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September 22, 2010 at 06:39 AM
Eaton Vance Management announced Monday the launch of a total return mutual fund designed with a flexible strategy that provides broad exposure to global investment opportunities, including many typically unrepresented in conventional investor portfolios.
As an absolute return fund, the new Eaton Vance Global Macro Absolute Return Advantage Fund (Class A: EGRAX, Class C: EGRCX, Class I: EGRIX), benchmarks performance primarily against short-term cash instruments and expects to provide returns over the long term that are “substantially” independent of movements in the stock and bond markets.
Boston-based Eaton Vance Management, a subsidiary of Eaton Vance Corp., which managed $173.3 billion in assets as of July 31, uses macroeconomic and political analysis to identify global opportunities in both developed and emerging markets. The new fund’s investments will normally consist primarily of positions in the debt, currencies, and interest rates of sovereign nations. The fund may also invest in corporate debt and equity, municipal obligations, and commodities. Under normal market conditions, the fund invests at least 40% of its net assets in foreign investments and may have significant exposure to foreign currencies and derivative instruments.
“We’re country pickers,” said Michael Cirami, co-portfolio manager, in a statement. “We seek to identify disconnects between a country’s fundamentals and the pricing of assets in its investment markets.”
