Janus Henderson Mid Cap Value Fund
Schedule of Investments (unaudited)
September 30, 2022
Shares or | Value | ||||||
Common Stocks– 97.7% | |||||||
Aerospace & Defense – 2.8% | |||||||
BWX Technologies Inc | 709,287 | $35,726,786 | |||||
L3Harris Technologies Inc | 90,092 | 18,723,820 | |||||
54,450,606 | |||||||
Auto Components – 1.9% | |||||||
Aptiv PLC* | 223,318 | 17,465,701 | |||||
Autoliv Inc | 287,270 | 19,140,800 | |||||
36,606,501 | |||||||
Banks – 7.2% | |||||||
Citizens Financial Group Inc | 787,165 | 27,046,989 | |||||
Fifth Third Bancorp | 377,174 | 12,054,481 | |||||
First Horizon National Corp | 969,891 | 22,210,504 | |||||
Regions Financial Corp | 1,274,785 | 25,584,935 | |||||
Synovus Financial Corp | 508,711 | 19,081,750 | |||||
Webster Financial Corp | 422,657 | 19,104,096 | |||||
Zions Bancorp NA | 273,336 | 13,901,869 | |||||
138,984,624 | |||||||
Building Products – 1.9% | |||||||
Armstrong World Industries Inc | 229,498 | 18,183,127 | |||||
Fortune Brands Home & Security Inc | 326,626 | 17,536,550 | |||||
35,719,677 | |||||||
Capital Markets – 1.6% | |||||||
State Street Corp | 502,487 | 30,556,234 | |||||
Chemicals – 4.8% | |||||||
Axalta Coating Systems Ltd* | 987,594 | 20,798,730 | |||||
Corteva Inc | 717,389 | 40,998,781 | |||||
FMC Corp | 123,302 | 13,033,021 | |||||
Westlake Chemical Corp | 213,725 | 18,568,428 | |||||
93,398,960 | |||||||
Commercial Services & Supplies – 2.2% | |||||||
Waste Connections Inc | 309,768 | 41,858,950 | |||||
Communications Equipment – 0.9% | |||||||
F5 Networks Inc* | 120,653 | 17,462,109 | |||||
Construction Materials – 1.1% | |||||||
Martin Marietta Materials Inc | 66,856 | 21,533,649 | |||||
Containers & Packaging – 1.4% | |||||||
Graphic Packaging Holding Co | 1,355,216 | 26,751,964 | |||||
Electric Utilities – 4.2% | |||||||
Alliant Energy Corp | 774,467 | 41,039,006 | |||||
Entergy Corp | 401,737 | 40,426,794 | |||||
81,465,800 | |||||||
Electrical Equipment – 3.4% | |||||||
Acuity Brands Inc | 186,976 | 29,443,111 | |||||
AMETEK Inc | 327,104 | 37,096,865 | |||||
66,539,976 | |||||||
Electronic Equipment, Instruments & Components – 1.5% | |||||||
Vontier Corp | 1,242,875 | 20,768,441 | |||||
Zebra Technologies Corp* | 32,161 | 8,426,504 | |||||
29,194,945 | |||||||
Energy Equipment & Services – 1.8% | |||||||
Baker Hughes Co | 1,654,786 | 34,684,315 | |||||
Entertainment – 3.8% | |||||||
Activision Blizzard Inc | 421,187 | 31,311,042 | |||||
Take-Two Interactive Software Inc* | 266,882 | 29,090,138 | |||||
Warner Bros Discovery Inc* | 1,157,291 | 13,308,847 | |||||
73,710,027 | |||||||
Equity Real Estate Investment Trusts (REITs) – 8.0% | |||||||
Alexandria Real Estate Equities Inc | 162,697 | 22,808,492 | |||||
Apple Hospitality Inc | 2,206,884 | 31,028,789 | |||||
Equity LifeStyle Properties Inc | 859,204 | 53,992,379 | |||||
Lamar Advertising Co | 256,378 | 21,148,621 | |||||
STAG Industrial Inc | 202,949 | 5,769,840 | |||||
Weyerhaeuser Co | 663,093 | 18,937,936 | |||||
153,686,057 | |||||||
Food & Staples Retailing – 2.3% | |||||||
Casey's General Stores Inc | 216,458 | 43,837,074 | |||||
Food Products – 2.8% | |||||||
Kellogg Co | 310,395 | 21,622,116 |
Shares
or | Value | ||||||
Common Stocks– (continued) | |||||||
Food Products– (continued) | |||||||
Lamb Weston Holdings Inc | 421,773 | $32,636,795 | |||||
54,258,911 | |||||||
Health Care Equipment & Supplies – 3.1% | |||||||
Envista Holdings Corp* | 805,956 | 26,443,416 | |||||
Globus Medical Inc* | 556,653 | 33,159,819 | |||||
59,603,235 | |||||||
Health Care Providers & Services – 7.0% | |||||||
Cardinal Health Inc | 490,335 | 32,695,538 | |||||
Henry Schein Inc* | 464,159 | 30,527,737 | |||||
Humana Inc | 43,435 | 21,074,228 | |||||
Laboratory Corp of America Holdings | 243,651 | 49,902,161 | |||||
134,199,664 | |||||||
Industrial Conglomerates – 1.5% | |||||||
