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Wednesday, October 20, 2010

WSJ Spotlights RidgeWorth's Schwartz

News summary by MFWire's editors

Ronald Schwartz, who calls the shots at the $1.2 billion RidgeWorth Investment Grade Tax-Exempt Bond Fund, is the subject of today's Wall Street Journal Fund Track column.

Schwartz, who has helmed the fund since its launch in 1992, describes it as a "conservatively run intermediate portfolio." More than half of the fund is invested in revenue bonds, which are backed by steady income streams such as fees.

For example, Schwartz likes bonds that are backed by revenue from water and and sewer systems (the fund currently holds water and sewer bonds from NYC's Municipal Water Finance Authority). Schwartz also bets on bond issues with a minimum of $50 million and avoids smaller deals because they tend to have "limited" and dated information on key financial data.

The fund has returned 6.7 percent year to date as of Monday. Its benchmark, Barclays Capital 1-15 Blend Index, is up 5.9 percent.  

Edited by: Hung Tran


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