Janus revealed Monday that three veteran managers have left the firm. Chad Meade and Brian Schaub, who have done great work at Janus Triton JATTX and Janus Venture JAVTX, have left. Both funds had Morningstar Analyst Ratings of Silver.

In addition, Ron Sachs, who ran Janus Twenty JAVLX and Janus Forty JACTX, will leave at the end of May. Those funds were rated Neutral. Janus said it had hired former Marsico manager Doug Rao to take over Janus Forty. Marc Pinto will take over Janus Twenty while remaining at Janus Balanced JDBAX and Janus Growth & Income JDNAX.

Jonathan Coleman will take over Janus Triton and serve as comanager of Janus Venture along with Maneesh Modi. Coleman will step down from his role as comanager of Janus Fund JANSX; Barney Wilson will be sole manager of Janus Fund. If your head is spinning, join the club.

That's a lot of changes, but obviously the big blow is the loss of Meade and Schaub, who were Janus' top stock fund managers. It's frustrating that Janus continues to have such a difficult time retaining its top managers. The firm has only a handful of funds where manager tenure is longer than five years.

We'll review our ratings on all the affected funds.

Mairs & Power Balanced Rated Silver

We've initiated an Analyst Rating on Mairs & Power Balanced MAPOX. The fund is now rated Silver. Here's David Falkof's analysis:

Mairs & Power Balanced favors regional businesses, but it holds national appeal.

This fund, which owns a mix of stocks and bonds, has one of the best long-term records in the moderate-allocation category. Since lead manager Bill Frels took the helm in July 1992, its 9.8% annualized gain through April 30, 2013, bests all but four of its competitors. The fund's stock/bond mix of roughly 60%/40% matches its category average, so most of the outperformance has come from security selection. During the past few years, the fund's returns have been particularly strong as management's focus on financially sound businesses has helped amid the market's extreme fluctuations. Its three-year trailing return of 11.7% bests 96% of its rivals. Frels has produced similarly great results at this fund's equity-only sibling Mairs & Power Growth MPGFX, for which he was awarded Morningstar's Domestic-Stock Fund Manager of the Year award for 2012.

This fund's edge partly comes from management staying within its area of competence. For the portfolio's equity sleeve, Frels and comanager Ronald Kaliebe look for dividend-paying stocks with clear competitive advantages that can consistently grow earnings at above-average rates. The managers believe they can better understand a company's growth prospects by meeting regularly with management, and that generally results in a focus on businesses headquartered near the Mairs & Power Saint Paul, Minn., office. In turn, over a third of the equity portfolio is invested in companies based in Minnesota.

The managers' patience is also critical to the process. Once the managers find an attractive business trading at a reasonable price, they're willing to hold on to it for decades. Many of the fund's top holdings have been in the portfolio since at least 1993, including Emerson Electric EMR, Exxon Mobil XOM, and Schlumberger SLB. The managers are similarly patient within the fixed-income sleeve. Turnover for the entire portfolio often is in the single digits.

All told, this is a compelling option.