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Janus Enterprise's Goff Tempers Things--A Bit

Fast growers still abound, but steady-Eddies creep up as Goff relaxes growth requirement.


Things are still rough all over for Janus Enterprise Fund (JAENX). After a terrible 2000, when the portfolio shed 30.5% of its value, the fund is still dragging with a 31.8% loss through July 20, 2001. 

The culprits for the fund's steep losses this year are a range of high-flying tech and biotech shares that investors have pummeled. For instance, Exodus Communications (EXDS) is down a gut-wrenching 94.6% so far in 2001. Manager Jim Goff sold that stock recently, characterizing it as a "massive mistake", but not before considerable damage was done to performance. Two other stocks that wrought havoc on Enterprise were McLeodUSA (MCLD), a telecom-service provider, and Metromedia Fiber (MFNX). Both of these stocks are down significantly this year, and even though Goff thinks each company is the best at what it does in its industry, he said it was tough to justify keeping them because they hold so much debt and the markets for these industries may continue to stay weak. 

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Catherine Hickey does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.