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Janus Slashes Top Holdings

Redemptions cause firm to lighten its portfolios.

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In a relentlessly declining market, with shareholder redemptions the most sizable in the mutual fund industry, Janus managers collectively pared most of the firm's largest holdings during the second quarter of 2002.

According to a report filed yesterday by Janus Capital Management with the Securities and Exchange Commission, the Denver-based shop cut its positions in General Electric (GE) and Nokia (NOK) by 82% and 67%, respectively, during the period. Janus managers also sold more than half of their stake in Tyco International (TYC) and more than one third of their Pfizer (PFE) positions.

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Brian Portnoy does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.