Janus Henderson Group PLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Janus Henderson Group PLC reported 2,470 stock positions worth $182.4 billion. Its top holding was Microsoft (MSFT) at 6.0% of the portfolio, followed by Nvidia (NVDA, 4.9%) and Amazon.com (AMZN, 3.6%). Compared with Q4 2024, it opened 51 new positions, sold out of 102, added to 698 and reduced 821. The biggest buy was Eli Lilly (LLY, shares +1%) and the biggest sale Nvidia (NVDA, shares −5%).

Most Recent 13F
Q1 2026
Location
LONDON, X0
CIK
0001274173
Portfolio Value
$182.4B (Q1 2025)
SEC Filing
0001085146-25-003208 ↗ filed May 15, 2025

Holdings Value

0$50.0B$100.0B$150.0B$200.0B$250.0B Q1 2024: $183.3B Q1 2024 Q2 2024: $186.7B Q2 2024 Q3 2024: $195.4B Q3 2024 Q4 2024: $196.7B Q4 2024 Q1 2025: $182.4B $182.4B Q1 2025 Q2 2025: $204.0B Q2 2025 Q3 2025: $219.0B Q3 2025 Q4 2025: $223.3B Q4 2025 Q1 2026: $209.3B Q1 2026

Holdings 2,470 stocks · $182.4B

MSFT Microsoft Corp. 6.01% 28,945,945 $11.0B Add +3.0%
NVDA Nvidia Corp. 4.90% 81,551,284 $8.9B Reduce -4.8%
AMZN Amazon.com Inc. 3.61% 34,145,142 $6.6B Add +4.5%
AAPL Apple Inc. 3.54% 29,609,802 $6.5B Reduce -5.3%
META Meta Platforms Inc. Class A 2.66% 8,400,656 $4.8B Reduce -10.0%
GOOG Alphabet Inc. Class C 2.65% 30,999,870 $4.8B Add +0.6%
LLY Eli Lilly & Co. 2.04% 4,532,612 $3.7B Add +1.1%
MA Mastercard Inc. Class A 2.01% 6,789,920 $3.7B Reduce -1.0%
AVGO Broadcom Inc. 1.90% 20,513,226 $3.5B Add +33.6%
UNH Unitedhealth Group Inc. 1.41% 4,980,817 $2.6B Reduce -9.6%
ORCL Oracle Corp. 1.10% 14,307,208 $2.0B Add +0.5%
PGR Progressive Corp. 0.96% 6,295,423 $1.8B Reduce -10.2%
BKNG Booking Holdings Inc. 0.88% 346,129 $1.6B Reduce -26.2%
HWM Howmet Aerospace Inc. 0.79% 11,170,635 $1.4B Add +2.0%
BSX Boston Scientific Corp. 0.76% 13,989,921 $1.4B Reduce -6.6%
VRTX Vertex Pharmaceuticals Inc. 0.74% 2,747,937 $1.4B Reduce -3.0%
SSNC Ss&c Technologies Holdings 0.74% 16,366,254 $1.3B Reduce -1.4%
V Visa Inc. Class A 0.73% 3,873,305 $1.3B Add +4.9%
FWONK Liberty Media Corp. Class C 0.70% 14,310,356 $1.3B Reduce -1.4%
NFLX Netflix Inc. 0.70% 1,359,022 $1.3B Reduce -1.3%
ARGX Argenx SE - ADR 0.69% 2,143,083 $1.3B Reduce -7.3%
JNJ Johnson & Johnson 0.67% 7,458,677 $1.2B Reduce -6.2%
TSM Taiwan Semiconductor-SP ADR 0.64% 7,071,525 $1.2B Reduce -4.2%
