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One Group Bond Fund
Interview with: Douglas Swanson

Author: Alexander Vantchev
Last Update: , :
The One Group Bond Fund (PGBOX) is a class act, at least on the Lipper ranking list. Its I-class shares topped its peer group in terms of 10-year return by Dec. 31, 2002. The other share classes never left the top 10% in performance for the past 3-, 5-, and 10-year periods. Crunching the option-adjusted spreads and prepayment-risk metrics on mortgages may be over the average person's head, but for Doug Swanson, the manager of One Group Bond, it is what keeps him over the benchmark.

One Group Bond Fund

A: By diversifying with low co-related assets such as our tax-free bond funds, natural resources and gold, you have the ability to manage price risks of markets much better. I think more RIAs - your readers - are bewildered because the global equity meltdown has impacted all equities except for natural resources and bonds. I\\\'m a good believer in deflation not inflation. I\\\'m a big believer that people should look at tax-free securities. We\\\'ve done a study on tax free-. Our near-term tax-free fund has very little volatility. It hardly moves. But the yield is double the money market funds and more than double on a tax equivalent basis.

Q: Is there anything else about U.S. Global that should interest TICKER readers?

A: You know that we\\\'re public. Our largest shareholder is Royce Funds. Chuck Royce owns 15% of us. Ever since 9/11, they put ten percent of their assets into gold stocks. We have some very sophisticated investors like Paul Stephens of Robertson-Stephens. He owns five percent of the company. They\\\'re all doing it based on the leverage to gold.

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