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 | 0.93 | 3.82 | 10.30 | 8.50 | 9.02 | 12.63 | 4.24 |
| Bloomberg Commodity Index Total Return2 | 0.41 | 3.34 | 4.32 | 1.51 | 4.90 | 7.59 | 0.38 |
| 09/30/2024 | |||||||
| Fund at NAV | 4.45 | 1.23 | 10.98 | 7.11 | 8.41 | 12.81 | 3.75 |
| Bloomberg Commodity Index Total Return2 | 4.86 | 0.68 | 5.86 | 0.96 | 3.66 | 7.78 | 0.03 |
| 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. | |||||||
| Class I Inception | 05/25/2011 |
| Investment Objective | Total return |
| Total Net Assets | $1.4B |
| Minimum Investment | $1000000 |
| Expense Ratio3 | 0.68% |
| CUSIP | 277923223 |
| Time Period | Rating | Funds in Commodities Broad Basket Category |
| Overall | 97 | |
| 3 Years | 97 | |
| 5 Years | 93 | |
| 10 Years | 63 | |
| 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. |
| Thomas C. Seto | Managed Fund since inception | ||
| Gregory J. Liebl, CFA | Managed Fund since 2018 | ||
| Adam Swinney, 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 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund. A systematic investment process is dependent on the sub-adviser’s skill in developing and maintaining that process. 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.
Performance
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|
|||||||
| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | 10 Yrs. | |
| 11/30/2024 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 0.93 | 3.82 | 10.30 | 8.50 | 9.02 | 12.63 | 4.24 |
| Bloomberg Commodity Index Total Return2 | 0.41 | 3.34 | 4.32 | 1.51 | 4.90 | 7.59 | 0.38 |
| Morningstar Commodities Broad Basket Category4 | 0.15 | 2.50 | 5.07 | 2.82 | 6.53 | 8.59 | 1.28 |
| 09/30/2024 | |||||||
| Fund at NAV | 4.45 | 1.23 | 10.98 | 7.11 | 8.41 | 12.81 | 3.75 |
| Bloomberg Commodity Index Total Return2 | 4.86 | 0.68 | 5.86 | 0.96 | 3.66 | 7.78 | 0.03 |
| Morningstar Commodities Broad Basket Category4 | 3.21 | -0.22 | 5.78 | 1.10 | 5.45 | 8.75 | 0.59 |
| 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. | |||||||
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
| Fund at NAV | -14.62 | -22.22 | 14.04 | 7.06 | -9.44 | 9.58 | 7.79 | 29.80 | 17.56 | -4.69 |
| Bloomberg Commodity Index Total Return2 | -17.01 | -24.66 | 11.77 | 1.70 | -11.25 | 7.69 | -3.12 | 27.11 | 16.09 | -7.91 |
| Class I Inception | 05/25/2011 |
| Expense Ratio3 | 0.68% |
| Distribution Frequency | Annually |
| Time Period | Rating | Funds in Commodities Broad Basket Category |
| Overall | 97 | |
| 3 Years | 97 | |
| 5 Years | 93 | |
| 10 Years | 63 | |
| 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 | $6.11 | $0.05 |
| Dec 19, 2024 | $6.06 | -$0.41 |
| Dec 18, 2024 | $6.47 | -$0.01 |
| Dec 17, 2024 | $6.48 | -$0.06 |
| Dec 16, 2024 | $6.54 | -$0.02 |
| Dec 13, 2024 | $6.56 | -$0.02 |
| Dec 12, 2024 | $6.58 | -$0.03 |
| Dec 11, 2024 | $6.61 | $0.03 |
| Dec 10, 2024 | $6.58 | $0.01 |
| Dec 09, 2024 | $6.57 | $0.06 |
| Ex-Date | Distribution | Reinvest NAV |
| Dec 19, 2024 | $0.34820 | $6.06 |
| Dec 21, 2023 | $0.21870 | $5.94 |
| Dec 20, 2022 | $0.96150 | $6.33 |
| Dec 21, 2021 | $0.87290 | $6.16 |
| 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.
