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Baillie Gifford & Co and Janus Henderson Group Ltd: where the books meet

At Q2 2026, at least 24% of the two 13F books was the same, across 105 stocks both listed, against 21% at Q2 2013. Overlap is the smaller of each shared stock’s two weights, added up: the part of one book that could be swapped for the other’s without a trade.

Overlap by quarter
0%13%27%Q2 2013: 21%, 85 in bothQ3 2013: 22%, 92 in bothQ4 2013: 23%, 86 in bothQ1 2014: 21%, 85 in both14Q2 2014: 20%, 86 in bothQ3 2014: 18%, 90 in bothQ4 2014: 13%, 78 in bothQ1 2015: 14%, 77 in both15Q2 2015: 14%, 78 in bothQ3 2015: 13%, 77 in bothQ4 2015: 14%, 71 in bothQ1 2016: 15%, 75 in both16Q2 2016: 14%, 80 in bothQ3 2016: 15%, 83 in bothQ4 2016: 14%, 85 in bothQ1 2017: 16%, 82 in both17Q2 2017: 13%, 76 in bothQ3 2017: 13%, 76 in bothQ4 2017: 14%, 78 in bothQ1 2018: 14%, 75 in both18Q2 2018: 15%, 68 in bothQ3 2018: 15%, 69 in bothQ4 2018: 15%, 69 in bothQ1 2019: 16%, 70 in both19Q2 2019: 16%, 72 in bothQ3 2019: 16%, 73 in bothQ4 2019: 17%, 70 in bothQ1 2020: 18%, 75 in both20Q2 2020: 19%, 86 in bothQ3 2020: 19%, 86 in bothQ4 2020: 18%, 134 in bothQ1 2021: 18%, 129 in both21Q2 2021: 18%, 135 in bothQ3 2021: 18%, 132 in bothQ4 2021: 19%, 134 in bothQ1 2022: 19%, 138 in both22Q2 2022: 18%, 140 in bothQ3 2022: 16%, 132 in bothQ4 2022: 16%, 126 in bothQ1 2023: 17%, 117 in both23Q2 2023: 18%, 86 in bothQ3 2023: 18%, 91 in bothQ4 2023: 19%, 88 in bothQ1 2024: 21%, 88 in both24Q2 2024: 23%, 88 in bothQ3 2024: 23%, 87 in bothQ4 2024: 23%, 94 in bothQ1 2025: 23%, 97 in both25Q2 2025: 26%, 100 in bothQ3 2025: 26%, 102 in bothQ4 2025: 27%, 102 in bothQ1 2026: 26%, 98 in both26Q2 2026: 24%, 105 in both
  • Q2 2013: 21%, 85 in both
  • Q3 2013: 22%, 92 in both
  • Q4 2013: 23%, 86 in both
  • Q1 2014: 21%, 85 in both
  • Q2 2014: 20%, 86 in both
  • Q3 2014: 18%, 90 in both
  • Q4 2014: 13%, 78 in both
  • Q1 2015: 14%, 77 in both
  • Q2 2015: 14%, 78 in both
  • Q3 2015: 13%, 77 in both
  • Q4 2015: 14%, 71 in both
  • Q1 2016: 15%, 75 in both
  • Q2 2016: 14%, 80 in both
  • Q3 2016: 15%, 83 in both
  • Q4 2016: 14%, 85 in both
  • Q1 2017: 16%, 82 in both
  • Q2 2017: 13%, 76 in both
  • Q3 2017: 13%, 76 in both
  • Q4 2017: 14%, 78 in both
  • Q1 2018: 14%, 75 in both
  • Q2 2018: 15%, 68 in both
  • Q3 2018: 15%, 69 in both
  • Q4 2018: 15%, 69 in both
  • Q1 2019: 16%, 70 in both
  • Q2 2019: 16%, 72 in both
  • Q3 2019: 16%, 73 in both
  • Q4 2019: 17%, 70 in both
  • Q1 2020: 18%, 75 in both
  • Q2 2020: 19%, 86 in both
  • Q3 2020: 19%, 86 in both
  • Q4 2020: 18%, 134 in both
  • Q1 2021: 18%, 129 in both
  • Q2 2021: 18%, 135 in both
  • Q3 2021: 18%, 132 in both
  • Q4 2021: 19%, 134 in both
  • Q1 2022: 19%, 138 in both
  • Q2 2022: 18%, 140 in both
  • Q3 2022: 16%, 132 in both
  • Q4 2022: 16%, 126 in both
  • Q1 2023: 17%, 117 in both
  • Q2 2023: 18%, 86 in both
  • Q3 2023: 18%, 91 in both
  • Q4 2023: 19%, 88 in both
  • Q1 2024: 21%, 88 in both
  • Q2 2024: 23%, 88 in both
  • Q3 2024: 23%, 87 in both
  • Q4 2024: 23%, 94 in both
  • Q1 2025: 23%, 97 in both
  • Q2 2025: 26%, 100 in both
  • Q3 2025: 26%, 102 in both
  • Q4 2025: 27%, 102 in both
  • Q1 2026: 26%, 98 in both
  • Q2 2026: 24%, 105 in both

