JC
Janus Capital Management LLC Historical SEC 13F Holdings & Archive (Q1 2017)
Janus Capital Management LLCCIK: 0000812295
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$122.3B
Reporting period: 2017-03-31 · Number of holdings: 1722
JANUS CAPITAL MANAGEMENT LLC disclosed 1722 holdings in its latest 13F filing for the period ending 2017-03-31, with total reported value of $122.3B and a quarterly turnover rate of 25.2%.
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Personality snowflake
- Concentration
- 1.99
- Portfolio Stability
- 25.24
- Momentum
- 100
- Sector conviction
- 49.24
- Diversification
- 100
- Sizing Uniformity
- 78.26
Janus Capital Management LLC's disclosed holdings carry a Herfindahl concentration index of 0.005 — mathematically equivalent to about 201 equally-sized positions, well below its 1722 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.17), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 37% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BMY
-74.4% -$882.6M
Trim DLTR
-78.0% -$477.8M
Add INTC
+241.8% $451.8M
Add BIIB
+204.8% $349.3M
Add CSX
+32.9% $323.9M
Add CRM
+21.6% $321.5M
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Janus is executing a precise capital rotation: slashing legacy pharma exposures (BMY, ABBV) and a retail loser (DLTR) to double down on secular growth stories in tech (INTC, CRM) and biotech (BIIB). This is an alpha hunt—chasing earnings acceleration in high-momentum sectors, not a defensive repositioning.
Macro & Fundamentals
Janus is pricing in a regime shift from early-cycle reflation to late-cycle growth deceleration. By rotating out of defensive, value-oriented pharma and into high-beta tech and biotech, they're betting that momentum and innovation will carry the market higher. The opposing thesis: this trade has become consensus, leaving Janus exposed to a sharp rotation if inflation, rates, or regulation disrupt the growth narrative.
Blind Spots / Risks
With 1,151 positions and a diversification score of 100, Janus is a closet indexer—but their active bets are crowded. Their 26.65% tech allocation is a factor bet that's gone consensus; a liquidity event in high-multiple names like CRM or ATVI would trigger synchronous portfolio compression across the entire growth stack. The real risk isn't single-issuer blowups—it's that they've traded conviction for safety and ended up levered to the same macro factor (secular growth) everyone else is playing.
The summary above is AI-generated directly from this institution's Form 13F filings on the SEC's EDGAR system and reflects historical holdings only. It is not investment advice — verify the details against the original filing linked below. View the original 2017-03-31 Form 13F filing on SEC.gov
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 1722 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | MSFT | Microsoft CORP | Stock-Tech | 2.58% | — | -2.69% | |
| 2 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 2.10% | +0.06% | -1.37% | |
| 3 | AAPL | Apple Inc | Stock-Tech | 1.64% | +0.15% | -8.84% | |
| 4 | MA | Mastercard Inc - A | Stock-Financials | 1.40% | +0.10% | +1.70% | |
