NPORT-EX 2 nportex-42.htm

Janus Henderson Forty Fund  

Schedule of Investments (unaudited)

December 31, 2023

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– 98.8%

   

Aerospace & Defense – 2.1%

   
 

Howmet Aerospace Inc

 

7,139,330

  

$386,380,540

 

Automobiles – 0.6%

   
 

Rivian Automotive Inc - Class A*,#

 

4,261,047

  

99,964,163

 

Banks – 1.7%

   
 

JPMorgan Chase & Co

 

1,870,525

  

318,176,302

 

Biotechnology – 5.0%

   
 

AbbVie Inc

 

2,761,222

  

427,906,573

 
 

Argenx SE (ADR)*

 

286,043

  

108,819,338

 
 

Madrigal Pharmaceuticals Inc*

 

637,684

  

147,547,324

 
 

Vertex Pharmaceuticals Inc*

 

577,473

  

234,967,989

 
  

919,241,224

 

Capital Markets – 1.8%

   
 

Blackstone Group Inc

 

2,525,058

  

330,580,593

 

Chemicals – 1.8%

   
 

Linde PLC

 

786,164

  

322,885,416

 

Diversified Financial Services – 5.5%

   
 

Mastercard Inc

 

2,388,019

  

1,018,513,984

 

Electrical Equipment – 1.1%

   
 

Eaton Corp PLC

 

802,655

  

193,295,377

 

Health Care Equipment & Supplies – 1.7%

   
 

Abbott Laboratories

 

2,820,896

  

310,496,023

 

Health Care Providers & Services – 2.7%

   
 

UnitedHealth Group Inc

 

948,070

  

499,130,413

 

Hotels, Restaurants & Leisure – 4.2%

   
 

Booking Holdings Inc*

 

175,831

  

623,711,240

 
 

Caesars Entertainment Inc*

 

3,308,675

  

155,110,684

 
  

778,821,924

 

Insurance – 2.1%

   
 

Progressive Corp/The

 

2,451,970

  

390,549,782

 

Interactive Media & Services – 9.6%

   
 

Alphabet Inc - Class C*

 

5,809,683

  

818,758,625

 
 

Meta Platforms Inc - Class A*

 

2,649,429

  

937,791,889

 
  

1,756,550,514

 

Life Sciences Tools & Services – 3.6%

   
 

Danaher Corp

 

1,727,191

  

399,568,366

 
 

Illumina Inc*

 

1,936,180

  

269,593,703

 
  

669,162,069

 

Machinery – 2.2%

   
 

Deere & Co

 

1,028,192

  

411,143,135

 

Metals & Mining – 1.0%

   
 

Freeport-McMoRan Inc

 

4,296,175

  

182,888,170

 

Multiline Retail – 7.3%

   
 

Amazon.com Inc*

 

7,861,374

  

1,194,457,166

 
 

MercadoLibre Inc*

 

98,519

  

154,826,549

 
  

1,349,283,715

 

Pharmaceuticals – 1.8%

   
 

Eli Lilly & Co

 

581,363

  

338,888,120

 

Real Estate Management & Development – 2.4%

   
 

CoStar Group Inc*

 

5,087,778

  

444,620,919

 

Semiconductor & Semiconductor Equipment – 10.8%

   
 

Advanced Micro Devices Inc*

 

1,670,461

  

246,242,656

 
 

ASML Holding NV

 

561,056

  

424,674,507

 
 

Marvell Technology Inc

 

3,981,209

  

240,106,715

 
 

NVIDIA Corp

 

1,576,073

  

780,502,871

 
 

Texas Instruments Inc

 

1,679,032

  

286,207,795

 
  

1,977,734,544

 

Software – 18.4%

   
 

Adobe Inc*

 

638,891

  

381,162,371

 
 

Atlassian Corp - Class A*

 

936,701

  

222,803,700

 
 

Microsoft Corp

 

5,439,331

  

2,045,406,029

 
 

Workday Inc - Class A*

 

2,641,783

  

729,290,615

 
  

3,378,662,715

 

Specialized Real Estate Investment Trusts (REITs) – 1.8%

   
 

American Tower Corp

 

1,558,186

  

336,381,194

 

Specialty Retail – 1.8%

   
 

TJX Cos Inc

 

3,459,785

  

324,562,431

 

Technology Hardware, Storage & Peripherals – 6.2%

   
 

Apple Inc

 

5,919,446

  

1,139,670,938

 

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– (continued)

   

Textiles, Apparel & Luxury Goods – 1.6%

   
 

