Friedman proves himself to wary investors
From The New York Post
Shareholders where a little concerned when Michael Price, portfolio manager and chief investment officer of the Mutual Series funds stepped down six months ago. However his replacement, Rob Friedman, is giving investors reason to relax. Franklin Mutual Discovery, the fund that Friedman himself manages, is up 16.78% so far this year. Franklin Mutual Shares has a year-to-date gain of 17.52%, Franklin Mutual Beacon is up 18.32% and Franklin Mutual Qualified posted gains of 17.35% so far this year. "Our performance is all that more exceptional because value isn't really back. Only cyclicals are back," Friedman said.

Is Janus cautious or paranoid?
From TheStreet.com
The two new Janus funds, Janus Global Technology and Janus Global Life Sciences, opened on the last day of 1998 but the firm still hasn't posted any portfolio information about the funds on its site. Janus says that it is trying to avoid copycats, front-running and other 'outside' trading that could hurt our efforts to build positions in our best ideas at the best prices. However, the entire portfolios of these two funds are already available in the semiannual report, which is publicly posted on the Edgar database. Some say the fund is cautious, others paranoid or maybe they are simply having Internet problems.

Morningstar picks new funds
From The Wall Street Journal
Morningstar Inc.'s business is to rate and rank thousands of mutual funds but when they are picking funds for their own 401(k) plan others stop to see what they are cooking up. Some of the funds being added are Pimco Total Return, Pimco High Yield and Vanguard 500 Index. Among the funds being dropped are Lindner Dividend and PBHG Growth. Some investors may want to use the firm's new 401(k) funds' lineup as a roadmap for structuring their personal portfolios, but Morningstar points out that its choices aren't for everyone.

KC Southern Industries debates spin-off
From The Wall Street Journal
Kansas City Southern Industries, the odd combination of railroads and mutual funds including Janus Capital is having problems agreeing on what part of the company should be spun off. Besides an 82% holding in rapidly growing mutual-fund manager Janus and a stake in fund-transaction processor DST Systems, the company owns money-management firm Berger Associates and 80% of Nelson Money Managers. Senior executives at Janus are interested in having its Denver fund company spun off on its own, without the three smaller companies, but since the matter was brought up after a recent IRS tax ruling the division might be more complicated.  

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