Overview

Historical Returns (%) as of Sep 30, 2024

10/31/202409/30/2024
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of the Global Macro Capital Opportunities Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Prior to 5/2/17, Fund was called Eaton Vance Global Macro Capital Opportunities Fund. Max Sales Charge: 5.25%.
 

Fund Facts as of Oct 31, 2024

Class A Inception 11/03/2014
Performance Inception 11/01/2013
Investment Objective Total return
Total Net Assets $1.1B
Minimum Investment $1000
Expense Ratio (Gross)4 1.55%
Expense Ratio (Net)4,5 1.40%
CUSIP 27826A789

Top 10 Holdings (%)6 as of Oct 31, 2024

Taiwan Semiconductor Manufacturing 3.19
Bank Of Cyprus Holding Plc 2.81
National Bank Of Greece Sa 1.83
Eurobank Holdings Sa 1.62
Nova Ljubljanska Banka D.D.Ljublja 1.32
Georgia Capital Plc 1.32
Bank Of Georgia Group Plc 1.25
Tbc Bank Group Plc 1.21
Piraeus Financial Holdings Sa 1.19
Grupo Financiero Galicia Adr Reptg 1.16
Total 16.90
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall 709
3 Years 709
5 Years 637
10 Years 426
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

Portfolio Management

Steven Vanne, CFA, FRM Managed Fund since 2023
Federico Sequeda, CFA Managed Fund since 2024
Sahil Tandon, CFA Managed Fund since 2024

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks will generally decline. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. MSCI Emerging Markets Equal Country Weighted Index is an unmanaged index of emerging markets common stock where each country within the index has the same weight.
2. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
3. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Source: Fund prospectus.
5. Net Expense Ratio reflects a contractual expense reimbursement that continues through 3/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. Percent of total net assets, ex cash and equivalents.

Performance

Historical Returns (%) as of Sep 30, 2024

10/31/202409/30/2024
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of the Global Macro Capital Opportunities Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Prior to 5/2/17, Fund was called Eaton Vance Global Macro Capital Opportunities Fund. Max Sales Charge: 5.25%.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV -5.50 -13.46 8.23 31.21 -14.76 12.34 13.19 13.05 -14.83 25.44
MSCI Emerging Markets Equal Country Weighted Index1 -4.09 -19.48 11.95 26.42 -12.47 12.49 -2.20 6.16 -6.36 16.71
MSCI Emerging Markets Index2 -2.19 -14.92 11.19 37.28 -14.57 18.42 18.31 -2.54 -20.09 9.83
MSCI Frontier Markets Index3 6.84 -14.46 2.66 31.86 -16.41 17.99 1.43 19.73 -26.34 11.63
 

Fund Facts

Class A Inception 11/03/2014
Performance Inception 11/01/2013
Expense Ratio (Gross)4 1.55%
Expense Ratio (Net)4,5 1.40%

Risk Measures (3 Year)8 as of Oct 31, 2024

Alpha (%) 2.62
Beta 0.82
Standard Deviation (%) 14.56
Sharpe Ratio 0.16
Downside Market Capture Ratio (%) 81.03
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall 709
3 Years 709
5 Years 637
10 Years 426
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Nov 20, 2024 $14.07 $0.04
Nov 19, 2024 $14.03 -$0.06
Nov 18, 2024 $14.09 $0.10
Nov 15, 2024 $13.99 -$0.06
Nov 14, 2024 $14.05 -$0.06
Nov 13, 2024 $14.11 -$0.06
Nov 12, 2024 $14.17 -$0.14
Nov 11, 2024 $14.31 -$0.08
Nov 08, 2024 $14.39 -$0.13
Nov 07, 2024 $14.52 $0.20
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 28, 2023 $0.23360 $12.90
Dec 29, 2022 $0.58580 $10.48
Dec 29, 2021 $0.09590 $12.92
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 29, 2021 $0.21780 $12.92
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks will generally decline. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. MSCI Emerging Markets Equal Country Weighted Index is an unmanaged index of emerging markets common stock where each country within the index has the same weight.
2. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
3. MSCI Frontier Markets Index is an unmanaged index that measures the performance of stock markets with less-developed economies and financial markets than emerging markets, and that typically have more restrictions on foreign stock ownership. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Source: Fund prospectus.
5. Net Expense Ratio reflects a contractual expense reimbursement that continues through 3/1/25. Without the reimbursement, if applicable, performance would have been lower.
7. The Morningstar Diversified Emerging Mkts Category includes funds that invest primarily in stocks found in emerging market countries.
8. Risk measures calculated against the MSCI Emerging Markets Index. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk. Downside market capture ratio measures the percentage of the benchmark's returns that was captured by the manager, in periods defined by negative returns for the benchmark.
9. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Portfolio Statistics as of Oct 31, 2024

