Janus Contrarian (JSVAX)
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average rating: 4.00 / 13 ratings
DESCRIPTION:
Date updated:01-30-2008
This fund has a Morningstar rating of 5 stars and is currently run by David Decker. Decker joined Janus Capital in 1992 and has managed various other mutual funds and private accounts since that time. Decker holds the Chartered Financial Analyst designation.
Janus Contrarian Fund is an open-end fund incorporated in the USA. The Fund's objective is long-term growth of capital. The Fund invests at least 80% of its net assets in equity securities with the potential for long-term growth of capital. The portfolio manager will seek attractively valued companies that are improving their free cash flow and returns on invested capital.
From Barron's 7-9-07:
"Janus has learned a lot since [the tech implosion]. They've forged a different way of investing." That includes paying more attention to risk control, by avoiding overlapping positions, broadening the universe of securities its analysts look at and spending more time on whether a stock has enough downside protection....Valuation has become a far more important part of what they do...Janus Contrarian manager Decker, sums up his investment philosophy this way: "You are more likely to find situations that are undervalued, relative to their intrinsic value, if the company is out of favor and misunderstood. We start with that premise...Decker says that he and other managers, such as Jason Yee of Janus Worldwide and David Corkins of Janus Fund, "look for high-quality businesses that generate strong cash flow and strong returns on capital. Then the question is: What are you willing to pay for those streams of cash flows?"
"Decker, who has run the fund since 2000, appears to be paying the right prices. His fund, which has about $7.4 billion in assets, around 40% of it in foreign stocks, ranks at the very top of its Lipper and Morningstar peer groups, based on one-, three- and five-year returns. Its five-year annual return of 22.6% bests the S&P 500's by more than 11 percentage points."
"Over all, Janus' funds are producing better gains with lower risk. That should help the company prosper. If it doesn't, Janus' own shareholders could benefit from a buyout."
On 1/23/07, Marketwatch picked the fund's manager as an honorable mention for Fund Manager of the Year. The article states "The fund manager is a big believer that a company's cash flow tells its story better than any other measure. The most important questions he asks company executives he visits is how cash flow is invested, the rate of return the business expects from its capital investment and how management intends to generate that profitability." and quotes manager David Decker as saying "When we go into a position, we are thinking three to five years"
Current Returns:
1-Year: 26.93%
3-Year: 23.70%
5-Year: 26.67%
As of 10/31/07
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OI
Owens Illinois - $33.49
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Liberty Global - $21.77
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In the Marketwatch article mentioned in the fund profile, the following is said in regards to Decker's decision making process on purchasing this stock: "St. Joe is a good example of Decker's approach. The market is valuing St. Joe's land holdings at about $5,000 an acre, Decker said. The land's value is "substantially greater," he added. When St. Joe's shares tumbled last year on concerns about a slide in housing demand, Decker bought more, especially as the stock brushed the low $40s. The shares are now approaching $60. "That pick is a good definer of what David is trying to do," said Andrew Gogerty, a fund analyst at investment researcher Morningstar Inc. "He wants companies that are going to build shareholder value, but not at the expense of meeting some short-term market estimate. For people who have that kind of patience and long-term thought process, this could be an excellent fund."
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Nrg Energy Inc - $23.76
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Amgen Inc. - $54.69
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JCP
Penney J C Co Hol - $30.52
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