Janus Henderson Research Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Janus Henderson Research Fund held 80 positions with $29.38B in net assets. Its ten largest holdings made up 53.8% of the fund. The JAMRX share class costs 0.96% a year. Over the 12 months to May 2026, JAMRX returned 25.8%, with dividends reinvested. In 2026 Q2 it added 17 new positions and exited 20.
Janus Henderson Research Fund seeks long-term growth of capital.
The fund invests primarily in common stocks of any size selected through fundamental bottom-up research by its central research team, which rates stocks on characteristics including free cash flow, market position, valuation, and growth potential. The fund is nondiversified, allowing it to hold larger positions in individual securities than a diversified fund would. Because the fund concentrates its holdings, performance depends significantly on the success of a smaller number of positions.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
NVDANVIDIA Corp. | 13.94% | $4.10B | 20.5M | $200.09 |
GOOGAlphabet, Inc. | 11.45% | $3.36B | 9.5M | $353.33 |
AVGOBroadcom, Inc. | 5.94% | $1.74B | 4.6M | $377.75 |
MSFTMicrosoft Corp. | 5.04% | $1.48B | 4.0M | $373.02 |
SPCXSpace Exploration Technologies Corp. | 3.59% | $1.05B | 6.2M | $170.86 |
3.03% | $889.68M | 2.1M | $433.33 | |
2.95% | $866.74M | 1.5M | $563.29 | |
2.90% | $853.29M | 711.4K | $1,199.43 | |
AAPLApple, Inc. | 2.58% | $759.53M | 2.6M | $289.36 |
2.40% | $706.06M | 1.2M | $580.91 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 80 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 99.25% |
| Cash & short-term | 3.67% |
By sector
- Information Technology
- 51.5%
- Communication Services
- 14.8%
- Industrials
- 7.3%
- International
- 6.5%
- 8 other sectors
- 20.0%
- Information Technology
- 51.5%
- Communication Services
- 14.8%
- Industrials
- 7.3%
- International
- 6.5%
- Health Care
- 5.1%
- Financials
- 4.6%
- Consumer Discretionary
- 4.5%
- Cash
- 3.6%
- Consumer Staples
- 1.2%
- Other
- 0.5%
- Utilities
- 0.4%
- Energy
- 0.1%
How it has done
JAMRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 18.61%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 8 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.96% | +25.81% | +93.15% | +98.32% | -12.81% | |
| 1.03% | +25.70% | +92.66% | +97.36% | -12.85% | |
| 1.79% | +24.90% | +88.92% | +90.63% | -13.07% | |
| 0.81% | +25.96% | +93.89% | +99.57% | -12.78% | |
| 1.23% | +25.45% | +91.50% | +95.52% | -12.92% | |
| 0.83% | +25.95% | +93.78% | +99.36% | -12.78% | |
| 0.72% | +26.09% | +94.46% | +100.54% | -12.74% | |
| 1.48% | +25.17% | +90.25% | +93.15% | -12.99% |
These classes hold the same portfolio, so the 9.91pp spread over 5 years is the cost difference between them — roughly 1.98pp a year — not a difference in what they own.
Fees & fund details
Janus Henderson Research Fund is an actively managed U.S. equity fund. 38% of JAMRX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 88% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Features
- Non-diversified
- Expense ratio, by class
- 0.72% – 1.79%· JAMRX 0.96%
- Portfolio turnover
- 33.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
17 new· the largest 8
20 exited· the largest 8
Understand how this fund fits with the rest.
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- “Where do my funds overlap — JAMRX, QQQ and the fund in my 401(k)?”
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