David Corkins, a 12-year veteran of Janus and manager of its flagship Janus Fund (JANSX) and other large-cap growth stock-fund vehicles, will leave the Denver-based company effective Nov. 1."
The Janus fund has posted better returns than a large cap growth index and similar funds since early 2006 when Corkins took over management, so his departure is not due to unsatisfactory performance, but rather that old Janus internal management turmoil that we used to know and hate (Janus recently announced that Scott Schoelzel, manager of Janus Twenty's [JAVLX], will be leaving at the end of the year). Maybe Corkins has his eye on a big hedge fund salary.
It's a good idea for owners of a fund that has changed management to keep a close eye on their investment. Bringing in a new manager to a mutual fund is kind of like starting a new quarterback in the NFL: investors are hoping for a hall-of-famer like Tom Brady, but they might end up with a washout like Ryan Leaf. New fund management can bring a entirely different investment approach, so much so that you could look at the Janus Fund after November 1st as an entirely different investment than the one it was under Corkins.
In this case we don’t think there is going to be a change for the worse here – we like the new managers and have other funds they manage in our MAXadvisor Powerfund Portfolios - but you can expect our ratings for the Janus Fund ratings to change slightly here in coming months (fund manager turnover generally hurts our custom quantitative ratings).
Marketwatch reports that Janus Fund (JANSX) is getting a new manager:
David Corkins, a 12-year veteran of Janus and manager of its flagship Janus Fund (JANSX) and other large-cap growth stock-fund vehicles, will leave the Denver-based company effective Nov. 1."
The Janus fund has posted better returns than a large cap growth index and similar funds since early 2006 when Corkins took over management, so his departure is not due to unsatisfactory performance, but rather that old Janus internal management turmoil that we used to know and hate (Janus recently announced that Scott Schoelzel, manager of Janus Twenty's [JAVLX], will be leaving at the end of the year). Maybe Corkins has his eye on a big hedge fund salary.
In this case we don’t think there is going to be a change for the worse here – we like the new managers and have other funds they manage in our MAXadvisor Powerfund Portfolios - but you can expect our ratings for the Janus Fund ratings to change slightly here in coming months (fund manager turnover generally hurts our custom quantitative ratings).
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