May 21, 2003 — Janus plans to introduce a new portfolio, the Janus Adviser High-Yield Fund, which will be managed by Sandy Rufenacht, manager of its existing $1-billion Janus High Yield Fund (JAHYX).
“The new fund will essentially be a mirror product of the existing High-Yield fund,” said Jeb Avery, manager of institutional services at Janus.
For the five-year period ended April 30, Janus High-Yield fund gained an average annualized 3.5%, versus 0.5% for its peers. The portfolio is ranked 4 Stars by Standard & Poor’s.
In addition, Janus said it will be imposing a 1.00% redemption fee on the following six Janus Adviser series funds, effective June 2:
*Janus Adviser:International Value/I (JADVX)
*Janus Adviser International Growth Fund (JIGRX)
*Janus Adviser:Worldwide Fund/I (JWGRX)
*Janus Adviser:Risk Managed Large Cap Core/I (JLCIX)
*Janus Adviser:Risk Managed Large Cap Gwth/I (JCGIX)
*Janus Adviser High-Yield Fund
Avery said the move is designed to limit and discourage market timers and arbitrageurs. The fees offset costs resulting from short-term trading of the funds.
Janus also said Janus Adviser:Aggressive Growth Fund/I (JGRTX), which is managed by Jonathan Coleman, is changing its name to Janus Adviser Mid Cap Growth Fund, effective June 2.
“This is simply a name change to better reflect the style and category that this portfolio invests in,” Avery noted.
Also, Janus Adviser:International Fund/I (JIGRX) is changing its name to Janus Adviser International Growth Fund. As earlier reported, Brent Lynn takes over this portfolio, succeeding Helen Young Hayes, who is retiring.
“This name change is being done primarily to distinguish it from our Janus Adviser International Value fund, and to clarify that this fund has a growth emphasis,” said Avery. There will be no change in the funds’ investment styles, he added.