--- title: "Janus Henderson's $223B Q4 2025 13F: Apple at #5 Is Their Loudest Active Call" type: research slug: janus-henderson-q4-2025-apple-fifth-loudest-active-call canonical_url: https://13finsight.com/research/janus-henderson-q4-2025-apple-fifth-loudest-active-call published_at: 2026-03-22T13:31:58.020Z updated_at: 2026-03-23T07:00:28.310Z author: Alex Rivera author_title: Breaking News Editor author_url: https://13finsight.com/authors/alex-rivera word_count: 1189 locale: en source: 13F Insight --- # Janus Henderson's $223B Q4 2025 13F: Apple at #5 Is Their Loudest Active Call > Janus Henderson demoted Apple to fifth place behind NVIDIA, Microsoft, Amazon, and Alphabet — a 2.9% underweight versus passive benchmarks that reveals the firm's biggest active conviction. In Vanguard’s $6.9 trillion passive portfolio, Apple sits at #2 with a 6.34% weight. In Janus Henderson’s $223 billion active portfolio, Apple sits at #5 with just 3.44%. That 2.9 percentage-point gap is the single largest active deviation in the firm’s top holdings — bigger than any overweight they carry. When an active manager pays stock-pickers to beat the index and the loudest signal in their 13F is an Apple underweight, that tells you where conviction actually lives. TL;DR Apple demoted to #5: AAPL at $7.40B (3.44%) ranks behind NVDA, MSFT, AMZN, and GOOG — a massive 2.9% underweight versus passive benchmarks. NVIDIA at #1: $15.39B (7.16%), slightly above Vanguard’s 6.92% passive weight. The overweight is small, but it’s deliberate. Alphabet overweight: GOOG at $7.69B (3.58%) is 1.4% above passive weight — the largest overweight among top holdings. Record AUM: $223.31B across 4,350 positions, an all-time high. YoY growth: +13.5%. Portfolio pruning: Holdings dropped from 6,260 (Q1 2024) to 4,350 (Q4 2025) — 30% fewer positions while AUM grew 22%. Q1 2025 hit harder: −7.3% drawdown vs. −3.7% for passive funds. The growth tilt has a cost. AI infrastructure stack: NVDA + AVGO + TSM combined = $24.85B (11.6%). They’re not just overweighting NVIDIA — they’re playing the whole supply chain. WhaleScore: 75.50 — above passive managers (~70), below concentrated hedge funds (85+). Classic active large-cap positioning. Filing Snapshot: Q4 2025 Metric Value 13F AUM (Reported) $223.31B Holdings (Total) 4,350 positions QoQ Change +1.9% (from $219.04B) YoY Change +13.5% (from $196.74B) Top-5 Concentration 23.8% Top-10 Concentration 33.8% WhaleScore 75.50 The $223.31B reported AUM closely tracks the top-500 holdings sum of $215.07B, with the remaining ~3,850 smaller positions accounting for around $8B. This is a tightly managed active portfolio where the top 10 carry over a third of all assets. Apple at #5: The Loudest Active Signal Here is the core comparison. In a standard S&P 500 index fund, Apple commands roughly 6.3% of assets. In Janus Henderson’s Q4 2025 13F, Apple sits at 3.44% — less than half its passive weight. Four stocks rank higher: JHG Rank Ticker JHG Weight Passive Weight* Active Delta 1 NVDA 7.16% 6.92% +0.24% 2 MSFT 6.00% 5.68% +0.32% 3 AMZN 3.63% 3.19% +0.44% 4 GOOG 3.58% 2.16% +1.42% 5 AAPL 3.44% 6.34% −2.90% *Passive weights from Vanguard Group’s Q4 2025 13F as a proxy for S&P 500 index composition. The −2.90% Apple underweight is twice as large as the next biggest deviation (Alphabet’s +1.42% overweight). This is not a rounding error. Janus Henderson is making a quantified bet that Apple’s relative growth has peaked versus the other mega-caps. They are not shorting Apple — $7.40 billion is still a massive position — but they are deliberately allocating nearly $6.5 billion less to Apple than a passive fund of the same size would. NVIDIA at 7.16%: Deliberate but Not Extreme NVIDIA’s 7.16% weight at Janus Henderson barely exceeds its passive benchmark weight of 6.92%. The +0.24% overweight is modest — far smaller than the Alphabet overweight (+1.42%) or the Apple underweight (−2.90%). But it matters because Janus Henderson chose it. An index fund holds NVIDIA because math demands it; Janus Henderson holds it because their analysts believe in it. The deeper AI conviction shows in the supporting cast: Broadcom (AVGO) at $6.97B (3.24%, +0.51% vs. passive) and TSMC (TSM) at $2.50B (1.16%) round out a $24.85B semiconductor infrastructure position. Add Oracle (ORCL) at $2.82B (1.31%) for cloud/AI enterprise exposure, and the pattern is clear: they are overweighting the entire AI supply chain, not just the headline GPU maker. Portfolio Pruning: 6,260 to 4,350 Positions in Eight Quarters Between Q1 2024 and Q4 2025, Janus Henderson cut roughly 1,900 positions — a 30% reduction in portfolio breadth. The steepest single-quarter drop came in Q2 2024, when holdings fell from 6,260 to 3,910 (a 37.5% cut). AUM during that same stretch grew from $183.33B to $223.31B (+22%). This is the opposite of what passive funds do. Vanguard expanded from 16,079 to 17,686 positions over the same period. Janus Henderson pruned. The implication: their research team is concentrating capital into higher-conviction names, shedding the small-cap tail that index funds must own