UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

SCHEDULE 13G Under the Securities Exchange Act of 1934

Amendment No.: 0*

Name of Issuer: NATIONAL PRESTO INDUSTRIES, INC.

Title of Class of Securities: Common Stock

CUSIP Number: 637215104

Date of Event Which Requires Filing of this Statement: 12/31/2019

Check the appropriate box to designate the rule pursuant to which this
Schedule is filed.

[X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).

CUSIP No.: 637215104

1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON Janus Henderson Group plc EIN #00-0000000

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a. ___ b. ___

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION Jersey, Channel Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5. SOLE VOTING POWER 0**

6. SHARED VOTING POWER 422,888**

7. SOLE DISPOSITIVE POWER 0**

8. SHARED DISPOSITIVE POWER 422,888**

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
422,888**

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
Not applicable

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.0%**

12. TYPE OF REPORTING PERSON IA, HC

** See Item 4 of this filing

CUSIP No.: 637215104

1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON Janus Henderson Small Cap Value Fund 36-3344166

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP a. ___ b. ___

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5. SOLE VOTING POWER 0**

6. SHARED VOTING POWER 412,196**

7. SOLE DISPOSITIVE POWER 0**

8. SHARED DISPOSITIVE POWER 412,196**

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
412,196**

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
Not applicable

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.9%**

12. TYPE OF REPORTING PERSON IV

** See Item 4 of this filing

Item 1. (a). Name of Issuer: NATIONAL PRESTO INDUSTRIES, INC. ("National
Presto")

(b). Address of Issuer's Principal Executive Offices:

3925 NORTH HASTINGS WAY EAU CLAIRE, WISCONSIN 54703-3703

Item 2. (a).-(c). Name, Principal Business Address, and Citizenship of
Persons Filing:

(1) Janus Henderson Group plc 201 Bishopsgate EC2M 3AE, United Kingdom
Citizenship: Jersey, Channel Islands

(2) Janus Henderson Small Cap Value Fund 151 Detroit Street
Denver, Colorado 80206 Citizenship: Massachusetts

(d). Title of Class of Securities: Common Stock

(e). CUSIP Number: 637215104

Item 3.

This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the
person filing, Janus Henderson Group plc ("Janus Henderson"), is a
parent holding company/control person in accordance with Section
240.13d-1(b)(ii)(G). See Item 4 for additional information.

Janus Henderson Small Cap Value Fund is an Investment Company registered
under Section 8 of the Investment Company Act of 1940.

Item 4. Ownership

The information in items 1 and 5 through 11 on the cover page(s) on
Schedule 13G is hereby incorporated by reference.

Janus Henderson has an indirect 97% ownership stake in Intech Investment
Management LLC ("Intech") and a 100% ownership stake in Janus Capital
Management LLC ("JCM"), Perkins Investment Management LLC ("Perkins"),
Geneva Capital Management LLC ("Geneva"), Henderson Global Investors
Limited ("HGIL") and Janus Henderson Investors Australia Institutional
Funds Management Limited ("JHIAIFML"), (each an "Asset Manager" and
collectively as the "Asset Managers"). Due to the above ownership
structure, holdings for the Asset Managers are aggregated for purposes
of this filing. Each Asset Manager is an investment adviser registered
or authorized in its relevant jurisdiction and each furnishing
investment advice to various fund, individual and/or institutional
clients (collectively referred to herein as "Managed Portfolios").

As a result of its role as investment adviser or sub-adviser to the
Managed Portfolios, Perkins may be deemed to be the beneficial owner of
422,888 shares or 6.0% of the shares outstanding of National Presto
Common Stock held by such Managed Portfolios. However, Perkins does not
have the right to receive any dividends from, or the proceeds from the
sale of, the securities held in the Managed Portfolios and disclaims any
ownership associated with such rights.

Janus Henderson Small Cap Value Fund is an investment company registered
under the Investment Company Act of 1940 and is one of the Managed
Portfolios to which Perkins provides investment advice.

Item 5. Ownership of Five Percent or Less of a Class

Not applicable.

Item 6. Ownership of More than Five Percent on Behalf of Another Person

The Managed Portfolios, set forth in Item 4 above, have the right to
receive all dividends from, and the proceeds from the sale of, the
securities held in their respective accounts.

The interest of one person, Janus Henderson Small Cap Value Fund, an
investment company registered under the Investment Company Act of 1940,
in National Presto Common Stock amounted to 412,196 shares or 5.9% of
the total outstanding Common Stock.

These shares were acquired in the ordinary course of business, and not
with the purpose of changing or influencing control of the Issuer.

Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding Company

Intech, JCM, Perkins, Geneva, HGIL and JHIAIFML are indirect
subsidiaries of Janus Henderson and are registered investment advisers
furnishing investment advice to Managed Portfolios.

Item 8. Identification and Classification of Members of the Group

Not applicable.

Item 9. Notice of Dissolution of Group

Not applicable.

Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a participant
in any transaction having such purposes or effect.

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete and correct.

JANUS HENDERSON GROUP PLC

By /s/ Kristin Mariani
Kristin Mariani, Global Head of Investment Compliance
Date 2/14/2020

JANUS HENDERSON SMALL CAP VALUE FUND

By /s/ Susan K. Wold
Susan K. Wold, Chief Compliance Officer
Date 2/14/2020

EXHIBIT A JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, the persons named below agree to the joint filing on behalf of
each of them of a Statement on Schedule 13G (including amendments
thereto) with respect to the Common Stock of NATIONAL PRESTO INDUSTRIES,
INC. and further agree that this Joint Filing Agreement be included as
an Exhibit to such joint filings. In evidence thereof, the undersigned
hereby execute this Agreement as of the 14th day of February, 2020.

JANUS HENDERSON GROUP PLC

By /s/ Kristin Mariani
Kristin Mariani, Global Head of Investment Compliance

JANUS HENDERSON SMALL CAP VALUE FUND

By /s/ Susan K. Wold
Susan K. Wold, Chief Compliance Officer