The Janus World Funds All Cap Growth fund is managed by Denver-based Claire Young. It aims to provide...
The Janus definition of growth is strong earnings growth provided by companies in growth industries that have dominant market positions and exceptional management. Little attention is paid to the weightings in the underlying index with the portfolio derived entirely from a bottom-up stock selection process.
The fund is managed within a collaborative environment and the manager is able to draw upon 25 analysts and 18 fund managers within the Janus group. The group's research capability and buying power is such that its analysts are given free and unparalleled access to prospective companies. It conducts over 2,000 company visits in a year and has direct contact with over 20,000 corporations. Proprietary research is pivotal to the process as it allows the manager to detect early trends in earnings.
Young looks at companies in a broad range of sectors, but primarily in telecoms, technology, healthcare, pharmaceuticals, biotechnology, financial services, retailing and media.
Janus argues that we are on the verge of an unprecedented explosion in technology and related industries and that the rate of technological advance over the next 10 years will be greater than in the previous 50, and the portfolio's bias will continue to reflect these underlying changes. It will invest across the entire market capitalisation range, but Young has a preference for larger stocks given the current structural trends in the global economy.
The fund has continued to outpace the S&P 500, returning 67.10% versus 14.31% for the index for the year to end November 1999. Among its strongest performers were companies supplying internet infrastructure and technology, including Veritas Software and VeriSign.
Veritas is the leading provider of software that manages data on the internet, while VeriSign supplies digital encryption keys to protect online transactions and communications. Another strong performer was RealNetworks, which provides technology enabling streaming video and music transmissions on the web. It reported that its revenues surged 90% in 1999.
On the downside, media powerhouse Time Warner continued to struggle against concerns over a slowdown in its music subsidiary.
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