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The Wells Fargo Advantage Global Dividend Opportunity Fund (NYSE: EOD) has announced a portfolio management change.
Effective immediately, Christian L. Chan, CFA, and Kandarp Acharya, CFA, FRM (Financial Risk Manager), of the Wells Capital Management Solutions team are replacing Portfolio Manager Jeffrey P. Mellas as members of the portfolio management team of the Wells Fargo Advantage Global Dividend Opportunity Fund.
Mr. Chan and Mr. Acharya have assumed Mr. Mellas’ role in implementing the options strategy of the fund using quantitative and statistical analysis. Portfolio Manager Timothy O’Brien, CFA, will continue in his role managing the portion of the fund invested in equity securities.
The plans for Mr. Chan and Mr. Acharya to replace Mr. Mellas were previously announced in a press release issued on August 14, 2013. At that time, the press release stated that the transition of responsibilities would occur on September 16, 2013. Effective today, however, the transition of responsibilities is complete.
Christian Chan, CFA, is a senior portfolio manager at Wells Capital Management, Inc., (WellsCap) and head of the WellsCap Solutions team. His prior positions include roles as the head of investments and portfolio manager on several asset allocation funds at Wells Fargo Funds Management, LLC, and quantitative research manager at an institutional investment consultancy.
Kandarp Acharya, CFA, FRM, is a senior portfolio manager at WellsCap and a member of the WellsCap Solutions team. His background is in quantitative research, development of capital markets expectations, multi-asset class market risk modeling, risk management, and hedging and optimization strategies. His prior positions include roles in quantitative research, portfolio management, risk management, fixed-income analysis, and software development.
These closed-end funds are no longer offered as an initial public offering, and shares are only offered through broker/dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by net asset value (NAV), and is often lower than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.
High-yield, lower-rated bonds may contain more risk due to the increased possibility of default. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Risks of international investing are magnified in emerging or developing markets. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation over more diversified funds due to adverse developments within that industry or sector. Nondiversified funds may face increased risk of price fluctuation over more diversified funds due to adverse developments within certain sectors. Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts. The use of leverage results in certain risks including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Derivatives involve additional risks, including interest-rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or to closely track. There are numerous risks associated with transactions in options on securities. Illiquid securities may be subject to wide fluctuations in market value and may be difficult to sell.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. This material is being prepared by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.
Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds’ actual investment activities or results. The reader must make his/her own assessment of the information contained herein and consider such other factors as he/she may deem relevant to his/her individual circumstances. 219141 08-13
NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE