Overview
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|||||||
| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | 10 Yrs. | |
| 11/30/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 1.14 | 1.14 | 7.68 | 9.88 | 4.95 | 4.71 | 3.96 |
| Fund w/Max Sales Charge | -2.11 | -2.11 | 4.21 | 6.27 | 3.80 | 4.03 | 3.61 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 0.38 | 1.20 | 4.83 | 5.32 | 3.75 | 2.41 | 1.72 |
| 09/30/2024 | |||||||
| Fund at NAV | 0.76 | 1.63 | 7.28 | 10.24 | 4.45 | 5.16 | 4.09 |
| Fund w/Max Sales Charge | -2.48 | -1.67 | 3.82 | 6.70 | 3.32 | 4.48 | 3.74 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 0.43 | 1.37 | 4.03 | 5.46 | 3.49 | 2.32 | 1.65 |
| 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. Max Sales Charge: 3.25%. | |||||||
| Class A Inception | 08/31/2010 |
| Investment Objective | Total return |
| Total Net Assets | $2.0B |
| Minimum Investment | $1000 |
| Expense Ratio (Gross)1 | 2.01% |
| Expense Ratio (Net)1,2 | 1.94% |
| Adjusted Expense Ratio (Gross) | 1.34% |
| Adjusted Expense Ratio (Net) | 1.27% |
| CUSIP | 277923280 |
| Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance. Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance. |
| Time Period | Rating | Funds in Nontraditional Bond Category |
| Overall | 267 | |
| 3 Years | 267 | |
| 5 Years | 243 | |
| 10 Years | 166 | |
| 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. |
| Kyle Lee, CFA | Managed Fund since 2021 | ||
| Patrick Campbell, CFA | Managed Fund since 2021 | ||
| Federico Sequeda, CFA | Managed Fund since 2021 | ||
| Hussein Khattab, CFA | Managed Fund since 2022 |
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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments.
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.
A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.
Performance
|
|
|||||||
| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | 10 Yrs. | |
| 11/30/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 1.14 | 1.14 | 7.68 | 9.88 | 4.95 | 4.71 | 3.96 |
| Fund w/Max Sales Charge | -2.11 | -2.11 | 4.21 | 6.27 | 3.80 | 4.03 | 3.61 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 0.38 | 1.20 | 4.83 | 5.32 | 3.75 | 2.41 | 1.72 |
| 09/30/2024 | |||||||
| Fund at NAV | 0.76 | 1.63 | 7.28 | 10.24 | 4.45 | 5.16 | 4.09 |
| Fund w/Max Sales Charge | -2.48 | -1.67 | 3.82 | 6.70 | 3.32 | 4.48 | 3.74 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 0.43 | 1.37 | 4.03 | 5.46 | 3.49 | 2.32 | 1.65 |
| 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. Max Sales Charge: 3.25%. | |||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| Fund at NAV | 5.97 | 3.84 | 5.57 | 5.49 | -8.66 | 14.43 | 4.49 | 3.36 | -2.30 | 8.10 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 0.03 | 0.05 | 0.33 | 0.86 | 1.87 | 2.28 | 0.67 | 0.05 | 1.46 | 5.01 |
| Class A Inception | 08/31/2010 |
| Expense Ratio (Gross)1 | 2.01% |
| Expense Ratio (Net)1,2 | 1.94% |
| Adjusted Expense Ratio (Gross) | 1.34% |
| Adjusted Expense Ratio (Net) | 1.27% |
| Distribution Frequency | Annually |
| Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance. Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance. |
| Subsidized SEC 30-day Yield | 7.60% |
| Unsubsidized SEC 30-day Yield | 7.50% |
| Time Period | Rating | Funds in Nontraditional Bond Category |
| Overall | 267 | |
| 3 Years | 267 | |
| 5 Years | 243 | |
| 10 Years | 166 | |
| 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. |
| Date | NAV | NAV Change |
| Dec 20, 2024 | $10.73 | $0.01 |
| Dec 19, 2024 | $10.72 | -$0.01 |
| Dec 18, 2024 | $10.73 | $0.00 |
| Dec 17, 2024 | $10.73 | -$0.02 |
| Dec 16, 2024 | $10.75 | $0.03 |
| Dec 13, 2024 | $10.72 | -$0.01 |
| Dec 12, 2024 | $10.73 | $0.00 |
| Dec 11, 2024 | $10.73 | $0.00 |
| Dec 10, 2024 | $10.73 | $0.01 |
| Dec 09, 2024 | $10.72 | $0.01 |
| Ex-Date | Distribution | Reinvest NAV |
| Dec 28, 2023 | $0.31420 | $9.89 |
| Dec 29, 2022 | $0.42740 | $9.43 |
| Dec 30, 2021 | $0.46300 | $10.10 |
| No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus |
| Ex-Date | Short-Term | Long-Term | Reinvest NAV |
| 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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments.
