Janus Henderson Global Equity Income Fund
Schedule of Investments (unaudited)
June 30, 2024
Shares | Value | ||
Common Stocks – 96.5% | |||
Air Freight & Logistics – 1.5% | |||
Deutsche Post AG | 2,034,190 | $82,294,767 | |
Auto Components – 0.8% | |||
Compagnie Generale des Etablissements Michelin SCA | 1,133,946 | 43,747,139 | |
Automobiles – 1.2% | |||
Daimler AG | 709,200 | 49,001,666 | |
Stellantis NV | 1,042,897 | 20,508,640 | |
69,510,306 | |||
Banks – 10.2% | |||
BNP Paribas SA | 408,837 | 26,194,617 | |
China Construction Bank Corp | 80,896,000 | 59,748,439 | |
Credit Agricole SA | 3,426,701 | 46,587,821 | |
DBS Group Holdings Ltd | 2,408,340 | 63,475,435 | |
Erste Group Bank AG | 1,145,047 | 54,223,115 | |
HSBC Holdings PLC | 17,740,901 | 153,505,787 | |
ING Groep NV | 5,416,990 | 92,805,488 | |
Natwest Group PLC | 18,281,061 | 71,696,813 | |
568,237,515 | |||
Beverages – 3.8% | |||
Coca-Cola Co | 974,729 | 62,041,501 | |
Heineken NV | 619,600 | 59,797,977 | |
Pernod Ricard SA | 647,177 | 88,060,288 | |
209,899,766 | |||
Building Products – 1.8% | |||
Cie de Saint-Gobain | 996,784 | 77,181,239 | |
Xinyi Glass Holdings Ltd | 22,869,000 | 25,050,402 | |
102,231,641 | |||
Capital Markets – 0.9% | |||
IG Group Holdings PLC | 4,671,338 | 48,383,689 | |
Chemicals – 2.5% | |||
Arkema SA | 12,084 | 1,044,630 | |
BASF SE | 772,157 | 37,305,921 | |
Evonik Industries AG | 2,965,467 | 60,484,065 | |
Shin-Etsu Chemical Co Ltd | 1,096,200 | 42,643,286 | |
141,477,902 | |||
Communications Equipment – 1.0% | |||
Cisco Systems Inc | 1,119,102 | 53,168,536 | |
Diversified Financial Services – 1.7% | |||
Kinnevik AB* | 2,046,854 | 4,443,551 | |
Kinnevik AB - Class B* | 2,046,854 | 16,714,796 | |
M&G PLC | 27,764,763 | 71,638,651 | |
92,796,998 | |||
Diversified Telecommunication Services – 5.5% | |||
BT Group PLC | 16,051,409 | 28,490,596 | |
Elisa Oyj | 1,237,556 | 56,734,349 | |
Telenor ASA | 5,251,118 | 59,808,763 | |
TELUS Corp | 4,980,732 | 75,408,261 | |
Verizon Communications Inc | 2,134,096 | 88,010,119 | |
308,452,088 | |||
Electric Utilities – 3.2% | |||
Enel SpA | 12,540,197 | 87,462,122 | |
Iberdrola SA | 7,035,070 | 91,249,755 | |
178,711,877 | |||
Electronic Equipment, Instruments & Components – 2.5% | |||
Hon Hai Precision Industry Co Ltd | 21,080,000 | 138,210,925 | |
Food & Staples Retailing – 2.3% | |||
Carrefour SA | 2,418,261 | 34,165,752 | |
Tesco PLC | 24,235,935 | 93,814,319 | |
127,980,071 | |||
Food Products – 1.0% | |||
Danone SA | 896,755 | 54,721,419 | |
Household Durables – 1.2% | |||
Persimmon PLC | 2,058,193 | 34,978,376 | |
Taylor Wimpey PLC | 16,793,802 | 30,004,896 | |
64,983,272 |
Shares | Value | ||
Common Stocks – (continued) | |||
Insurance – 10.4% | |||
Allianz SE (REG) | 393,772 | $109,392,112 | |
ASR Nederland NV | 1,202,855 | 57,301,568 | |
Aviva PLC | 3,136,088 | 18,909,805 | |
AXA SA | 3,120,216 | 102,726,098 | |
Dai-ichi Life Holdings Inc | 2,369,200 | 63,616,651 | |
Hannover Rueck SE | 228,784 | 57,967,403 | |
Legal & General Group PLC | 29,085,273 | 83,089,811 | |
Phoenix Group Holdings PLC | 9,186,403 | 60,268,841 | |
Ping An Insurance Group Co of China Ltd | 5,729,500 | 26,053,317 | |
579,325,606 | |||
Machinery – 2.1% | |||
Daimler Truck Holding AG | 2,919,705 | 116,143,179 | |
