Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) Stock

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers a diversified portfolio with the addition of some global exposure as well. ETW trades at an attractive discount on both an absolute and relative basis, making it an interesting choice for investors wanting exposure to a call writing fund. The fund offers investors a monthly distribution, beneficial for income-seeking investors—but even better, it generally comes with more tax-favorable characterizations.

ETW: Foreign Currency Exposure Proves Beneficial For This High-Yielding CEF

VANCOUVER, BC / ACCESSWIRE / August 28, 2024 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) ("Mako" or the "Company") is pleased to provide additional exploration results from the 2024 reverse circulation (RC) drill program in the Las Conchitas area, located immediately south of the Company's San Albino gold mine, and additional results from an ongoing regional reconnaissance program within Mako's 188 square kilometres land package. The main objective of the RC drill program is to test for possible extensions of the high-grade mineralization trends beyond the limits of the Company's most recent mineral resource estimate ("MRE") at the San Albino Project (see press release of December 6th, 2023).

VANCOUVER, BC / ACCESSWIRE / July 29, 2024 / Mako Mining Corp. (TSX-V:MKO)(OTCQX:MAKOF) ("Mako" or the "Company") is pleased to provide additional exploration results from the ongoing reverse circulation (RC) drill program at Mako's newest mining area, Las Conchitas, located immediately south of the Company's San Albino gold mine. Las Conchitas contains numerous mineralized structures over a 1,700 m by 800 m area, which has been subdivided into three primary areas: Las Conchitas North ("LC-N"), Las Conchitas Central ("LC-C") and Las Conchitas South ("LC-S").

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund (ETW) and Eaton Vance Tax-Managed Global Diversified Equity Income Fund (EXG) both present attractive valuations and provide some global diversification. Both funds utilize an index call writing strategy, though the percentage overwrite target is different and the underlying benchmarks are different as well. These funds deliver attractive monthly distributions to their investors as well, with recent increases being announced from the lineup of Eaton Vance equity funds.

Eaton Vance Tax-Managed Diversified Equity Income Fund and Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund utilize a call-writing strategy to help deliver investors monthly distributions. Both ETY and ETW focus on dividend-paying stocks and are tax-managed in an effort to minimize and defer taxes, but ETW has a global tilt. ETW is more attractively priced on an absolute and relative discount basis but has historically been the weaker performer as well due to global exposure.

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund employs an options strategy to generate high income without relying on high-yielding fixed-income assets. The ETW closed-end fund's share price performance has been disappointing, underperforming the S&P 500 Index over the past few months. The fund's distribution history shows consistent reductions in payouts, which may not appeal to investors seeking consistent income.

Heavy selling in Eaton Vance equity CEFs by leveraged banks and financial institutions is causing extreme valuation drops. Opportunities may arise in larger CEF fund families like Nuveen and Eaton Vance due to indiscriminate selling by institutions without regard to price or NAV performance. The Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers the most compelling opportunity due to a defensive option write strategy and a tax-advantaged 9.1% current yield.

Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund offers an attractive discount and a call-writing strategy instead of utilizing borrowings. The fund's options writing strategy can provide capital gains during flat markets and provide some defense against declining markets, while its substantial discount offers potential upside if the discount narrows. With no leverage in the form of borrowings or preferred offerings, ETW is avoiding rising costs during the interest rate hiking cycle and can provide relatively reduced volatility.