(NYSE: OLA) Old Mutual/Claymore Long-Short Fund (the “Fund”)
announces that the Fund’s name and NYSE ticker symbol have changed
to Guggenheim Enhanced Equity Income Fund (NYSE: GPM), effective
following the close of business on June 21, 2010. Additionally, the
Fund’s CUSIP has changed to 40167B100.
On April 21, 2010, the Fund announced that the Board of Trustees
of the Fund approved the termination of the investment sub-advisory
agreement among the Fund, Claymore Advisors, LLC, the Fund’s
investment adviser (“Claymore”) and Analytic Investors, Inc. and
approved the appointment of a new investment sub-adviser to the
Fund, Guggenheim Partners Asset Management, LLC (“GPAM”). Pursuant
to this appointment, GPAM entered into an interim investment
sub-advisory agreement (the “Interim Sub-Advisory Agreement”) with
the Fund and Claymore, which will be in effect for an interim
period of up to 150 days pending shareholder approval of a new
investment sub-advisory agreement among the Fund, Claymore and GPAM
(the “New Sub-Advisory Agreement”). The Fund intends to submit the
New Sub-Advisory Agreement to shareholders for approval at the
annual meeting of shareholders of the Fund currently scheduled for
July 19, 2010.
The Fund will continue to seek its primary investment objective
of seeking a high level of current income and gains with a
secondary objective of long-term capital appreciation. The Fund’s
investment strategy under its previous investment sub-adviser
sought to achieve this investment objective through a long-short
strategy and an opportunistic covered call writing strategy. GPAM
will seek to achieve the Fund’s investment objective by obtaining
broadly diversified exposure to the equity markets and utilizing a
covered call strategy which will follow GPAM’s proprietary dynamic
rules-based methodology to seek to utilize efficiencies from the
tax characteristics of the Fund’s portfolio. The Fund will seek to
earn income and gains both from dividends paid by the securities
owned by the Fund and cash premiums received from selling
options.
In connection with the implementation of GPAM’s strategy, the
Fund intends to utilize financial leverage. The goal of the use of
financial leverage is to enhance shareholder value, consistent with
the Fund’s investment objective, and provide superior risk-adjusted
returns. The Fund may utilize financial leverage up to the limits
imposed by the Investment Company Act of 1940, as amended. The
Fund’s use of financial leverage is intended to be flexible in
nature and will be monitored and adjusted, as appropriate, on an
ongoing basis by Claymore and GPAM. Under current market
conditions, the Fund initially intends to utilize financial
leverage in an amount not to exceed 30% of the Fund’s total assets
(including the proceeds of such financial leverage) at the time
utilized. The Fund expects to employ financial leverage through the
issuance of senior securities represented by indebtedness,
including through bank borrowing by the Fund or issuance by the
Fund of notes, commercial paper or other forms of debt and/or the
use of transactions and derivative instruments that have
characteristics similar to senior securities.
The Fund’s proxy statement for the annual meeting of
shareholders will contain additional information regarding GPAM,
the Fund’s investment strategy and the New Sub-Advisory Agreement
and GPAM. Promptly after filings its definitive proxy statement for
the annual meeting with the Securities and Exchange Commission (the
“SEC”), the Fund will mail the definitive proxy statement and a
proxy card to each shareholder entitled to vote at the annual
meeting of shareholders. WE URGE SHAREHOLDERS TO READ THE PROXY
STATEMENT (INCLUDING ANY SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS THAT THE FUND WILL FILE WITH THE SEC WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Shareholders will be able to obtain, free of charge, copies of the
proxy statement and any other documents filed by the Fund with the
SEC in connection with the annual meeting of shareholders at the
SEC’s website at www.sec.gov, by calling 800-345-7999 or by writing
the Fund at 2455 Corporate West Drive, Lisle, Illinois 60532.
For additional information, please visit
www.claymore.com/GPM.
Management Fees
Effective April 20, 2010, Claymore and the Fund contractually
agreed to a permanent ten (10) basis point reduction in the
advisory fee, such that the Fund pays to Claymore an investment
advisory fee at an annual rate equal to 0.90% of the average daily
value of the Fund’s total managed assets.
Both Claymore and GPAM are indirect subsidiaries of Guggenheim
Partners, LLC (“Guggenheim”), a diversified financial services
firm. Commencing as of the date of the Interim Sub-Advisory
Agreement and, pending Fund shareholder approval, continuing during
the term of the New Sub-Advisory Agreement and for so long as the
investment sub-adviser of the Fund is an affiliate of Claymore,
Claymore has agreed to waive an additional ten (10) basis points of
the advisory fee, such that the Fund will pay to Claymore an
investment advisory fee at an annual rate equal to 0.80% of the
average daily value of the Fund’s total managed assets.