Media – 1.4% | |||
Publicis Groupe SA | 527,067 | 55,857,854 | |
Schibsted ASA | 783,668 | 23,123,420 | |
78,981,274 | |||
Metals & Mining – 2.1% | |||
Anglo American PLC | 1,708,681 | 53,737,262 | |
Rio Tinto PLC | 970,742 | 63,889,832 | |
117,627,094 | |||
Multi-Utilities – 4.5% | |||
E.ON SE | 6,290,598 | 82,428,761 | |
Engie SA | 1,687,126 | 24,026,332 | |
National Grid PLC | 9,275,974 | 103,424,917 | |
Veolia Environnement SA | 1,308,974 | 39,295,724 | |
249,175,734 | |||
Office Real Estate Investment Trusts (REITs) – 1.0% | |||
Dexus | 13,355,096 | 57,723,372 | |
Oil, Gas & Consumable Fuels – 9.5% | |||
BP PLC | 19,308,239 | 116,323,401 | |
Eni SpA | 6,967,866 | 107,291,385 | |
Equinor ASA | 1,784,661 | 51,011,685 | |
Keyera Corp | 2,120,721 | 58,742,685 | |
PetroChina Co Ltd | 56,798,000 | 57,450,319 | |
Williams Cos Inc | 3,324,194 | 141,278,245 | |
532,097,720 | |||
Paper & Forest Products – 0.8% | |||
UPM-Kymmene Oyj | 1,273,649 | 44,402,247 | |
Personal Products – 3.5% | |||
Unilever PLC | 3,569,092 | 195,963,880 | |
Pharmaceuticals – 2.9% | |||
Merck & Co Inc | 655,140 | 81,106,332 | |
Sanofi | 830,871 | 79,853,302 | |
160,959,634 | |||
Real Estate Management & Development – 1.6% | |||
China Resources Land Ltd | 17,550,500 | 59,613,640 | |
Swire Pacific Ltd | 3,396,000 | 30,017,886 | |
89,631,526 | |||
Semiconductor & Semiconductor Equipment – 9.4% | |||
ASE Technology Holding Co Ltd* | 15,903,000 | 82,077,100 | |
MediaTek Inc | 3,089,000 | 132,082,097 | |
Qualcomm Inc | 123,821 | 24,662,667 | |
Taiwan Semiconductor Manufacturing Co Ltd (ADR) | 1,650,013 | 286,788,760 | |
525,610,624 | |||
Specialty Retail – 0.5% | |||
Home Depot Inc | 85,743 | 29,516,170 | |
Textiles, Apparel & Luxury Goods – 0.6% | |||
Cie Financiere Richemont SA (REG) | 202,113 | 31,548,794 | |
Tobacco – 4.8% | |||
British American Tobacco PLC | 5,650,868 | 173,681,427 | |
Imperial Brands PLC | 3,669,079 | 93,927,834 | |
267,609,261 | |||
Wireless Telecommunication Services – 0.3% | |||
Tele2 AB | 1,865,677 | 18,771,058 | |
Total Common Stocks (cost $5,257,291,049) | 5,379,895,084 | ||
Preferred Stocks – 2.1% | |||
Technology Hardware, Storage & Peripherals – 2.1% | |||
Samsung Electronics Co Ltd (cost $112,338,286) | 2,577,026 | 118,368,629 |
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Shares | Value | ||
Investment Companies – 0.7% | |||
Money Markets – 0.7% | |||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $34,799,316) | 34,792,357 | $34,799,316 | |
Total Investments (total cost $5,404,428,651) – 99.3% | 5,533,063,029 | ||
Cash, Receivables and Other Assets, net of Liabilities – 0.7% | 40,602,575 | ||
Net Assets – 100% | $5,573,665,604 |
Summary of Investments by Country - (Long Positions) (unaudited) | ||
Country | Value | % of Investment Securities |
United Kingdom | $1,299,766,257 | 23.5 % |
France | 673,462,215 | 12.2 |
Taiwan | 639,158,882 | 11.6 |
Germany | 595,017,874 | 10.8 |
United States | 514,582,886 | 9.3 |
Netherlands | 405,868,913 | 7.3 |
China | 227,916,117 | 4.1 |
Italy | 215,262,147 | 3.9 |
Canada | 134,150,946 | 2.4 |
Norway | 133,943,868 | 2.4 |
South Korea | 118,368,629 | 2.1 |
Japan | 106,259,937 | 1.9 |
Finland | 101,136,596 | 1.8 |
Spain | 91,249,755 | 1.7 |
Singapore | 63,475,435 | 1.2 |
