Open-end Funds
We managed 114 open-end funds, including 10 tax-managed equity funds, 38 non-tax-managed
equity funds, 29 state and national municipal income funds, 21 taxable fixed
income and cash management funds, six floating-rate bank loan funds and 10 alternative
funds sold to U.S. and non-U.S. investors.
We began building our tax-managed equity fund family in fiscal 1996 with the
introduction of Eaton Vance Tax-Managed Growth Fund 1.1, and have since expanded
offerings to include a variety of equity styles and market caps, including large-cap
value, multi-cap growth, small-cap, global small-cap, equity asset allocation,
equity option and global dividend income.
Closed-end Funds
Our family of closed-end funds includes 22 municipal bond funds, 11 domestic
and global equity funds, four bank loan funds and two multi-sector income funds.
As of October 31, 2015, we managed $24.4 billion in closed-end fund assets and
ranked as the third largest manager of exchange-listed closed-end funds in the
U.S. according to Strategic Insight, a fund industry data provider.
Private Funds
The private fund category includes privately offered equity funds designed to
meet the diversification and tax-management needs of qualifying high-net-worth
investors. We are recognized as a market leader for these types of privately
offered equity funds. Also included in private funds are equity, floating-rate
bank loan and fixed income funds offered to institutional investors.
Institutional Separate Accounts
We serve a broad range of clients in the institutional marketplace, both in
the U.S. and internationally, including government, corporate and union retirement
plans, endowments and foundations, nuclear decommissioning trusts and asbestos
litigation trusts, sovereign wealth funds and investment funds sponsored by
others for which we serve as a sub-adviser. Our diversity of capabilities allows
us to offer domestic and international institutional investors a broad spectrum
of equity, fixed and floating-rate income and alternative strategies, as well
as portfolio implementation and exposure management services. Our broad expertise
provides us the opportunity to customize solutions to help meet our clients’
complex investment needs.
High-net-worth Separate Accounts
We offer high-net-worth and family office clients personalized investment counseling
services through EVIC. At EVIC, investment counselors work directly with clients
to establish long-term financial programs and implement strategies designed
for achieving their objectives. The Company has been in this business since
the founding of Eaton and Howard in 1924.
Also included in high-net-worth separate accounts are core equity portfolios
managed by Parametric for family offices and high-net-worth individuals. Parametric’s
objective in managing these accounts is generally to match the returns of a
client-specified equity benchmark and add incremental returns on an after-tax
basis and/or reflect the investment restrictions and exposure tilts specified
by the client. Parametric’s offerings for the high-net-worth and family
office market also include investment programs that utilize option overlay strategies
to help clients customize their risk and return profiles through the use of
disciplined options strategies.
Retail Managed Accounts
Retail managed accounts include separate accounts managed for individual investors
offered through the retail intermediary distribution channel. We entered this
business in the 1990s, offering Eaton Vance Management-managed municipal bond
separate accounts, and later expanded our offerings with the addition of Atlanta
Capital, Parametric, Parametric Risk Advisors and TABS managed accounts. Our
entry into the retail managed account business allowed us to leverage the strengths
of our retail marketing organization and our relationships with major distributors.
Investment Management and Related Services
Our direct and indirect wholly owned subsidiaries Eaton Vance Management and
BMR are investment advisers to all but one of the Eaton Vance-sponsored funds.
Although the specifics of our fund advisory agreements vary, the basic terms
are similar. Pursuant to the advisory agreements, Eaton Vance Management or
BMR provides overall investment management services to each internally advised
fund, subject, in the case of funds that are registered under the Investment
Company Act of 1940 (“1940 Act”) (“Registered Funds”),
to the supervision of the fund’s board of trustees or directors (together,
“trustees”) in accordance with the fund’s investment objectives
and policies. Atlanta Capital, Parametric, Parametric Risk Advisors or an unaffiliated
advisory firm acts as a sub-adviser to Eaton Vance Management and BMR for certain
funds. OrbiMed Advisors LLC (“OrbiMed”), an independent investment
management company based in New York, is the investment adviser to Eaton Vance
Worldwide Health Sciences Fund.