GPAM
GPAM is an investment manager specializing in innovative
investment strategies that aim to add alpha relative to benchmarks
in both up and down markets. GPAM's investment philosophy is
predicated upon the belief that thorough research and independent
thought are rewarded with performance that has the potential to
outperform benchmark indexes with both lower volatility and lower
correlation of returns over time as compared to such benchmark
indexes. GPAM manages more than $50 billion in investments for
foundations, insurance companies and other institutions.
Portfolio Management Team
The portfolio management personnel of the Sub-Adviser who are
primarily responsible for the day-to-day management of the Fund’s
portfolio are: Robert Daviduk, Managing Director and Senior
Portfolio Manager of the Sub-Adviser; Jayson Flowers, Managing
Director of the Sub-Adviser; Jamal Pesaran, Portfolio Sector
Manager of the Sub-Adviser; Farhan Sharaff, Assistant Chief
Investment Officer, Equities of the Sub-Adviser; and Scott Minerd,
Chief Investment Officer of the Sub-Adviser. Robert Daviduk serves
as the lead portfolio manager of the Fund. The portfolio management
personnel primarily responsible for the day-to-day management of
the Fund’s portfolio are supported by a team of equity analysts and
risk managers.
Robert Daviduk. Bob Daviduk is a Managing Director and Senior
Portfolio Manager in the fixed-income group at Guggenheim and has
over 25 years of portfolio management experience. He is a member of
the Portfolio Construction Group and is the lead portfolio manager
for several client portfolios. Prior to joining Guggenheim in 2006,
Mr. Daviduk was a Partner and COO at Global Fixed-Income Partners,
LLC (2005-2006), a money manager and hedge fund. At Wells Capital
Management (2002-2005), Mr. Daviduk was a Managing Director and
headed several investment teams responsible for the management of
$25 billion of fixed income assets across a full range of
durations, asset classes and credit qualities. Before that, Mr.
Daviduk was a Senior Vice President at Banc of America Capital
Management, where he headed the firm’s structured product
investments effort and earlier in his tenure he served as a
portfolio generalist responsible for managing numerous portfolios
with significant allocations to corporate and cross-over credits.
Mr. Daviduk managed the Nation’s Short-Term Bond Fund, which was
ranked in the top 10% of all funds in its peer group. He also has
managed municipal, high-yield, investment-grade and nondollar
securities at Brown Brothers Harriman & Co. Mr. Daviduk earned
his MBA in Finance and International Business from New York
University in 1992, where he graduated first in his class, and
earned his BS in Business Administration and Accounting from
Bucknell University in 1984.
Jayson Flowers. Mr. Flowers joined the Sub-Adviser in 2001, and
serves as the Managing Director of GPAM, heading Guggenheim’s
Equity and Derivative Strategies. Mr. Flowers has more than 15
years experience in the financial markets with concentration in
risk management and trading across various sectors of the capital
structure. His investment experience ranges in expertise from
structured product investments and asset backed securities, to
trading U.S. Government agencies, foreign sovereign debt,
commodities, indexed futures, derivative and global equity
arbitrage. Prior to working for the Sub-Adviser, Mr. Flowers was a
co-founder and partner of Adventure Capital, a boutique venture
capital and merchant banking company. Previously Mr. Flowers was at
Credit Suisse First Boston, Dominick & Dominick Inc., and
Coopers & Lybrand. Mr. Flowers holds a BA in Economics from
Union College.
Jamal Pesaran. Mr. Pesaran is a Portfolio Sector Manager
covering equity and equity derivatives strategies. Prior to joining
the Sub-Adviser, he was with Lehman Brothers (2005-2007) and then
HSBC Securities (2007-2008) in equity derivatives sales covering
hedge fund clients for the US and Pacific Rim markets. Mr. Pesaran
was an options market-maker and portfolio manager from 1996-2004
notably with Goldman Sachs’ Hull Trading Group (1998-2001) and UBS
Investment Bank (2002-2004) in London and Frankfurt, respectively.
Mr. Pesaran holds his MBA from UCLA Anderson Graduate School of
Business and a Bachelor of Science degree in Economics from Bristol
University (U.K.). Mr. Pesaran joined Guggenheim in 2008.
