Janus Henderson

Janus Henderson declares $110.1B in 205 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 44.9% of its $245.4B 13F portfolio. Largest positions: NVIDIA (0.34% of the company) and Alphabet (0.27% of the company). Over time: $110.1B in 205 of these companies for Q2 2026, against $51.5B in 100 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $9.9B and sold $14.0B of these stocks, at the quarter's prices: a net sale of $4.1B; 5 new positions and 1 sold out.

Performance of its AI picks

The AI-stock portfolio Janus Henderson declared for Q2 2026 (Form 13F), held unchanged, returned +0.3% in Q3 2026 (SMH -7.1%), ranked 1303 of 1,785 active managers. Over the last 12 months, quarter after quarter: +23.6% (SMH +87.2%), ranked 1018 of 1,360 active managers. Over three years, quarter after quarter: +149.4% (SMH +325.8%), ranked 350 of 784 active managers. Over five years, quarter after quarter: +169.3% (SMH +389.8%), ranked 200 of 535 active managers. Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. NVIDIA (NVDA): $16.2B, 80.8M shares, 0.34% of the company, 6.6% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Alphabet (GOOGL): $11.7B, 33.0M shares, 0.27% of the company, 4.8% of its portfolio (added this quarter); held since Q4 2019 or earlier
3. Broadcom (AVGO): $7.4B, 19.6M shares, 0.41% of the company, 3.0% of its portfolio (added this quarter); held since Q4 2019 or earlier
4. Microsoft (MSFT): $6.9B, 18.6M shares, 0.25% of the company, 2.8% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
5. Amazon (AMZN): $5.9B, 24.8M shares, 0.23% of the company, 2.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
6. Apple (AAPL): $5.4B, 18.6M shares, 0.13% of the company, 2.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
7. Lam Research (LRCX): $4.3B, 9.9M shares, 0.79% of the company, 1.7% of its portfolio (added this quarter); held since Q4 2024
8. TSMC (TSM): $3.8B, 8.0M shares, 0.15% of the company, 1.6% of its portfolio (added this quarter); held since Q4 2019 or earlier
9. Micron (MU): $3.5B, 3.1M shares, 0.27% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
10. KLA (KLAC): $3.4B, 11.2M shares, 0.86% of the company, 1.4% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
11. Meta Platforms (META): $2.9B, 5.2M shares, 0.20% of the company, 1.2% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
12. GE Vernova (GEV): $2.4B, 2.0M shares, 0.76% of the company, 0.97% of its portfolio (added this quarter); held since Q2 2024
13. Flex (FLEX): $2.3B, 14.1M shares, 3.8% of the company, 0.93% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
14. AMD (AMD): $2.1B, 3.6M shares, 0.22% of the company, 0.85% of its portfolio (added this quarter); held since Q4 2019 or earlier
15. Eaton (ETN): $2.0B, 4.8M shares, 1.2% of the company, 0.83% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier

By sector

• Cloud & AI giants: $34.8B, 32% of its AI holdings, 6 companies
• Chips & compute: $34.1B, 31% of its AI holdings, 37 companies
• Equipment & test: $10.2B, 9% of its AI holdings, 23 companies
• Power, electrical & cooling: $8.8B, 8% of its AI holdings, 47 companies
• AI software: $6.5B, 6% of its AI holdings, 30 companies
• Memory & storage: $5.5B, 5% of its AI holdings, 6 companies
• Interconnect: $3.8B, 3% of its AI holdings, 11 companies
• Servers & systems: $2.8B, 3% of its AI holdings, 12 companies
• Optics: $2.4B, 2% of its AI holdings, 11 companies
• Neoclouds & data centers: $1.1B, 1% of its AI holdings, 22 companies

Biggest changes this quarter

• trimmed Apple (AAPL): -$2.4B at the quarter's price
• added to Alphabet (GOOGL): +$2.2B at the quarter's price
• trimmed Microsoft (MSFT): -$2.0B at the quarter's price
• added to AMD (AMD): +$1.9B at the quarter's price
• trimmed Amazon (AMZN): -$1.8B at the quarter's price
• added to Lumentum (LITE): +$1.1B at the quarter's price
• trimmed Flex (FLEX): -$1.1B at the quarter's price
• trimmed Micron (MU): -$952.5M at the quarter's price
• trimmed Meta Platforms (META): -$946.4M at the quarter's price
• added to Seagate (STX): +$618.4M at the quarter's price

Schedule 13D/G declarations

• Flex (FLEX): 13G filed Aug 13, 2026: 14.1M shares as of Jun 30, 2026, 3.8% as declared
• Flex (FLEX): 13G filed Feb 17, 2026: 22.3M shares as of Dec 31, 2025, 6.0% as declared
• Flex (FLEX): 13G filed Nov 14, 2025: 26.3M shares as of Sep 30, 2025, 7.0% as declared
• Flex (FLEX): 13G filed Aug 14, 2025: 26.5M shares as of Jun 30, 2025, 7.1% as declared
• Flex (FLEX): 13G filed May 14, 2025: 26.3M shares as of Mar 31, 2025, 6.9% as declared
• Flex (FLEX): 13G filed Feb 14, 2025: 26.5M shares as of Dec 31, 2024, 6.8% as declared

Other holders of this size

• HSBC HOLDINGS PLC: $105.9B in 184 of these companies
• MASSACHUSETTS FINANCIAL SERVICES CO /MA/: $115.5B in 133 of these companies
• JENNISON ASSOCIATES LLC: $103.9B in 110 of these companies
• Barclays: $115.8B in 224 of these companies
• Berkshire Hathaway Inc: $103.7B in 2 of these companies
• ALLIANCEBERNSTEIN L.P.: $124.2B in 214 of these companies
• ARROWSTREET CAPITAL, LIMITED PARTNERSHIP: $99.1B in 126 of these companies
• Fisher Asset Management, LLC: $129.7B in 113 of these companies

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