| 5 | ADBE | Adobe Inc | Stock-Tech | 1.36% | +0.12% | -10.53% | |
| 6 | MO | Altria Group Inc | Stock-Consumer Staples | 1.27% | — | -8.23% | |
| 7 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.06% | — | -18.04% | |
| 8 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.04% | +0.08% | -5.42% | |
| 9 | CMCSA | Comcast Corp-class A | Stock-Comm Services | 0.97% | — | +69.54% | |
| 10 | NKE | Nike Inc -cl B | Stock-Consumer Disc | 0.89% | — | -8.35% | |
| 11 | AMGN | Amgen Inc | Stock-Healthcare | 0.85% | — | -8.71% | |
| 12 | BA | Boeing Co/the | Stock-Industrials | 0.85% | +0.08% | +0.01% | |
| 13 | BKNG | Booking Holdings Inc. | Stock-Consumer Disc | 0.82% | +0.14% | +0.98% | |
| 14 | CELG | Celgene CORP | Stock-Other | 0.81% | — | -7.15% | |
| 15 | CRM | Salesforce Inc | Stock-Tech | 0.76% | +0.25% | +21.61% | |
| 16 | ✓ | Stock-Other | 0.74% | — | -2.82% | ||
| 17 | ATVIEUR | Activision Blizzard Inc | Stock-Comm Services | 0.74% | +0.21% | +3.98% | |
| 18 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.73% | — | -13.24% | |
| 19 | LYB | LyondellBasell Industries N.V. | Stock-Materials | 0.73% | — | -5.28% | |
| 20 | SBUX | Starbucks CORP | Stock-Consumer Disc | 0.71% | — | -10.08% | |
| 21 | AMT | American Tower CORP | Stock-Real Estate | 0.68% | — | -2.58% | |
| 22 | AMT | TD Ameritrade Holding CORP | Stock-Real Estate | 0.65% | — | +14.55% | |
| 23 | HD | Home Depot Inc | Stock-Consumer Disc | 0.65% | -0.16% | -25.07% | |
| 24 | GD | General Dynamics CORP | Stock-Industrials | 0.63% | +0.15% | +22.06% | |
| 25 | CSX | Csx CORP | Stock-Industrials | 0.63% | +0.25% | +32.90% | |
| 26 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.63% | — | +8.57% | |
| 27 | SSNC | Ss&c Technologies Holdings | Stock-Tech | 0.62% | +0.11% | +0.79% | |
| 28 | NOC | Northrop Grumman CORP | Stock-Industrials | 0.61% | — | -2.88% | |
| 29 | SYF | Synchrony Financial | Stock-Financials | 0.61% | — | -1.18% | |
| 30 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.60% | — | +2.80% | |
| 31 | KR | Kroger Co | Stock-Consumer Staples | 0.57% | -0.14% | -2.20% | |
| 32 | CDNS | Cadence Design Sys Inc | Stock-Tech | 0.56% | — | -7.32% | |
| 33 | CME | Cme Group Inc | Stock-Financials | 0.54% | — | +4.73% | |
| 34 | APH | Amphenol Corp-cl A | Stock-Tech | 0.54% | — | +10.81% | |
| 35 | ST | Sensata Technologies Holding plc | Stock-Tech | 0.53% | +0.09% | +11.49% | |
| 36 | GM | General Motors Co | Stock-Consumer Disc | 0.53% | — | -5.44% | |
| 37 | ✓ | Athenahealth Inc | Stock-Other | 0.53% | — | -0.35% | |
| 38 | INTC | Intel CORP | Stock-Tech | 0.52% | +0.36% | +241.78% | |
| 39 | ✓ | Quintiles Transnational Holdin | Stock-Other | 0.51% | — | +0.36% | |
| 40 | STE | STERIS plc | Stock-Healthcare | 0.49% | — | +0.39% | |
| 41 | TXN | Texas Instruments Inc | Stock-Tech | 0.49% | +0.12% | +22.26% | |
| 42 | SERVUSD | Servicemaster Global Holding | Stock-Other | 0.49% | — | +6.22% | |
| 43 | NVDA | Nvidia CORP | Stock-Tech | 0.48% | — | +20.02% | |
| 44 | ✓ | Stock-Other | 0.46% | — | -9.37% | ||
| 45 | BXUSD | Blackstone Group Lp/the | Stock-Other | 0.46% | — | +15.85% | |
