UPDATE 1-Janus cut tech, Cisco holdings in first quarter
(Recasts, adds Janus comment in paragraph 5, analyst comment in paragraphs 7-8.)
By Martha Slud
NEW YORK, May 16 (Reuters) - The tech-heavy Janus mutual funds firm, pummeled by the market downturn, sharply cut its holdings in big technology names such as Cisco Systems Inc. (NASDAQ:CSCO) and Nokia Corp. (NYSE:NOK) in the first quarter, according to a regulatory filing.
At the same time, the Denver-based fund company added stakes in more defensive sectors, such as financial services and pharmaceuticals, during the January-to-March period, according to the filing with the U.S. Securities and Exchange Commission on Tuesday.
The Janus funds, which soared in the late 1990s as its big bets on tech paid off, have been pounded over the past year as the technology bubble burst. The flagship, $35.2 billion Janus Fund, a large-cap growth fund, has lost 22.4 percent over the past 12 months, according to fund tracker Morningstar Inc.
The overall value of Janus's stock holdings fell to $127.8 billion at the end of the first quarter, down from $172.4 billion at the end of 2000, according to the data.
The filing does not reveal which of Janus' funds altered their positions. A Janus spokeswoman declined comment about the portfolio changes.
Janus, a unit of Stilwell Financial Inc. (NYSE:SV), eliminated No. 1 telecommunications equipment supplier Nortel Networks Corp. (NYSE:NT) and optical networker Sycamore Networks Inc. (NASDAQ:SCMR) from its portfolio, while doubling its stake in Sycamore rival Ciena Corp. (NASDAQ:CIEN), according to the filing.
Ron Dior |
