Nokia's Dip Hurts Janus and Other Funds, Again
The market may be overreacting to a small sales shortfall, though.
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Mentioned: Provident Trust Strategy (PROVX)
, Janus Henderson Research T (JAMRX)
, Janus Twenty T (1100104572)
, Janus Worldwide T {mg} (1100104575)
, Turner Concentrated Gr Investor (TTOPX)
, Rydex Telecommunications H (RYMAX)
, Nokia Oyj (NOK)
Jittery investors dropped shares of wireless-phone and network company Nokia (NOK) after a strong year-end sales report missed the forecast of some observers. The dip is sure to affect hundreds of funds that own the wireless-phone industry leader, particularly offerings from Denver-based Janus Capital, which owns the stock in many of its portfolios.
Industrywide, about 580 mutual funds own Nokia, most of them large-blend and -growth offerings, according to Morningstar.com's database. Roughly 80 funds devote 3% or more of their assets to the company.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.