Janus International Equity ADR Managed Account

Seeks International Quality Growth Equities

EXECUTIVE SUMMARY

The Portfolio underperformed its benchmarks during the quarter.

AIA Group was the largest individual detractor from performance.

Mitsubishi UFJ Financial contributed to performance.

PORTFOLIO MANAGEMENT

Julian McManus

Julian McManus

Portfolio Manager since 2010
Industry since 1994

Carmel Wellso

Carmel Wellso

Portfolio Manager since 2010
Industry since 1994