In a move that gives credence to the argument that U.S. growth stocks are due for a breather, growth-fund titan

Janus

filed paperwork for the new

Janus Adviser Global Value

fund and the

Janus Aspen Global Value

fund with regulators on Valentine's Day.

As usual, the Denver fund shop is designing the funds, set for a May 1 launch, to have wide parameters. According to the funds' filings, portfolio manager Jason Yee can invest in companies of any size, anywhere in the world, focusing on stocks he believes are selling below their intrinsic worth. (Growth funds typically are less focused on intrinsic worth and are willing to pay more for stocks of faster-growing companies.) He can invest up to 100% of the fund's assets in foreign stocks, bonds or stocks in just one country. That said, the fund will typically hold stocks from at least five countries, including the U.S., according to its preliminary prospectus. The fund is also nondiversified, meaning Yee can make big bets on individual sectors and stocks.

Yee worked as an analyst at Janus from 1992 to 1996 but left the firm to work as a portfolio manager with

Bee & Associates

, a Denver money management firm owned by

Denver Investment Advisors

. Yee rejoined Janus last April, according to the filing, which doesn't list any previous experience running a retail mutual fund.

The dual filing reflects Janus' expanding distribution lines. The firm's Adviser funds are designed to be sold through fee-based financial planners. They don't carry loads or sales charges, but do levy an annual 12b-1 marketing fee to pay advisers. The Global Value fund's total annual expenses are expected to be 1.48%, which would be lower than the average global fund's 1.81% expense ratio. The Aspen version's annual expenses are expected to be 1%.

The Aspen funds are typically for institutional investors, including 401(k) plans. The Aspen and Adviser funds are generally clones of the firm's more recognizable, direct-sold funds, which don't have marketing fees. Janus officials say they have not filed a direct-sold version of the fund.

Janus's stock funds are coming off a subpar year when the

Nasdaq Composite's

nearly 40% loss left their aggressive, tech- and telecom-heavy funds battered. The small-cap-growth

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Janus Venture fund and the

(JAGTX) - Get Report

Janus Global Technology fund, both closed to new investors, lost 45.8% and 33.7%, respectively, in 2000. That's a far cry from the firm's frothy gains in 1999 when its stock funds rode these sizzling sectors to triple-digit gains. The average Janus stock fund gained more than 80% that year.

Thanks to those heady gains, the firm's direct-sold funds' assets grew from $75.9 billion to more than $170 billion in 1999. This glut of cash forced the firm to shutter nearly half its stock funds, including both of its direct-sold funds with foreign exposure:

(JAWWX) - Get Report

Janus Worldwide and

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Janus Overseas, run by Helen Young Hayes and Laurence Chang. Both funds have substantially similar versions run by the same duo that are still open to new investors as part of the Adviser series:

(JWGRX) - Get Report

Janus Adviser Worldwide and

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Janus Adviser International.

The Global Value offering will be the second value-oriented portfolio on Janus' menu. Janus launched the

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Strategic Value fund nearly a year ago, after growth stocks led the

S&P 500

index to its fifth-consecutive year of at least 20% gains for the first time ever. The fund, run by David Decker, is up 6% since Jan. 1, beating the S&P 500 and more than 90% of its large-cap value peers.