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Columbia Special Looks To Its Health Sees Turnaround In Q4 Fund manager's pursuit of fast growers leads him to medical sector.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)
Byline: DAN MOREAU
With solid bets on mid-cap health and service sector stocks, Columbia Special Fund is banking on the aging U.S. population to push up share prices in a dozen HMO and drug service stocks in its portfolio.
It's a bet that is paying off with mixed results for the fund, but manager Richard Johnson predicts the economy will turn around in the fourth quarter and make a full-fledged rebound in 2003, putting the fund back in the black.
"I don't think we will have a double-dip recession," Johnson said. "But if the consumer pulls out of the economy it could, and the consumer is turning more cautious. I think it will be the middle of '03 before we start to feel solid about the economy."
It wouldn't be a quarter too soon. The fund, with nearly $600 million in assets, was down 21% in 2001 after rising 13.8% in 2000 and 36.3% in 1999. Going into Tuesday it was off 25% for the year.
It has a D+ Rating from IBD for its 36-month performance. Its 10-year annualized return through August was just 10.17%, about even with the S&P 500 index.
Like many other fund managers feeling the impact of the longest downturn in the S&P 500 index since World War II, Johnson is taking a long, and somewhat jaundiced, view of performance.
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