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Portfolio > Portfolio Construction

Janus Manager Relinquishes Funds

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April 14, 2005 — Janus Capital Group (JNS) said Karen Reidy will relinquish her portfolio management responsibilities on Janus Balanced Fund (JABAX) and Janus Core Equity Fund (JAEIX), effective May 1.

Marc Pinto and Gibson Smith were named co-managers of the Balanced Fund, while Minyoung Sohn will manage the Core Equity Fund.

The changes will also affect the corresponding Janus Adviser Series, Janus Aspen Series and Institutional portfolios.

Pinto, who has 20 years investment experience, currently manages equity investments for Janus’ institutional clients.

Reidy, who has been with Janus for the past ten years, started managing each of the funds in January 2000. In a letter to shareholders, Reidy wrote that she is exploring an opportunity to work in a “strategic capacity” with Janus’ chief executive officer, Steve Scheid.

Smith, head of Janus’ $6 billion fixed-income department, also manages Janus Short Term Bond Fund (JASBX) and Janus High Yield Fund (JAHYX). Smith joined Janus in 2001.

Sohn, who has been with the firm for seven years, also manages the Janus Growth and Income Fund (JAGIX).

Sohn’s stock-picking style is “quite similar to Karen’s” and the Core Equity Fund’s strategy will not be “markedly different” from the prior management, said company spokesman, Blair Johnson.

Johnson noted that Smith was already working on the fixed-income portion of the Balanced Fund for the past three years, and is now “taking a more formal role” with the fund.

The spokesman also said that the equity portion of the Balanced Fund will likely have some “stock ownership overlap” with the large-cap growth institutional portfolios that Pinto currently manages. “However, he may selectively underweight or omit certain stocks in the Balanced fund that he may consider too aggressive,” he added.

Ranked 4 Stars by Standard & Poor’s, the $2.7-billion Balanced Fund gained 4.9% for the year ended March 31, compared with a 4.5% return for the average hybrid U.S. balanced fund. For the three-year period, the fund registered an annualized return of 4.1%, matching the peer group.

Recently downgraded to 4 from 5 Stars by Standard & Poor’s, the $640-million Core Equity Fund climbed 9.8% through the year ended March 31, versus a gain of 1.8% for the average large-cap growth portfolio. For the three-year period, the fund rose 3.1% annualized, versus a decline of 0.5% for its peers.

Contact Bob Keane with questions or comments at: [email protected].


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