The Janus funds have seen an exodus of managers this year worthy of, well, Exodus. The departees have not only left the funds; they've left Janus, too:
•Minyoung Sohn, manager of Janus Growth and Income JAGIX and Janus Fundamental Equity JAEIX.
•David Corkins, manager of Janus fund JANSX.
•Scott Schoelzel, manager of Janus Twenty JAVLX.
•Tom Malley, manager of Janus Global Life Sciences JAGLX.
Those five funds account for about $36 billion in assets, or about 17% of the company's assets under management.
Most troubling are the departures of Sohn, Corkins and Schoelzel, says Karen Dolan, senior fund analyst at Morningstar. "Janus funds have done very well the past five years," she says. "With those key managers gone, it raises more question marks about Janus."
Aside from the fact that these Janus managers built fine performance records, they also interacted well with Janus analysts — a key part of the Janus mentoring tradition, Dolan says. Because of the departures, Morningstar has downgraded its opinion of how shareholder-friendly Janus is.
New in town:
Firsthand Alternative Energy ALTEX is run by Kevin Landis, manager of the top-performing Firsthand Technology Value fund. Satuit Capital Management Small Cap SATSX, run by Robert Sullivan, is one of the strongest small-cap managers in the country.
Who's in/who's out:
Ron Canakaris of Montag & Caldwell will now run Aston/ABN Amro Growth. Canakaris has been with AXA Enterprise Growth A for 28 years and has compiled a superb long-term record. He'll also manage Aston Balanced. Darren Maupin is out as manager of Fidelity Aggressive International; Sammy Simnegar is the fund's new captain. Murdo Murchison leaves Templeton Growth, to be replaced by Cynthia Sweeting.
Funds by the numbers