Launch of Eaton Vance Richard Bernstein Market Opportunities Fund
BOSTON, Sept. 3, 2014 /PRNewswire/ -- Eaton Vance Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the launch of Eaton Vance Richard Bernstein Market Opportunities Fund (Class A: ERMAX, Class C: ERMCX, Class I: ERMIX), a new mutual fund managed for total return. Richard Bernstein, Chief Executive Officer and Chief Investment Officer of the Fund's sub-adviser, Richard Bernstein Advisors LLC (RBA), is a portfolio manager of the Fund.
The Fund employs RBA's macro-driven, top-down approach and seeks to identify cyclical and secular investment themes around the globe. The Fund may hold long and short positions in equity and fixed income securities, currencies, commodities and other investment assets, including positions held through exchange-traded funds and other pooled vehicles. Market segments chosen for emphasis and/or de-emphasis may vary from general market consensus views, and the Fund may at times seek to identify areas where there is scarcity of capital and/or potentially overlooked investment opportunities. The Fund's typical investment exposure will range from a maximum long exposure of 150% and a maximum short exposure of 50% of the Fund's net assets.
In addition to Mr. Bernstein, the Fund's portfolio managers are Matthew Griswold, CFA, Director of Investments at RBA, and Henry Timmons, CFA, Senior Quantitative Analyst at RBA. Mr. Bernstein is also portfolio manager of Eaton Vance Richard Bernstein Equity Strategy Fund (Class A: ERBAX, Class C: ERBCX, Class I: ERBIX), and Eaton Vance Richard Bernstein All Asset Strategy Fund (Class A: EARAX, Class C: EARCX, Class I: EARIX).
"Investor uncertainty today is high due to the tenuous global economy, political instability and daily market volatility," Mr. Bernstein said. "We believe the Fund's flexibility to establish investment exposures based on macro-economic themes, allocate across different asset classes, and take both long and short positions may help enhance returns and dampen performance volatility."
Mr. Bernstein has over 30 years' of investment industry experience. Prior to founding RBA, Mr. Bernstein spent more than 20 years at Merrill Lynch & Co., where he was one of the most respected market strategists on Wall Street. He was voted to Institutional Investor's All-America Research Team 18 times, and is one of only 49 analysts inducted into the Institutional Investor "Hall of Fame." He was also twice named to Fortune's "All-Star Analysts" and to Smart Money's "Power 30," and included in Registered Rep's "Ten to watch" for 2012.
"We are pleased to expand our relationship with RBA to offer investors this new, flexible strategy," said Thomas E. Faust Jr., Chairman and Chief Executive Officer of Eaton Vance. "RBA's top-down investment style nicely complements our extensive lineup of fund strategies based on bottom-up security selection."
Eaton Vance Corp. is one of the oldest investment management firms in the United States, with a history dating back to 1924. Eaton Vance and its affiliates managed $288.2 billion in assets as of July 31, 2014, offering individuals and institutions a broad array of investment strategies and wealth management solutions. The Company's long record of providing exemplary service, timely innovation and attractive returns through a variety of market conditions has made Eaton Vance the investment manager of choice for many of today's most discerning investors. For more information about Eaton Vance, visit eatonvance.com.
Richard Bernstein Advisors LLC is an independent investment management firm based in New York City. For more information, visit RBAdvisors.com.
Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Investing in an exchange traded fund (ETF) exposes the Fund to all of the risks of that ETF and, in general, subjects the Fund to a pro rata portion of the Fund's fees and expenses. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities. The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non‐payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. A non‐diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.
Before investing, investors should consider carefully the investment objective, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing.
Mutual fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
The Fund is distributed by Eaton Vance Distributors, Inc., Two International Place, Boston, MA 02110. Member FINRA/ SIPC.
SOURCE Eaton Vance Corp.