November 11, 2019

Parametric Enhanced Income Core

Closed-end funds are one of the oldest types of collective investment vehicles in the US. Unlike open-end funds, closed-end funds raise capital during an initial public offering and don't create or redeem shares in response to investor flows. Many investors are drawn to the closed-end fund universe as a source of income.

In this paper we highlight how closed-end funds may lend themselves to this aim as well as some of the potential drawbacks. We also describe an investment process designed to efficiently capture a stable income stream from the closed-end fund universe. This process will necessarily evolve over time to meet investment targets.

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