Janus Concentrated Growth Managed Account

High-Conviction Large-Cap Growth Equities

Quarterly Commentary - Q2 2015

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark during the quarter.

Valeant Pharmaceuticals was a top contributor.

Lowe’s Companies was a top detractor.

PORTFOLIO MANAGEMENT

Doug Rao

Doug Rao

Portfolio Manager since 2013
Industry since 1998