Janus Denies Rumors of Dumping Tech Stocks to Meet Redemptions or Liquidate Global Tech Fund

Janus addressed rumors that began in Paris earlier today.
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Amid a steep selloff for technology and telecommuncations stocks, top-selling growth fund shop

Janus

is denying that its managers are dumping their massive stakes in technology and telecommunications stocks or planning to liquidate the $7.6 billion

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Janus Global Technology fund, which is currently closed to new investors.

"When I came in this morning, there were rumors in Paris that Janus was selling huge portions of tech and telecom stock either to meet redemptions or because we are closing our technology fund," said Janus spokeswoman Jane Ingalls. "Both are absolutely and profoundly false."

When asked if the firm is selling tech and telecom today, Ingalls replied, "Historically, we have been committed to these stocks. However, I can't comment on current trading."

A person familiar with the firm said it's not significantly reducing its bet on big-cap tech and telecom stocks.

Ingalls pointed out that while investor's

redemptions from its retail funds, which rode fat tech and telecom bets to high returns last year and

losses this year, have exceeded investments in recent months, institutional investors have balanced them out with fresh investments. Janus is still this year's top-selling fund shop, though about half of its retail funds are

closed to new investors.

As of their most recent portfolio holdings statement, it appeared that

Janus was holding pat on many of its big-name tech holdings, such as

Nokia

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.

Ingalls says the firm is currently conferring with its legal staff on the possibility of drafting a statement later today.