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 lower than excess return, near zero beta to traditional sources of systematic investment risk.
Portfolio consists primarily of long and short sovereign positions across currencies, sovereign credit, and interest rates.
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 4-6%
Expected volatility will typically range from 2-4%
Currency +/- 50%
Credit Spread Duration Contribution +/- 2.0 years
Interest Rate Duration Contribution +/- 3.0 years
Equity +/- 10%
Commodity +/- 10%
 

Investment Team

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

Benchmark

ICE BofAML 3-Month U.S. Treasury Bill Index