10 Questions With Eaton Vance Large-Cap Value Skipper Michael Mach
Like the Hans Christian Andersen tale, this "Ugly Duckling" story has a happy ending.
When Eaton Vance unveiled its (EATVX Quote)Tax-Managed Value fund on Dec. 27, 1999, fund manager Michael Mach was surprised by the Wall Street Journal headline on the fund: "Eaton Vance Takes Ugly Duckling Route."
When Mach launched his tax-efficient value offering at the height of the bull market, he took some early lumps for not easing up on his disciplined approach to value investing. But that perseverance paid off: As the bear market dragged down value and growth funds alike, his tax-managed fund returned 24.7% in 2000 -- trouncing his large-cap value peers and the S&P 500. The fund eked out a 1% gain in 2001; this year, the fund is down 20.7% so far -- putting him in the top 15% of his category. ...
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