but active managers can ignore. The Growth Tilt’s Cost — and Recovery Janus Henderson’s AUM trajectory shows a pronounced growth tilt. During the Q1 2025 market correction, the fund lost 7.3% (−$14.3B) — nearly double the 3.7% drawdown that passive funds experienced. Growth and technology stocks, which dominate this portfolio, bore the brunt of the rotation into defensive sectors. But the recovery was equally sharp. Q2 2025 delivered +11.8% (+$21.6B), snapping back above the pre-correction high. The cycle from Q4 2024 through Q2 2025 — flat, down 7%, up 12% — is the volatility signature of active growth management. You pay for the drawdowns with higher-amplitude recoveries. Year-over-year, Q4 2025 vs. Q4 2024 shows +$26.57B (+13.5%). Two-year growth from Q3 2023 is +$70.60B (+46.2%). Assets under management are at an all-time high, suggesting investors continue to reward the firm’s approach even as passive flows dominate the industry. What Mega-Cap Bets Look Like Beyond #10 The mid-portfolio reveals additional active convictions: AppLovin (APP) at $2.18B (#12): The AI-powered mobile advertising platform is a classic Janus Henderson growth pick — fast revenue growth, high margin expansion, and negligible passive index weight. Argenx (ARGX) at $2.06B (#13): Biotech exposure via the efgartigimod franchise, a differentiated bet in generalized myasthenia gravis treatment. Pure stock-picking territory. Mastercard (MA) at $2.99B (#9): Quality-compounder positioning alongside their $7.69B Alphabet bet, both leveraging digital transaction growth. KLA Corp (KLAC) at $1.64B (#15): Semiconductor equipment — another layer of the AI infrastructure thesis, profiting from chip manufacturing complexity rather than chip design. Positions 11–20 collectively hold $20.81B (9.7%) and contain zero overlap with the S&P 500’s top-10 names. This is where the stock-picking premium lives. Frequently Asked Questions What are Janus Henderson’s top holdings in Q4 2025? NVIDIA at $15.39B (7.16%), Microsoft at $12.91B (6.00%), Amazon at $7.80B (3.63%), Alphabet (GOOG) at $7.69B (3.58%), and Apple at $7.40B (3.44%). Why is Apple ranked only #5 in Janus Henderson’s portfolio? Janus Henderson is an active manager that deliberately underweights Apple by 2.9% relative to its passive benchmark weight (~6.3%). The firm has shifted capital toward AI infrastructure names (NVDA, AVGO, TSM) and Alphabet, suggesting they see better relative growth prospects elsewhere in mega-cap technology. How does Janus Henderson compare to passive index funds? The key difference is conviction-weighted positioning. Janus Henderson’s 7.16% NVIDIA allocation slightly exceeds index weight (~6.9%), but the Apple underweight (−2.9%) and Alphabet overweight (+1.4%) are the real active signals. The fund also holds 4,350 positions vs. Vanguard’s 17,686 — active pruning concentrates capital. How much has Janus Henderson’s AUM grown? Year-over-year, AUM rose from $196.74B to $223.31B (+13.5%). Over two years (Q3 2023 to Q4 2025), assets grew from $152.71B to $223.31B (+46.2%) while position count dropped 30%, indicating higher per-position conviction. What is Janus Henderson’s WhaleScore? 75.50, which reflects a moderately concentrated active management style. This sits above passive index managers (~70) and below concentrated hedge funds like Berkshire Hathaway (88+). Explore the full portfolio on the Janus Henderson filer page. ## FAQ ### What are Janus Henderson's top holdings in Q4 2025? NVIDIA at $15.39B (7.16%), Microsoft at $12.91B (6.00%), Amazon at $7.80B (3.63%), Alphabet (GOOG) at $7.69B (3.58%), and Apple at $7.40B (3.44%). ### Why is Apple ranked only #5 in Janus Henderson's portfolio? Janus Henderson is an active manager that deliberately underweights Apple by 2.9% relative to its passive benchmark weight (~6.3%). The firm has shifted capital toward AI infrastructure names like NVIDIA, Broadcom, and TSMC, suggesting they see better relative growth elsewhere in mega-cap technology. ### How does Janus Henderson compare to passive index funds? The key difference is conviction-weighted positioning. Their 7.16% NVIDIA allocation slightly exceeds index weight, but the Apple underweight (-2.9%) and Alphabet overweight (+1.4%) are the real active signals. The fund holds 4,350 positions vs. Vanguard's 17,686. ### How much has Janus Henderson's AUM grown? Year-over-year, AUM rose from $196.74B to $223.31B (+13.5%). Over two years, assets grew 46.2% from $152.71B while position count dropped 30%, indicating higher per-position conviction. ### What is Janus Henderson's investment style? Janus Henderson is a global active asset manager with a growth and quality tilt, running roughly 4,350 positions across $223B in 13F assets. Their WhaleScore of 75.50 reflects moderately concentrated active positioning — above passive managers (~70) but below concentrated hedge funds (85+). --- Source: 13F Insight — https://13finsight.com/research/janus-henderson-q4-2025-apple-fifth-loudest-active-call Author: Alex Rivera — https://13finsight.com/authors/alex-rivera Last updated: 2026-03-23T07:00:28.310Z