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Rating:Odd Lots, November 22, 1999 Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, November 22, 1999

Odd Lots, November 22, 1999

Reported by Hayley Green

Janus and Alliance jump into value
From The Wall Street Journal
Janus Capital Corp. and Alliance Capital Management, two mostly growth shops, are each launching value funds. In the first three quarters of this year, Janus and Alliance claim to have had the two best-selling mutual funds run by active managers, the growth-oriented Janus Twenty and Alliance Premier Growth. Observers say Janus may feel pressure to give customers a greater selection. The new Janus portfolio, Janus Strategic Value Fund, is expected to be run by David Decker, the current manager of Janus Special Situations Fund.

China relaxes rules
From The Wall Street Journal
China has relaxed limits on new share subscriptions by mutual funds, in its latest step to boost the nation's institutional investors. The new rules allow fund operators to buy stock on the primary market and sell it on the secondary market. Under the effective regulations mutual funds can now subscribe to at least 20% of any new share issue over 50 million units. Previous rules limited the amount of shares rationed to mutual funds at 10% for offerings of between 50 million and 100 million shares, and at 15% for issues between 100 million and 200 million shares.

Good time for value stocks equals good time for value funds
From The Boston Globe
Dividends are attracting investors to stocks as investors consider shifting some of their growth stock gains into less volatile territory. Some stocks with high dividend yields are both out of favor and undervalued says manager of the MFS Equity Income fund, Lisa Nurme. In addition these companies are ripe for consolidation, and Nurme says mergers among utilities, telephone companies, and financial services firms are a theme that could add some spice to the value stock story.

Active managers beat wallflowers
From The Los Angeles Times
Equity index funds have trounced active fund managers in the past few years making stock-picking almost seem like a dirty word. Things, however, seem to be changing. Among small-company growth, mid-cap growth and large-cap growth funds, active managers are now beating the sit-tight-ers, on a year-to-date, one-year, three-year and five-year basis, according to Morningstar Inc. data through Oct. 31. The list of the top-performing domestic stock funds year-to-date is filled with high-turnover portfolios, including Van Wagoner Emerging Growth (annual turnover: 668%; YTD total return: 228%); Orbitex Info-Tech & Communications (turnover: 360%; return: 122%); and Turner Midcap Growth (turnover: 304%; return: 82%), according to the Los Angeles Times.  

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