AIG SunAmerica Asset Management Corp., has announced the launch of the SunAmerica Focused Alpha Large-Cap Fund, a closed-end fund which will invest in both large-cap and large-cap value stocks. The fund is now the second-largest publicly traded closed-end fund that AIG SunAmerica offers.
In the first public offering, $9.65 million shares were issued at $20 a share, raising a total of $222 billion. Merrill Lynch is the lead manager for the fund, which began trading Dec. 23 on the New York Stock Exchange.
"We are very pleased to offer this fund to the marketplace at this time," said J. Steven Neamtz, president of AIG SunAmerica Capital Services. "Large-cap stocks appear cheaper than small- and mid-cap equities as a result of relative underperformance. Our new fund brings together two highly experienced, world-class large-cap managers who will choose some of their favorite stocks for the portfolio. By blending growth and value, the SunAmerica Focused Alpha Large-Cap Fund also brings additional balance to large-cap investing."
The objective of the new fund is to provide growth of capital by using a focused style of investing in which each sub-advisor selects a minimum of 10 and maximum of 15 of their favorite stocks for their portion of their portfolio.