Big Shifts in Some Janus Holdings
The biggest stock holdings of several Janus funds shifted dramatically in the three months ended June 30, according to a preliminary list released Tuesday by Janus Capital.
Viacom, Wal-Mart Stores, 3Com, VeriSign and Samsung Electronics were among the stocks that joined the top-10 lists at more than one of the firm’s funds, while Network Solutions was among those dropped from more than one.
Top holdings of Denver-based Janus, one of the best-performing--and fastest-growing--fund firms of recent years, are watched closely by investors for clues to where it may be pouring new money. The firm waits 45 days after the end of each quarter to update its portfolio information, in part to discourage traders who might try to play off portfolio shifts.
Because of the time delay, investors can’t be certain that the stocks in Janus funds at June 30 are still there. Also, changes in the 10 biggest holdings may not reflect changes in strategy: Stocks can move in and out of the top-10 list as a percentage of assets based solely on their relative performance.
Still, the shifts may give a sense of Janus managers’ thinking about the market. Among recent changes:
* Janus Enterprise--which rocketed 122% in 1999 but has cooled in 2000--had the most changes in top holdings, with five in its top 10 at midyear that weren’t there at March 31. In were Crown Castle, Exodus Communications, Millennium Pharmaceuticals, Sepracor and VeriSign; out were AT&T; Canada, McLeodUSA, Network Solutions, PSINet and Vitesse Semiconductor.
* At Janus Equity Income, American Express, Viacom and Wal-Mart moved in, Reliant Energy, Texas Instruments and Univision Communications moved out.
* At Janus Mercury, in came EMC and Medtronic and out went Amazon.com and Qualcomm.
* At Janus Olympus, Art Technology Group and Brocade Communications Systems were in, Network Solutions and Vodafone AirTouch were out.
Meanwhile, the $46-billion flagship Janus Fund had just one change: Viacom in, Sun Microsystems out.
The firm’s global funds reported several changes. At Janus Overseas, for example, in were Philips Electronics, Nortel Networks, Samsung and Telefonos de Mexico; out were Colt Telecom Group, JDS Uniphase, Legend Holdings and Sony.
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Major Janus Stock Holdings
Here are the 10 biggest stock holdings in three well-known Janus mutual funds as of June 30. The stocks are listed alphabetically (Janus doesn’t disclose individual stock rankings).
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Janus Fund Janus Worldwide Janus Venture Cisco Systems Banco Bilbao Vizcaya Alpha Industries Comcast China Telecom Enzon Enron Cisco Systems Globix General Electric Nokia Informatica Linear Technology NTT DoCoMo Insight Enterprises Maxim Integrated Samsung Electron. Radio One Nokia Telefonica SDL Texas Instruments Telmex SFX Entertainment Time Warner Time Warner TMP Worldwide Viacom Vodafone AirTouch Verio
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Source: Janus Funds
