a holding leaving the stored set is indistinguishable from a holding being sold, so those are reported as adds and trims only.
What a 13F is
Any institutional manager exercising discretion over more than $100 million in US-listed equities must file a Form 13F with the SEC within 45 days of each quarter end, listing what they held on the last day of that quarter. The threshold was set in 1975 and has never been raised, so the filer population now runs to several thousand.
The four things it does not tell you
- It is stale. A filing describes positions as of quarter end and can arrive 45 days later. A manager who sold everything in week one of the new quarter files the same document as one who held.
- Long US equities only. No short positions, no cash, no bonds, no commodities, no foreign listings. A fund that looks heavily long in a 13F may be hedged in instruments that never appear.
- Not the whole firm. Assets are reported by the entity with discretion, so one manager can file under several CIKs, and the figure here is what that entity reported.
- Confidential treatment exists. A manager can apply to delay disclosing a position while building it. Those holdings appear later, if at all.
Why the biggest filers are not the interesting ones
The largest managers by reported value are index providers — they hold nearly everything, in proportion to the indices they track, because clients asked them to. Reading their filings for conviction is a category error. The filings worth attention are concentrated ones, where a small number of positions make up most of the portfolio, since that reflects a decision rather than a mandate.
The share-of-portfolio column is the one to read for this. A position that is 15% of a fund says something; the same dollar amount at 0.2% of an index tracker does not.
Where this comes from
The SEC's own quarterly Form 13F structured data sets, parsed here rather than bought from a vendor. Holdings are identified in the filings by CUSIP, and the mapping from CUSIP to ticker is the awkward part — that identifier is licensed rather than public, so the mapping is resolved through OpenFIGI and built up over time. Around 95% of reported value currently sits on a resolved ticker; the rest shows its CUSIP.
The rest of the section is on the Markets overview — including insider transactions, which are the same idea at the individual level, and the correlation finder, where each ticker's page carries its institutional ownership.