Janus 2 Is Open for Business Today

Amid a harsh trouncing of many of Janus managers' favorite sectors, the subscription period for the Janus 2 fund starts today.

Through Dec. 28, investors can reserve prelaunch shares at $10 a pop either through Janus or leading online broker Charles Schwab, the Denver fund shop announced today. At that point the fund will collect investors' pledged cash and start building the fund's portfolio when the fund officially launches on Dec. 29.

The fund can invest in companies of any size anywhere in the world. John Schreiber, assistant manager of the closed (JANSX)Janus fund, will hold the reins. TheStreet.com previewed the fund in detail in September. In a prepared statement Schreiber said he's seeking "all-weather" companies he thinks will be able to grow their earnings in up or down markets.

If the fund were launched at this point last year, it would no doubt raise a mountain of cash, but now investors might not be as excited about buying shares of a growth fund while growth sectors and funds plummet.

Janus is best known for running big-cap growth funds with big bets on the technology and telecommunications sectors. So far this year the average tech, telecom and big-cap growth funds are down 32%, 31% and 14%, respectively, according to Morningstar. The only Janus stock fund with a positive return since Jan. 1 is the closed (JAGLX)Janus Global Life Sciences fund.

On Thursday, Janus officials denied rumors that the firm was dumping its hefty stakes in tech and telecom stocks to meet investors' redemptions or liquidate its closed (JAGTX)Janus Global Technology fund.

That's a far cry from last year when the average Janus stock fund rode tech and telecom stocks to a stunning 81% return. The firm's funds were in hot demand, forcing Janus to shutter nearly half of its stock funds to new investors. Even with the closures, Janus is still this year's top-selling fund shop. The firm has taken in nearly $37 billion through Oct. 31, far outpacing runner-up Vanguard's $16.5 billion intake, according to Boston fund consultancy Financial Research.

That said, investors' redemptions have outpaced their investments in Janus funds over the past two months.

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