Eaton Vance closes popular macro fund

Eaton Vance Corp. will stop accepting deposits from new customers in a global fund that seeks gains from broad economic trends after assets increased more than sixfold this year. Eaton Vance Global Macro Absolute Return Fund, which opened in 2007, will close to new investors on Oct. 1, the Boston-based firm said today in a statement. The fund's assets rose to $6.4 billion on Aug. 31 from $987.6 million on Dec. 31, according to the firm. Investors poured $16 billion this year through August into funds that seek to profit whether markets rise or fall, according to data from Morningstar Inc. in Chicago. Shareholders have removed $42 billion from U.S. stock funds this year, a trend that accelerated after the stock plunge in the U.S. on May 6, the data show. The managers of Eaton Vance's Global Macro fund identify economic trends and political conditions to pick investments. The fund trades derivatives and emerging-market stocks and bonds, and seeks gains from short sales, or the selling of borrowed shares in the hope of profiting by buying them back at a lower price. The Global Macro fund gained 4 percent this year, compared with a 3 percent return for peers, according to data compiled by Bloomberg.