Two leading mutual fund companies own a sizable stake in the troubled Denver-based Janus Capital Group, according to As of Dec. 31, 2004, Fidelity Investments owned 9.4% of Janus, or 22.1 million of 236.3 million total shares, and Ariel Capital Management owned 15% of Janus, or 35.5 million shares.

Janus, which was renowned for its growth stock funds during the bull market of the 90s, experienced a downfall in the 2000-2002 bear market when technology and telecommunications stocks plunged. A wave of trading scandals was also uncovered at the mutual fund company in late 2003.

Now, the poster-child for the mutual fund industry scandals has found favor with value managers. Its latest major shareholder is San Francisco-based Blum Capital Partners, an investment firm that bought 12.75 million shares, or a 5.4% stake, at prices ranging from $14.27 to $16 beginning Jan. 6 and ending Feb. 4, according to SEC filings.

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