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Janus' Lynn: Exciting Opportunities in Developed Markets

2010 International-Stock Manager of the Year Brent Lynn comments on the fund's reallocation from some emerging-markets names into developed-markets special situations during the market rebound.

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Carlson: As you say, the fund has come back very strongly since the bear market. In fact, I think, if you look over the period from when the bear market started to now, the fund has actually outperformed just a vast number of its peers. In the face of that, in the face of the big rebound, how has the fund's positioning changed?

Lynn: In the course of 2009, I made a fairly significant reallocation from some of our emerging-market holdings that had performed pretty well into these special-situations types of companies that I had mentioned. And so, as India, Brazil, China markets bounce sharply in the first half of 2009, we still really like many of these companies, but the valuations no longer were quite as compelling.

Greg Carlson does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.