Janus Opportunistic Alpha Managed Account

Investing Opportunistically in Non-Consensus Equity Ideas

Quarterly Commentary - Q1 2016

EXECUTIVE SUMMARY

The Portfolio underperformed its benchmark during the quarter.

Endo International was a large detractor from performance.

Mattel was a large contributor to performance.

PORTFOLIO MANAGEMENT

Dan Kozlowski

Daniel R. Kozlowski, CFA

Portfolio Manager since 2011
Industry since 1999