Janus Fund Closing to New Investors

Janus Capital Corp., the top-selling U.S. mutual fund company, said Wednesday that it closed its $50-billion Janus Fund to new investors.

But the firm also said it will launch a new fund, Janus 2, pending Securities and Exchange Commission approval.

The closing of Janus Fund marks the fifth time this year Janus has closed a fund to new investors. Janus has opened two new funds this year, Janus Strategic Value Fund and Janus Orion Fund.

“I made the decision to proactively close Janus Fund at this time so that the portfolio team and I can continue to selectively invest in the best companies in the world,” Blaine Rollins, Janus Fund’s manager, said.

Meanwhile, the new fund, Janus 2, will be managed by John Schreiber, assistant manager of Janus Fund. The company expects Janus 2 to begin operating Dec. 29. It isn’t yet clear whether the fund might seek to closely track the Janus portfolio.

Current investors in the Janus Fund will still be able to purchase shares. The fund will continue to accept investments from 401(k) plans in which it’s offered.

This year has been tough on many growth-stock-fund managers, amid wild market volatility. That probably factored in Janus’ decision, said Geoff Bobroff, an industry consultant in East Greenwich, R.I. “This is just the continuing pattern of their difficulty in taking on more money in their style with the market that we currently have today, and the near-term prospects,” Bobroff said.

Janus Fund has gained 6.2% so far this year.

Earlier this year, Janus closed Janus Global Technology Fund, Janus Olympus Fund, Janus Worldwide Fund and Janus Global Life Sciences Fund.