Fund Spy

Why We're Not Completely Sold on This 5-Star Bond Fund

Eric Jacobson
The following is our latest Fund Analyst Report for Guggenheim Total Return Bond (GIBIX). Morningstar Premium Members have access to full analyst reports such as this for more than 1,000 of the largest and best mutual funds. Not a Premium Member? Gain full access to our analyst reports and advanced tools immediately when you try Morningstar Premium free for 14 days.

Guggenheim Total Return Bond boasts a compelling strategy and stellar record but has historically produced more risk than most peers with a record modest in length and untested in a major crisis. Staff turnover and tenure give reason for pause. The fund carries a Morningstar Analyst Rating of Neutral.

The fund boasts a novel process and staff that is divided into functions meant to encourage specialization and foster a deliberate, slowed-down process; its leaders argue that the depth and quality of its underlying research differentiates its structured credit work and portfolio design. Guggenheim's business has grown by leaps and bounds, and its staff has ballooned, but while it boasts a cadre of senior members with roughly 15-30 years in the industry, the overall group is light on experience and firm tenure.