by Anura Guruge
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Up until about 7 months ago when I sold a fairly large (at least for me) holding in JAHYX (viz. Janus High-Yield Fund) I had been a very content and loyal Janus mutual fund customer for well over 20 years. I swore, but always in a positive sense, by Janus. In a way I still feel I have some ownership of Janus. A ‘relative’ of mine who INSISTS on basing all of his investments, rightly or wrongly, on my recommendations has been in JATTX (Janus Triton) [and VILLX (Villere Balanced)] for the last 4 years or so. He, risk averse and reluctant to ‘churn’, has done well …
I owned ‘Janus Twenty’ for close onto 20 years and did reasonably well. There were times when I had more money in Janus funds than with any other fund family.
I liked Janus. Not anymore.
But hiring the gross Gross was utterly gross.
Yes, I know Gross is richer than God and likes to talk like the next Messiah on drugs. Yes, given that I do watch quite a bit of CNBC I have had to listen to him talk his sheer drivel for too long. I have never found him convincing let alone credible. Yes, of course, you can be richer than God if you resort to practices like this …
That the SEC is investigating his flagship fund for false pricing sums
up everything I have always felt about Gross and PIMCO.
Yes, Janus has had a nice POP both in terms of financial gains and PR. But this is blood money. This move will hurt Janus in the long run.
I do a LOT of research into mutual funds, stocks and ETFs. I have done lots of research into mutual funds, stocks and ETFs for a very long time. When I do my research, using multiple ‘Guruge-special Excel spreadsheets’, I am very thorough. I have NEVER found a PIMCO fund for which I could NOT find a better alternative. PIMCO funds is for the rich and lazy. Gross got so much wrong. He even admitted that he got bonds and stocks mixed up in 2013. Well I did exactly the opposite of what Gross was telling people to do and I did quite well in 2013 — THANK YOU.
Janus you have just made a FOOL of yourself. I will never invest a cent with you AGAIN — even if you wire ‘the Gross’ tomorrow, like PIMCO were planning to do.
This was one heck of a GROSS move. Even from where I sit, with no Janus holdings, I feel violated and cheapened.
Gross, Gross, Gross.