1. The Janus Henderson Opportunistic Alpha Managed Account Portfolio returned -0.81% (gross), underperforming the S&P 500® Index's 2.41% return. 2. Stock selection in the industrials and information technology sectors positively impacted performance, while consumer discretionary and healthcare positions detracted. 3. The firm expects continued strength in artificial intelligence and a broadening of market returns with easing monetary conditions and a healthy economy.