Farhan Sharaff. Mr. Sharaff is the Assistant Chief Investment
Officer, Equities of GPAM. Mr. Sharaff has more than 20 years of
experience in investment research and investment management. Prior
to joining the Sub-Adviser in June of 2009, he was a Partner and
Chief Investment Officer at MJX Capital Advisors (2004-2009), a
wealth management firm focused on providing advice and investment
management for its clients, especially in the traditional and
alternative asset classes. Prior to that, Mr. Sharaff served as the
global Chief Investment Officer at CIGNA Corporation (2003-2004),
Zurich Scudder Investments (1999-2003) and Citigroup (1984-1999).
In all of the above engagements, Mr. Sharaff was responsible for
research, investment management, product development and investment
risk management. He was also a member of the business management
teams at Citigroup and Zurich Scudder. Mr. Sharaff has a Bachelor
of Science in Electrical Engineering from the University of Aston
(U.K.) and an MBA in Finance from the Manchester Business School
(U.K.). In addition, Mr. Sharaff sits on boards for CITIC Capital
Asset Management, Clarfeld Financial Advisors, and Transparent
Value Trust.
Scott Minerd. Since 2001, Mr. Minerd has served as Chief
Investment Officer of the Sub-Adviser, guiding the investment
strategies of the sector portfolio managers. He was formerly a
Managing Director with Credit Suisse First Boston in charge of
trading and risk management for the Fixed Income Credit Trading
Group. In this position, he was responsible for the corporate bond,
preferred stock, money markets, U.S. government agency and
sovereign debt, derivatives securities, structured debt and
interest-rate swaps trading business units. Previously, Mr. Minerd
was Morgan Stanley’s London-based European Capital Markets Products
Trading and Risk Manager responsible for Eurobonds, Euro-MTNs,
domestic European Bonds, FRNs, derivative securities and money
market products in 12 European currencies and Asian markets. Mr.
Minerd has also held capital markets positions with Merrill Lynch
and Continental Bank and was a Certified Public Accountant working
for Price Waterhouse. Mr. Minerd holds a BS degree in Economics
from the Wharton School, University of Pennsylvania and has
completed graduate work at both the University of Chicago Graduate
School of Business and the Wharton School, University of
Pennsylvania.
Guggenheim is a global diversified financial services firm with
more than $100 billion in assets under supervision. Guggenheim,
through its affiliates, provides investment management, investment
advisory, insurance, investment banking, and capital markets
services. The firm is headquartered in Chicago and New York with a
global network of offices throughout the United States, Europe, and
Asia.
Claymore Securities, Inc. is an innovator in exchange-traded
funds, unit investment trusts and closed-end funds, and often leads
its peers with creative investment strategy solutions. In total,
Claymore entities provide supervision, management, or servicing on
approximately $15.9 billion in assets as of March 31, 2010.
Claymore Securities currently offers closed-end funds, unit
investment trusts and exchange-traded funds. Registered investment
products are sold by prospectus only and investors should read the
prospectus carefully before investing. For secondary market
closed-end funds, investors should read shareholder reports and
press releases for updated fund information. Additional
information regarding Claymore’s closed-end funds is available at
www.claymore.com/CEF.
This information does not represent an offer to sell securities
of the Fund and it is not soliciting an offer to buy securities of
the Fund, nor is it a solicitation of any proxy. There can be no
assurance that the Fund will achieve its investment objective. The
net asset value of the Fund will fluctuate with the value of the
underlying securities. It is important to note that closed-end
funds trade on their market value, not net asset value, and
closed-end funds often trade at a discount to their net asset
value. Past performance is not indicative of future
performance.
An investment in the Fund is subject to certain risks and other
considerations. Such risks and considerations include, but are not
limited to: Equity Securities and Related Market Risk, Other
Investment Companies Risk, Options Risk, Other Derivatives Risk,
Counterparty Risk, Medium and Smaller Company Risk, Financial
Leverage Risk, Foreign Investment Risk, Inflation/Deflation Risk,
Management Risk, Portfolio Turnover Risk, Recent Market
Developments Risk, Government Intervention in Financial Markets
Risk, Legislation Risk, Market Disruption and Geopolitical Risk and
Anti-Takeover Provisions Risk.
Investors should consider the investment objectives and
policies, risk considerations, charges and expenses of the Fund
carefully before they invest. For this and more information, please
contact a securities representative or Claymore Securities, Inc.,
2455 Corporate West Drive, Lisle, Illinois 60532,
800-345-7999.
Member FINRA/SIPC (6/10)
NOT FDIC-INSURED | NOT
BANK-GUARANTEED | MAY LOSE VALUE
Old Mutual Claymore (NYSE:OLA)
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