Good to see that mutual funds, even smallish ones, aren't faring any better than their BSD "hedging" brethren. In the words of Janus Capital CEO Gary Black, "the 4th quarter, for us and for everyone else, was dead." Janus' largest fund, the $7 billion Janus Twenty Fund fell 42% last year while the somewhat smaller Janus Orion Fund dropped 50%. Maybe they can rename it something cooler and people will forget all about this abysmal performance?
Janus announced that it will abandon the institutional money-market business, even though it manages over $7.9 in such accounts. The Company has already fired 10% of its its staff.
We are all licking our chops in advance of Bill Miller's Legg Mason "earnings" call next Wednesday.
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