Janus and the Winners' Circle

Cramer takes a look at some top holdings and wonders how much of this rally is simply Janus putting money to work.
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Pssst, you want a hot tip? Buy whatever Janus is buying.

After reading yesterday morning's

USA Today

-- a must for a quick overview of everything -- I was astounded to learn that Janus had taken in almost a quarter of all the money that got thrown at mutual funds last month. And it deserves it. This fund family has been cooking with gas.

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Top of the heap is the Janus

(JAGTX) - Get Report

Global Technology fund, which is up so much it makes my heart sick (but my dad is long it!!) as a competitor.

Janus doesn't update its site as much as I would like (wait until you see what our

Fox News Channel

guest does this weekend about posting his positions, if you think all mutual funds are black boxes), but a quick look at JAGTX, the ticker for Global, tells you everything you need to know about what is hot in this market.

Janus Global Technology's largest positions include

Applied Materials

(AMAT) - Get Report

,

Cisco

(CSCO) - Get Report

,

Exodus

(EXDS)

,

JDS Uniphase

(JDSU)

,

Nokia

(NOK) - Get Report

,

Sapient

(SAPE)

,

Sun Microsystems

(SUNW) - Get Report

,

Teradyne

(TER) - Get Report

,

Texas Instruments

(TXN) - Get Report

and

Veritas

(VRTS) - Get Report

. They make up 30% of the portfolio.

Hold it, you might ask, isn't that just about everything that is working in this market? Isn't that the list of stocks that hit new highs every day? Isn't that the winners' circle?

I don't want to take anything away from these folks' performance, but as a trader, I have to wonder how much of this rally in these names is simply Janus putting the money to work. And then you have to ask, how much of it is other people simply imitating Janus? Isn't this just the Janus rally, where a handful of loved-by-Janus stocks go up and everything else doesn't?

The funny thing is that earlier this year, in April, we saw a similar pattern of big run-ups in fave Janus names. Then Janus turned off the spigot by closing one of its largest funds to new investors. As I wrote

back then on this site, that marked the short-term top in these kinds of stocks.

I don't want to pin too much on the buying of Janus, but if you asked me what the most salient feature of any coming decline would be, I would have to say it would be the closing of the Janus funds because they have too much money, a la what they did in April.

Until then, obviously, these guys don't think their stocks have reached their objectives, whatever the heck they are.

I bet they are the single biggest prop to this market. You don't want them going away.

Random musings:

Those waiting for my picks for my kids' funds, all I can say is "not yet." I haven't finished the work I need, but you will know in one week's time. Remember, that's Personal Finance Friday, which, by the way, might have to be expanded, because it was my most-read

column last week.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Applied Materials, Cisco, JDS Uniphase, Nokia, Sun Microsystems and Texas Instruments. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.