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|Includes: Eaton Vance Enhanced Equity Income Fund (EOI), EOS

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Here's a sample of the timely ideas that our members receive, from the article Three, No Four, Funds To Sell Or Replace published in the members section only two days ago. Normally this analysis is only released to the public 1 month after member release.

4. US Equity-Covered Call

  • Sell:¬†Eaton Vance Enhanced Equity Income Fund II (EOS) (6.98% yield, +0.60% premium, +2.7 z-score, 0% leverage, 1.10% baseline expense)
  • Buy: Eaton Vance Enhanced Equity Income Fund (EOI) (7.77% yield, -5.45% discount, +0.70 z-score, 28.0% leverage, 1.68% baseline expense)

Here we have a pair of domestic covered call funds from Eaton Vance. As explained in A Primer On Some Eaton Vance Equity Funds, EOI and EOS are moderately defensive funds that write single stock call options on about 50% of their portfolio. The difference between EOI and EOS is that EOI's benchmark is the S&P 500 while EOS's is the Russell 1000 Growth. This difference is apparent when analyzing the top 10 holdings of both funds, for instance, EOS has greater weighting compared to EOI in growth stocks such as Google (GOOG), Amazon (AMZN) and Facebook (FB).

Growth stocks have done very well recently, which could have been the driver of EOS's outperformance over EOI, but actually, both funds have performed similarly on a NAV basis since the start of June.


EOI Total Return Price data by YCharts

Only a few short months ago was it when EOS and EOI were both trading at discounts of about -6.50%. Since then EOS's discount has vanished while EOI's still remains at -5.45%. EOS has a z-score of +2.7 compared to +0.7 for EOI.


EOI Discount or Premium to NAV data by YCharts

10k shares of EOS are available at Interactive Brokers, but the fee right is very high at 10.31%. Still I might put on a short-term arbitrage on tomorrow with a small position if I'm able to short it. I'm hoping for a quick normalization of premium/discount values of the pair. It should be noted that the 3-year average discount of EOS is about 1.5% higher than for EOI, so it seems that investors have favored EOS more in the recent past.

Disclosure: I am/we are long EOI.