SCCM Enhanced Equity Income Called Away Its Stake in Philip Morris (PM)

Cullen Capital Management, LLC, operating under the name Schafer Cullen Capital Management, Inc. (SCCM), has released its “SCCM Enhanced Equity Income Fund” first-quarter investor letter. A copy of the letter can be downloaded here. The first quarter showed mixed results for US stocks, with the S&P 500 declining 4.3% and the Russell 1000 Value rising by 2.1%. The composite outperformed both of its benchmarks in the first quarter, and returned 5.8% (net) compared to a -3.1% return by the CBOE Buy/Write Index (BXM) and a 0.8% return by the SPDR Bloomberg High Yield Bond ETF (JNK). The...