Janus Cuts Tech, Adds Value Names
Enron, Boeing likely to have weighed on recent returns.
As the market continued to hate many of its once-high-flying holdings, Janus scaled back its technology positions in the third quarter of 2001, while, surprisingly, adding to some value-oriented names.
The Denver-based fund shop sold off big stakes in big-cap technology issues like Sun Microsystems (SUNW) and EMC (EMC) during the third quarter, according to a recent filing with the Securities and Exchange Commission. The firm owned about 18 million shares of Sun as of June 30, but it had sliced that stake to 3.4 million shares by September 30. Janus' position in EMC went from 46.4 million shares as of June 30 to 6.4 million shares at the end of the third quarter. Janus managers also cut back on stocks like Veritas Software (VRTS) and Texas Instruments (TXN).
Catherine Hickey does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.
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