Boston-based Eaton Vance is to close the $11.9 billion Eaton Vance Atlanta Capital Smid-Cap fund to all new investors on April 13.
The fund was initially closed to most new investors in 2013 but remained open to new qualified retirement plans. This will no longer be the case from April 13.
It will remain open to existing shareholders, qualified retirement plans in the fund prior to April 13 and fee-based programs which selected the fund prior to January 15 2013.
'We determined that this move is in the best interest of the existing fund shareholders due to the size and liquidity of the companies that the fund evaluates for investment,' an Eaton Vance spokeswoman said.
Founded in 1969, Atlanta Capital is a $20.6 billion independent subsidiary of Eaton Vance, based in Atlanta, Georgia.
The fund is near the top of its peer group, ranked second out of 95 Mid-Cap Growth funds tracked by Citywire for three-year total returns to the end of December 2017. Over that time it returned 52.2% compared to the average Mid-Cap Growth fund, which was up 31.1%.
The trio of PMs also manages the $392.6 million Eaton Vance Atlanta Capital Select Equity fund.
Guggenheim PM takes medical leave
James Michal, a Guggenheim Investments portfolio manager, has taken a medical leave of absence and stepped away from managing the $9.3 billion Guggenheim Total Return Bond fund, a spokesman for the firm confirmed.
‘James has requested a medical leave of absence to focus on some personal health related issues. James remains an employee of our firm,’ said a Guggenheim spokesman in a statement. ‘We respect James's privacy in matters related to health. Given the personal nature of his time away from the the office it is inappropriate for us to comment further.’
Walsh, Guggenheim's chief investment officer for fixed income remains in charge of all related portfolios, according to the same spokesman who said it would be ‘business as usual’ at the firm, following the Michal’s temporary departure.
Michal is also named on the $323.7 million Wilshire Income Opportunities fund, $2.8 billion Guggenheim Limited Duration fund, $400.7 million Guggenheim Investment Grade Bond fund, $3.6 billion Guggenheim Floating Rate Strategies fund and $ 6.7 billion Guggenheim Macro Opportunities fund.