Janus Henderson Group plc, through its investment management subsidiaries, reports beneficial ownership of 22,331,445 ordinary shares of Flex Ltd., representing 6.0% of the class as of 12/31/2025.
The shares are held across client accounts (Managed Portfolios), with Janus Henderson’s asset managers having shared voting and dispositive power over all reported shares and no sole voting or dispositive power. The Managed Portfolios, not Janus Henderson, have the right to receive dividends and sale proceeds, and no single Managed Portfolio owns more than five percent of Flex’s stock. Janus Henderson certifies the holdings are maintained in the ordinary course of business and not for changing or influencing control of Flex.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 7)
FLEX LTD.
(Name of Issuer)
Ordinary Shares
(Title of Class of Securities)
Y2573F102
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
Y2573F102
1
Names of Reporting Persons
JANUS HENDERSON GROUP PLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
JERSEY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
22,331,445.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
22,331,445.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
22,331,445.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
FLEX LTD.
(b)
Address of issuer's principal executive offices:
12515-8 RESEARCH BLVD, SUITE 300
AUSTIN, TX 78759
Item 2.
(a)
Name of person filing:
Janus Henderson Group plc
(b)
Address or principal business office or, if none, residence:
201 Bishopsgate
EC2M 3AE, United Kingdom
(c)
Citizenship:
Y9
(d)
Title of class of securities:
Ordinary Shares
(e)
CUSIP No.:
Y2573F102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Janus Henderson Group plc (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, and Victory Park Capital Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios).
As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 22,331,445 ordinary shares of Flex Ltd. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)
Percent of class:
6.0 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
22331445
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
22331445
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts.
Of the Managed Portfolios, none own more than five percent of the common stock of Flex Ltd.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Please refer to Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
N/A
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What percentage of Flex (FLEX) does Janus Henderson report owning?
Janus Henderson Group plc reports beneficial ownership of 6.0% of Flex Ltd.’s ordinary shares. This corresponds to 22,331,445 shares held across client accounts, with Janus Henderson’s asset managers exercising shared voting and investment discretion over these positions.
How many Flex (FLEX) shares are reported as beneficially owned by Janus Henderson?
Janus Henderson Group plc’s filing reports beneficial ownership of 22,331,445 Flex ordinary shares. These shares are held in various client accounts, where affiliated asset managers exercise shared voting and dispositive power on behalf of investment funds and separate accounts they manage.
Does Janus Henderson have sole voting or dispositive power over Flex (FLEX) shares?
Janus Henderson reports no sole voting or dispositive power over Flex shares. It discloses shared voting power for 22,331,445 shares and shared dispositive power for 22,331,445 shares, reflecting decisions made collectively by its investment management subsidiaries for client accounts.
Who receives dividends and sale proceeds from the Flex (FLEX) shares managed by Janus Henderson?
Dividends and sale proceeds from the reported Flex shares go to the Managed Portfolios, not to Janus Henderson itself. The filing states those client accounts have the right to receive all dividends and proceeds related to securities held in their respective portfolios.
Is any single Janus Henderson client over 5% of Flex (FLEX) stock?
No individual client account exceeds the 5% threshold. The filing notes that among the Managed Portfolios holding Flex shares, none own more than five percent of Flex Ltd.’s common stock, even though Janus Henderson’s aggregated beneficial stake totals 6.0%.
What is the purpose of Janus Henderson’s Flex (FLEX) share holdings according to the filing?
Janus Henderson states the Flex shares were acquired and are held in the ordinary course of business. The filing specifies they are not held to change or influence control of Flex, but instead reflect normal investment management activity for client portfolios.
