BOSTON, Oct. 3, 2011 /PRNewswire/ -- Eaton Vance
Management, a subsidiary of Eaton Vance Corp. (NYSE: EV), today
announced the launch of Eaton Vance Richard Bernstein All Asset
Strategy Fund (Class A: EARAX, Class C: EARCX, Class I: EARIX), a
new mutual fund that employs a macro-driven approach to investing
in global markets. The portfolio manager is Richard Bernstein, Chief Executive Officer and
Chief Investment Officer of the Fund's sub-adviser, Richard
Bernstein Advisors LLC (RBA).
Mr. Bernstein is also portfolio manager of Eaton Vance Richard
Bernstein Equity Strategy Fund, formerly known as Eaton Vance
Richard Bernstein Multi-Market Equity Strategy Fund (Class A:
ERBAX, Class C: ERBCX, Class I: ERBIX). The new Fund follows a
top-down style similar to the Eaton Vance Richard Bernstein Equity
Strategy Fund, but has the flexibility to invest across equities,
fixed income, commodities, currencies and cash. Under normal market
conditions, the Fund currently expects to invest up to 75% of its
net assets in equity securities, 25-90% in fixed-income securities,
up to 25% in commodities, commodities-related investments and/or
currencies, and up to 25% in cash and cash equivalents. The Fund
will be rebalanced as necessary to reflect desired market exposures
and risk parameters. The Fund expects to gain exposure to
certain types of investments primarily through holdings of
exchange-traded funds.
"Investors today are looking for ways to maximize returns while
managing risk," said Mr. Bernstein. "We see the historical
occurrence of a loss from a particular asset class as an important
concept in the development of our asset allocation and risk
management strategy. By following a flexible, go-anywhere strategy,
the Fund will seek to capitalize on global and domestic
opportunities in multiple asset classes. We expect macro-economic
indicators to evolve over time, and the Fund's nimble investment
strategy will allow for strategic asset allocations in both bull
and bear markets."
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, including ten
first-team selections.
"We value RBA's strategy expertise and are pleased to expand our
sub-advisory relationship with them to offer a flexible fund that
can respond to shifting global trends by moving across market
segments and asset classes," said Duncan W.
Richardson, Chief Equity Investment Officer at Eaton
Vance.
Eaton Vance Corp. is one of the oldest investment management
firms in the United States, with a
history dating to 1924. Eaton Vance and its affiliates managed
$199.0 billion in assets as of
July 31, 2011, offering individuals
and institutions a broad array of investment strategies and wealth
management solutions. The Company's long record of providing
exemplary service 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 www.eatonvance.com.
Richard Bernstein Advisors LLC is an independent investment
management firm based in New York
City. For more information, visit www.rba-llc.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
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 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. No Fund is a complete investment program
and you may lose money investing in a Fund. A 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.
SOURCE Eaton Vance Management