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Wells Fargo Funds Management announces portfolio management change on closed-end fund

SAN FRANCISCO—Wells Fargo Funds Management, LLC, which serves as the investment advisor to the Wells Fargo Advantage Global Dividend Opportunity Fund (NYSE: EOD), announced today that Jeffrey P. Mellas, CAIA, of Wells Capital Management, has been added as a portfolio manager to the fund. Mellas replaces Tim Stevenson, who has left the firm to pursue other opportunities.  

In addition to his current role as managing director of the Quantitative Strategies team at Wells Capital Management, Mellas will oversee the options positions of the Wells Fargo Advantage Global Dividend Opportunity Fund, using quantitative and statistical analysis. Mellas will also provide additional oversight for the fund, coordinating the equity and options portfolios, with a focus on maintaining an attractive and sustainable stream of income while seeking to maximize the upside potential of the securities held in the fund. Portfolio Manager Timothy O’Brien, CFA, will continue in his role overseeing the equity sleeve of the fund.  

The Wells Fargo Advantage Global Dividend Opportunity Fund has a primary investment objective of seeking to provide a high level of current income with a secondary objective of achieving long-term growth of capital. The fund primarily invests in U.S. and non-U.S. equities believed to offer above-average potential for current and future dividends. The fund actively employs a dividend-capture strategy. In addition, the fund also writes (sells) call options on a variety of U.S.-based and non-U.S.-based securities indexes to generate additional distributable income.

 

This closed-end fund is no longer offered as an initial public offering and is 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), often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

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