June 21, 2000
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Wednesday, June 21, 2000

June 21, 2000

Bernstein-Alliance funds are next
From Wall Street Journal
The Journal's coverage reports that talks between Alliance Capital and Sanford Bernstein started in March after Salomon Smith Barney's Bob Smith introduced executives of the two firms over dinner. Part of the plans for the company include rolling out new funds with the Bernstein-Alliance name. What about Bernstein was attractive to Alliance? Bernstein's high net worth business and its value focus both fill gaps at Alliance.

MetaMarket's will take disclosure issue to the people
OpenFund is going to continue pushing for more frequent disclosure of fund information despite yesterday's decision by the Investment Company Institute's Rules Committee to retain the status quo and not amend its "Best Practices" recommendations. OpenFund is calling for monthly or quarterly disclosures with no more than a month delay, says Dave Nadig, comanager of the OpenFund. He adds that, OpenFund's adviser, will pursue the issue with other ICI committees and to "take it to the streets" with a summer poll of investors. The ICI says that there was no move for more discussion on the issue at the meeting. wrote an open letter to Mathew Fink, president of the group calling for more disclosure last month. Fink responded by inviting Nadig to the Rules Committee.

How Janus defines value
From Wall Street Journal
Those wanting to know how Janus, the epitome of a growth fund house, defines value are getting their answer this week. Shareholders of the Janus Strategic Value Fund are receiving copies of the fund's annual report this week. The fund is loading up on stocks in sectors as manufacturing, oil companies, medical products and aerospace concerns, according to the Journal. Manager David Decker is seeking low price against free cash flow and improving returns on invested capital. The fund's largest positions are Coastal Corp., Johnson & Johnson, Tyco International Ltd. and Pitney Bowes Inc., Advanced Micro Devices Inc. and Apple Computer Inc.

Of Interest
  • Smart Money advises on building a portfolio of funds.

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