Australia | 57,723,372 | 1.0 |
Austria | 54,223,115 | 1.0 |
Sweden | 39,929,405 | 0.7 |
Switzerland | 31,548,794 | 0.6 |
Hong Kong | 30,017,886 | 0.5 |
Total | $5,533,063,029 | 100.0 % |
Schedule of Affiliated Investments - (% of Net Assets) | ||||||||
Affiliate | Affiliated Investments, at Value at 9/30/23 | Purchases | Sales Proceeds | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Affiliated Investments, at Value at 6/30/24 | Ending Shares | Dividend Income |
Investment Companies - 0.7% | ||||||||
Money Markets - 0.7% | ||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº | ||||||||
$302,308,674 | $1,906,418,523 | $(2,173,897,660) | $(3,841) | $(26,380) | $34,799,316 | 34,792,357 | $4,220,002 | |
Schedule of Forward Foreign Currency Exchange Contracts | ||||
Counterparty/ Foreign Currency | Settlement Date | Foreign Currency Amount (Sold)/ Purchased | USD Currency Amount (Sold)/ Purchased | Market Value and Unrealized Appreciation/ (Depreciation) |
BNP Paribas: | ||||
British Pound | 7/24/24 | (402,062,606) | $514,767,296 | $6,531,148 |
Euro | 7/24/24 | (623,066,387) | 679,939,704 | 11,972,567 |
Total | $18,503,715 | |||
Average Ending Monthly Value of Derivative Instruments During the Period Ended June 30, 2024 | |
Forward foreign currency exchange contracts: | |
Average amounts sold - in USD | $879,919,453 |
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Notes to Schedule of Investments (unaudited)
ADR | American Depositary Receipt |
LLC | Limited Liability Company |
PLC | Public Limited Company |
REG | Registered |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of June 30, 2024. |
£ | 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. |
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 June 30, 2024.
Valuation Inputs Summary | |||
Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |
Assets | |||
Investments In Securities: | |||
Common Stocks | |||
Beverages | $62,041,501 | $147,858,265 | $- |
Communications Equipment | 53,168,536 | - | - |
Diversified Telecommunication Services | 163,418,380 | 145,033,708 | - |
Oil, Gas & Consumable Fuels | 200,020,930 | 332,076,790 | - |
Pharmaceuticals | 81,106,332 | 79,853,302 | - |
Semiconductor & Semiconductor Equipment | 311,451,427 | 214,159,197 | - |
Specialty Retail | 29,516,170 | - | - |
All Other | - | 3,560,190,546 | - |
Preferred Stocks | - | 118,368,629 | - |
Investment Companies | - | 34,799,316 | - |
Total Investments in Securities | $900,723,276 | $4,632,339,753 | $- |
Other Financial Instruments(a): | |||
Forward Foreign Currency Exchange Contracts | - | 18,503,715 | - |
Total Assets | $900,723,276 | $4,650,843,468 | $- |
(a) | Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap contracts. Forward foreign currency exchange contracts, futures contracts, and swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date. Written options and written swaptions are reported at their market value at measurement date. |
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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.
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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 June 30, 2024 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.
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