Number of Countries 19
Emerging-Market Exposure 80.59%
Frontier-Market Exposure 11.63%
Off-Index Exposure 13.2%
Price/Earnings Ratio 9.60
Price/Book Ratio 1.47

GICS Sector Breakdown (%)6 as of Oct 31, 2024

 

Assets by Country (%)10 as of Oct 31, 2024

Fund Primary Benchmark
Greece 13.94 3.93
Taiwan 13.36 4.40
India 12.61 4.08
United Arab Emirates 7.39 4.34
Poland 7.38 3.76
Vietnam 6.74 0.00
South Africa 6.03 0.04
Malaysia 5.60 0.04
Argentina 5.28 0.00
Thailand 5.01 0.05
View All
 

Fund Holdings (%)10,11 as of Sep 30, 2024

Holding % of Net Assets
Taiwan Semiconductor Manufacturing Co Ltd 2.35%
US DOLLARS 1.88%
Bank of Cyprus Holdings PLC 1.67%
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 1.67%
National Bank of Greece SA 1.58%
Eurobank Ergasias Services and Holdings SA 1.42%
NEW TAIWAN DOLLAR 1.30%
Georgia Capital PLC 1.12%
TBC Bank Group PLC 1.11%
Powszechna Kasa Oszczednosci Bank Polski SA 1.09%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks will generally decline. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


6. Percent of total net assets, ex cash and equivalents.
10. Percent of total net assets.
11. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Steven Vanne, CFA, FRM

Steven Vanne, CFA, FRM

Executive Director
Joined Eaton Vance in 2013

Biography

Steve is an executive director of Morgan Stanley Investment Management and a portfolio manager on the Emerging Markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team's emerging markets equity strategies. He joined Eaton Vance in 2013. Morgan Stanley acquired Eaton Vance in March 2021.

Steve began his career in the investment management industry in 2007. Before joining Eaton Vance, he was affiliated with State Street Bank and Trust Company.

Steve earned a Bachelor of Arts in quantitative economics from Providence College. He is a CFA charterholder and holds the Financial Risk Manager (FRM) designation.

Education
  • B.A. Providence College

Experience
  • Managed Fund since 2023

 
Federico Sequeda, CFA

Federico Sequeda, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance 2010

Biography

Federico Sequeda is a portfolio manager on the Emerging Markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team's emerging markets strategies. He joined Eaton Vance in 2010. Morgan Stanley acquired Eaton Vance in March 2021.

Federico began his career in the investment management industry in 2009. Before joining Eaton Vance, he was an investment associate with Bridgewater Associates, LP.

Federico earned a B.A., magna cum laude, from Dartmouth College. He is a CFA charterholder.

Education
  • B.A. Dartmouth College

Experience
  • Managed Fund since 2024

Other funds managed
 
Sahil Tandon, CFA

Sahil Tandon, CFA

Managing Director, Portfolio Manager
Joined Morgan Stanley in 2004

Biography

Sahil Tandon is a portfolio manager and Head of Portfolio Analysis on the Emerging Markets team.

He is responsible for buy and sell decisions, portfolio construction and risk management for the team's emerging markets strategies. He joined Morgan Stanley in 2004, where he began his career in the investment management industry.

Sahil earned a B.A. in economics from Brandeis University. He is a member of the CFA Society of the United Kingdom and is a CFA charterholder.

Education
  • B.A. Brandeis University

Experience
  • Managed Fund since 2024

 

Literature

Literature

Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Attribution

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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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SAI

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Semi-Annual Report

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Summary Prospectus

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