| 46 | CCI | Crown Castle Inc | Stock-Real Estate | 0.44% | — | -7.82% | |
| 47 | BR | Broadridge Financial Solutio | Stock-Tech | 0.44% | — | +2.44% | |
| 48 | DNKN | Dunkin' Brands Group Inc | Stock-Other | 0.43% | — | +8.44% | |
| 49 | BIIB | Biogen Inc | Stock-Healthcare | 0.43% | +0.28% | +204.77% | |
| 50 | HSY | Hershey Co/the | Stock-Consumer Staples | 0.43% | — | -21.76% |
1–50 of 200
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2017 Q1 | 1722 | $122.3B | 25 | ||
| 2016 Q4 | 1823 | $118.9B | 22 | ||
| 2016 Q3 | 1828 | $118.5B | 22 | ||
| 2016 Q2 | 1849 | $117.7B | 24 | ||
| 2016 Q1 | 1798 | $115.3B | 24 | ||
| 2015 Q4 | 1860 | $117.3B | 28 | ||
| 2015 Q3 | 1821 | $111.5B | 25 | ||
| 2015 Q2 | 1708 | $121.6B | 24 | ||
| 2015 Q1 | 1371 | $121.5B | 28 | ||
| 2014 Q4 | 1379 | $116.7B | 27 | ||
| 2014 Q3 | 1359 | $109.5B | 24 | ||
| 2014 Q2 | 1354 | $109.1B | 24 | ||
| 2014 Q1 | 1302 | $107.5B | 26 | ||
| 2013 Q4 | 1329 | $106.2B | 25 | ||
| 2013 Q3 | 1319 | $100.7B | 29 | ||
| 2013 Q2 | 1260 | $95.8B | 0 |
Holding changes this quarter
Janus Capital Management LLC's most significant position changes for 2017-03-31: New buy: Colony Bankcorp, Inc. (CBAN); Sold out: Colony Bankcorp, Inc. (CBAN); Sold out: Popeyes Louisiana Kitchen Inc; Trim: Bristol-myers Squibb Co (BMY) — shares -74.40%; Trim: Dollar Tree Inc (DLTR) — shares -78.03%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | INTC | Intel CORP | +0.4% | +241.78% | Add |
| 2 | BIIB | Biogen Inc | +0.3% | +204.77% | Add |
| 3 | CSX | Csx CORP | +0.3% | +32.90% | Add |
| 4 | CRM | Salesforce Inc | +0.3% | +21.61% | Add |
| 5 | ATVIEUR | Activision Blizzard Inc | +0.2% | +3.98% | Add |
| 6 | REGN | Regeneron Pharmaceuticals | +0.2% | +58.49% | Add |
| 7 | AAPL | Apple Inc | +0.2% | -8.84% | Trim |
| 8 | GD | General Dynamics CORP | +0.2% | +22.06% | Add |
| 9 | HRSEUR | L3harris Technologies Inc | +0.2% | +253.71% | Add |
| 10 | BKNG | Booking Holdings Inc. | +0.1% | +0.98% | Add |
| 11 | WMB | Williams Cos Inc | +0.1% | +341.07% | Add |
| 12 | ADBE | Adobe Inc | +0.1% | -10.53% | Trim |
| 13 | IT | Gartner Inc | +0.1% | +61.96% | Add |
| 14 | TXN | Texas Instruments Inc | +0.1% | +22.26% | Add |
| 15 | CFG | Citizens Financial Group | +0.1% | +2490.79% | Add |
| 16 | ICUI | Icu Medical Inc | +0.1% | +178.79% | Add |
| 17 | FITB | Fifth Third Bancorp | +0.1% | +622.67% | Add |
| 18 | SSNC | Ss&c Technologies Holdings | +0.1% | +0.79% | Add |
| 19 | NVS | Novartis Ag-sponsored Adr | +0.1% | +34406.20% | Add |
| 20 | RF | Regions Financial CORP | +0.1% | +733.07% | Add |
| 21 | MA | Mastercard Inc - A | +0.1% | +1.70% | Add |
| 22 | MS | Morgan Stanley | +0.1% | +32.21% | Add |
| 23 | LRCXEUR | Lam Research CORP | +0.1% | +13.65% | Add |
| 24 | DXCM | Dexcom Inc | +0.1% | +12.23% | Add |
| 25 | MU | Micron Technology Inc | +0.1% | +232.39% | Add |
| 26 | ST | Sensata Technologies Holding plc | +0.1% | +11.49% | Add |
| 27 | AON | Aon plc | +0.1% | +38.46% | Add |
| 28 | DIS | Walt Disney Co/the | +0.1% | +41.42% | Add |
| 29 | COO | The Cooper Companies, Inc. | +0.1% | +35.66% | Add |
