The new fund is similar to a predecessor fund, the Global Macro Absolute Return Fund, but invests less in frontier markets in order to increase the fund’s overall capacity and has higher risk levels, according to an Eaton Vance news release. The fund’s management team — portfolio managers Mark S. Venezia, John R. Baur, Michael A. Cirami and Eric A. Stein — invests primarily in the debt, currencies and interest rates of sovereign nations, but may also invest in corporate debt and equity, municipal bonds and commodities.
The fund’s management team will invest at least 40% of assets in non-U.S. investments in normal market conditions, according to the release.
All four portfolio managers of the new fund also are vice presidents of Eaton Vance and its subsidiary Boston Research and Management, which is the new fund’s investment adviser, according to the fund’s prospectus.
Robyn Tice, an Eaton Vance spokeswoman, didn’t return a call seeking more information about the new fund.
Eaton Vance managed $11 billion in the four earlier mutual funds that use hedge fund investment strategies.