Seattle-headquartered Parametric Portfolio Associates is expanding its emerging markets fund range with the launch of the Parametric Emerging Markets Core Fund.

The fund will be co-managed by David Stein, chief investment officer of Parametric, and Thomas Seto, managing director, portfolio management.

The new vehicle seeks to invest in smaller, less represented countries while reducing exposure to the largest emerging market economies, the firm said

The fund employs a top-down approach and country allocations are rebalanced to target weights when they exceed predetermined thresholds.

Eaton Vance Management is the fund's investment advisor and Parametric serves as the fund's sub-advisor. 

"Different from the established Parametric Emerging Markets Fund and Parametric Tax-Managed Emerging Markets Fund, the fund does not expect to maintain significant investments in frontier markets," said Parametric chief executive Brian Langstraat.

A subsidiary of Eaton Vance, Parametric managed approximately $107.2 billion in total assets as at July 31, 2013.