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. Performance less than or equal to one year is cumulative.

After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. The share class has no sales charge.
 

Fund Facts as of Oct 31, 2024

Class I Inception 06/30/1998
Investment Objective Long-term, after-tax return
Total Net Assets $504.5M
Minimum Investment $1000000
Expense Ratio2 0.96%
Adjusted Expense Ratio 0.95%
CUSIP 277907606
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 Parametric Funds, if applicable none of which are paid to Parametric.

Top 10 Holdings (%)3,4 as of Oct 31, 2024

Taiwan Semiconductor Manufac 1.63
Delta Electronics Thai-Forgn 1.52
Tencent Holdings Ltd 1.50
Naspers Ltd-N Shs 0.77
America Movil Sab De C-Ser B 0.66
Xiaomi Corp-Class B 0.64
Samsung Electronics Co Ltd 0.62
Southern Copper Corp 0.59
Bidvest Group Ltd 0.57
Mercadolibre Inc 0.57
Total 9.07
 

Portfolio Management

Thomas C. Seto Managed Fund since 2007
Paul Bouchey, CFA Managed Fund since 2019
Jennifer Sireklove, CFA Managed Fund since 2019
Gregory J. Liebl, CFA Managed Fund since 2024
Jennifer Mihara 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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated by tax legislation regulation or interpretation. 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.


1. 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.
2. Source: Fund prospectus.
3. Top 10 Holdings excludes cash and equivalents.
4. Percent of total net assets.

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. Performance less than or equal to one year is cumulative.

After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. The share class has no sales charge.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV -3.61 -15.75 12.10 27.09 -13.20 12.51 4.46 4.61 -12.24 10.65
MSCI Emerging Markets Index1 -2.19 -14.92 11.19 37.28 -14.57 18.42 18.31 -2.54 -20.09 9.83
 

Fund Facts

Class I Inception 06/30/1998
Expense Ratio2 0.96%
Adjusted Expense Ratio 0.95%
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 Parametric Funds, if applicable none of which are paid to Parametric.

Risk Measures (3 Year)6 as of Oct 31, 2024

Alpha (%) 1.57
Beta 0.76
R-Squared (%) 90.97
Standard Deviation (%) 14.16
Sharpe Ratio -0.21
 

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 $41.95 -$0.01
Nov 19, 2024 $41.96 $0.01
Nov 18, 2024 $41.95 $0.37
Nov 15, 2024 $41.58 -$0.08
Nov 14, 2024 $41.66 -$0.21
Nov 13, 2024 $41.87 -$0.11
Nov 12, 2024 $41.98 -$0.55
Nov 11, 2024 $42.53 -$0.22
Nov 08, 2024 $42.75 -$0.47
Nov 07, 2024 $43.22 $0.37
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 28, 2023 $1.46660 $39.47
Dec 29, 2022 $1.56200 $38.00
Dec 29, 2021 $1.24170 $47.38
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 28, 2023 $0.84880 $39.47
Dec 29, 2022 $2.37130 $38.00
Dec 29, 2021 $0.05050 $3.32880 $47.38
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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated by tax legislation regulation or interpretation. 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.


1. 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.
2. Source: Fund prospectus.
5. The Morningstar Diversified Emerging Mkts Category includes funds that invest primarily in stocks found in emerging market countries.
6. 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. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the 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.
7. 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 (%)4 as of Oct 31, 2024

Portfolio Statistics as of Oct 31, 2024

Median Market Cap 3.65
Price/Earnings Ratio 13.81
Number of Holdings 1407
Price/Book Ratio 1.50
Countries Represented 47
 

GICS Sector Breakdown (%)4 as of Oct 31, 2024

Assets by Country (%)4 as of Oct 31, 2024

China 15.90
Thailand 5.54
Korea 4.39
Mexico 4.35
Taiwan 8.23
South Africa 5.49
Brazil 4.26
India 7.66
Saudi Arabia 4.35
Turkey 4.23
View All
 

Geographic Mix (%)4 as of Oct 31, 2024

Asia/Pacific 52.88
Latin America 14.17
Eastern Europe 10.88
Africa 8.61
Middle East 11.56
Europe except U.K. 1.90
 

Fund Holdings (%)4,8 as of Sep 30, 2024

Holding % of Net Assets
Tencent Holdings Ltd 1.53%
Taiwan Semiconductor Manufacturing Co Ltd 1.48%
Delta Electronics Thailand PCL 1.24%
Naspers Ltd 0.75%
America Movil SAB de CV 0.65%
Samsung Electronics Co Ltd 0.65%
Bharti Airtel Ltd 0.62%
Southern Copper Corp 0.59%
Bidvest Group Ltd 0.58%
Reliance Industries Ltd 0.57%
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. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated by tax legislation regulation or interpretation. 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.


1. 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.
4. Percent of total net assets.
8. 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

Thomas C. Seto

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 2007

Other funds managed
 
Paul Bouchey, CFA

Paul Bouchey, CFA

Global Head of Research
Joined Parametric Portfolio Associates 2006

Biography

Paul Bouchey is Global Head of Research of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. Paul Bouchey leads Parametric's Investment, Research and Strategy activities. He is responsible for setting the overall research agenda and new product development. He joined Parametric in 2006.

Paul began his career in the investment management industry in 1994. Before joining Parametric, Paul was a senior researcher at Russell Investment Group, where he focused on simulation, optimization and quantitative decision models for institutional and private clients.

Paul earned a B.A. in mathematics and physics from Whitman College and an M.S. in computational finance and risk management from the University of Washington. He holds a patent on cross-sectional volatility indexing and has authored more than 10 academic and practitioner articles in journals such as The Journal of Portfolio Management, The Journal of Wealth Management and The Journal of Index Investing. He is a CFA charterholder.

Education
  • B.A. Whitman College
  • M.S. University of Washington

Experience
  • Managed Fund since 2019

Other funds managed
 
Jennifer Sireklove, CFA

Jennifer Sireklove, CFA

Managing Director, Investment Strategy
Joined Parametric Portfolio Associates 2013

Biography

Jennifer Sireklove is managing director, investment strategy for Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. She leads the investment strategy team, which is responsible for all aspects of Parametric's equity-based investment strategies. In addition, she has direct investment responsibility for Parametric's emerging-market and international strategies, and chairs Parametric's Stewardship Committee. She joined Parametric in 2013.

Jennifer began her career in the investment management industry in 2003. Previously at Parametric, she helped build the firm's active ownership and custom ESG portfolio construction practices. Before joining Parametric, she worked in equity research, primarily covering the energy, utility and industrial sectors at firms including D.A. Davidson and McAdams Wright Ragen.

Jennifer earned a B.A. in economics from Reed College and an MBA in finance and accounting from the University of Chicago. She is a CFA charterholder and a member of the CFA Society Seattle.

Education
  • B.A. Reed College
  • MBA University of Chicago

Experience
  • Managed Fund since 2019

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 2024

Other funds managed
 

Jennifer Mihara

Managing Director, Portfolio Manager
Joined Parametric Portfolio Associates 2005

Biography

Jennifer is responsible for leading the Centralized Portfolio Management (CPM) Team. Prior to her current role, Jennifer was a supervisor on the Large Case Custom Core Portfolio Management Team, primarily serving Parametric's wealth management, family office, and institutional client base. Before joining Parametric in 2005, Jennifer was an investment associate at Merrill Lynch for five years.

She earned a BA in economics and a minor in mathematics from Colgate University.

Education
  • B.A. Colgate University

Experience
  • Managed Fund since 2024

Other funds managed
 

Literature

Literature

Fact Sheet

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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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