A mutual fund has become a focal point in the campaign to fill the seat vacated by former House Speaker Dennis Hastert.
Bill Foster, Democratic candidate for the northern Illinois seat, has been airing an advertisement on television and radio complaining about the Oberweis China Opportunities Fund. His Republican opponent, James D. Oberweis, is founder of Oberweis Asset Management Inc. Lisle, Ill., but resigned as chairman earlier this year.
The ad claims the fund invests in “Chinese companies that threaten American jobs.”
Morningstar Inc., Chicago, doesn't analyze the individual Chinese stocks in the fund, so couldn't comment on the Foster ad's charges, said Annette Larson, Morningstar spokeswoman. Mr. Foster's campaign office didn't respond to requests for information about his views on international investment diversification.
Mr. Oberweis' son, James W. Oberweis, president of the asset management company, defended the $500 million fund, saying: “These companies are not involved in export, but focused on the domestic economy” in China. “We have virtually zero exposure to cheap-manufacturing play.”
The special election to fill the seat is March 8.
