Overview

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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. The share class has no sales charge.
 

Fund Facts as of Nov 30, 2024

Class I Inception 12/16/2015
Investment Objective Long-term capital appreciation
Total Net Assets $16.6M
Minimum Investment $1000000
Expense Ratio (Gross)4 1.17%
Expense Ratio (Net)4,5 1.05%
CUSIP 27830N884

Top 10 Holdings (%)6,7 as of Sep 30, 2024

Diploma PLC 2.05
Sanwa Holdings Corp 1.85
JTC PLC 1.78
BayCurrent Inc 1.66
Volution Group PLC 1.66
CAR Group Ltd 1.65
Greggs PLC 1.62
Games Workshop Group PLC 1.60
Cranswick PLC 1.60
NOF Corp 1.53
Total 16.98
 

Portfolio Management

Aidan M. Farrell Managed Fund since inception
Allen Mayer, ACA, CFA Managed Fund since 2024

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. 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 countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. 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. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark.
2. Diversification cannot ensure a profit or eliminate the risk of loss.
3. MSCI World ex USA Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets, excluding the United States. 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 4/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. Top 10 Holdings excludes cash and equivalents.
7. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

11/30/202409/30/2024
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. The share class has no sales charge.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV — — 0.99 37.20 -15.21 24.54 13.31 14.07 -25.04 11.91
MSCI World ex USA Small Cap Index3 -5.35 5.46 4.32 31.04 -18.07 25.41 12.78 11.14 -20.58 12.62
 

Fund Facts

Class I Inception 12/16/2015
Expense Ratio (Gross)4 1.17%
Expense Ratio (Net)4,5 1.05%
Distribution Frequency Annually
 

Morningstar Rating™ as of Nov 30, 2024

Time Period Rating Funds in
Foreign Small/Mid Growth
Category
Overall 116
3 Years 116
5 Years 110
10 Years 75
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
Dec 20, 2024 $12.15 $0.06
Dec 19, 2024 $12.09 -$0.07
Dec 18, 2024 $12.16 -$0.25
Dec 17, 2024 $12.41 -$0.07
Dec 16, 2024 $12.48 -$0.06
Dec 13, 2024 $12.54 -$0.06
Dec 12, 2024 $12.60 -$0.17
Dec 11, 2024 $12.77 $0.07
Dec 10, 2024 $12.70 -$0.08
Dec 09, 2024 $12.78 -$0.03
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Nov 27, 2024 $0.43830 $12.55
Dec 28, 2023 $0.22250 $12.87
Dec 27, 2022 $0.13140 $11.64
Dec 30, 2021 $0.24640 $15.75
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 30, 2021 $0.71640 $15.75
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.

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. 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 countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. 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.


3. MSCI World ex USA Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets, excluding the United States. 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 4/1/25. Without the reimbursement, if applicable, performance would have been lower.
8. The Morningstar Foreign Small/Mid Growth Category includes funds that invest in international stocks that are smaller, growing faster, and higher-priced than other stocks.
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

Asset Mix (%)7 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Average Market Cap $4.9B
Price/Earnings Ratio 18.47
Number of Holdings 101
Price/Book Ratio 2.08
Countries Represented 18
Active Share10 94.49%
 

GICS Sector Breakdown (%)7 as of Sep 30, 2024

Assets by Country (%)7 as of Sep 30, 2024

Japan 27.80
United Kingdom 20.64
Australia 9.45
Canada 8.30
Sweden 6.85
Italy 6.83
Netherlands 4.00
Germany 2.96
Belgium 2.28
Spain 1.89
Total 100.00
View All
 

Geographic Mix (%)7 as of Sep 30, 2024

Europe 51.94
Asia/Pacific 39.05
North America 8.30
Cash & Other Assets 0.72
Total 100.00
 

Fund Holdings (%)7,11 as of Oct 31, 2024

Holding % of Net Assets
Diploma PLC 2.05%
Games Workshop Group PLC 1.86%
DiscoverIE Group PLC 1.74%
CAR Group Ltd 1.70%
Volution Group PLC 1.64%
JTC PLC 1.63%
BayCurrent Inc 1.60%
Sanwa Holdings Corp 1.56%
As One Corp 1.51%
Greggs PLC 1.48%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

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. 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 countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. 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.


3. MSCI World ex USA Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets, excluding the United States. 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.
7. Percent of total net assets.
10. Active Share is a measure of the differentiation of the holdings of a portfolio from the holdings of its appropriate benchmark index. It is calculated as one half of the sum of the absolute value of the differences found between the portfolio weights and the benchmark weights.
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

Aidan M. Farrell

Aidan M. Farrell

Managing Director, Co-Head of Non-US Small/Mid Cap
Joined Eaton Vance 2015

Biography

Aidan is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance Non-U.S. Small/Mid Cap team. He is responsible for managing global and international small-cap equity portfolios, leading a team of analysts. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Aidan began his career in the investment management industry in 1996. Before joining Eaton Vance, he was managing director and a lead portfolio manager for Goldman Sachs Asset Management (GSAM). Prior to June 2008, he served as a director of European equities for Investment Insight (formerly the asset management arm of Halifax Bank of Scotland).

Aidan earned a B.A. in economics from the University College Dublin and a postgraduate diploma in business studies from the University College Dublin Michael Smurfit Graduate Business School. Aidan is an associate of the CFA Society of the UK.

Education
  • B.A. University College Dublin
  • Pg.Dip. University College Dublin

Experience
  • Managed Fund since inception

 

Allen Mayer, ACA, CFA

Executive Director, Analyst

Biography

Allen is an executive director of Morgan Stanley and an analyst on the Eaton Vance Non-U.S. Small/Mid Cap team. He is responsible for providing multisector coverage across European and selected international markets for global small-cap portfolios.

He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021. Allen began his career in the investment management industry in 2012. Before joining Eaton Vance, he was an executive director and equity analyst at Goldman Sachs Asset Management. He was previously affiliated with PricewaterhouseCoopers.

Allen earned a B.Sc. in business administration from the University of Bath and an MBA from the London Business School. He holds the Associate Chartered Accountant (ACA) designation and is a CFA charterholder.

Education
  • B.Sc. University of Bath
  • M.B.A. London Business School

Experience
  • Managed Fund since 2024

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2024

Annual Financial Statements and Add'l Information

Download Annual Financial Statements and Add'l Information

Semi-Annual Financial Statements and Add'l Information

Download Semi-Annual Financial Statements and Add'l Information

Annual Report

Download Annual Report

Full Prospectus

Download Full Prospectus

Q1 Holdings

Download Q1 Holdings

Q3 Holdings

Download Q3 Holdings

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI

Semi-Annual Report

Download Semi-Annual Report

Summary Prospectus

Download Summary Prospectus