NPORT-EX 2 nportex-12.htm

Janus Henderson Research Fund

Schedule of Investments (unaudited)

December 31, 2020

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– 99.8%

   

Aerospace & Defense – 0.9%

   
 

L3Harris Technologies Inc

 

944,767

  

$178,579,858

 

Air Freight & Logistics – 1.0%

   
 

United Parcel Service Inc

 

1,113,165

  

187,456,986

 

Auto Components – 0.4%

   
 

Aptiv PLC

 

526,603

  

68,611,105

 

Beverages – 1.2%

   
 

Constellation Brands Inc

 

1,068,487

  

234,052,077

 

Biotechnology – 5.2%

   
 

AbbVie Inc

 

2,996,199

  

321,042,723

 
 

Alexion Pharmaceuticals Inc*

 

684,997

  

107,023,931

 
 

BioMarin Pharmaceutical Inc*

 

1,230,742

  

107,923,766

 
 

Global Blood Therapeutics Inc*

 

1,411,209

  

61,119,462

 
 

Neurocrine Biosciences Inc*

 

1,085,993

  

104,092,429

 
 

Sarepta Therapeutics Inc*

 

596,937

  

101,771,789

 
 

Vertex Pharmaceuticals Inc*

 

773,189

  

182,735,488

 
  

985,709,588

 

Capital Markets – 0.4%

   
 

Blackstone Group Inc

 

1,165,926

  

75,563,664

 

Chemicals – 1.1%

   
 

Air Products & Chemicals Inc

 

325,400

  

88,905,788

 
 

Sherwin-Williams Co

 

172,920

  

127,080,637

 
  

215,986,425

 

Containers & Packaging – 0.6%

   
 

Ball Corp

 

1,127,106

  

105,023,737

 

Diversified Consumer Services – 0.6%

   
 

Terminix Global Holdings Inc*

 

2,052,334

  

104,689,557

 

Electronic Equipment, Instruments & Components – 0.4%

   
 

Cognex Corp

 

970,376

  

77,906,637

 

Entertainment – 2.6%

   
 

Liberty Media Corp-Liberty Formula One*

 

3,960,099

  

168,700,217

 
 

Netflix Inc*

 

592,599

  

320,436,057

 
  

489,136,274

 

Equity Real Estate Investment Trusts (REITs) – 2.0%

   
 

American Tower Corp

 

195,267

  

43,829,631

 
 

Crown Castle International Corp

 

548,670

  

87,342,777

 
 

Equinix Inc

 

127,608

  

91,135,081

 
 

VICI Properties Inc

 

6,431,209

  

163,995,829

 
  

386,303,318

 

Health Care Equipment & Supplies – 2.3%

   
 

Abbott Laboratories

 

839,301

  

91,895,066

 
 

Boston Scientific Corp*

 

4,634,691

  

166,617,141

 
 

Dentsply Sirona Inc

 

1,561,503

  

81,760,297

 
 

Edwards Lifesciences Corp*

 

966,426

  

88,167,044

 
  

428,439,548

 

Health Care Providers & Services – 1.2%

   
 

Humana Inc

 

571,530

  

234,481,613

 

Hotels, Restaurants & Leisure – 1.2%

   
 

Aramark

 

3,169,234

  

121,952,124

 
 

McDonald's Corp

 

518,194

  

111,194,069

 
  

233,146,193

 

Household Durables – 0.6%

   
 

Roku Inc*

 

325,629

  

108,115,341

 

Household Products – 1.6%

   
 

Procter & Gamble Co

 

2,201,885

  

306,370,279

 

Industrial Conglomerates – 0.6%

   
 

Honeywell International Inc

 

570,092

  

121,258,568

 

Information Technology Services – 6.2%

   
 

Fidelity National Information Services Inc

 

677,948

  

95,902,524

 
 

Mastercard Inc

 

1,476,157

  

526,899,480

 
 

Visa Inc

 

2,532,667

  

553,970,253

 
  

1,176,772,257

 

Insurance – 1.6%

   
 

