Mon, Feb. 23, 11:38 AM
- Bill Gross' Janus (NYSE:JNS) Unconstrained Bond Fund (MUTF:JUCAX) slipped 0.56% during Q4, trailing its benchmark by a full 235 basis points, at least in major part thanks to bets on the debt issued by a number of U.S. and overseas energy companies. In contrast, Gross' old Total Return Fund at Pimco gained 1.32% for the period (also trailing the benchmark, but by 47 bps).
Mon, Feb. 9, 3:56 PM
- Bill Gross' Janus (JNS -5%) Unconstrained Bond Fund (MUTF:JUCAX) had inflows of $86M in January, down from $176M in December (perhaps Gross ran out of his own money to invest).
- Janus mutual funds overall suffered a net outflows of $17.8M last month.
- Scorecard: Since Gross took over on Oct. 6, the fund has lost 0.58%, lagging the benchmark and trailing 54% of peers.
- Previously: Bill Gross' new Janus fund funded by Gross? (Jan. 7)
Fri, Jan. 23, 9:29 AM
- "We are increasingly confident about the company’s ability to continue to improve organic growth trends and deliver operational leverage over time," says Jefferies' Daniel Fannon, reiterating his Buy rating and lifting the price target to $20 from $18.
- "Flow trends within the legacy Janus (NYSE:JNS) equity products are gaining traction despite ongoing headwinds within key products (i.e. Perkins). We believe the company remains in the early stages of its turnaround and 2015 will mark a year of consistent growth and capital return."
- He lifts his 2015 EPS outlook to $1.30 from $1.27.
- Previously: Janus soars as Gross' impact is felt in Q4 results (Jan. 22)
Fri, Jan. 23, 3:33 AM
- Janus Capital (NYSE:JNS) Chief Executive Dick Weil has confirmed that "more than $700M" of the $1.2B that flowed into Bill Gross' new bond fund in fact came from Gross himself.
- The disclosure confirmed earlier reports that stoked some debate within the fund industry about whether Janus should have been more forthcoming with details of how Gross managed to build such a large fund in such a short period.
- Yesterday, Janus reported a 22% increase in fourth-quarter earnings, sending up shares almost 13%.
- Previously: Bill Gross' new Janus fund funded by Gross? (Jan. 07 2015)
- JNS +3.1% AH
Thu, Jan. 22, 12:13 PM
- Q4 net income of $46.7M or $0.24 per share vs. $40.9M and $0.22 in Q3, and $38.3M and $0.21 one year ago.
- Total AUM of $183.1B vs. $174.4M in Q3 and $173.9B a year ago. Q4 saw net inflows of $2B, with fixed-income net inflows of $2.8B (with more than $700M of that coming from new hire Bill Gross). It's the first quarter of net positive flows since Q2 of 2009.
- JNS +12.7%
- Previously: Janus Capital beats by $0.04, beats on revenue (Jan. 22)
Thu, Jan. 22, 7:02 AM
Wed, Jan. 21, 5:30 PM
Fri, Jan. 9, 12:19 PM
- After quickly rising the more than $1B in AUM (much of that apparently Bill Gross' own money), the Janus (NYSE:JNS) Unconstrained Bond Fund (MUTF:JUCAX) drew in just $176M in December, according to Morningstar. Assets under management now stand (as of Dec. 31) at $1.4B.
- December's trickle follows inflows of $770M in November and $364M in October. Since Gross took over and through Jan. 6, the fund has lost 1.1%, trailing 52% of peers.
Wed, Jan. 7, 4:06 PM
- The Morgan Stanley wealth management office in La Jolla, CA - the home to one of Bill Gross' personal financial advisors - routed more than $700M into Gross' Janus (NYSE:JNS) Global Unconstrained Bond Fund (MUTF:JUCAX) in October and November, reports the WSJ. The total money raised by the fund since Gross took over is about $1.1B.
- It's not clear whether the money came from one investor or one financial advisor, but those in the know say it's highly unusual for one firm or one office to account for such a high percentage of incoming cash.
