Janus Concentrated Growth Managed Account

High-Conviction Large-Cap Growth Equities

Quarterly Commentary - Q1 2016

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark during the quarter.

Alphabet was a large contributor to performance.

Chipotle Mexican Grill detracted from performance.

PORTFOLIO MANAGEMENT

Doug Rao

Doug Rao

Portfolio Manager since 2013
Industry since 1998

Nick Schommer

Nick Schommer, CFA

Portfolio Manager since 2016
Industry since 2007