Investment Overview

We take long and short positions primarily in sovereign assets, and we invest on a more limited basis in broad equity, credit and commodity markets.
Target excess return: 400-600 basis points above LIBOR
Target Sharpe ratio 1.0+
Typical average annual turnover: 20% to 40% (ex rolls)
We typically diversify across 40 to 80 countries, using fundamental, bottom-up analysis to help keep volatility low.
Our 44-member team includes trading staff with local knowledge and 24- hour trading access in more than 90 countries.
We have provided consistently high risk-adjusted returns with low correlation to traditional indices over the long term.

Portfolio Construction

Focus on country selection within a strong risk management framework. Regional portfolio managers conduct regional analysis:
Identify country selection/positioning
Conduct fundamental research
Decide upon instrument selection
Consider profit & loss analysis

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

U.S. LIBOR (London Inter-Bank Offered Rate) Market 3-Month Total Return Index