Carlisle Cos Inc | 104,939 | 29,425,945 | |||||
Information Technology Services – 1.4% | |||||||
Global Payments Inc | 254,291 | 27,476,143 | |||||
Insurance – 7.4% | |||||||
Globe Life Inc | 312,777 | 31,183,867 | |||||
Hartford Financial Services Group Inc | 704,410 | 43,631,155 | |||||
Reinsurance Group of America Inc | 233,937 | 29,431,614 | |||||
RenaissanceRe Holdings Ltd | 270,999 | 38,045,550 | |||||
142,292,186 | |||||||
Life Sciences Tools & Services – 1.3% | |||||||
Agilent Technologies Inc | 201,210 | 24,457,076 | |||||
Machinery – 1.5% | |||||||
Lincoln Electric Holdings Inc | 229,495 | 28,852,111 | |||||
Media – 1.1% | |||||||
Fox Corp - Class B | 720,868 | 20,544,738 | |||||
Metals & Mining – 0.4% | |||||||
Freeport-McMoRan Inc | 288,147 | 7,875,058 | |||||
Multi-Utilities – 1.1% | |||||||
DTE Energy Co | 182,309 | 20,974,650 | |||||
Oil, Gas & Consumable Fuels – 4.1% | |||||||
Cabot Oil & Gas Corp | 1,794,780 | 46,879,654 | |||||
Pioneer Natural Resources Co | 149,330 | 32,334,425 | |||||
79,214,079 | |||||||
Road & Rail – 1.0% | |||||||
Canadian Pacific Railway Ltd | 291,534 | 19,451,148 | |||||
Semiconductor & Semiconductor Equipment – 2.8% | |||||||
Lam Research Corp | 28,740 | 10,518,840 | |||||
Microchip Technology Inc | 376,047 | 22,950,148 | |||||
Teradyne Inc | 280,405 | 21,072,436 | |||||
54,541,424 | |||||||
Software – 2.3% | |||||||
Black Knight Inc* | 394,553 | 25,539,416 | |||||
Synopsys Inc* | 59,875 | 18,292,411 | |||||
43,831,827 | |||||||
Specialty Retail – 5.4% | |||||||
AutoZone Inc* | 17,081 | 36,586,306 | |||||
Bath & Body Works Inc | 433,459 | 14,130,763 | |||||
Burlington Stores Inc* | 216,131 | 24,182,898 | |||||
O'Reilly Automotive Inc* | 41,393 | 29,113,767 | |||||
104,013,734 | |||||||
Trading Companies & Distributors – 2.7% | |||||||
GATX Corp | 256,565 | 21,846,510 | |||||
MSC Industrial Direct Co Inc | 416,730 | 30,342,111 | |||||
52,188,621 | |||||||
Total Common Stocks (cost $1,537,373,335) | 1,883,642,018 | ||||||
Repurchase Agreements– 2.3% | |||||||
ING Financial Markets LLC, Joint repurchase agreement, 2.9500%, dated 9/30/22, maturing 10/3/22 to be repurchased at $18,804,622 collateralized by $20,169,556 in U.S. Treasuries 0% - 5.3750%, 10/20/22 - 5/15/52 with a value of $19,180,720 | $18,800,000 | 18,800,000 | |||||
Royal Bank of Canada, NY Branch, Joint repurchase agreement, 2.9100%, dated 9/30/22, maturing 10/3/22 to be repurchased at $25,006,063 collateralized by $26,541,834 in U.S. Treasuries 0% - 3.3750%, 10/6/22 - 11/15/45 with a value of $25,506,185 | 25,000,000 | 25,000,000 | |||||
Total Repurchase Agreements (cost $43,800,000) | 43,800,000 | ||||||
Total Investments (total cost $1,581,173,335) – 100.0% | 1,927,442,018 | ||||||
Liabilities, net of Cash, Receivables and Other Assets – (0)% | (730,768) | ||||||
Net Assets – 100% | $1,926,711,250 |
2
Summary of Investments by Country - (Long Positions) (unaudited) | |||||
% of | |||||
Investment | |||||
Country | Value | Securities | |||
United States | $1,888,850,070 | 98.0 | % | ||
Canada | 19,451,148 | 1.0 | |||
Sweden | 19,140,800 | 1.0 |
Total | $1,927,442,018 | 100.0 | % |
3
Notes to Schedule of Investments (unaudited)
LLC | Limited Liability Company |
PLC | Public Limited Company |
* | Non-income producing security. |
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 September 30, 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 | $ | 1,883,642,018 | $ | - | $ | - | ||||||
Repurchase Agreements | - | 43,800,000 | - | |||||||||
Total Assets | $ | 1,883,642,018 | $ | 43,800,000 | $ | - | ||||||
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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 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.
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 September 30, 2022 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.
125-25-70284 11-22 |