Janus Mid Cap Growth Managed Account

Moderate Mid-Cap Growth Equities

Quarterly Commentary - Q1 2016

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark during the period.

Our stock selection in the technology sector was a large driver of relative outperformance.

Our stock selection in the financial and industrial sectors detracted from relative results.

PORTFOLIO MANAGEMENT

Brian Demain, CFA

Brian Demain, CFA

Portfolio Manager since 2007
Industry since 1999