NPORT-EX 2 nportex-14.htm

Janus Henderson Overseas Fund

Schedule of Investments (unaudited)

December 31, 2022

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– 94.6%

   

Aerospace & Defense – 2.3%

   
 

Airbus SE

 

399,729

  

$47,521,919

 

Banks – 10.4%

   
 

BNP Paribas SA

 

1,475,462

  

83,952,645

 
 

Erste Group Bank AG

 

1,859,363

  

59,282,183

 
 

Natwest Group PLC

 

18,738,763

  

59,803,987

 
 

Permanent TSB Group Holdings PLC*

 

7,893,218

  

15,326,240

 
  

218,365,055

 

Beverages – 6.6%

   
 

Diageo PLC

 

1,599,004

  

70,595,857

 
 

Heineken NV

 

723,369

  

67,951,955

 
  

138,547,812

 

Biotechnology – 1.8%

   
 

Argenx SE (ADR)*

 

47,582

  

18,025,489

 
 

Ascendis Pharma A/S (ADR)*

 

152,730

  

18,652,915

 
  

36,678,404

 

Diversified Telecommunication Services – 3.2%

   
 

Deutsche Telekom AG

 

3,310,573

  

66,024,841

 

Electronic Equipment, Instruments & Components – 3.9%

   
 

E Ink Holdings Inc

 

2,181,000

  

11,414,596

 
 

Hexagon AB - Class B

 

1,814,989

  

19,089,252

 
 

Keyence Corp

 

133,000

  

52,078,060

 
  

82,581,908

 

Entertainment – 3.4%

   
 

Liberty Media Corp-Liberty Formula One*

 

703,772

  

42,071,490

 
 

Nintendo Co Ltd

 

702,300

  

29,413,719

 
  

71,485,209

 

Health Care Equipment & Supplies – 1.0%

   
 

Hoya Corp

 

207,500

  

20,079,763

 

Hotels, Restaurants & Leisure – 6.5%

   
 

Entain PLC

 

3,673,524

  

58,887,572

 
 

Yum China Holdings Inc#

 

1,386,400

  

77,378,539

 
  

136,266,111

 

Insurance – 10.1%

   
 

AIA Group Ltd

 

6,909,400

  

76,125,276

 
 

Beazley PLC

 

5,944,683

  

48,645,538

 
 

Dai-ichi Life Holdings Inc

 

3,838,800

  

87,186,676

 
  

211,957,490

 

Internet & Direct Marketing Retail – 3.3%

   
 

JD.Com Inc - Class A

 

2,491,511

  

70,041,270

 

Metals & Mining – 6.6%

   
 

Freeport-McMoRan Inc

 

741,139

  

28,163,282

 
 

Hindustan Zinc Ltd

 

8,149,485

  

31,614,452

 
 

Teck Resources Ltd

 

2,076,335

  

78,479,880

 
  

138,257,614

 

Oil, Gas & Consumable Fuels – 5.6%

   
 

Canadian Natural Resources Ltd

 

1,145,385

  

63,603,229

 
 

Total SE

 

866,750

  

54,090,634

 
  

117,693,863

 

Personal Products – 3.1%

   
 

Unilever PLC

 

1,270,650

  

64,089,368

 

Pharmaceuticals – 10.6%

   
 

AstraZeneca PLC

 

555,255

  

75,340,603

 
 

Bayer AG

 

398,607

  

20,578,138

 
 

Novartis AG

 

568,222

  

51,484,214

 
 

Sanofi

 

615,571

  

59,554,555

 
 

Takeda Pharmaceutical Co Ltd

 

465,176

  

14,531,572

 
  

221,489,082

 

Road & Rail – 2.8%

   
 

Central Japan Railway Co

 

285,800

  

35,165,203

 
 

Full Truck Alliance Co (ADR)*

 

2,897,213

  

23,177,704

 
  

58,342,907

 

Semiconductor & Semiconductor Equipment – 6.6%

   
 

ASML Holding NV

 

104,492

  

56,553,775

 
 

SK Hynix Inc

 

310,589

  

18,696,413

 
 

Taiwan Semiconductor Manufacturing Co Ltd

 

4,235,000

  

61,730,666

 
  

136,980,854

 

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– (continued)

   

Textiles, Apparel & Luxury Goods – 4.7%

   
 

LVMH Moet Hennessy Louis Vuitton SE

 

56,999

  

$41,400,739

 
 

Samsonite International SA (144A)*

 

21,563,700

  

56,389,189

 
  

97,789,928

 

Trading Companies & Distributors – 2.1%

   
 

Ferguson PLC

 

347,995

  

43,957,424

 

Total Common Stocks (cost $1,717,810,312)

 

1,978,150,822

 

Preferred Stocks– 0.8%

   

