Janus managers are shoring up their funds, and the firm has begun to show signs of recovery from the punishing outflows the tech-focused company faced with the burst of the Internet bubble, and fines related to regulatory actions.The $9.8 billion Denver-based Janus Twenty Fund, which lost 69% of its value between March 2000 and Oct. 9, 2002 compared to 47.37% for the S&P 500, had recovered 17.75% as of Jan. 3, compared to 17.35% for the S&P, according to Investor’s Business Daily. During 2006 alone, the fund, managed by Scott Schoelzel, gained 12.3%, while other large-caps gained only 5.6% on average, according to data from Chicago-based research company Morningstar.

Schoelzel has trimmed positions in energy, a sector he says has “played itself out.” He recently sold Occidental Petroleum, British Petroleum and Exxon. Oil companies, he said, will grow not through exploration, but acquisition, he said.

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