Die besten Nordamerika Aktienfonds - Seite 2

John Eisinger, Fondsmanager des "Janus US All Cap Growth A USD Acc" (06.08.2010): "Going forward, we believe the market will be choppy and range bound with stock picking as the most important driver of outperformance. Recently, the environment has been similar to 2008 where a very high correlation among stocks muted the differentiation between good and bad fundamental performers. Subsequent to the 2008 period, the majority of the alpha in 2009 came as correlations declined. We expect that to happen again and are positioning the portfolio accordingly.

Further, while stocks in general look attractively valued relative to the past 20 year valuation criteria, those metrics are no longer valid given what we believe will be a slower overall growth environment. For example, previously a price to earnings ratio of 10x may have looked very compelling, but now the correct action for a stock trading at 10x might be to sell. This means that you need to buy those stocks at 5x in order to make it a compelling investment. We are leveraging the fund’s flexibility to find the most attractive ideas across all market caps. Additionally, with the scarcity of growth, those few companies with a significant valuation premium should be avoided as we think they will revert to the mean and underperform when correlations decline. Given this outlook, we are leveraging the fund’s flexibility to focus our research across market caps on a lot of special situations where we believe there are significant mispricing in equities with some type of catalyst to recognize that value over the next 12 months or so."

e-fundresearch: "Over the next 12 months do you rather expect inflation or deflation in den U.S. and which impact would either scenario have on the equity positions in your fund?"

John Eisinger, Fondsmanager des "Janus US All Cap Growth A USD Acc" (06.08.2010): "I believe there is a high probability that the CPI goes negative in the US over the next few months. At this point, the slow pace of the recovery has left significant slack in the labor and capital markets which should dampen near term inflationary pressure. However, we are cognizant of the changing impact a more global economy has upon scarce resources such as agriculture or energy and are ready to change the portfolio´s positioning if needed."