Janus International Equity ADR Managed Account

Seeks International Quality Growth Equities

Quarterly Commentary - Q4 2015

EXECUTIVE SUMMARY

The Portfolio underperformed its primary benchmark and outperformed its secondary benchmark during the quarter.

Sekisui Chemical was a large contributor to performance.

Indivior detracted from performance.

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