Aon PLC

 

833,431

  

176,078,967

 
 

Progressive Corp

 

1,316,740

  

130,199,251

 
  

306,278,218

 

Interactive Media & Services – 8.6%

   
 

Alphabet Inc - Class C*

 

525,440

  

920,507,827

 


        

Shares or
Principal Amounts

  

Value

 

Common Stocks– (continued)

   

Interactive Media & Services– (continued)

   
 

Facebook Inc*

 

2,615,040

  

$714,324,326

 
  

1,634,832,153

 

Internet & Direct Marketing Retail – 10.0%

   
 

Amazon.com Inc*

 

458,405

  

1,492,992,997

 
 

Booking Holdings Inc*

 

117,099

  

260,811,090

 
 

DoorDash Inc - Class A*,#

 

448,261

  

63,989,258

 
 

Wayfair Inc*

 

355,369

  

80,245,874

 
  

1,898,039,219

 

Life Sciences Tools & Services – 2.0%

   
 

Illumina Inc*

 

258,434

  

95,620,580

 
 

IQVIA Holdings Inc*

 

652,789

  

116,960,205

 
 

Thermo Fisher Scientific Inc

 

360,406

  

167,869,907

 
  

380,450,692

 

Machinery – 1.2%

   
 

Deere & Co

 

218,696

  

58,840,159

 
 

Ingersoll Rand Inc*

 

1,828,662

  

83,313,841

 
 

Parker-Hannifin Corp

 

318,515

  

86,766,671

 
  

228,920,671

 

Oil, Gas & Consumable Fuels – 0.1%

   
 

Cheniere Energy Inc*

 

359,862

  

21,602,516

 

Pharmaceuticals – 3.2%

   
 

Bristol-Myers Squibb Co

 

2,704,788

  

167,778,000

 
 

Elanco Animal Health Inc*

 

2,369,065

  

72,659,224

 
 

Horizon Therapeutics PLC*

 

1,184,925

  

86,677,264

 
 

Merck & Co Inc

 

3,339,242

  

273,149,996

 
  

600,264,484

 

Professional Services – 1.8%

   
 

CoStar Group Inc*

 

270,118

  

249,664,665

 
 

Verisk Analytics Inc

 

400,736

  

83,188,786

 
  

332,853,451

 

Road & Rail – 1.3%

   
 

Uber Technologies Inc*

 

4,636,727

  

236,473,077

 

Semiconductor & Semiconductor Equipment – 7.7%

   
 

Lam Research Corp

 

635,025

  

299,903,257

 
 

Microchip Technology Inc

 

1,225,247

  

169,218,863

 
 

NVIDIA Corp

 

1,054,275

  

550,542,405

 
 

Texas Instruments Inc

 

2,097,140

  

344,203,588

 
 

Xilinx Inc

 

680,028

  

96,407,570

 
  

1,460,275,683

 

Software – 19.9%

   
 

Adobe Inc*

 

1,188,927

  

594,606,171

 
 

Atlassian Corp PLC*

 

985,955

  

230,585,296

 
 

Autodesk Inc*

 

752,661

  

229,817,510

 
 

Avalara Inc*

 

697,902

  

115,077,061

 
 

Microsoft Corp

 

6,633,333

  

1,475,385,926

 
 

RingCentral Inc*

 

576,193

  

218,359,861

 
 

salesforce.com Inc*

 

775,933

  

172,668,370

 
 

SS&C Technologies Holdings Inc

 

924,986

  

67,292,732

 
 

Tyler Technologies Inc*

 

374,248

  

163,366,737

 
 

Workday Inc*

 

853,285

  

204,455,619

 
 

Zendesk Inc*

 

2,085,849

  

298,526,709

 
  

3,770,141,992

 

Specialty Retail – 0.8%

   
 

Burlington Stores Inc*

 

546,398

  

142,910,397

 

Technology Hardware, Storage & Peripherals – 9.9%

   
 

Apple Inc

 

14,099,374

  

1,870,845,936

 

