CIK: 0000812295
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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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.
Trim 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
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.
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.
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 above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
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 Hldgs 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 | ✓ | 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% |
Not enough priced holdings yet to compute performance
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2017-03-31 | 1722 | $122.3B | 25 | |
| 2016-12-31 | 1823 | $118.9B | 22 | |
| 2016-09-30 | 1828 | $118.5B | 22 | |
| 2016-06-30 | 1849 | $117.7B | 24 | |
| 2016-03-31 | 1798 | $115.3B | 24 | |
| 2015-12-31 | 1860 | $117.3B | 28 | |
| 2015-09-30 | 1821 | $111.5B | 25 | |
| 2015-06-30 | 1708 | $121.6B | 24 | |
| 2015-03-31 | 1371 | $121.5B | 28 | |
| 2014-12-31 | 1379 | $116.7B | 27 | |
| 2014-09-30 | 1359 | $109.5B | 24 | |
| 2014-06-30 | 1354 | $109.1B | 24 | |
| 2014-03-31 | 1302 | $107.5B | 26 | |
| 2013-12-31 | 1329 | $106.2B | 25 | |
| 2013-09-30 | 1319 | $100.7B | 29 | |
| 2013-06-30 | 1260 | $95.8B | 0 |
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 Hldgs 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 |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2017-03-31 | 2017-05-16 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-12 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2016-01-05 | Amendment | View on EDGAR |
| 2015-09-30 | 2015-11-17 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-17 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-18 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-14 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-15 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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