Janus Henderson employs an active, high-conviction approach centered on fundamental research, with a portfolio that is heavily concentrated in Technology (30.6%) and Healthcare (18.6%). The top holding, NVIDIA at $14.4 billion (6.9%), underscores a significant tilt toward semiconductor and AI exposure, complemented by large positions in Microsoft, Apple, and Alphabet. This composition reveals a strategic focus on dominant, cash-rich mega-cap leaders in computing and digital infrastructure, while selective healthcare bets like Eli Lilly and AstraZeneca add diversification. The fund’s $209.4 billion AUM across roughly 4,333 positions indicates a disciplined, scale-driven execution that balances conviction in top names with broad market coverage in the remaining holdings.
| # | Security | Shares | Value | % of Portfolio |
|---|---|---|---|---|
| 1 | Nvidia Corporation(NVDA) | 83,018,647 | $14.4B | 6.88% |
| 2 | Microsoft Corp(MSFT) | 23,878,982 | $8.8B | 4.21% |
| 3 | Apple Inc(AAPL) | 26,916,594 | $6.8B | 3.25% |
| 4 | Alphabet Inc(GOOG) | 23,777,274 | $6.8B | 3.25% |
| 5 | Amazon COM Inc(AMZN) | 32,297,269 | $6.7B | 3.19% |
| 6 | Broadcom Inc(AVGO) | 19,350,859 | $6.0B | 2.85% |
| 7 | ELI Lilly & Co(LLY) | 4,347,394 | $4.0B | 1.90% |
| 8 | Meta Platforms Inc(META) | 6,915,124 | $3.9B | 1.88% |
| 9 | Taiwan Semiconductor Manufac(TSM) | 7,917,824 | $2.7B | 1.27% |
| 10 | Astrazeneca PLC(AZN) | 11,949,424 | $2.3B | 1.11% |
Latest filing, equity positions only
Quarter-over-quarter weight changes
| Sector | Prev % | Curr % | Change |
|---|---|---|---|
| Technology | 33.27% | 30.69% | -2.58% |
| Industrials | 8.06% | 9.83% | +1.77% |
| Financial Services | 9.22% | 7.9% | -1.32% |
| Healthcare | 18.71% | 19.88% | +1.17% |
| Unclassified | 6.67% | 7.36% | +0.69% |
| Communication Services | 8.51% | 7.92% | -0.59% |
| Utilities | 1.19% | 1.74% | +0.55% |
| Consumer Cyclical | 9.26% | 8.73% | -0.53% |
| Energy | 1.09% | 1.59% | +0.5% |
| Basic Materials | 1.1% | 1.46% | +0.36% |
| Real Estate | 1.44% | 1.36% | -0.08% |
| Consumer Defensive | 1.48% | 1.54% | +0.06% |
Quarter-over-quarter weight changes by market cap
| Cap Size | Prev % | Curr % | Change |
|---|---|---|---|
| Mega Cap | 42.81% | 42.8% | -0.01% |
| Large Cap | 39.27% | 37.42% | -1.85% |
| Mid Cap | 9.16% | 10.56% | +1.4% |
| Unclassified | 6.67% | 7.36% | +0.69% |
| Small Cap | 1.8% | 1.77% | -0.03% |
| Micro Cap | 0.3% | 0.09% | -0.21% |
Quarter-over-quarter position changes