JH
Janus Henderson Group PLC — 13F Portfolio Breakdown & Top Holdings (Q1 2026)
Janus Henderson Group PLCCIK: 0001274173
Diversified strategyMomentum followerSector-focused
Total reported value
$209.4B
Reporting period: 2026-03-31 · Number of holdings: 4333
JANUS HENDERSON GROUP PLC disclosed 4333 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $209.4B and a quarterly turnover rate of 26.9%.
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Personality snowflake
- Concentration
- 5.52
- Portfolio Stability
- 26.87
- Momentum
- 86.33
- Sector conviction
- 77.22
- Diversification
- 100
- Sizing Uniformity
- 43.21
Janus Henderson Group PLC's disclosed holdings carry a Herfindahl concentration index of 0.014 — mathematically equivalent to about 72 equally-sized positions, well below its 4333 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 5.68), 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 54% 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 MSFT
-10.9% -$4.1B
New buy AZN
Trim APP
-44.0% -$1.5B
Add GEV
+4358.6% $1.3B
Trim ORCL
-17.1% -$1.1B
Sold out ASND
Holdings Map
New buyAddUnchangedTrim
Institutional Game-State Analysis
Core Intent
Janus Henderson is actively trimming high-weight mega-cap tech winners (MSFT, AVGO, ORCL) to fund new positions in AZN and GEV, while maintaining its NVDA core — a textbook momentum chaser dialing factor exposure into the next implied trend: health care innovation and energy transition. This is capital rotation in search of Alpha, not a defensive consolidation.
Macro & Fundamentals
The portfolio's prolonged tech overweight (44.66%) paired with fresh initiations in pharma and industrial electrification telegraphs a bet on a pro-innovation, low-rate regime where AI monetization broadens into biotech and grid infrastructure. The opposing thesis is that fiscal policy tightens, the dollar strengthens, and the 'smart money' rotation into value and cyclicals leaves this momentum-heavy structure exposed to a sharp mean reversion.
Blind Spots / Risks
With 2,407 holdings and a near-perfect diversification score, Janus Henderson is positioned for factor-mining not single-stock conviction — but its 86.33 momentum tilt creates a reflexive crowding risk: when the momentum factor snaps, the sheer breadth of the portfolio becomes a liquidity liability, not a risk diversifier. A 43.21 position sizing discipline means minimal single-name risk control to arrest a factor unwind.
This narrative is generated by AI from data disclosed in this institution's SEC EDGAR Form 13F filings and describes past holdings only. It is not a recommendation to buy or sell any security; the source filing is linked below. View the original 2026-03-31 Form 13F filing on SEC.gov
Top 10 holdings by weight
Full holdings list this quarter
Showing top 200 holdings (of 4333 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 6.88% | -0.01% | +0.23% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 4.21% | -1.57% | -10.89% | |
| 3 | AAPL | Apple Inc | Stock-Tech | 3.25% | -0.07% | -1.56% | |
| 4 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 3.25% | -0.20% | -3.33% | |
| 5 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 3.19% | -0.30% | -4.93% | |
