Janus Concentrated Growth Managed Account

High-Conviction Large-Cap Growth Equities

EXECUTIVE SUMMARY

The Portfolio underperformed its benchmark.

Amazon was a large detractor from performance.

Charles Schwab Corp. was a large contributor.

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