- The flows are important in that they pushed AUM past $1B, a key threshold only beyond which many large investors will consider getting involved.
- Gross: "Yes I do believe in and invest in Janus Global Unconstrained Bond Fund."
Wed, Jan. 7, 9:24 AM
- "Our change in positioning is based on improvements in fund performance in a number of key Janus (NYSE:JNS) equity funds and the sustainable return to sales for the franchise we see as a result," says JPMorgan, upgrading the stock to Overweight from Underweight. The price target is $20.
- Helping sales is Janus' success in its European and Asian products, some of which are relatively new and beginning to show up with positive three-year track records.
- Shares +3% premarket
Tue, Jan. 6, 9:49 AM
- Credit Suisse had rated Janus (JNS +1.2%) Underperform, but - after a big run higher for the stock (about 40% since Bill Gross joined in late September) - gets with the program and upgrades to Neutral.
- Getting Gross was the easy part, writes Rob Curran in the WSJ. If Janus wants to recreate the fast growth of its early years, it will depend on Gross generating the sort of returns which made him The Bond King in the first place.
Dec. 8, 2014, 11:22 AM
- The Janus Global Unconstrained Bond Fund (MUTF:JUCTX) brought in $770M in assets in November, according to Morningstar, bringing total AUM to $1.2B (from $12M when Bill Gross came on board). It's unclear if November's $770M includes the $500M George Soros gave Gross to invest (though it appears it's not included).
- Other Janus (NYSE:JNS) mutual funds have also brought in new money of late, reversing a long period of decline.
- Still, the amount of money flowing into the new Gross fund is only a fraction of the $60B which has exited Pimco since the bond king departed.
Nov. 25, 2014, 5:03 PM
- Raising his earnings estimates for "the biggest beneficiaries," BlackRock (NYSE:BLK) and Legg Mason (NYSE:LM), Wells Fargo's Chris Harris, notes few assets followed Bill Gross to Janus (NYSE:JNS), but instead went to large fixed-income shops with strategies consistent with Gross' style.
- Harris says the 20%+ redemption rate for Gross' previously-managed funds is well below the 40-60% rate seen in cases of other high-profile PM departures, leading him to believe institutional withdrawals - slower to react - are likely to pick up. Competitors like BLK and LM are likely to see an incremental $80B of inflows over the next 8-10 months.
- Don't just focus on the Total Return Fund (MUTF:PTTAX), says Harris (it's lost $30B), noting $5B of redemptions at Pimco Low Duration (MUTF:PTLAX) and nearly $8B at Pimco Unconstrained Bond (MUTF:PUCPX).
Nov. 20, 2014, 2:52 PM| 3 Comments
Nov. 13, 2014, 11:11 AM
- European investors will now be able to bet on whether Bill Gross can re-create the fixed income magic which turned him into the Bond King, as Janus (NYSE:JNS) makes Gross' Unconstrained Bond Fund (MUTF:JUCAX) available on the Continent.
- Previously: Gross' new Janus fund bring in $364M in first full month
Nov. 10, 2014, 11:49 AM
- The Janus Global Unconstrained Bond Fund (MUTF:JUCAX) had also brought in $66.4M in the last few days of September after Bill Gross joined the firm. so total assets at the end of October stood at $443M. Janus (JNS +0.3%) overall saw $1.1B in inflows across all mutual funds in October.
- As comparison, the Metropolitan West Total Return fund says $6.7B in inflows in October; Vanguard's Total Bond Market fund brought in $4.4B. Investors have pulled about $50B from Pimco's Total Return Fund since his departure.
- Morningstar doesn't yet have benchmark information for the new Janus fund, but for now Janus is comparing it with Libor. In Gross' first full month at the helm, JUCAX retuned 0.157% vs. Libor's 0.022%. The Barclays U.S. Bond index - the standard for many bond funds - returned 0.422% during that period.
JNS vs. ETF Alternatives
Janus Capital Group Inc and its subsidiaries provide investment management, administration, distribution and related services to individual and institutional investors through mutual funds, separate accounts and subadvised relationships.
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