Janus' New Value Manager Sounds a Lot Like Its Growth Managers

David Decker has heard the questions, the skepticism, the downright doubt, that he -- or anyone at Janus Capital, the premier growth shop -- can run a value fund. And he minces no words on this point: "Can I run a value fund? Absolutely," is the answer.

But value -- the art of picking stocks that are undervalued relative to earnings growth, cash flow and other yardsticks -- is in the eye of the beholder, says Decker, the 33-year-old manager of the Janus (JASSX Quote)Special Situations fund.

Special Situations, without question the most valuation-conscious of Janus' lineup, is up an impressive 30.1% for the year through October -- a far cry from the average value fund, which has eked out a paltry 2.4% gain year-to-date. ...