With its tech-heavy growth funds sputtering,

Janus

plans to start rolling out its second value fund in as many years on Friday.

During a subscription period lasting from June 1 through June 29, investors will be able to reserve launch-day shares of the

Janus Global Value

fund through Janus and leading online broker

Charles Schwab

. The fund will commence operations on July 1, according to paperwork filed with regulators Thursday. With the new fund, Janus joins the ranks of fund firms

rushing to capitalize on value's newly hip status.

The new fund comes after a brutal year when most of Janus' well-known stock funds, which rode a soaring

Nasdaq

to a more than 80% average gain in 1999, have ridden the tech and telecom sectors to steep losses. Just three of the Denver firm's 14 direct-sold stock funds with a one-year record are ahead of their average peer over the past 12 months, according to

Morningstar

. The firm's popular and shuttered

(JAVLX)

Janus Twenty fund, for instance, is off 50.4% since the

S&P 500 Index's

peak on March 24 last year, according to

Baseline/Thomson Financial

. The index is down 18.3% over the same period.

Like most Janus funds, Global Value is designed to have a broad palette. Fund manager Jason Yee will be able to buy stock in companies of any size, based anywhere in the world. The firm made its name running growth funds like Twenty, which focus on the often pricey and volatile shares of fast-growing companies, often in the tech or telecommunications sectors. But like the

(JSVAX) - Get Report

Janus Strategic Value fund that launched about 14 months ago, this fund will follow a different, if not less aggressive strategy: companies that appear undervalued.

That said, it won't necessarily be tame, either. Yee will be able to put all of the fund's money in stocks of foreign companies or the securities traded in just one country. But he will typically hold stocks from at least five different countries, including the U.S, according to the fund's preliminary filings.

Yee worked at Janus from 1992 to 1996 as an analyst before joining

Bee & Associates

, a Denver money management shop owned by

Denver Investment Advisors

. He came back to Janus last April, according to the fund's paperwork, which doesn't note any previous experience calling the shots at a retail stock fund.

While some investors have given up on Janus, evidenced by

a spate of redemptions, most have hung in there. Thanks to 1999's heady gains, however, the 11 direct-sold Janus funds with a three-year track record all lead their average peer over that time period.

Still, they may not rush to commit more money to the firm's aggressive style. Investors

poured more than $1 billion into the Strategic Value fund during its prelaunch subscription period last year, but this fund is unlikely to get a similar response. The firm's lone value offering hasn't fared much better than its battered growth fare, losing 2.6% over the past year and trailing 86% of its large-cap value peers, according to Morningstar.