Financial Services Industry
Industry: Email Alert RSS FeedStreet Wise: Financial services fund loves mortgage servicers.(The Markets)
Investment News, September, 2003
Byline: Jeff Benjamin For Anton Schutz, manager of the $233 million Burnham Financial Services Fund (BURKX), it's all about dark clouds and silver linings. After defying the market's gravity during the past three years with gains of 52.8% in 2000, 29.3% in 2001 and 17.6% last year, Mr.
Schutz is now bracing for the next economic cycle. As interest rates start to edge higher, for example, he has been placing less emphasis on companies that refinance mortgages and more on companies that actually service those loans. "The greatest risk right now is owning mortgage originators if they don't have mortgage servicing rights,'' he says. Along those lines, Mr. Schutz calls Countrywide Financial Corp. (CFC) of Calabasas, Calif., "one of my...
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