MNST Monster Beverage Corp. 0.64% 20,134,075 $1.2B Reduce -10.1%
KLAC KLA Corp. 0.60% 1,628,923 $1.1B Add +12.3%
JPM JPMorgan Chase & Co. 0.60% 4,476,861 $1.1B Add +7.0%
DASH DoorDash Inc. Class A 0.58% 5,763,041 $1.1B Add +4.1%
DHR Danaher Corp. 0.57% 5,063,171 $1.0B Add +28.7%
LPLA LPL Financial Holdings Inc. 0.57% 3,066,354 $1.0B Add +0.5%
ICE Intercontinental Exchange Inc. 0.54% 5,658,045 $988.4M Reduce -1.1%
ETN Eaton Corp. PLC 0.54% 3,585,110 $982.8M Add +19.2%
INTU Intuit Inc. 0.52% 1,595,352 $955.5M Add +48.7%
MELI MercadoLibre Inc. 0.51% 450,690 $923.1M Add +6.7%
AXP American Express Co. 0.50% 3,460,599 $918.7M Reduce -0.7%
FERG Ferguson Enterprises Inc. 0.49% 5,564,056 $892.9M Add +12.7%
GDDY GoDaddy Inc. Class A 0.49% 4,977,952 $890.5M Reduce -23.3%
FLEX Flex Ltd. 0.48% 26,321,425 $873.4M Reduce -0.6%
TDY Teledyne Technologies Inc. 0.46% 1,694,715 $839.8M Reduce -1.6%
PCVX Vaxcyte Inc. 0.45% 11,765,481 $815.9M Add +11.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.44% 6,834,421 $807.9M Reduce -14.8%
MRVL Marvell Technology Inc. 0.43% 12,593,739 $781.3M Reduce -4.9%
AMGN Amgen Inc. 0.43% 2,542,489 $780.4M Reduce -8.0%
ABBV Abbvie Inc. 0.42% 3,720,831 $763.8M Reduce -12.4%
CDNS Cadence Design SYS Inc. 0.41% 2,898,560 $744.1M Add +14.6%
DE Deere & Co. 0.40% 1,582,050 $736.2M Reduce -22.1%
BR Broadridge Financial Solutio 0.40% 3,085,177 $732.8M Reduce -3.0%
GE General Electric filed as GE AEROSPACE 0.40% 3,657,626 $731.1M Add +2.1%
MDGL Madrigal Pharmaceuticals Inc. 0.40% 2,205,849 $723.1M Reduce -0.1%
BX Blackstone Inc. 0.39% 5,103,115 $704.9M Add +11.3%
ASND Ascendis Pharma A/S 0.38% 4,486,949 $694.0M Add +2.4%
ABT Abbott Laboratories 0.38% 5,303,252 $693.8M Reduce -6.3%
LNT Alliant Energy Corp. 0.38% 10,867,962 $691.0M Add +0.9%
HD Home Depot Inc. 0.38% 1,924,760 $689.2M Reduce -0.8%
SPOT Spotify Technology SA 0.38% 1,229,654 $688.5M Add +9.3%
APH Amphenol Corp. Class A 0.37% 10,268,334 $683.8M Add +41.5%
CVX Chevron Corp. 0.37% 4,026,131 $668.7M Add +3.3%
CTVA Corteva Inc. 0.35% 10,423,025 $636.4M Add +3.7%
RVTY Revvity Inc. 0.35% 5,994,646 $633.2M Reduce -5.7%
LNTH Lantheus Holdings Inc. 0.34% 6,514,452 $626.4M Add +5.1%
WEX Wex Inc. 0.34% 4,011,730 $620.1M Reduce -1.0%
APP AppLovin Corp. Class A 0.34% 2,275,468 $619.8M Add +1.5%
WRB WR Berkley Corp. filed as BERKLEY W R CORP 0.34% 8,688,048 $619.2M Reduce -12.7%