| 6 | AVGO | Broadcom Inc | Stock-Tech | 2.85% | -0.27% | -4.27% | |
| 7 | LLY | Eli Lilly & Co | Stock-Healthcare | 1.90% | -0.23% | -2.13% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.88% | +0.07% | +12.75% | |
| 9 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.27% | +0.15% | -4.51% | |
| 10 | AZN | AstraZeneca PLC | Stock-Healthcare | 1.11% | +1.11% | NEW | |
| 11 | MA | Mastercard Inc - A | Stock-Financials | 1.09% | -0.25% | -13.16% | |
| 12 | LRCX | Lam Research CORP | Stock-Tech | 0.94% | +0.24% | +1.99% | |
| 13 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.92% | +0.20% | +1.92% | |
| 14 | ARGX | Argenx Se - Adr | Stock-Healthcare | 0.88% | -0.04% | +3.40% | |
| 15 | KLAC | Kla CORP | Stock-Tech | 0.87% | +0.13% | -8.26% | |
| 16 | ETN | Eaton Corporation plc | Stock-Industrials | 0.86% | +0.15% | +0.86% | |
| 17 | HWM | Howmet Aerospace Inc | Stock-Industrials | 0.84% | +0.12% | -2.45% | |
| 18 | ORCL | Oracle CORP | Stock-Tech | 0.84% | -0.42% | -17.15% | |
| 19 | ABBV | Abbvie Inc | Stock-Healthcare | 0.72% | +0.06% | +8.25% | |
| 20 | NFLX | Netflix Inc | Stock-Comm Services | 0.68% | +0.12% | +12.16% | |
| 21 | FERG | Ferguson Enterprises Inc | Stock-Industrials | 0.68% | +0.08% | +2.10% | |
| 22 | V | Visa Inc-class A Shares | Stock-Financials | 0.65% | +0.12% | +33.13% | |
| 23 | FLEX | Flex Ltd. | Stock-Tech | 0.64% | +0.04% | -7.67% | |
| 24 | GEV | GE Vernova Inc | Stock-Industrials | 0.63% | +0.62% | +4358.59% | |
| 25 | MU | Micron Technology Inc | Stock-Tech | 0.63% | +0.21% | +19.55% | |
| 26 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.59% | -0.02% | -0.44% | |
| 27 | DHR | Danaher CORP | Stock-Healthcare | 0.58% | -0.11% | -4.81% | |
| 28 | APH | Amphenol Corp-cl A | Stock-Tech | 0.57% | -0.03% | -4.50% | |
| 29 | DASH | Doordash Inc - A | Stock-Consumer Disc | 0.55% | -0.01% | +40.20% | |
| 30 | BKNG | Booking Holdings Inc | Stock-Consumer Disc | 0.54% | -0.22% | -15.25% | |
| 31 | PRAX | Praxis Precision Medicines I | Stock-Other | 0.53% | +0.10% | +6.75% | |
| 32 | LPLA | Lpl Financial Holdings Inc | Stock-Financials | 0.53% | -0.01% | +8.56% | |
| 33 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 0.51% | -0.04% | +1.68% | |
| 34 | TTE | TotalEnergies SE | Stock-Other | 0.50% | +0.24% | +25.24% | |
| 35 | MDGL | Madrigal Pharmaceuticals Inc | Stock-Healthcare | 0.50% | +0.09% | +27.37% | |
| 36 | BSX | Boston Scientific CORP | Stock-Healthcare | 0.49% | -0.05% | +31.04% | |
| 37 | UNH | Unitedhealth Group Inc | Stock-Healthcare | 0.47% | -0.06% | +2.48% | |
| 38 | ICE | Intercontinental Exchange In | Stock-Financials | 0.47% | — | -3.57% | |
| 39 | BBIO | Bridgebio Pharma Inc | Stock-Healthcare | 0.47% | +0.09% | +19.80% | |
| 40 | PCVX | Vaxcyte Inc | Stock-Other | 0.46% | +0.18% | +23.82% | |
| 41 | VRTX | Vertex Pharmaceuticals Inc | Stock-Healthcare | 0.45% | — | -4.07% | |
| 42 | RVMD | Revolution Medicines Inc | Stock-Healthcare | 0.45% | +0.01% | -20.62% | |
| 43 | APG | Api Group CORP | Stock-Industrials | 0.45% | +0.05% | +1.09% | |
| 44 | PGR | Progressive CORP | Stock-Financials | 0.45% | -0.11% | -13.14% | |
| 45 | TDY | Teledyne Technologies Inc | Stock-Tech | 0.45% | +0.06% | -8.72% | |
