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← First Eagle Investment Management LLC, its record

First Eagle Investment Management LLC and Janus Henderson Group Ltd: where the books meet

At Q2 2026, at least 12% of the two 13F books was the same, across 62 stocks both listed, against 18% 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%9%18%Q2 2013: 18%, 129 in bothQ3 2013: 17%, 131 in bothQ4 2013: 17%, 132 in bothQ1 2014: 16%, 135 in both14Q2 2014: 18%, 139 in bothQ3 2014: 17%, 142 in bothQ4 2014: 15%, 132 in bothQ1 2015: 14%, 126 in both15Q2 2015: 13%, 120 in bothQ3 2015: 12%, 117 in bothQ4 2015: 13%, 119 in bothQ1 2016: 14%, 129 in both16Q2 2016: 11%, 131 in bothQ3 2016: 11%, 137 in bothQ4 2016: 11%, 129 in bothQ1 2017: 12%, 122 in both17Q2 2017: 14%, 115 in bothQ3 2017: 14%, 120 in bothQ4 2017: 12%, 102 in bothQ1 2018: 11%, 49 in both18Q2 2018: 12%, 50 in bothQ3 2018: 11%, 50 in bothQ4 2018: 9.7%, 48 in bothQ1 2019: 9.8%, 49 in both19Q2 2019: 9.5%, 47 in bothQ3 2019: 10.0%, 44 in bothQ4 2019: 9.5%, 41 in bothQ1 2020: 10%, 47 in both20Q2 2020: 11%, 38 in bothQ3 2020: 12%, 45 in bothQ4 2020: 12%, 41 in bothQ1 2021: 11%, 39 in both21Q2 2021: 12%, 43 in bothQ3 2021: 12%, 47 in bothQ4 2021: 11%, 54 in bothQ1 2022: 10%, 58 in both22Q2 2022: 10.0%, 61 in bothQ3 2022: 9.7%, 64 in bothQ4 2022: 9.9%, 68 in bothQ1 2023: 9.5%, 68 in both23Q2 2023: 9.9%, 68 in bothQ3 2023: 11%, 73 in bothQ4 2023: 10%, 71 in bothQ1 2024: 11%, 72 in both24Q2 2024: 13%, 71 in bothQ3 2024: 12%, 67 in bothQ4 2024: 12%, 64 in bothQ1 2025: 11%, 58 in both25Q2 2025: 11%, 54 in bothQ3 2025: 12%, 58 in bothQ4 2025: 12%, 66 in bothQ1 2026: 12%, 68 in both26Q2 2026: 12%, 62 in both
  • Q2 2013: 18%, 129 in both
  • Q3 2013: 17%, 131 in both
  • Q4 2013: 17%, 132 in both
  • Q1 2014: 16%, 135 in both
  • Q2 2014: 18%, 139 in both
  • Q3 2014: 17%, 142 in both
  • Q4 2014: 15%, 132 in both
  • Q1 2015: 14%, 126 in both
  • Q2 2015: 13%, 120 in both
  • Q3 2015: 12%, 117 in both
  • Q4 2015: 13%, 119 in both
  • Q1 2016: 14%, 129 in both
  • Q2 2016: 11%, 131 in both
  • Q3 2016: 11%, 137 in both
  • Q4 2016: 11%, 129 in both
  • Q1 2017: 12%, 122 in both
  • Q2 2017: 14%, 115 in both
  • Q3 2017: 14%, 120 in both
  • Q4 2017: 12%, 102 in both
  • Q1 2018: 11%, 49 in both
  • Q2 2018: 12%, 50 in both
  • Q3 2018: 11%, 50 in both
  • Q4 2018: 9.7%, 48 in both
  • Q1 2019: 9.8%, 49 in both
  • Q2 2019: 9.5%, 47 in both
  • Q3 2019: 10.0%, 44 in both
  • Q4 2019: 9.5%, 41 in both
  • Q1 2020: 10%, 47 in both
  • Q2 2020: 11%, 38 in both
  • Q3 2020: 12%, 45 in both
  • Q4 2020: 12%, 41 in both
  • Q1 2021: 11%, 39 in both
  • Q2 2021: 12%, 43 in both
  • Q3 2021: 12%, 47 in both
  • Q4 2021: 11%, 54 in both
  • Q1 2022: 10%, 58 in both
  • Q2 2022: 10.0%, 61 in both
  • Q3 2022: 9.7%, 64 in both
  • Q4 2022: 9.9%, 68 in both
  • Q1 2023: 9.5%, 68 in both
  • Q2 2023: 9.9%, 68 in both
  • Q3 2023: 11%, 73 in both
  • Q4 2023: 10%, 71 in both
  • Q1 2024: 11%, 72 in both
  • Q2 2024: 13%, 71 in both
  • Q3 2024: 12%, 67 in both
  • Q4 2024: 12%, 64 in both
  • Q1 2025: 11%, 58 in both
  • Q2 2025: 11%, 54 in both
  • Q3 2025: 12%, 58 in both
  • Q4 2025: 12%, 66 in both
  • Q1 2026: 12%, 68 in both
  • Q2 2026: 12%, 62 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.

StockFirst Eagle Investment Management LLCJanus Henderson Group Ltd
Alphabet Inc(GOOG)4.3%Trimmed4.3%Added
Taiwan Semiconductor MFG LTD(TSM)2.9%Trimmed1.6%Added
Facebook Inc(META)3.0%Added1.2%Trimmed
Microsoft Corp(MSFT)1.2%Added2.8%Trimmed
Oracle Corp(ORCL)2.1%Added0.8%Added
American Express Co(AXP)0.9%Added0.3%Added
Alphabet Inc(GOOGL)0.3%Trimmed0.4%Trimmed
Philip Morris Intl Inc(PM)1.8%Added0.3%Trimmed
Deere & Co(DE)0.6%Added0.3%Trimmed
Disney Walt Co(DIS)0.9%Added0.3%Added
Ferguson Enterprises Inc(FERG)0.3%Added0.7%Added
941848103(WAT)0.8%Trimmed0.3%Added
Booking HLDGS Inc(BKNG)1.4%New0.2%Added
Hca Holdings Inc(HCA)2.1%Added0.2%Trimmed
Medtronic PLC(MDT)1.8%Added0.1%Added
Oneok Inc New(OKE)1.7%Added0.1%Trimmed
Willis Towers Watson Pub LTD(WTW)1.9%Addedunder 0.1%Added
Anthem Inc(ELV)2.7%Addedunder 0.1%Trimmed
Berkshire Hathaway Inc Del(BRK-B)under 0.1%Addedunder 0.1%Trimmed
Cullen Frost Bankers Inc(CFR)0.7%Addedunder 0.1%Trimmed

and 42 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.

  • Alphabet Inc(GOOG)First Eagle Investment Management LLC trimmed; Janus Henderson Group Ltd added
  • Microsoft Corp(MSFT)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Taiwan Semiconductor MFG LTD(TSM)First Eagle Investment Management LLC trimmed; Janus Henderson Group Ltd added
  • Facebook Inc(META)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Anthem Inc(ELV)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Hca Holdings Inc(HCA)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Philip Morris Intl Inc(PM)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Oneok Inc New(OKE)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • 879360105(TDY)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Deere & Co(DE)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • Home Depot Inc(HD)First Eagle Investment Management LLC added; Janus Henderson Group Ltd trimmed
  • 941848103(WAT)First Eagle Investment Management LLC trimmed; Janus Henderson Group Ltd added
First Eagle Investment Management LLC: the recordJanus Henderson Group Ltd: the record

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