DOX Amdocs Ltd. 0.33% 6,692,360 $608.7M Add +1.5%
DDOG Datadog Inc. Class A 0.33% 6,017,324 $608.2M Add +49.8%
NOW ServiceNow Inc. 0.33% 755,041 $602.3M Reduce -8.4%
TFX Teleflex Inc. 0.33% 4,325,578 $596.1M Reduce -17.8%
ADSK Autodesk Inc. 0.32% 2,235,561 $584.9M Add +1.3%
FTV Fortive Corp. 0.32% 8,013,747 $582.0M Add +6.2%
MS Morgan Stanley 0.32% 5,039,574 $581.2M Reduce -7.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.32% 5,908,484 $579.4M Add +46.9%
ARMK Aramark 0.31% 16,526,209 $565.2M Add +1.6%
ISRG Intuitive Surgical Inc. 0.31% 1,139,534 $560.4M Add +71.6%
SYK Stryker Corp. 0.31% 1,536,113 $559.9M Reduce -13.9%
TMO Thermo Fisher Scientific Inc. 0.30% 1,100,274 $550.3M Add +5.1%
TT Trane Technologies PLC 0.30% 1,657,029 $550.1M Add +56.1%
ASML ASML Holding NV-NY Reg SHS 0.29% 797,693 $538.0M Reduce -8.6%
GOOGL Alphabet Inc. Class A 0.29% 3,484,922 $537.8M Add +4.0%
LRCX Lam Research Corp. 0.29% 7,391,296 $536.7M Reduce -32.6%
ON On Semiconductor 0.29% 13,048,347 $534.2M Add +5.4%
DKNG Draftkings Inc. Class A 0.29% 15,026,350 $529.8M Add +60.2%
SCHW Schwab (charles) Corp. 0.29% 6,779,383 $527.5M Add +4.6%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.29% 1,530,375 $521.6M Add +2.0%
CMG Chipotle Mexican Grill Inc. 0.28% 10,379,470 $518.0M Add +5.0%
MMM 3M Co. 0.28% 3,562,736 $516.0M Reduce -1.7%
GMED Globus Medical Inc. Class A 0.28% 7,006,223 $508.3M Add +5.9%
JBHT Hunt (jb) Transprt SVCS Inc. 0.28% 3,439,914 $502.6M Add +1.5%
ACN Accenture PLC Class A 0.27% 1,647,647 $501.4M Reduce -4.2%
NXPI NXP Semiconductors NV 0.27% 2,626,319 $499.0M Add +1.4%
SNPS Synopsys Inc. 0.27% 1,113,454 $487.6M Reduce -13.7%
TMUS T-Mobile US Inc. 0.26% 1,801,847 $477.4M Reduce -19.3%
MRSH Marsh & McLennan Cos 0.26% 1,942,306 $470.8M Reduce -6.0%
MCK McKesson Corp. 0.26% 702,340 $469.1M Add +14.7%
DT Dynatrace Inc. 0.26% 9,685,292 $469.0M Add +3.5%
AEE Ameren Corporation 0.25% 4,658,422 $464.4M Add +1.2%
HCA HCA Healthcare Inc. 0.25% 1,350,141 $462.0M Reduce -12.3%
CME Cme Group Inc. 0.25% 1,715,820 $449.9M Reduce -45.3%
APG Api Group Corp. 0.24% 12,281,026 $441.9M Add +22.8%
GIL Gildan Activewear Inc. 0.24% 9,775,053 $439.5M Add +40.2%
AMT American Tower Corp. 0.24% 2,038,019 $439.4M Add +1.1%
LAMR Lamar Advertising Co. Class A 0.24% 3,905,955 $439.3M Add +2.0%