LVMH Moet Hennessy Louis Vuitton SE

 

370,226

  

$299,790,050

 

Total Common Stocks (cost $10,213,981,308)

 

18,177,374,255

 

Investment Companies– 1.3%

   

Money Markets – 1.3%

   
 

Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $233,188,616)

 

233,145,187

  

233,191,816

 

Investments Purchased with Cash Collateral from Securities Lending– 0%

   

Investment Companies – 0%

   
 

Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº,£

 

5,633,894

  

5,633,894

 

Time Deposits – 0%

   
 

Royal Bank of Canada, 5.3100%, 1/2/24

 

$1,408,474

  

1,408,474

 

Total Investments Purchased with Cash Collateral from Securities Lending (cost $7,042,368)

 

7,042,368

 

Total Investments (total cost $10,454,212,292) – 100.1%

 

18,417,608,439

 

Liabilities, net of Cash, Receivables and Other Assets – (0.1)%

 

(11,677,995)

 

Net Assets – 100%

 

$18,405,930,444

 
      

Summary of Investments by Country - (Long Positions) (unaudited)

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United States

 

$17,429,497,995

 

94.6

%

Netherlands

 

424,674,507

 

2.3

 

France

 

299,790,050

 

1.6

 

Argentina

 

154,826,549

 

0.9

 

Belgium

 

108,819,338

 

0.6

 
      
      

Total

 

$18,417,608,439

 

100.0

%

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 12/31/23

Investment Companies - 1.3%

Money Markets - 1.3%

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº

$

3,568,365

$

-

$

(73,639)

$

233,191,816

Investments Purchased with Cash Collateral from Securities Lending - 0.0%

Investment Companies - 0.0%

 
 

Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº

 

10,738∆

 

-

 

-

 

5,633,894

Total Affiliated Investments - 1.3%

$

3,579,103

$

-

$

(73,639)

$

238,825,710

           
 

Value

at 9/30/23

Purchases

Sales Proceeds

Value

at 12/31/23

Investment Companies - 1.3%

Money Markets - 1.3%

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº

 

736,607,266

 

605,603,259

 

(1,108,945,070)

 

233,191,816

Investments Purchased with Cash Collateral from Securities Lending - 0.0%

Investment Companies - 0.0%

 
 

Janus Henderson Cash Collateral Fund LLC, 5.2936%ºº

 

-

 

171,097,084

 

(165,463,190)

 

5,633,894

2

Notes to Schedule of Investments (unaudited)

  

ADR

American Depositary Receipt

LLC

Limited Liability Company

PLC

Public Limited Company

  

*

Non-income producing security.

  

ºº

Rate shown is the 7-day yield as of December 31, 2023.

  

#

Loaned security; a portion of the security is on loan at December 31, 2023.

  

£

The Fund may invest in certain securities that are considered affiliated companies. As defined by the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control.

  

∆

Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.

             

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of December 31, 2023.

 

Valuation Inputs Summary

       
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

$

18,177,374,255

$

-

$

-

Investment Companies

 

-

 

233,191,816

 

-

Investments Purchased with Cash Collateral from Securities Lending

 

-

 

7,042,368

 

-

Total Assets

$

18,177,374,255

$

240,234,184

$

-

       

3

Investment Valuation

Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the 1940 Act and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are generally valued at their current bid price. Equity securities that are traded on a foreign exchange are generally valued at the closing prices on such markets. In the event that there is no current trading volume on a particular security in such foreign exchange, the bid price from the primary exchange is generally used to value the security. Foreign securities and currencies are converted to U.S. dollars using the current spot USD dollar exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-approved professional pricing services or, as needed, by obtaining market quotations from independent broker-dealers. Most debt securities are valued in accordance with the evaluated bid price supplied by the pricing service that is intended to reflect market value. The evaluated bid price supplied by the pricing service is an evaluation that may consider factors such as security prices, yields, maturities and ratings. Certain short-term securities maturing within 60 days or less may be evaluated and valued on an amortized cost basis provided that the amortized cost determined approximates market value. Securities for which market quotations or evaluated prices are not readily available or deemed unreliable are valued at fair value determined in good faith by the Adviser pursuant to the Valuation Procedures. Circumstances in which fair valuation may be utilized include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a nonsignificant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.

Valuation Inputs Summary

FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:

Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.

Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Assets or liabilities categorized as Level 2 in the hierarchy generally include: debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.

Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

The inputs or methodology used for fair valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of inputs used as of December 31, 2023 to fair value the Fund’s investments

4

in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

5

For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual shareholder report.

      
      
      
   

125-25-70222 02-24