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 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund. A systematic investment process is dependent on the sub-adviser’s skill in developing and maintaining that process. 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.
Portfolio
| Average Duration | 0.36 yrs |
| Agriculture | 26.46 |
| Cocoa | 1.92 |
| Coffee | 3.93 |
| Corn | 3.59 |
| Cotton | 1.63 |
| Kansas Wheat | 0.85 |
| Robusta Coffee | 0.90 |
| Soybean Meal | 1.71 |
| Soybean Oil | 3.56 |
| Soybeans | 3.57 |
| Sugar | 2.04 |
| Wheat | 1.81 |
| White Sugar | 0.95 |
| Energy | 24.39 |
| Crude Oil-Brent | 1.65 |
| Crude Oil-WTI | 1.65 |
| Gas Oil | 3.44 |
| Heating Oil | 3.27 |
| Natural Gas | 7.19 |
| Unleaded Gas | 7.19 |
| Industrial Metals | 24.36 |
| Aluminum | 7.20 |
| Copper | 3.62 |
| Lead | 1.71 |
| New York Copper | 3.70 |
| Nickel | 3.56 |
| Tin | 0.92 |
| Zinc | 3.65 |
| Livestock | 6.03 |
| Feeder Cattle | 0.85 |
| Lean Hogs | 1.78 |
| Live Cattle | 3.40 |
| Precious Metals | 18.62 |
| Gold | 7.56 |
| Palladium | 1.89 |
| Platinum | 1.78 |
| Silver | 7.39 |
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 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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 sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund. A systematic investment process is dependent on the sub-adviser’s skill in developing and maintaining that process. 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.
Management
Thomas C. Seto
Managing Director
Joined Parametric Portfolio Associates 1998
Biography
Tom is a managing director and head of investment management at Parametric Portfolio Associates LLC. He leads Parametric's portfolio management and trading functions for the firm's equity strategies. He is also a vice president and portfolio manager for Calvert Research and Management. He joined Parametric in 1998.
Tom began his career in the investment management industry in 1991. Before joining Parametric, he served as the head of U.S. equity index investments at Barclays Global Investors.
Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago Booth School of Business.
Education
- B.S. University of Washington
- M.B.A Booth School of Business, University of Chicago
Experience
- Managed Fund since inception
Other funds managed
Gregory J. Liebl, CFA
Portfolio Manager
Joined Parametric Portfolio Associates 2010
Biography
Gregory Liebl is a director of investment strategist for the Minneapolis Investment Center of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He supports Parametric's systematic alpha strategies and holds investment responsibilities for the firm's commodity strategy. He joined Parametric in 2010.
Greg began his career in the investment management industry in 2010 with The Clifton Group (acquired by Parametric in 2012). Previously, he was an assistant portfolio manager with the firm in the areas of risk and exposure management and customized implementation solutions.
Greg earned a B.S. from North Dakota State University. He is a CFA charterholder and a member of the CFA Society of Minnesota.
Education
- B.S. North Dakota State University
Experience
- Managed Fund since 2018
Other funds managed
Adam Swinney, CFA
Investment Strategist
Joined Parametric Portfolio Associates 2014
Biography
Adam is responsible for all Parametric proprietary and non-discretionary commodity strategies. Since joining Parametric in 2014, Adam has provided portfolio management in the areas of exposure management and customized implementation solutions.
He earned a BA in economics, a BS in mathematics, and an MS in financial mathematics from the University of Minnesota. A CFA charterholder, Adam is a member of the CFA Society of Minnesota.
Education
- B.A., B.S., M.S., University of Minnesota
Experience
- Managed Fund since 2024
Literature
Literature
Fact Sheet
Download Fact Sheet - Last updated: Sep 30, 2024
Annual Financial Statements and Add'l Information
Semi-Annual Financial Statements and Add'l Information
Download Semi-Annual Financial Statements and Add'l Information
Commentary
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