The SB-1 Equity Fund, which began trading on the
"We've been thinking of doing this for a long time, given the performance of our research picks over the years," said Jeff Trocin, head of the company's equity capital markets group. Raymond James decided on a closed-end format so that the fund would not have to honor redemptions and be fully invested, to better track the performance of the recommended stocks.
Although Raymond James' analysts make rating changes sometimes on a daily basis, the fund will only make portfolio changes twice a month.