Janus International Equity ADR Managed Account

Seeks International Quality Growth Equities

Quarterly Commentary - Q3 2016

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmarks during the quarter.

ARM Holdings was the leading contributor.

Novo-Nordisk 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