Janus Opportunistic Alpha Managed Account
Investing Opportunistically in Non-Consensus Equity Ideas

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

The Portfolio outperformed its benchmark during the quarter.

United Continental was a top contributor.

Rayonier Advanced Materials was a leading detractor.

PORTFOLIO MANAGEMENT

Daniel R. Kozlowski, CFA

Portfolio Manager since 2011
Industry since 1999