Don Quigley describes his Julius Baer Total Return Bond Fund (BJBGX) as a “core-plus” fund, with the core being its U.S. bonds, while the “plus” is the fund’s international corporate and sovereign debt. The fund’s A-share class has had an average annual return of 8.24% for the past five years, and has returned 6.27% since its inception in 1992. Quigley, who joined Julius Baer early in 2001 and who mentioned in passing that “investment advisors are much more sophisticated than they get credit for,” has a quick, self-deprecating wit, a not altogether common trait for money managers. He spoke to Editor Jamie Green in early December.
Julius Baer has some interesting funds. The one you’re probably most familiar with is the International Equity Fund–Riad Younes and Richard Pell have done a great job there. Richard’s the co-manager on that fund and on my fund; he’s the CIO of JBIM [New York-based Julius Baer Investment Management].
How do you and Mr. Pell divide your responsibilities? As CIO, he has veto power over any trade or position, but on a day-to-day basis, I’m the guy. Richard grew up in bonds, so I can have a 10-minute conversation with him and he knows everything I’m thinking; we speak the same language.