Aug. 14, 2002 -- The Janus Olympus Fund (JAOLX) reopened to new investors this week, after being closed for more than two years.
Janus Capital Management closed Olympus, the Janus Worldwide Fund (JAWWX) and the Janus Global Life Sciences Fund (JAGLX) in May 2000 to keep them from getting too big to be manageable. The Olympus fund's assets had shrunk to $2.2 billion on July 31 from $7.8 billion at the end of May 2000, according to a Janus spokesman, who said the "vast majority" of the decline was due to stock market depreciation.
Janus has no plans to reopen any of its other funds that are currently closed, the spokesman, Blair Johnson, said. Seven of the company's funds, including its flagship Janus Fund (JANSX), and the Janus Twenty Fund (JAVLX), are not accepting new investors.
Claire Young, the Olympus fund's portfolio manager, said in a statement that she is seeing "more compelling investment opportunities, at more reasonable valuations," than she has seen in several years, and that be reopening the fund she hopes to be able to "take advantage of those opportunities."
The Olympus fund lost 23.6% this year through the end of July, while its large-cap growth fund peers fell 24.4%, and the Standard & Poor's 500 index was down 19.9%. The fund lost 32.1% last year, compared to losses of 21.9% by its peers, and 11.9% by the index.