Three key fund managers have jumped ship from Janus funds in the past few months, following two who left in 2006. Five overboard bodes something, but not necessarily ill, given the overhaul at Janus since its infamous blowup early this decade (see Janus Rebuilt).
The latest defector is Minyoung Sohn, of Janus Balanced fund. Before Sohn, it was David Corkins, manager of the flagship Janus fund since February 2006. In August, Janus Twenty's longtime manager, Scott Schoelzel, announced he was leaving.
Sohn, Corkins and Schoelzel lived through bleak times at Janus, which was a preeminent growth-stock shop of the U90s. At the turn of the century, too many Janus managers threw too much money at too few tech stocks. When the sector subsequently crashed, so did the funds.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
But Janus's growth funds have rebounded strongly in recent years. The company deepened its roster of managers and analysts, undertook efforts to ensure that its funds don't overlap excessively and sought better diversification within portfolios.
All these changes may rankle longtime Janus managers. "Janus managers of old had carte blanche," says Morningstar stock analyst Rachel Barnard. "Having your wings clipped a bit would have to be difficult."
Janus chief executive Gary Black, who engineered many of the changes, says, "We've evolved as the industry has evolved." He also says that compensation for portfolio managers is up "sharply," so managers aren't leaving because they're not being paid enough.
Should Janus clients be concerned? Yes, if the exodus continues. But if you're sitting on significant gains, sit tight for now. All three managers who left recently have good replacements, and two are stellar. At the helm of Janus Twenty will be Ron Sachs, whose Janus Orion returned an annualized 26% for the past five years to November 1. Janus fund's new lead manager is Jonathan Coleman, who led Janus Enterprise to a five-year annualized return of 21%.
-
Stock Market Today: Stocks Rally Despite Rising Geopolitical TensionThe main indexes were mixed on Tuesday but closed well off their lows after an early flight to safety.
-
What's at Stake for Alphabet as DOJ Eyes Google's ChromeAlphabet is higher Tuesday even as antitrust officials at the DOJ support forcing Google to sell its popular web browser. Here's what you need to know.
-
Best Banks for High-Net-Worth Clients 2024wealth management These banks welcome customers who keep high balances in deposit and investment accounts, showering them with fee breaks and access to financial-planning services.
-
Stock Market Holidays in 2024: NYSE, NASDAQ and Wall Street HolidaysMarkets When are the stock market holidays? Here, we look at which days the NYSE, Nasdaq and bond markets are off in 2024.
-
Stock Market Trading Hours: What Time Is the Stock Market Open Today?Markets When does the market open? While the stock market does have regular hours, trading doesn't necessarily stop when the major exchanges close.
-
Bogleheads Stay the CourseBears and market volatility don’t scare these die-hard Vanguard investors.
-
The Current I-Bond Rate Until May Is Mildly Attractive. Here's Why.Investing for Income The current I-bond rate is active until November 2024 and presents an attractive value, if not as attractive as in the recent past.
-
What Are I-Bonds? Inflation Made Them Popular. What Now?savings bonds Inflation has made Series I savings bonds, known as I-bonds, enormously popular with risk-averse investors. So how do they work?
-
This New Sustainable ETF’s Pitch? Give Back Profits.investing Newday’s ETF partners with UNICEF and other groups.
-
As the Market Falls, New Retirees Need a Planretirement If you’re in the early stages of your retirement, you’re likely in a rough spot watching your portfolio shrink. We have some strategies to make the best of things.
