Newspaper article THE JOURNAL RECORD

Government Part of Baker Fund's Assets Up 6-Fold

Newspaper article THE JOURNAL RECORD

Government Part of Baker Fund's Assets Up 6-Fold

Article excerpt

An increase ofmore than six-fold to $22.7 million in net assets was achieved by the Baker Fund U.S. Government Series during the first half of 1987, according to a report on the mutual fund established by James Baker & Co. of Oklahoma City.

In addition, an increase of 120 percent to $3.26 million in net assets was reported for the same period by the Baker Fund Equity Series, which invested in common stocks and U.S. Treasury Bills.

There was no comparison to previous performance, since the Baker Fund was started on Sept. 25, 1986. It was the first Oklahoma-based no-load mutual fund to begin operations. However, the increases since Dec. 31, 1987, were significant, said Dr. James V. Baker, president of James Baker & Co.

"We were especially pleased with the increases," said Baker, "since it is a no-load fund. Typically, no-load funds don't grow as fast as others, since they do not have the sales forces of other funds. We hope the Baker Fund will become much larger."

A major factor, said Baker, is that the Baker Fund U.S. Government Series has outperformed the bond market with a total return of 0.58 percent for the first nine months of this year.

The total return for the U.S. Bond market so far this year has been a minus-17 percent, he said, and that is the worst since 1967, when the market return was a minus-9.19 percent.

"I checked back to 1926 and could not find a worse bond market," Baker said.

Here is a breakdown of the report for the first six months of 1987 on the two series of the Baker Fund:

U.S. Government Series - Net assets of $22.7 million on June 30, 1987, were up from $3.47 million on Dec. 31, 1986. The assets included $16.27 million in Treasury Bonds and Notes plus $6.3 million in U.S. Treasury Bills, the report said.

- The net asset value per share was $15.27 on June 30, 1987, down from $15.65 on Dec. 31, 1986.

- Operations included a net decrease in net assets of $407,942. …

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