After getting burned by overloading on tech and telecom stocks at the height of the bull market, one would think that Janus Capital Group would have learned its lesson, Kiplinger's reports.

But that evidently is not the case, for the growth-oriented fund complex is loading up on high-octane emerging-markets stocks, which, while they have rewarded investors handsomely in the past few years, have only proven the fierce dangers of their downside in recent weeks.

The Janus Overseas Fund has 34% of its assets in emerging-markets, the highest percentage among foreign stock funds, according to Morningstar data.

"As its funds tumbled during the bear market," writes Kiplinger's columnist Steven Goldberg, "Janus seemed chastened. But now it turns out that Janus has done the same thing again, albeit on a smaller scale."

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