Citigroup Feels Eaton Vance's New Fund May Be a Little Too Risky (EV)

Eaton Vance EV announced the launch of the Eaton Vance Global Macro Absolute Return Advantage Fund, which will be the successor to the fast growing closing $6.4B Global Macro Fund. The successor fund will have reduced exposure to frontier markets, and will t arget higher levels of return potential through greater concentration/larger portion sizes. Citi lowers its estimates on EV, cutting the rating to SELL. Citi feels as if the Advantage fund will aim for greater alpha/risk return profile, which may not necessarily square with retail investor risk appetite. Target Price: $25.00 EV is currently trading at $29.57