Investment Overview

Our investment team seeks to capitalise 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.
The investment process combines bottom-up investment decisions, top-down risk measurement and risk management throughout the process.
 

Portfolio Construction

The 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)

19 years of industry experience

16 years at Eaton Vance

B.S., 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

13 years at Eaton Vance

B.S., Boston University

MBA, University of Chicago


John Baur

Director of Global Portfolio Analysis, Portfolio Manager (Latin America, Commodities)

15 years of industry experience

14 years at Eaton Vance

B.S., Massachusetts Institute of Technology

MBA, Cornell University


Michael O'Brien, CFA

Director of Global Trading

19 years of industry experience

14 years at Eaton Vance

BA, Colby College

M.S., Boston College


 

Benchmark

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