Janus Opportunistic Alpha Managed Account

Investing Opportunistically in Non-Consensus Equity Ideas

Quarterly Commentary - Q3 2016

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark during the quarter.

Our stock selection in the industrial sector was the largest contributor to relative performance.

Our stock selection in the consumer discretionary sector detracted from relative results.

PORTFOLIO MANAGEMENT

Dan Kozlowski

Daniel R. Kozlowski, CFA

Portfolio Manager since 2011
Industry since 1999