Janus Henderson Group plc reports beneficial ownership of 3,719,452 American Depositary Shares of Ascendis Pharma A/S. The filing states these shares represent 6.0% of the class and that Janus Henderson's affiliated asset managers hold shared voting and dispositive power over 3,719,452 ADSs. The filing disclaims rights to dividends or sale proceeds associated with the Managed Portfolios.
Positive
None.
Negative
None.
Insights
Large institutional position: 3.72M ADSs, 6.0% of class.
Janus Henderson Group plc is reported as the ultimate parent whose affiliated Asset Managers exercise shared voting and dispositive power over 3,719,452 American Depositary Shares. The filing attributes this ownership to discretionary Managed Portfolios run by multiple asset management entities.
The statement that the Asset Managers “do not have the right to receive any dividends” is a client-account allocation disclosure. Subsequent filings may identify which specific advisory entities or client vehicles hold these positions.
Filing clarifies reporting structure and beneficiary rights.
The Schedule 13G/A identifies Janus Henderson as a parent holding company and lists managed accounts that may be deemed beneficial owners because of voting/dispositive discretion. The exhibit references for Item 7 and a Power of Attorney are indicated in the signature block.
Signatures show the filing was executed on 5/15/2026. Any change in voting or beneficial ownership should be reported per applicable rules.
Key Figures
Beneficial ownership:3,719,452 sharesPercent of class:6.0%Shared voting power:3,719,452 shares+3 more
Percent of class6.0%Percent of American Depositary Shares
Shared voting power3,719,452 sharesShared voting power reported
Shared dispositive power3,719,452 sharesShared dispositive power reported
Sole voting/dispositive power0 sharesNo sole power to vote or dispose
Signature date5/15/2026Filing executed date
Key Terms
American Depositary Shares, beneficial ownership, shared dispositive power, Managed Portfolios
4 terms
American Depositary Sharesfinancial
"American Depositary Shares of Ascendis Pharma A/S"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
beneficial ownershipregulatory
"may be deemed to be the beneficial owner of 3,719,452 American Depositary Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared dispositive powerregulatory
"Shared Dispositive Power 3,719,452.00"
Managed Portfoliosfinancial
"clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts"
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 9)
ASCENDIS PHARMA A/S
(Name of Issuer)
American Depositary Shares
(Title of Class of Securities)
04351P101
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
04351P101
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
3,719,452.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,719,452.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,719,452.00
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:
ASCENDIS PHARMA A/S
(b)
Address of issuer's principal executive offices:
TUBORG BOULEVARD 12
HELLERUP, DENMARK DK-2900
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:
American Depositary Shares
(e)
CUSIP No.:
04351P101
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 of3,719,452 American Depositary Shares of Ascendis Pharma A/S. 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:
3719452
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
3719452
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 American Depositary Shares of Ascendis Pharma A/s.
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.
Janus Henderson reports beneficial ownership of 3,719,452 ADS, representing 6.0% of Ascendis Pharma A/S American Depositary Shares. The amount is reported as shared voting and dispositive power by affiliated asset managers on behalf of managed client portfolios.
Does Janus Henderson have sole control over the ASND shares?
No. The filing states Janus Henderson's Asset Managers have shared voting and shared dispositive power over 3,719,452 ADS. It reports 0 shares as sole power to vote or dispose, indicating collective discretionary control across managed portfolios.
Do the Asset Managers receive dividends or sale proceeds from these ASND ADS?
The filing expressly disclaims that the Asset Managers have the right to receive dividends or proceeds from sale of the securities held in the Managed Portfolios. It states the Managed Portfolios, not the Asset Managers, hold those economic rights.
When was the Schedule 13G/A signed for this ASND position?
The Schedule 13G/A was signed by Kristin Mariani, Head of North America Compliance, with an executed signature date of 5/15/2026. The cover references an amendment number and the issuer's CUSIP 04351P101.
