Janus Mid Cap Growth Managed Account

Moderate Mid-Cap Growth Equities

EXECUTIVE SUMMARY

The Portfolio underperformed the benchmark during the quarter.

Our holdings in the industrial and consumer discretionary sectors detracted from relative performance.

An overweight to the information technology sector and underweight to the consumer staples sector contributed to relative results.

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