Wells Fargo Asset Management Announces Changes to Global Dividend Opportunity Fund Portfolio Management Team
January 14 2020 - 5:00PM
Business Wire
Greg McMurran, a portfolio manager of the Wells Fargo Global
Dividend Opportunity Fund (NYSE: EOD), has announced his intention
to retire from the Analytic Investors team at Wells Fargo Asset
Management (WFAM) and the investment industry on March 7, 2020. He
will continue to serve as a portfolio manager of the fund through
March 7. There will be no changes to the investment philosophy or
process as a result of this transition.
Megan Miller, CFA, of the Analytic Investors team at WFAM will
continue to be responsible for managing the fund’s option strategy;
Justin Carr, CFA, and Vince Fioramonti, CFA, of the Golden Capital
Equity team at WFAM will remain responsible for managing the assets
of the fund’s equity sleeve; and Niklas Nordenfelt, CFA, and Philip
Susser of the U.S. High Yield Fixed Income team at WFAM will
continue to manage the fund’s high-yield bond sleeve.
The Wells Fargo Global Dividend Opportunity Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income. The fund’s secondary
objective is long-term growth of capital.
For more information on Wells Fargo’s closed-end funds, please
visit our website at wfam.com.
The fund is a closed-end fund that is no longer engaged in
initial public offerings, and shares are available only through
broker-dealers on the secondary market. Unlike an open-end
mutual fund, a closed-end fund offers a fixed number of shares for
sale. After the initial public offering, shares are bought and sold
through broker-dealers in the secondary marketplace, and the market
price of the shares is determined by supply and demand, not by net
asset value (NAV), and is often lower than the NAV. A closed-end
fund is not required to buy its shares back from investors upon
request.
The fund is leveraged through a revolving credit facility and
also may incur leverage by issuing preferred shares in the future.
The use of leverage results in certain risks, including, among
others, the likelihood of greater volatility of net asset value and
the market value of common shares. Derivatives involve risks,
including interest rate risk, credit risk, the risk of improper
valuation, and the risk of noncorrelation to the relevant
instruments they are designed to hedge or closely track. There are
numerous risks associated with transactions in options on
securities and/or indices. As a writer of an index call option, the
fund forgoes the opportunity to profit from increases in the values
of securities held by the fund. However, the fund has retained the
risk of loss (net of premiums received), should the price of the
fund’s portfolio securities decline. Similar risks are involved
with writing call options or secured put options on individual
securities and/or indices held in the fund’s portfolio. This
combination of potentially limited appreciation and potentially
unlimited depreciation over time may lead to a decline in the net
asset value of the fund. Foreign investments may contain more risk
due to the inherent risks associated with changing political
climates, foreign market instability, and foreign currency
fluctuations. Risks of foreign investing are magnified in emerging
or developing markets. Small- and mid-cap securities may be subject
to special risks associated with narrower product lines and limited
financial resources compared with their large-cap counterparts,
and, as a result, small- and mid-cap securities may decline
significantly in market downturns and may be more volatile than
those of larger companies due to their higher risk of failure.
High-yield, lower-rated bonds may contain more risk due to the
increased possibility of default. Illiquid securities may be
subject to wide fluctuations in market value. The fund may be
subject to significant delays in disposing of illiquid securities.
Accordingly, the fund may be forced to sell these securities at
less than fair market value or may not be able to sell them when
the advisor or subadvisor believes that it is desirable to do so.
This closed-end fund is no longer available as an initial public
offering and is only offered through broker-dealers on the
secondary market.
Wells Fargo Asset Management (WFAM) is the trade name for
certain investment advisory/management firms owned by Wells Fargo
& Company. These firms include but are not limited to Wells
Capital Management Incorporated and Wells Fargo Funds Management,
LLC. Certain products managed by WFAM entities are distributed by
Wells Fargo Funds Distributor, LLC (a broker-dealer and Member
FINRA).
This material is for general informational and educational
purposes only and is NOT intended to provide investment advice or a
recommendation of any kind—including a recommendation for any
specific investment, strategy, or plan.
Some of the information contained herein may include
forward-looking statements about the expected investment activities
of the funds. These statements provide no assurance as to the
funds’ actual investment activities or results. Readers must make
their own assessment of the information contained herein and
consider such other factors as they may deem relevant to their
individual circumstances. PAR-0120-02381
INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO
BANK GUARANTEE ● MAY LOSE VALUE
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Media Robert Julavits, 917-260-2448
robert.w.julavits@wellsfargo.com
Shareholder inquiries 1-800-730-6001
Financial advisor inquiries 1-888-877-9275
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