Show all 2,470 holdings

Options reported separately and not counted above: AZN calls ($1.9M), O puts ($1.7M), STLD puts ($1.1M).

Other holdings (8): bonds, preferreds, convertibles and warrants · $33.7M (not counted above)
SecurityClassShares / PrincipalValueChange
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 239,900$8.8MAdd +3327.1%
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG 148,350$7.3MNew
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 130,000$5.8MAdd +30.0%
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A 101,190$4.4MAdd +153.0%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 90,000$4.4MNew
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 44,020$2.7MNo change
GRABW Grab Holdings Ltd.-CW 26 *W EXP 99/99/999 403,754$175KNo change
WBXWF Wallbox BV Class A -CW26 *W EXP 10/01/202 699,792$24KNew

Total filed on the 13F, all lines: $182.4B.

Portfolio Sells Q4 2024 → Q1 2025

NVDA Nvidia Corp. Reduce -4.8% 4.90% −0.95
AAPL Apple Inc. Reduce -5.3% 3.54% −0.44
MRVL Marvell Technology Inc. Reduce -4.9% 0.43% −0.31
BKNG Booking Holdings Inc. Reduce -26.2% 0.88% −0.31
CRM Salesforce Inc. Reduce -57.6% 0.16% −0.28
LIN Linde PLC Reduce -83.5% 0.06% −0.26
AMAT Applied Materials Inc. Reduce -73.0% 0.08% −0.22
LVS Las Vegas Sands Corp. Reduce -44.9% 0.16% −0.21
SRE Sempra Reduce -87.1% 0.02% −0.18
AMD Advanced Micro Devices Reduce -92.6% 0.01% −0.17
GDDY GoDaddy Inc. Class A Reduce -23.3% 0.49% −0.16
MRK Merck & Co. Inc. Reduce -52.9% 0.14% −0.16
SYY Sysco Corp. Reduce -94.7% 0.01% −0.15
TFX Teleflex Inc. Reduce -17.8% 0.33% −0.15
VOO Vanguard S&P 500 ETF Reduce -65.7% 0.07% −0.14
SRPT Sarepta Therapeutics Inc. Reduce -22.3% 0.13% −0.14
CME Cme Group Inc. Reduce -45.3% 0.25% −0.12
META Meta Platforms Inc. Class A Reduce -10.0% 2.66% −0.12
NOW ServiceNow Inc. Reduce -8.4% 0.33% −0.11
AEP American Electric Power Reduce -96.7% 0.00% −0.11
LRCX Lam Research Corp. Reduce -32.6% 0.29% −0.11
EQIX Equinix Inc. Reduce -34.0% 0.16% −0.10
TSM Taiwan Semiconductor-SP ADR Reduce -4.2% 0.64% −0.10
HON Honeywell International Inc. Reduce -86.8% 0.02% −0.10
XEL Xcel Energy Inc. Reduce -74.3% 0.04% −0.10
LHX L3HARRIS Technologies Inc. Reduce -79.8% 0.03% −0.10
SUM Summit Materials Inc. Class A Sold out 0.00% −0.08
RYAN Ryan Specialty Holdings Inc. Reduce -97.0% 0.00% −0.08
WEC WEC Energy Group Inc. Reduce -95.7% 0.00% −0.07
MCD McDonald's Corp. Reduce -37.4% 0.16% −0.06
IBM Intl Business Machines Corp. Reduce -82.1% 0.02% −0.06
ILMN Illumina Inc. Reduce -10.6% 0.08% −0.06
UBER Uber Technologies Inc. Reduce -39.7% 0.21% −0.06
TSLA Tesla Inc. Reduce -0.9% 0.13% −0.05
UTHR United Therapeutics Corp. Reduce -59.2% 0.03% −0.05
SNPS Synopsys Inc. Reduce -13.7% 0.27% −0.05
TJX TJX Companies Inc. Reduce -14.8% 0.44% −0.05
VRT Vertiv Holdings Co. Class A Reduce -21.8% 0.05% −0.04
HUM Humana Inc. Reduce -52.0% 0.05% −0.04
QQQM Invesco Nasdaq 100 ETF Sold out 0.00% −0.04
SIG Signet Jewelers Ltd. Reduce -98.1% 0.00% −0.04
CRH CRH PLC Reduce -33.0% 0.10% −0.04
WAB Wabtec Corp. Reduce -32.0% 0.10% −0.04
GPN Global Payments Inc. Reduce -19.0% 0.13% −0.04
IR Ingersoll-Rand Inc. Reduce -12.2% 0.19% −0.04
FLEX Flex Ltd. Reduce -0.6% 0.48% −0.04
DELL Dell Technologies -C Reduce -8.3% 0.14% −0.04
TECH Bio-Techne Corp. Reduce -98.2% 0.00% −0.04
BLKB Blackbaud Inc. Reduce -26.5% 0.07% −0.04
BHVN Biohaven Ltd. Reduce -7.8% 0.10% −0.03

