Investment Overview

Our investment team seeks to capitalize on inefficiencies across developed, emerging, and frontier markets. Sources of return are drawn from a diverse set of assets.
Fundamental discretionary Global Macro strategy
Three objectives: return in excess of 3-Month U.S. Treasury Bill rates, annualized standard deviation similar or better than excess return, near zero beta to traditional sources of systematic investment risk.
Portfolio consists of long/short positions in sovereign risks including currency, credit spread duration, interest rate duration, broad corporate exposures, and commodities.
Investment process combines bottom up investment decisions, top down risk measurement, and risk management throughout the process.

Portfolio Construction

Portfolio seeks to generate gross returns of benchmark plus 6-8%
Expected volatility will typically range from 4-8%
Currency +/- 100%
Credit Spread Duration Contribution +/- 4.0 years
Interest Rate Duration Contribution +/- 6.0 years
Equity +/- 20%
Commodity +/- 20%

Investment Team

Michael Cirami, CFA, Co-Director of Global Income Group, Portfolio Manager (Central and Eastern Europe, Middle East, Africa)
16 years of industry experience
13 years with Eaton Vance
BS, Mary Washington College
MBA, University of Rochester
Eric Stein, CFA, Co-Director of Global Income Group, Portfolio Manager (Asia, Western Europe, U.S.)
14 years of industry experience
10 years with Eaton Vance
BS, Boston University
MBA, University of Chicago
John Baur, Director of Global Portfolio Analysis, Portfolio Manager (Latin America, Commodities)
11 years of industry experience
11 years with Eaton Vance
BS, Massachusetts Institute of Technology
MBA, Cornell University
Michael O'Brien, CFA, Director of Global Trading
16 years of industry experience
11 years with Eaton Vance
BA, Colby College
MS, Boston College

Benchmark

BofA Merrill Lynch 3-Month U.S. Treasury Bill Index