| 46 | GE | General Electric | Stock-Industrials | 0.44% | -0.05% | -8.28% | |
| 47 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 0.44% | -0.03% | +2.86% | |
| 48 | DDOG | Datadog Inc - Class A | Stock-Tech | 0.43% | +0.05% | +22.80% | |
| 49 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.42% | +0.06% | +20.87% | |
| 50 | CVX | Chevron CORP | Stock-Energy | 0.41% | +0.08% | -14.26% |
1–50 of 200
Portfolio Performance
Performance for Q3 2026
+2.5%
Performance Last 4 Quarters
+18%
- Stdev
- +14.2%
- Beta
- +1.08
- Alpha
- -4.3%
- Max Drawdown
- -9.7%
- Annualized Perf
- +17.5%
- Batting Avg vs S&P
- +38.9%
- Sortino
- +2.33
- Stutzer
- +0.36
- Treynor
- +0.16
- Sterling
- +1.01
- Calmar
- +1.8
- Information Ratio
- -0.97
- Tracking Error
- +2.9%
- Stdev Down
- +7.4%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +33.9%
- Worst 12 Months
- +1.2%
- Efficiency Ratio
- +0.5
- Sharpe
- +1.21
- Stdev Sectors
- +12.3%
- Skewness
- +0.03
- Kurtosis
- -0.24
- Upside Potential
- +3.96
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q1 | 4333 | $209.4B | 27 | ||
| 2025 Q4 | 4350 | $223.3B | 21 | ||
| 2025 Q3 | 4336 | $219.0B | 36 | ||
| 2025 Q2 | 4322 | $204.0B | 0 | ||
| 2025 Q1 | 4554 | $182.4B | 100 | ||
| 2024 Q4 | 4612 | $196.7B | 0 | ||
| 2024 Q3 | 4587 | $195.4B | 0 | ||
| 2024 Q2 | 3910 | $186.7B | 0 | ||
| 2024 Q1 | 6260 | $183.3B | 0 | ||
| 2023 Q4 | 6288 | $167.7B | 0 | ||
| 2023 Q3 | 6469 | $152.7B | 0 | ||
| 2023 Q2 | 6547 | $160.8B | 0 | ||
| 2023 Q1 | 6718 | $151.7B | 0 | ||
| 2022 Q4 | 6445 | $140.0B | 0 | ||
| 2022 Q3 | 5642 | $133.5B | 0 | ||
| 2022 Q2 | 6495 | $145.0B | 0 | ||
| 2022 Q1 | 7290 | $207.1B | 0 | ||
| 2021 Q4 | 2569 | $239.8B | 0 | ||
| 2021 Q3 | 2211 | $228.7B | 0 | ||
| 2021 Q2 | 1626 | $233.6B | 97 | ||
| 2021 Q1 | 1576 | $219.0B | 20 | ||
| 2020 Q4 | 1394 | $215.2B | 23 | ||
| 2020 Q3 | 1355 | $191.8B | 18 | ||
| 2020 Q2 | 1315 | $178.1B | 31 | ||
| 2020 Q1 | 1305 | $145.3B | 39 | ||
| 2019 Q4 | 1427 | $195.3B | 23 | ||
| 2019 Q3 | 1415 | $184.6B | 100 | ||
| 2019 Q2 | 1383 | $183.6B | 0 | ||
| 2019 Q1 | 1357 | $180.4B | 24 | ||
| 2018 Q4 | 1342 | $156.8B | 29 | ||
| 2018 Q3 | 1453 | $187.1B | 18 | ||
| 2018 Q2 | 1395 | $175.4B | 21 | ||
| 2018 Q1 | 1365 | $169.7B | 24 | ||
| 2017 Q4 | 1292 | $162.4B | 21 | ||
| 2017 Q3 | 1284 | $156.0B | 100 | ||
| 2017 Q2 | 1307 | $146.7B | 0 | ||
| 2017 Q1 | 836 | $14.2B | 26 | ||
| 2016 Q4 | 843 | $13.6B | 20 | ||
| 2016 Q3 | 874 | $13.6B | 26 | ||
| 2016 Q2 | 939 | $12.0B | 26 | ||
| 2016 Q1 | 943 | $12.3B | 29 | ||
| 2015 Q4 | 955 | $12.5B | 29 | ||
| 2015 Q3 | 937 | $11.4B | 25 | ||
| 2015 Q2 | 1043 | $12.7B | 23 | ||
| 2015 Q1 | 945 | $13.0B | 29 | ||
| 2014 Q4 | 1011 | $13.9B | 46 | ||
| 2014 Q3 | 773 | $10.6B | 23 | ||
| 2014 Q2 | 747 | $10.7B | 27 | ||
| 2014 Q1 | 759 | $10.3B | 31 | ||
| 2013 Q4 | 751 | $9.9B | 28 | ||
| 2013 Q3 | 755 | $9.1B | 29 | ||
| 2013 Q2 | 751 | $8.6B | 0 |
Holding changes this quarter
Janus Henderson Group PLC's most significant position changes for 2026-03-31: New buy: AstraZeneca PLC (AZN); Sold out: Ascendis Pharma A/S (ASND); Sold out: Dayforce Inc (DAY); Sold out: Avidity Biosciences Inc (RNAGBP); New buy: Forgent Power Solutions Inc (FPS).
