Janus Concentrated Growth Managed Account

High-Conviction Large-Cap Growth Equities

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark.

Activistion Blizzard was the largest contributor.

Bristol-Myers Squibb was the largest detractor.

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