Textiles, Apparel & Luxury Goods – 1.4%

   
 

NIKE Inc

 

1,904,208

  

269,388,306

 

Wireless Telecommunication Services – 0.2%

   
 

T-Mobile US Inc*

 

303,169

  

40,882,340

 

Total Common Stocks (cost $9,598,561,525)

 

18,911,762,160

 

Rights– 0%

   

Pharmaceuticals – 0%

   
 

Bristol-Myers Squibb Co*((cost $1,925,692)

 

1,577,110

  

1,088,364

 

Investment Companies– 0.2%

   

Money Markets – 0.2%

   
 

Janus Henderson Cash Liquidity Fund LLC, 0.1108%ºº,£((cost $40,330,147)

 

40,326,114

  

40,330,147

 

Investments Purchased with Cash Collateral from Securities Lending– 0.1%

   

Investment Companies – 0.1%

   
 

Janus Henderson Cash Collateral Fund LLC, 0.0264%ºº,£

 

5,092,923

  

5,092,923

 

2


        

Shares or
Principal Amounts

  

Value

 

Investments Purchased with Cash Collateral from Securities Lending– (continued)

   

Time Deposits – 0%

   
 

Canadian Imperial Bank of Commerce, 0.0800%, 1/4/21

 

$1,273,231

  

$1,273,231

 

Total Investments Purchased with Cash Collateral from Securities Lending (cost $6,366,154)

 

6,366,154

 

Total Investments (total cost $9,647,183,518) – 100.1%

 

18,959,546,825

 

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

 

(10,560,412)

 

Net Assets – 100%

 

$18,948,986,413

 
      

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

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United States

 

$18,728,961,529

 

98.8

%

Australia

 

230,585,296

 

1.2

 
      
      

Total

 

$18,959,546,825

 

100.0

%

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 12/31/20

Investment Companies - 0.2%

Money Markets - 0.2%

 

Janus Henderson Cash Liquidity Fund LLC, 0.1108%ºº

$

12,388

$

(2,810)

$

(436)

$

40,330,147

Investments Purchased with Cash Collateral from Securities Lending - 0.1%

Investment Companies - 0.1%

 

Janus Henderson Cash Collateral Fund LLC, 0.0264%ºº

 

10,035

 

-

 

-

 

5,092,923

Total Affiliated Investments - 0.3%

$

22,423

$

(2,810)

$

(436)

$

45,423,070

           
 

Value

at 9/30/20

Purchases

Sales Proceeds

Value

at 12/31/20

Investment Companies - 0.2%

Money Markets - 0.2%

 

Janus Henderson Cash Liquidity Fund LLC, 0.1108%ºº

 

19,207,409

 

417,175,205

 

(396,049,221)

 

40,330,147

Investments Purchased with Cash Collateral from Securities Lending - 0.1%

Investment Companies - 0.1%

 

Janus Henderson Cash Collateral Fund LLC, 0.0264%ºº

 

41,911,317

 

88,677,718

 

(125,496,112)

 

5,092,923

3


Notes to Schedule of Investments (unaudited)

  

LLC

Limited Liability Company

PLC

Public Limited Company

  

*

Non-income producing security.

  

ºº

Rate shown is the 7-day yield as of December 31, 2020.

  

#

Loaned security; a portion of the security is on loan at December 31, 2020.

  

£

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, 2020.

 

Valuation Inputs Summary

       
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

$

18,911,762,160

$

-

$

-

Rights

 

1,088,364

 

-

 

-

Investment Companies

 

-

 

40,330,147

 

-

Investments Purchased with Cash Collateral from Securities Lending

 

-

 

6,366,154

 

-

Total Assets

$

18,912,850,524

$

46,696,301

$

-

       

4


Investment Valuation

Securities held by the Fund are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are 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. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Fund will determine the market value of individual securities held by it by using prices provided by one or more 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 under the Valuation Procedures. Circumstances in which fair value pricing 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 Fund uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

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 year.

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, 2020 to fair value the Fund’s investments 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.

         
     
     
    

125-25-70248 02-21