Bill Gross's Janus Fund Hit With Redemptions of $57 Million

Gross's Janus Outperforms, Investors Withdraw $57M
  • Investors withdraw money in December even as Gross outperforms
  • Janus names four new co-managers to its equity funds

Investors pulled an estimated $57 million, or about 4 percent of assets, from Bill Gross’s Janus Global Unconstrained Bond Fund in December, even as the veteran bond manager outperformed most rivals.

The fund’s assets declined to $1.27 billion as of Dec. 31 from $1.32 billion at the end of November. Investors in the fund lost 0.23 percent over the past year, beating 83 percent of unconstrained bond funds, according to data compiled by Bloomberg.

Janus Capital Group Inc. today said it was adding four new co-managers to its equity funds, six months after the company added a co-manager to Gross’s fund. Three of the new managers were already working at Janus. The fourth, Denny Fish, rejoined the firm, the Denver-based company said in a statement.

Jean Barnard, formerly head of the communications sector team, will be co-manager of the $7.9 billion Janus Fund and the firm’s large-cap growth strategies. The fund, started in 1970, is down 0.8 percent over the last year, beating 56 percent of peers, according to data compiled by Bloomberg.

Nick Schommer will be co-manager of the $2.3 billion Janus Forty Fund and its concentrated growth strategies. Ethan Lovell will be co-manager of the $4.7 billion Janus Global Life Sciences Fund.

Fish, who returned to Janus from RS Investments, will be co-manager of the $1.1 billion Janus Global Technology Fund.

Shares of Janus, which managed about $185 billion as of Sept. 30, are down 25 percent over the past year. In an e-mail, Janus spokeswoman Erin Passan declined to comment on the fund flows.

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