Janus Concentrated Growth Managed Account

High-Conviction Large-Cap Growth Equities

Quarterly Commentary - Q2 2016

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark during the quarter.

Amazon was a leading contributor during the period.

Norwegian Cruise Lines detracted during the period.

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