Janus Opportunistic Alpha Managed Account

Investing Opportunistically in Non-Consensus Equity Ideas

Quarterly Commentary - Q2 2016

EXECUTIVE SUMMARY

The Portfolio underperformed its benchmark during the period.

Our investments in major airlines suffered from pricing weakness, which overwhelmed numerous positive factors.

Stocks with volatile earnings continue to be punished, providing good buying opportunities for the Portfolio, especially in companies going through turnarounds.

PORTFOLIO MANAGEMENT

Dan Kozlowski

Daniel R. Kozlowski, CFA

Portfolio Manager since 2011
Industry since 1999