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Rating:October 13, 2000 Not Rated 3.0 Email Routing List Email & Route  Print Print
Friday, October 13, 2000

October 13, 2000

Reported by Sean Hanna, Editor in Chief

Janus Watches Entrances and Exits
From National Underwriter
Janus, of course, is the two-faced Greek God who watched over significant entrances and exits of Rome - including the gates of the city. According to myth, the way one went through the gates he watched over created good or bad luck. The question is: are investors in Janus Capital's funds aware of this tradition? During the last leg of the bull market cash has flowed into Denver faster than the fund company could put it to work. No, according to reports, it is facing "huge withdrawals". Nearly one-quarter, or about $75 billion of the firm's $300 billion in assets have been deposited by investors since 1999. It saw redemptions of $122 million in September. There is no word yet of what has been happening so far in October, but many of the fund firm's favorite stocks have been among those leading the Nasdaq down.

Fund Democracy Panel Urges More Disclusure to SEC's Roye
From National Underwriter
A panel discussion sponsored by Fund Democracy held yesterday by the Securities and Exchange Commission om Washington explored the possibility of funds being required to provide more frequent disclosure. Morningstar CEO Don Phillips reportedly told Paul F. Roye, the director of the S.E.C.'s division of investment management, that the agency had a double standard toward stockholders and mutual fund shareholders saying that SEC Chairman Arthur Levitt "is brilliant when he talks about stocks," then added, "When it turns to fund issues, he falls into patronizing platitudes about fund investing." He was comparing the new Regulation FD to fund rules. Roye replied by suggesting that large funds would be harmed getting into and out of positions if they were required to provide more frequent disclosure. Supporting Phillips in the criticisms was financial planner Harold R. Evensky.

Magellan Among Funds Two-by-Foured by Home Depot
From National Underwriter
Among the funds taking a hit from the earnings disappointment at Home Depot was Fidelity Magellan. The fund owns roughly 50 million shares of the company. The fund also has large stakes in a number of other stocks well off their highs, including: Yahoo!, WorldCom, PriceLine.com, and Dell Computer.

What Should Fund Investors Do?
From National Underwriter
The paper tells the tales of Warren Buffett and Sir John Templeton to remind investors that it does sometimes pay to buy the dips (as it seems to have today). It also reports on fund companies, including Janus and T. Rowe Price, that report net outflows leading up to today's rally. Still, Vanguard, Fidelity Investments, Charles Schwab and Neuberger Berman, are all reported as saying their has been little unusual activity. The paper also reports on the rebound in the NAV of Oakmark Fund and Oakmark Select Fund. 

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