Nokia's Dip Hurts Janus and Other Funds, Again
The market may be overreacting to a small sales shortfall, though.
Jittery investors dropped shares of wireless-phone and network company Nokia (NOK) after a strong year-end sales report missed the forecast of some observers. The dip is sure to affect hundreds of funds that own the wireless-phone industry leader, particularly offerings from Denver-based Janus Capital, which owns the stock in many of its portfolios.
Industrywide, about 580 mutual funds own Nokia, most of them large-blend and -growth offerings, according to Morningstar.com's database. Roughly 80 funds devote 3% or more of their assets to the company.
Dan Culloton does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.