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Eaton Vance Fund Closes to New Investors


Investors wanting in on one Eaton Vance Management fund better buy up now. 

The Eaton Vance Corp. subsidiary will close Eaton Vance Atlanta Capital SMID-Cap Fund to new investors as of the close of business on Jan. 15. 

Shares of the fund may be purchased thereafter only by existing shareholders, qualified retirement plans, and fee-based advisory programs with centralized investment discretion that have selected the fund as an investment option prior to the closing. Sales of fund shares may be further restricted or re-opened in the future. 

The $3.3 billion fund, which invests in small- to mid-cap stocks, is being closed due to "liquidity and size concerns," said Eaton Vance spokeswoman Robyn Tice. She explained that the small overall size of the small-cap market and the inability to take bigger positions in companies has constrained the investments the fund can make. 

"Our the intention is to always be fully invested," she added. 

The fund is sub-advised by Atlanta Capital Management Co.  Portfolio managers include Charles "Chip" Reed, William Bell and Matthew Hereford

The fund offers class A, C, I and R shares. As of Nov. 30, it had net assets of $3.3 billion.

Atlanta Capital is an Atlanta-based investment advisory firm and a majority-owned Eaton Vance subsidiary. As of Oct. 31, it managed $15.1 billion in assets. 

Eaton Vance managed $199.5 billion in assets as of Oct. 31.


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