Janus Fund to Close
The Janus Fund will be closing to new investors. Janus said that it will close the fund at $50 billion in assets. "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," manager Blaine Rollins said in a statement. Investors will be able to open accounts in the new Janus 2 by the end of the year.
Funds Drive Stock Demand
From Boston Globe
Fund managers are the source behind the strongest global demand for U.S. stocks since 1997, says a Merrill Lynch survey. The survey found that U.S. fund managers are overweight position in U.S. stocks for the first time in 16 months. The reflects fund managers' confidence that the Fed will engineer a "soft landing" in the economy.
Magellan Raises Cash Stake
From Boston Herald
Robert Stansky is moving Fidelity's $109.8 billion Magellan Fund more to cash, according to Fidelity's September Mutual Fund Guide. The fund lowered its exposure to technology, moving from an overweighted position to an underweighted position. Its tech holdings totaled 31.3% of assets as of July 31, down from 35.1% as of June 30 but above the 27.1% it held at the start of the year.
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