Showing top 200 changes by size (of 2495 total)
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | AZN | AstraZeneca PLC | +1.1% | NEW | New buy |
| 2 | GEV | GE Vernova Inc | +0.6% | +4358.59% | Add |
| 3 | TTE | TotalEnergies SE | +0.2% | +25.24% | Add |
| 4 | LRCX | Lam Research CORP | +0.2% | +1.99% | Add |
| 5 | MU | Micron Technology Inc | +0.2% | +19.55% | Add |
| 6 | PLTR | Palantir Technologies Inc-a | +0.2% | +795.58% | Add |
| 7 | JNJ | Johnson & Johnson | +0.2% | +1.92% | Add |
| 8 | FCX | Freeport-mcmoran Inc | +0.2% | +101.23% | Add |
| 9 | COP | Conocophillips | +0.2% | +207.94% | Add |
| 10 | STX | Seagate Technology Holdings plc | +0.2% | +3872.12% | Add |
| 11 | PCVX | Vaxcyte Inc | +0.2% | +23.82% | Add |
| 12 | DUK | Duke Energy CORP | +0.2% | +5254.37% | Add |
| 13 | LITE | Lumentum Holdings Inc | +0.2% | +163.19% | Add |
| 14 | ETN | Eaton Corporation plc | +0.2% | +0.86% | Add |
| 15 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | -4.51% | Trim |
| 16 | AEP | American Electric Power | +0.1% | +8776.79% | Add |
| 17 | LMT | Lockheed Martin CORP | +0.1% | +3497.54% | Add |
| 18 | AMAT | Applied Materials Inc | +0.1% | +67.27% | Add |
| 19 | KLAC | Kla CORP | +0.1% | -8.26% | Trim |
| 20 | GKOS | Glaukos CORP | +0.1% | +77.17% | Add |
| 21 | NFLX | Netflix Inc | +0.1% | +12.16% | Add |
| 22 | V | Visa Inc-class A Shares | +0.1% | +33.13% | Add |
| 23 | HWM | Howmet Aerospace Inc | +0.1% | -2.45% | Trim |
| 24 | FPS | Forgent Power Solutions Inc | +0.1% | NEW | New buy |
| 25 | ON | On Semiconductor | +0.1% | +10.89% | Add |
| 26 | MIRM | Mirum Pharmaceuticals Inc | +0.1% | +14.52% | Add |
| 27 | PRAX | Praxis Precision Medicines I | +0.1% | +6.75% | Add |
| 28 | KEYS | Keysight Technologies In | +0.1% | +42.50% | Add |
| 29 | ANET | Arista Networks Inc | +0.1% | +44.49% | Add |
| 30 | BBIO | Bridgebio Pharma Inc | +0.1% | +19.80% | Add |
| 31 | MDGL | Madrigal Pharmaceuticals Inc | +0.1% | +27.37% | Add |
| 32 | JKHY | Jack Henry & Associates Inc | +0.1% | +13343.01% | Add |
| 33 | SO | Southern Co/the | +0.1% | +2111.01% | Add |
| 34 | MRK | Merck & Co. Inc. | +0.1% | +52.78% | Add |
| 35 | UTHR | United Therapeutics CORP | +0.1% | +8.90% | Add |
| 36 | CVX | Chevron CORP | +0.1% | -14.26% | Trim |
| 37 | FERG | Ferguson Enterprises Inc | +0.1% | +2.10% | Add |
| 38 | AMCR | Amcor plc | +0.1% | NEW | New buy |
| 39 | EMR | Emerson Electric Co | +0.1% | +95.71% | Add |
| 40 | TT | Trane Technologies plc | +0.1% | +10.64% | Add |
| 41 | CLH | Clean Harbors Inc | +0.1% | -0.87% | Trim |
| 42 | HLT | Hilton Worldwide Holdings In | +0.1% | +13.49% | Add |
| 43 | META | Meta Platforms Inc-class A | +0.1% | +12.75% | Add |
| 44 | LNT | Alliant Energy CORP | +0.1% | +1.25% | Add |
