Evercore Wealth Management has launched the Evercore Wealth Management Macro Opportunity Fund (EWMOX), which seeks to profit from the investment risks associated with changes to global monetary and fiscal policy.
The fund is an extension of the firm’s Diversified Market Hedges strategy that strives to preserve investor assets and reduce portfolio volatility in periods of economic uncertainty, without sacrificing capital appreciation. This strategy was developed by Evercore Wealth Management in January 2009 as a tactical overlay for individual client portfolios. The firm continues to deploy the strategy extensively in its customised asset allocation for clients.
"In launching the Macro Opportunity Fund, we are making our distinctive Diversified Market Hedges strategy available to a broader range of individual and institutional investors," says Jeff Maurer (pictured), chief executive of Evercore Wealth Management. "This strategy has been an important part of our clients’ balanced portfolios since its inception in the depth of the market crisis. It seems to us at least as relevant now as it was then."
The Macro Opportunity Fund’s managers are able to access vehicles that can invest long and short in a wide range of assets, including sovereign and corporate debt, currencies, commodities and equities.
John McDermott, the lead manager of the Macro Opportunity Fund, says: "While policymakers can support any asset class they choose, support must come at the expense of another asset class and this cost is often unnoticed initially by investors. We invest to protect the core asset class or asset classes most at risk from policy intervention and seek to do so as inexpensively as possible."