Portfolio Buys Q4 2024 → Q1 2025

LLY Eli Lilly & Co. Add +1.1% 2.04% +0.28
HWM Howmet Aerospace Inc. Add +2.0% 0.79% +0.19
INTU Intuit Inc. Add +48.7% 0.52% +0.18
PTC PTC Inc. Add +625.7% 0.18% +0.16
VRNA Verona Pharma Ltd. Add +230.9% 0.19% +0.15
MELI MercadoLibre Inc. Add +6.7% 0.51% +0.14
KLAC KLA Corp. Add +12.3% 0.60% +0.14
UNP Union Pacific Corp. Add +740.0% 0.15% +0.13
V Visa Inc. Class A Add +4.9% 0.73% +0.13
ISRG Intuitive Surgical Inc. Add +71.6% 0.31% +0.13
HUBS HubSpot Inc. Add +533.0% 0.16% +0.13
BABA Alibaba Group Holding-SP ADR Add +38.9% 0.21% +0.12
SPOT Spotify Technology SA Add +9.3% 0.38% +0.12
APH Amphenol Corp. Class A Add +41.5% 0.37% +0.12
DKNG Draftkings Inc. Class A Add +60.2% 0.29% +0.11
DHR Danaher Corp. Add +28.7% 0.57% +0.11
DASH DoorDash Inc. Class A Add +4.1% 0.58% +0.10
TT Trane Technologies PLC Add +56.1% 0.30% +0.10
GE General Electric Add +2.1% 0.40% +0.10
RNAM Avidity Biosciences Inc. Add +62.0% 0.20% +0.09
AVGO Broadcom Inc. Add +33.6% 1.90% +0.09
FLUT Flutter Entertainment PLC-Di Add +345.0% 0.12% +0.09
DIS The Walt Disney Co. Add +46.9% 0.32% +0.09
JPM JPMorgan Chase & Co. Add +7.0% 0.60% +0.09
GS Goldman Sachs Group Inc. Add +51.8% 0.23% +0.08
AKRO Akero Therapeutics Inc. Add +17.1% 0.17% +0.08
MCK McKesson Corp. Add +14.7% 0.26% +0.08
CVX Chevron Corp. Add +3.3% 0.37% +0.08
GIL Gildan Activewear Inc. Add +40.2% 0.24% +0.07
ASND Ascendis Pharma A/S Add +2.4% 0.38% +0.07
DXCM Dexcom Inc. Add +385.4% 0.09% +0.07
VNLA Janus Henderson Short Durati Add +2599.6% 0.07% +0.07
BBIO Bridgebio Pharma Inc. Add +46.1% 0.14% +0.07
AJG Arthur J Gallagher & Co. Add +2.0% 0.29% +0.07
WTW Willis Towers Watson PLC Add +29.1% 0.21% +0.07
HLT Hilton Worldwide Holdings Inc. Add +43.9% 0.23% +0.07
MDT Medtronic PLC Add +19.2% 0.22% +0.06
RCL Royal Caribbean Cruises Ltd. Add +61.8% 0.18% +0.06
LNTH Lantheus Holdings Inc. Add +5.1% 0.34% +0.06
LPLA LPL Financial Holdings Inc. Add +0.5% 0.57% +0.06
DLR Digital Realty Trust Inc. Add +737.5% 0.07% +0.06
CVS CVS Health Corp. Add +174.5% 0.08% +0.06
APG Api Group Corp. Add +22.8% 0.24% +0.06
CTVA Corteva Inc. Add +3.7% 0.35% +0.06
FCX Freeport-McMoran Inc. Add +48.5% 0.15% +0.06
ALGN Align Technology Inc. Add +439.9% 0.07% +0.06
LNT Alliant Energy Corp. Add +0.9% 0.38% +0.06
FERG Ferguson Enterprises Inc. Add +12.7% 0.49% +0.05
AMT American Tower Corp. Add +1.1% 0.24% +0.05
NUVL Nuvalent Inc. Class A Add +7785.1% 0.05% +0.05

Options Activity Q4 2024 → Q1 2025

AZN Astrazeneca PLC-Spons ADR call New 25,237 $1.9M
O Realty Income Corp. put New 30,087 $1.7M
STLD Steel Dynamics Inc. put New 8,747 $1.1M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q4 2024 → Q1 2025

ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Add +3327.1% 239,900 $8.8M
MICROCHIP TECHNOLOGY INC (MCHP 7.5 03/15/28) DEP SHS REPSTG New 148,350 $7.3M
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 Add +30.0% 130,000 $5.8M
PG&E CORP (PCG 6 12/01/27 A) PFD CONV SER A Add +153.0% 101,190 $4.4M
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D New 90,000 $4.4M
WBXWF Wallbox BV Class A -CW26 *W EXP 10/01/202 New 699,792 $24K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q1 2026Amended 2,395$209.3BNVDA, MSFT, AAPL, GOOG, AMZN
Q4 2025 2,394$223.3BNVDA, MSFT, AMZN, GOOG, AAPL
Q3 2025 2,388$219.0BNVDA, MSFT, AMZN, AAPL, AVGO
Q2 2025 2,392$204.0BMSFT, NVDA, AMZN, META, AVGO
Q1 2025 2,470$182.4BMSFT, NVDA, AMZN, AAPL, META
Q4 2024 2,519$196.7BMSFT, NVDA, AAPL, AMZN, GOOG
Q3 2024 2,525$195.4BMSFT, NVDA, AAPL, AMZN, META
Q2 2024 2,516$186.7BMSFT, NVDA, AAPL, AMZN, GOOG
Q1 2024 2,525$183.3BMSFT, NVDA, AMZN, META, AAPL