Janus launches fund of funds

Janus Capital Group Inc. today launched Janus Adviser Modular Portfolio Construction Fund (JSMPX), a fund of funds. The launch marks Janus' first adviser-sold fund of funds. It seeks long-term growth of capital with a secondary emphasis on income. It will invest in other Janus funds, including exchange traded funds, exchange traded notes and derivatives. The fund will be managed by Dan Scherman, assisted by an asset allocation committee. The investment methodology involves allocating assets among three categories: core, alpha and alternative. Core investments include funds that have domestic and international market exposure and fixed income investments. The alpha category includes funds that seek high risk-adjusted returns through investment in equities. And the alternative category is comprised of commodities, hedge strategies and real estate investments. Mr. Scherman joined Janus in 2005 as director of risk management and performance. Denver-based Janus managed about $191.8 billion in assets as of June 30.