Automobiles – 0.8%

   
 

Dr Ing hc F Porsche AG((cost $13,890,844)

 

172,957

  

17,545,067

 

Investment Companies– 4.5%

   

Money Markets – 4.5%

   
 

Janus Henderson Cash Liquidity Fund LLC, 4.2633%ºº,£((cost $94,531,532)

 

94,522,381

  

94,541,285

 

Investments Purchased with Cash Collateral from Securities Lending– 2.6%

   

Investment Companies – 2.1%

   
 

Janus Henderson Cash Collateral Fund LLC, 4.1397%ºº,£

 

43,092,000

  

43,092,000

 

Time Deposits – 0.5%

   
 

Royal Bank of Canada, 4.3100%, 1/3/23

 

$10,773,000

  

10,773,000

 

Total Investments Purchased with Cash Collateral from Securities Lending (cost $53,865,000)

 

53,865,000

 

Total Investments (total cost $1,880,097,688) – 102.5%

 

2,144,102,174

 

Liabilities, net of Cash, Receivables and Other Assets – (2.5)%

 

(52,904,708)

 

Net Assets – 100%

 

$2,091,197,466

 
      

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

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United Kingdom

 

$377,362,925

 

17.6

%

France

 

286,520,492

 

13.4

 

United States

 

262,598,481

 

12.2

 

Japan

 

238,454,993

 

11.1

 

China

 

170,597,513

 

7.9

 

Canada

 

142,083,109

 

6.6

 

Hong Kong

 

132,514,465

 

6.2

 

Netherlands

 

124,505,730

 

5.8

 

Germany

 

104,148,046

 

4.9

 

Taiwan

 

73,145,262

 

3.4

 

Austria

 

59,282,183

 

2.8

 

Switzerland

 

51,484,214

 

2.4

 

India

 

31,614,452

 

1.5

 

Sweden

 

19,089,252

 

0.9

 

South Korea

 

18,696,413

 

0.9

 

Denmark

 

18,652,915

 

0.9

 

Belgium

 

18,025,489

 

0.8

 

Ireland

 

15,326,240

 

0.7

 
      
      

Total

 

$2,144,102,174

 

100.0

%

 

2

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 12/31/22

Investment Companies - 4.5%

Money Markets - 4.5%

 
 

Janus Henderson Cash Liquidity Fund LLC, 4.2633%ºº

$

824,082

$

2,725

$

7,272

$

94,541,285

Investments Purchased with Cash Collateral from Securities Lending - 2.1%

Investment Companies - 2.1%

 
 

Janus Henderson Cash Collateral Fund LLC, 4.1397%ºº

 

619,880∆

 

-

 

-

 

43,092,000

Total Affiliated Investments - 6.6%

$

1,443,962

$

2,725

$

7,272

$

137,633,285

           
 

Value

at 9/30/22

Purchases

Sales Proceeds

Value

at 12/31/22

Investment Companies - 4.5%

Money Markets - 4.5%

 
 

Janus Henderson Cash Liquidity Fund LLC, 4.2633%ºº

 

75,216,629

 

135,382,519

 

(116,067,860)

 

94,541,285

Investments Purchased with Cash Collateral from Securities Lending - 2.1%

Investment Companies - 2.1%

 
 

Janus Henderson Cash Collateral Fund LLC, 4.1397%ºº

 

41,118,585

 

28,292,276

 

(26,318,861)

 

43,092,000

3

Notes to Schedule of Investments (unaudited)

  

ADR

American Depositary Receipt

LLC

Limited Liability Company

PLC

Public Limited Company

  

144A

Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended December 31, 2022 is $56,389,189, which represents 2.7% of net assets.

  

*

Non-income producing security.

  

ºº

Rate shown is the 7-day yield as of December 31, 2022.

  

#

Loaned security; a portion of the security is on loan at December 31, 2022.

  

£

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, 2022.

 

Valuation Inputs Summary

       
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

      

Biotechnology

$

36,678,404

$

-

$

-

Entertainment

 

42,071,490

 

29,413,719

 

-

Metals & Mining

 

106,643,162

 

31,614,452

 

-

Oil, Gas & Consumable Fuels

 

63,603,229

 

54,090,634

 

-

Road & Rail

 

23,177,704

 

35,165,203

 

-

All Other

 

-

 

1,555,692,825

 

-

Preferred Stocks

 

-

 

17,545,067

 

-

Investment Companies

 

-

 

94,541,285

 

-

Investments Purchased with Cash Collateral from Securities Lending

 

-

 

53,865,000

 

-

Total Assets

$

272,173,989

$

1,871,928,185

$

-

       

4

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 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 Adviser-approved 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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. The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual 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 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, 2022 to fair value the Fund’s investments

5

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

6

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

      
      
      
   

125-25-70246 03-23