Janus Mid Cap Growth Managed Account

Moderate Mid-Cap 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

Brian Demain, CFA

Brian Demain, CFA

Portfolio Manager since 2007
Industry since 1999

Philip Cody Wheaton

Philip Cody Wheaton, CFA

Portfolio Manager since 2016
Industry since 2001