Janus' [profile] mutual funds' performance has turned around, but that hasn't stopped the outflows.

Yesterday the Denver-based mutual fund shop released its fourth quarter 2012 earnings report. Ross Kerber of Reuters noted that investors pull a net $3.6 billion from Janus in Q4, and $12 billion in all of 2012, even as 68 percent of Janus' traditional equity funds were in the top half of their Morningstar categories for the year.

"Sizeable outflows persist," Stern Agee analyst Jason Weyeneth wrote.

"Once a fund suffers a period of underperformance, you need to not only be able to recoup that but to demonstrate sustained outperformance for a longer period of time to get investors back," Sandler O'Neill analyst Michael Kim told Reuters.

Mister Market was similarly unhappy with Janus yesterday, despite relatively good news. For Q4 Janus reported net income of $0.17 per share. That's down $0.02 year-over-year, Reuters noted, yet $0.03 (21 percent) ahead of analysts' expectations. Despite beating expectations, Janus' shares fell 1.83 percent yesterday to $9.65, on a day when the Dow was up 0.33 percent and the S&P 500 was flat. 

Edited by: Neil Anderson, Managing Editor


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