The CIO, Henry J. Herrmann, wrote a letter to investors saying that a vote for Bush was a positive nod for one of the "wild cards" that could determine the strength of the U.S. and global economy.
"Should President Bush not be re-elected, there would be concern over his tax initiatives being reversed. Lower withholding rates, the elimination of estate taxes and the reduction in capital gains and dividend income tax rates have all had a very positive impact on the economy," Herrmann wrote, apparently holding the pen with his right hand.
Morningstar senior analyst Eric Jacobson called it "quite unusual," though not unprecedented, for a fund executive to openly endorse a presidential candidate. Waddell has supported Bush in the past, like the time in April he wrote to investors that it was likely Bush would be re-elected.
Jacobsons said his key reason for calling the move unusual is "you don't want to upset the sensibilities of potential clients."