Janus International Equity ADR Managed Account
Seeks International Quality Growth Equities

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

Volatility sparked by global growth concerns diminished following a commitment to aggressive central bank initiatives.

The Portfolio outperformed its benchmark, driven by our selection in technology and industrials stocks.

The materials and financial sectors detracted most from relative performance.

U.S. and European consumers should benefit from lower energy prices, while China engineers a soft landing for its economy.

PORTFOLIO MANAGEMENT

Julian McManus

Portfolio Manager since 2010
Industry since 1994

Guy Scott, CFA

Portfolio Manager since 2010
Industry since 1992

Carmel Wellso

Portfolio Manager since 2010
Industry since 1994