Wells Fargo Asset Management Announces Changes to Global Dividend Opportunity Fund & Utilities & High Income Fund Portfolio M...
December 14 2018 - 8:30AM
Business Wire
Effective December 14, 2018, Andrew Tuttle, CFA, of Crow Point
Partners, LLC, a subadvisor to the Wells Fargo Global Dividend
Opportunity Fund (NYSE: EOD) and the Wells Fargo Utilities and High
Income Fund (NYSE American: ERH),1 has been added as a portfolio
manager of the equity sleeves for both funds. The management teams
for the other sleeves of these closed-end funds are unchanged. The
funds’ investment philosophies and processes will remain the
same.
Kandarp Acharya, CFA, FRM; Christian Chan, CFA; Niklas
Nordenfelt, CFA; Timothy O’Brien, CFA; and Philip Susser will
continue their roles as portfolio managers of the Wells Fargo
Global Dividend Opportunity Fund. 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.
Niklas Nordenfelt, CFA; Timothy O’Brien, CFA; and Philip Susser
will continue their roles as portfolio managers of the Wells Fargo
Utilities and High Income Fund. The Wells Fargo Utilities and High
Income 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 and moderate capital growth, with an emphasis on providing
tax-advantaged dividend income.
Andrew joined Crow Point Partners in 2007. He has extensive
experience in portfolio management, equity and fixed-income
research, distressed debt, and investment banking. In addition to
managing the funds above, he is also a co-portfolio manager on the
Crow Point Alternative Income Fund and the EAS Crow Point
Alternatives Fund. Andrew served as vice president of investment
banking with Cantor Fitzgerald. He has also worked as an equity and
fixed-income analyst with Jefferies & Co., Thomas Weisel
Partners, and First Union National Bank. Andrew earned a bachelor’s
degree in economics from The College of William and Mary and a
master’s degree in business administration from Columbia
University’s Graduate School of Business. He has earned the right
to use the Chartered Financial Analyst® (CFA®) designation.
1 WFAM is an indirect wholly owned subsidiary of Wells Fargo
& Company and an affiliate of Wells Fargo Funds Management,
LLC, the investment advisor to the Wells Fargo Global Dividend
Opportunity Fund and the Wells Fargo Utilities and High Income
Fund. Crow Point Partners and Wells Capital Management Incorporated
are subadvisors to the closed-end Wells Fargo Global Dividend
Opportunity Fund and Wells Fargo Utilities and High Income
Fund.
These closed-end funds are no longer engaged in initial public
offerings, and shares are only offered 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 NAV, and is often lower
than the NAV. A closed-end fund is not required to buy its shares
back from investors upon request.
High-yield, lower-rated bonds may contain more risk due to the
increased possibility of default. 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 international investing are
magnified in emerging or developing markets. Funds that concentrate
their investments in a single industry or sector may face increased
risk of price fluctuation over more diversified funds due to
adverse developments within that industry or sector. 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. When interest rates rise, the
value of debt securities tends to fall. When interest rates
decline, interest that a fund is able to earn on its investments in
debt securities also may decline, but the value of those securities
may increase. Changes in market conditions and government policies
may lead to periods of heightened volatility in the debt securities
market and reduced liquidity for certain fund investments. Interest
rate changes and their impact on the funds and their NAVs can be
sudden and unpredictable.
The use of leverage results in certain risks, including, among
others, the likelihood of greater volatility of the NAV and the
market price of common shares. Derivatives involve additional
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 to closely track. There
are numerous risks associated with transactions in options on
securities. Illiquid securities may be subject to wide fluctuations
in market value and may be difficult to sell.
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. 318836 12-18
NOT FDIC INSURED • NO BANK GUARANTEE • MAY
LOSE VALUE
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version on businesswire.com: https://www.businesswire.com/news/home/20181214005062/en/
Shareholder inquiries1-800-730-6001
Financial advisor inquiries1-888-877-9275
Media contact:Robert
Julavits917-260-2448robert.w.julavits@wellsfargo.com
Sarah Kerr917-260-1582skerr@wellsfargo.com
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