| 30 | AMZN | Amazon.com Inc | +0.1% | -5.42% | Trim |
| 31 | BA | Boeing Co/the | +0.1% | +0.01% | Add |
| 32 | GOOG | Alphabet Inc-cl C | +0.1% | -1.37% | Trim |
| 33 | EW | Edwards Lifesciences CORP | -0.1% | -57.25% | Trim |
| 34 | DG | Dollar General CORP | -0.1% | -40.82% | Trim |
| 35 | PM | Philip Morris International | -0.1% | -73.24% | Trim |
| 36 | TEVA | Teva Pharmaceutical-sp Adr | -0.1% | -98.85% | Trim |
| 37 | REYN | Reynolds Consumer Products Inc. | -0.1% | -41.87% | Trim |
| 38 | AEP | American Electric Power Company, Inc. | -0.1% | -29.45% | Trim |
| 39 | KR | Kroger Co | -0.1% | -2.20% | Trim |
| 40 | MASI* | Masimo CORP | -0.2% | -98.85% | Trim |
| 41 | LOW | Lowe's Cos Inc | -0.2% | -53.53% | Trim |
| 42 | CVS | Cvs Health CORP | -0.2% | -83.89% | Trim |
| 43 | KMB | Kimberly-clark CORP | -0.2% | -38.39% | Trim |
| 44 | HD | Home Depot Inc | -0.2% | -25.07% | Trim |
| 45 | ABBV | Abbvie Inc | -0.2% | -54.53% | Trim |
| 46 | DLTR | Dollar Tree Inc | -0.4% | -78.03% | Trim |
| 47 | BMY | Bristol-myers Squibb Co | -0.7% | -74.40% | Trim |
| 48 | CBAN | Colony Bankcorp, Inc. | — | NEW | New buy |
| 49 | CBAN | Colony Bankcorp, Inc. | — | EXIT | Sold out |
| 50 | ✓ | Popeyes Louisiana Kitchen Inc | — | EXIT | Sold out |
Filing History
FAQ
What is Janus Capital Management LLC and what type of investor is it?
Janus Capital Management LLC is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2017-03-31), the firm manages a tracked equity portfolio valued at approximately $122.3B, spread across 1722 disclosed positions.
What are Janus Capital Management LLC's largest equity positions?
Based on the latest 13F filing, Janus Capital Management LLC's top holdings by market value are:
1. Microsoft CORP (MSFT) — $3.2B (2.6%)
2. Alphabet Inc-cl C (GOOG) — $2.6B (2.1%)
3. Apple Inc (AAPL) — $2.0B (1.6%)
4. Mastercard Inc - A (MA) — $1.7B (1.4%)
5. Adobe Inc (ADBE) — $1.7B (1.4%)
What changes did Janus Capital Management LLC make in its most recent portfolio filing?
In the latest reported quarter, Janus Capital Management LLC made 50 notable position adjustments: 1 new positions were initiated, 28 existing holdings were added to, 19 positions were partially reduced, and 2 were completely exited. The largest of these moves: New buy: Colony Bankcorp, Inc. (CBAN); Sold out: Colony Bankcorp, Inc. (CBAN); Sold out: Popeyes Louisiana Kitchen Inc; Trim: Bristol-myers Squibb Co (BMY) — shares -74.40%; Trim: Dollar Tree Inc (DLTR) — shares -78.03%
What sectors does Janus Capital Management LLC focus on?
Janus Capital Management LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 26.6%
• Communication Services: 16.7%
• Health Care: 15.3%
• Consumer Discretionary: 13.7%
• Financials: 12.0%
• Industrials: 6.8%
Investment Profile
Janus Capital Management LLC's portfolio is broadly diversified and moderately active.
It has added to its MSFT position over the past two quarters (+$564.4M, now $3.2B), while trimming BMY over the same stretch (-$940.0M, still holding $276.0M).
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Developer Access
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