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Marsico: When Going Private Goes Wrong

After much negative news, the dust seems to have settled at the growth equity shop.

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When Tom Marsico manned  Janus Twenty (JAVLX) and  Janus Growth & Income (JAGIX), both flourished next to their large-growth peers. Between March 1988 and August 1997, Janus Twenty ranked fourth among large-growth strategies and ahead of 97% of the competition. As for Janus Growth & Income, it landed ahead of 85% of its peers on Marsico's watch (May 1991 to August 1997).

With that successful track record under his belt, Marsico struck out on his own in 1997 by creating Marsico Capital Management. He launched  Marsico Focus (MFOCX) and  Marsico Growth (MGRIX) (originally dubbed Marsico Growth & Income) on Dec. 31, 1997, which he would run by combining bottom-up analysis with his top-down views. Bank of America (then NationsBank) bought options for half the new firm for $150 million, and Marsico had subadvisory business right out of the gate with Nations (now Columbia) versions of the flagship funds launching at the same time.

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