| 45 | BHVN | Biohaven Ltd. | +0.1% | +1145.92% | Add |
| 46 | PTCT | Ptc Therapeutics Inc | +0.1% | +48.28% | Add |
| 47 | MCD | Mcdonald's CORP | +0.1% | +119.87% | Add |
| 48 | ARM | Arm Holdings Plc-adr | +0.1% | NEW | New buy |
| 49 | NXT | Nextpower Inc-cl A | +0.1% | +134.30% | Add |
| 50 | AEE | Ameren Corporation | +0.1% | +11.47% | Add |
1–50 of 200
Filing History
Related 13F Filing Analysis
- JANUS HENDERSON GROUP PLC2026-Q1
Janus Henderson trims MSFT heavily while adding GEV, PLTR in Q1 2026
Jul 28, 2026⏱ 2 minMSFTAZNAPPGEVRead →
FAQ
What is Janus Henderson Group PLC and what type of investor is it?
Janus Henderson Group PLC 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 (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $209.4B, spread across 4333 disclosed positions.
What are Janus Henderson Group PLC's largest equity positions?
Based on the latest 13F filing, Janus Henderson Group PLC's top holdings by market value are:
1. Nvidia CORP (NVDA) — $14.4B (6.9%)
2. Microsoft CORP (MSFT) — $8.8B (4.2%)
3. Apple Inc (AAPL) — $6.8B (3.3%)
4. Alphabet Inc-cl C (GOOG) — $6.8B (3.3%)
5. Amazon.com Inc (AMZN) — $6.7B (3.2%)
What changes did Janus Henderson Group PLC make in its most recent portfolio filing?
In the latest reported quarter, Janus Henderson Group PLC made 200 notable position adjustments: 11 new positions were initiated, 97 existing holdings were added to, 84 positions were partially reduced, and 8 were completely exited. The largest of these moves: New buy: AstraZeneca PLC (AZN); Sold out: Ascendis Pharma A/S (ASND); Sold out: Dayforce Inc (DAY); Sold out: Avidity Biosciences Inc (RNAGBP); New buy: Forgent Power Solutions Inc (FPS)
What sectors does Janus Henderson Group PLC focus on?
Janus Henderson Group PLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 44.7%
• Health Care: 13.7%
• Communication Services: 12.5%
• Consumer Discretionary: 11.6%
• Financials: 8.4%
• Industrials: 4.8%
Investment Profile
Janus Henderson Group PLC returned an annualized 17.5% over the trailing 36 months — underperforming the S&P 500 by 4.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 1.08 (roughly in line with the market) and a 39% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active, with 44.7% of the portfolio concentrated in Information Technology.
Its turnover score has fallen from 100 to 27 over the past 4 quarters — a shift toward longer holding periods.
It has added to its GEV position over the past two quarters (+$1.3B, now $1.3B), while trimming MSFT over the same stretch (-$6.2B, still holding $8.8B).
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Developer Access
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REST API
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