Janus International Equity ADR Managed Account

Seeks International Quality Growth Equities

Quarterly Commentary - Q2 2016

EXECUTIVE SUMMARY

Following the Brexit vote, markets experienced a flight to safety, which benefited several of the Portfolio’s holdings.

The Portfolio outperformed its benchmark, helped by our underweight position in consumer discretionary, which was dragged down by sluggish performance among several major U.S. retail stocks..

While our underweight position in consumer staples detracted from returns, many of our holdings exhibit similar defensive characteristics, but with better revenue growth.

PORTFOLIO MANAGEMENT

Julian McManus

Julian McManus

Portfolio Manager since 2010
Industry since 1994

Guy Scott, CFA

Guy Scott, CFA

Portfolio Manager since 2010
Industry since 1992

Carmel Wellso

Carmel Wellso

Portfolio Manager since 2010
Industry since 1994