Only quarters both managers filed. Where either filing has more positions than are read each quarter, a stock both hold below that range is not counted, so the figure is a floor.

What the overlap is made of, Q2 2026

Stocks both listed, by the smaller of the two weights. A weight is the stock’s share of that manager’s reported book, which says how large the position is, not how strongly it is held.

StockBaillie Gifford & CoJanus Henderson Group Ltd
Nvidia Corp(NVDA)7.6%Added6.6%Trimmed
Amazon.Com(AMZN)5.8%Trimmed2.4%Trimmed
Facebook Cl.A(META)1.6%Trimmed1.2%Trimmed
Google Inc Class C(GOOG)1.0%Trimmed4.3%Added
Microsoft(MSFT)0.9%Trimmed2.8%Trimmed
Space Exploration Technologies Corp(SPCX)8.0%New0.8%New
Mastercard Inc-Class A(MA)0.8%Added0.8%Trimmed
Doordash Inc(DASH)1.1%Trimmed0.6%Added
Broadcom Inc(AVGO)0.5%Added3.0%Added
Apple(AAPL)0.5%Added2.2%Trimmed
Google(GOOGL)0.9%Added0.4%Trimmed
Tsmc ADR(TSM)0.4%Trimmed1.6%Added
Spotify Technology SA(SPOT)3.3%Trimmed0.4%Added
MercadoLibre(MELI)4.7%Trimmed0.4%Trimmed
Snowflake Inc(SNOW)0.6%Trimmed0.4%Added
Datadog(DDOG)0.3%Trimmed0.7%Trimmed
Intuitive Surgical(ISRG)0.9%Trimmed0.3%Added
Philip Morris Intl(PM)0.3%Added0.3%Trimmed
On Semiconductor Corp(ON)0.3%Trimmed0.5%Trimmed
Netflix Inc(NFLX)1.0%Trimmed0.3%Trimmed

and 85 smaller ones

Moved different ways in Q2 2026

Stocks one manager started or added to while the other trimmed or sold out, between the same two quarter ends. A 13F shows the quarter ends, never when in between anything was bought or sold, or why.

  • Nvidia Corp(NVDA)Baillie Gifford & Co added; Janus Henderson Group Ltd trimmed
  • Google Inc Class C(GOOG)Baillie Gifford & Co trimmed; Janus Henderson Group Ltd added
  • Apple(AAPL)Baillie Gifford & Co added; Janus Henderson Group Ltd trimmed
  • Tsmc ADR(TSM)Baillie Gifford & Co trimmed; Janus Henderson Group Ltd added
  • Spotify Technology SA(SPOT)Baillie Gifford & Co trimmed; Janus Henderson Group Ltd added
  • Micron Technology Inc(MU)Baillie Gifford & Co started; Janus Henderson Group Ltd trimmed
  • Argenx Se(ARGX)Baillie Gifford & Co started; Janus Henderson Group Ltd trimmed
  • Mastercard Inc-Class A(MA)Baillie Gifford & Co added; Janus Henderson Group Ltd trimmed
  • UnitedHealth(UNH)Baillie Gifford & Co sold out; Janus Henderson Group Ltd added
  • Doordash Inc(DASH)Baillie Gifford & Co trimmed; Janus Henderson Group Ltd added
  • Ferrari NV(RACE)Baillie Gifford & Co trimmed; Janus Henderson Group Ltd added
  • Google(GOOGL)Baillie Gifford & Co added; Janus Henderson Group Ltd trimmed
Baillie Gifford & Co: the recordJanus Henderson Group Ltd: the record

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