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.
A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.
Portfolio
| Countries Represented | 78 |
|
|
|
| AAA | 9.50 |
| AA | 4.72 |
| A | 7.87 |
| BBB | -1.22 |
| BB | 30.96 |
| B | 33.90 |
| CCC or Lower | 9.13 |
| Not Rated | 5.14 |
| Total | 100.00 |
| Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above. |
| Egypt | 15.19 |
| Uzbekistan | 7.69 |
| Singapore | 5.01 |
| India | 4.24 |
| Serbia | 4.20 |
| Dominican Republic | 4.12 |
| Nigeria | 3.78 |
| Taiwan | 3.74 |
| Philippines | -4.78 |
| China | -4.94 |
| View All |
| Benin | 0.23 |
| Angola | 0.22 |
| Cameroon | 0.17 |
| Bahrain | -0.15 |
| Turkey | -0.19 |
| Romania | -0.19 |
| Saudi Arabia | -0.37 |
| Malaysia | -0.50 |
| United States | -0.61 |
| South Africa | -0.73 |
| View All |
| South Africa | 0.73 |
| New Zealand | 0.51 |
| United Kingdom | 0.45 |
| Czech Republic | 0.40 |
| Poland | 0.30 |
| India | 0.28 |
| Serbia | 0.24 |
| China | -0.30 |
| Malaysia | -0.38 |
| Taiwan | -0.54 |
| View All |
| Foreign Currency (%) | Credit (yrs.) | Interest Rate (yrs.) | |
| Long | 76.92 | 1.43 | 4.67 |
| Short | -24.77 | -3.48 | -1.31 |
| Net | 52.15 | -2.04 | 3.36 |
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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments.
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.
A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.
Management
Kyle Lee, CFA
Managing Director, Co-Head of Emerging Markets
Joined Eaton Vance 2007
Biography
Kyle is the Co-Head of Emerging Markets and portfolio manager on the Emerging Markets team. He is responsible for co-leading the team of investment professionals based in Boston, Washington, D.C., London, and Singapore, as well as for buy and sell decisions, portfolio construction, and risk management for assets in emerging and frontier markets.
He began his career in the investment management industry with Eaton Vance in 2007. Morgan Stanley acquired Eaton Vance in March 2021.
Kyle earned a B.A. from Wesleyan University and is a CFA charterholder.
Education
- B.A. Wesleyan University
Experience
- Managed Fund since 2021
Other funds managed
Patrick Campbell, CFA
Managing Director, Portfolio Manager
Joined Eaton Vance 2008
Biography
Patrick Campbell 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 is also responsible for the analysis of macroeconomics, politics and financial markets of Latin America and the management of regional investments in various emerging markets portfolios. He began his career in the investment management industry with Eaton Vance in 2008. Morgan Stanley acquired Eaton Vance in March 2021.
Patrick earned a B.A. from Boston College. He is a member of the CFA Society Boston and is a CFA charterholder.
Education
- B.A. Boston College
Experience
- Managed Fund since 2021
Other funds managed
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 2021
Other funds managed
Hussein Khattab, CFA
Executive Director, Portfolio Manager
Joined Eaton Vance 2013
Biography
Hussein Khattab 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 is focused on the analysis of macroeconomics, politics and financial markets of Central and Eastern Europe, the Middle East and Africa, and the management of regional investments in various emerging markets portfolios. He began his career in the investment management industry with Eaton Vance in 2013. Morgan Stanley acquired Eaton Vance in March 2021.
Hussein earned a BEngineering from the American University of Beirut and an M.S. in mathematical finance from Boston University. He is a CFA charterholder.
Education
- American University of Beirut
- Boston University
Experience
- Managed Fund since 2022
Other funds managed
Literature
Literature
Fact Sheet
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Annual Financial Statements and Add'l Information
Semi-Annual Financial Statements and Add'l Information
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Commentary
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Attribution
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Monthly Update
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Annual Report
Full Prospectus
Global Macro Absolute Return Advantage Holdings
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Holdings - Form N-PORT
SAI
Three formidable challenges. One versatile strategy
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