Summary

• Janus Henderson Enterprise Fund returned -5.96% and the Russell Midcap® Growth Index returned -6.35%.
• Stock selection in the financials sector contributed to relative performance, while stock selection in the industrials sector detracted.
• We remain committed to a disciplined, bottom-up investment approach that pursues growth opportunities while seeking to manage downside risk.

Investment environment

• The equity market started out the year with modest gains, supported by resilient economic growth.
• Volatility increased in March, after war in the Middle East drove the price of oil over $100 per barrel. Inflation

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