Ohio Northern University alumnus Josh Barrickman, BSBA ’97, CFA, is a powerhouse in the bond market.
As Head of Bond Indexing for the Americas for The Vanguard Group, he oversees a staggering $1.5 trillion in fixed-income assets—a portfolio larger than the entire annual economic output of countries like Australia and Mexico. Among his responsibilities is the Vanguard Total Bond Market Index Fund, the world’s largest single bond mutual fund.
It’s an enormous responsibility, but Josh is tailor-made for the role. Practical, principled, and down-to-earth, he’s remains grounded in his Midwest sensibilities, even as his success has earned him profiles in The Wall Street Journal and Bloomberg News.
At Vanguard’s headquarters just outside Philadelphia, he keeps his high-performing team of 30 focused on a single imperative: “Treat every dollar like it is your own.”
A mentor early in Josh’s career shared this philosophy, and it’s served as Josh’s guidepost ever since.
“That money represents investor assets—their hopes, their dreams, their financial goals, so it’s a big, big responsibility,” he says. “When you treat every dollar as your own, you take a lot of care.”
Finding his place
From Ashtabula, Ohio, Josh says ONU was “on his radar” because of his Methodist upbringing. He ultimately became a Polar Bear because the campus “felt like a place where I could fit in and find my place.”
Josh started as an accounting major before switching to finance. He played tennis for two years and club volleyball, and found student employment delivering newspapers across campus and checking IDs in King-Horn.
His strong work ethic, first instilled by his parents, was reinforced at ONU. In a field dominated by Ivy League-educated investors, he is able to “out-hustle,” he says.
“To a certain point, Northern helped me with that attitude of having to make your own way, that nothing is given.”
After graduation, Josh obtained his MBA at Lehigh University before launching his career at Vanguard and steadily working his way up.
Early on, Vanguard gave him the opportunity to work in the fixed income space. “Within a few weeks, I knew it was the right space for me,” he says. “I’ve never looked back.”
He relishes the technical, analytical nature of the market. Concepts like arbitrage principles are “kind of nerdy but fascinating.”
“The fixed income market is the base of capital markets in general,” he says. “It’s how capital is formed, so it’s interesting to be part of that.”
If you’re not passionate about the markets, “it’s going to eat you up very quickly,” he adds. “Markets are nonstop; they’re coming at you every day. I love understanding what’s going on in a given day, what’s going on overseas vs. domestically, and how those things all work together.”
Leading through market turbulence
Day to day, Josh’s focus is on risk management and strategy, while his team of portfolio managers and traders manage the funds. The key to his success, he says, is staying one step ahead.
“I try to see what’s down the road,” he explains. “I know what’s happening today, but what about tomorrow? How’s the market going to change? How will our products change?”
One of his most impactful efforts at Vanguard was leading the effort to develop and launch low-cost ETFs (Exchange-Traded Funds) and make them accessible to millions of individual investors. Today, ETFs represent one of the fastest-growing segments of the market.
He said “yes” to the opportunity to build the ETF side at Vanguard because he was confident he could figure it out. “You have to have that risk-taking mindset,” he says, “and not be afraid to put your hand up and try things.”
He also helped steer Vanguard through the Global Financial Crisis (GFC) in 2007-08 and the COVID-19 pandemic.
“The takeaway is never to underestimate how bad and how long market downturns can last. You really need to have your rainy-day plan set,” he says. “After the GFC, we were much better prepared for COVID-19, and after COVID-19, we are better prepared for the next thing.”
While he’s reached the pinnacle of success in the industry, he’s most proud of the people he’s helped develop.
“Developing the next generation—that’s your legacy,” he says. “We are only in the seat for so long. You want to make sure that good work and strong results continue, and it’s the people who follow you who will drive that.”