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. The share class has no sales charge.
 

Fund Facts as of Oct 31, 2024

Class I Inception 09/30/2009
Performance Inception 07/26/1985
Investment Objective Long-term capital growth
Total Net Assets $1.0B
Minimum Investment $1000000
Expense Ratio (Gross)2 0.93%
Expense Ratio (Net)2,3 0.89%
CUSIP 277902623

Top 10 Holdings (%)4,5 as of Sep 30, 2024

Eli Lilly & Co 10.24
UnitedHealth Group Inc 7.77
Novo Nordisk A/S 6.21
AbbVie Inc 5.44
Thermo Fisher Scientific Inc 4.64
AstraZeneca PLC 4.58
Danaher Corp 4.06
Intuitive Surgical Inc 3.80
Roche Holding AG 3.66
Sanofi 3.50
Total 53.90
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Health
Category
Overall 160
3 Years 160
5 Years 146
10 Years 114
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

Jason Kritzer, CFA Managed Fund since 2016
Samantha Pandolfi, CFA Managed Fund since 2016

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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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 World Health Care Index is an unmanaged index of health care sector equities within the MSCI World Index. 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. Net expense ratio reflects a contractual expense reimbursement that continues through 12/31/24. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. 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. 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 27.80 8.60 -14.73 16.55 6.29 26.28 13.35 22.37 -9.24 5.98
MSCI World Health Care Index1 18.10 6.60 -6.81 19.80 2.51 23.24 13.52 19.80 -5.41 3.76
 

Fund Facts

Class I Inception 09/30/2009
Performance Inception 07/26/1985
Expense Ratio (Gross)2 0.93%
Expense Ratio (Net)2,3 0.89%
Distribution Frequency Annually

Risk Measures (3 Year)7 as of Oct 31, 2024

Alpha (%) 0.11
Beta 1.05
R-Squared (%) 97.51
Standard Deviation (%) 15.25
Sharpe Ratio -0.01
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Health
Category
Overall 160
3 Years 160
5 Years 146
10 Years 114
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 $14.49 $0.13
Nov 19, 2024 $14.36 $0.00
Nov 18, 2024 $14.36 -$0.01
Nov 15, 2024 $14.37 -$0.35
Nov 14, 2024 $14.72 -$0.19
Nov 13, 2024 $14.91 -$0.05
Nov 12, 2024 $14.96 -$0.21
Nov 11, 2024 $15.17 -$0.04
Nov 08, 2024 $15.21 $0.06
Nov 07, 2024 $15.15 $0.16
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 07, 2023 $0.05020 $12.95
Dec 08, 2022 $0.06120 $13.38
Dec 09, 2021 $0.07070 $14.31
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 History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 07, 2023 $0.30770 $12.95
Dec 08, 2022 $0.53510 $13.38
Dec 09, 2021 $0.23260 $0.93850 $14.31
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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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 World Health Care Index is an unmanaged index of health care sector equities within the MSCI World Index. 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. Net expense ratio reflects a contractual expense reimbursement that continues through 12/31/24. Without the reimbursement, if applicable, performance would have been lower.
6. The Morningstar Health Category includes funds that invest in companies in the medical and health-care industries.
7. 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.
8. 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 (%)5,9 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Number of Holdings 43
Active Share10 42.28%
 

Sector Breakdown (%)5 as of Sep 30, 2024

Sector Fund MSCI World Health Care Index1
Health Care Distributors 2.68 1.76
Health Care Equipment 12.07 15.85
Health Care Facilities 2.25 1.21
Health Care Services 0.52 3.12
Health Care Supplies 5.48 2.88
Health Care Technology 0.89 0.53
Life Sciences Tools & Services 12.32 9.12
Managed Health Care 8.91 9.25
Pharma 41.71 41.96
Other 0.66 0.05
Cash 0.27 0.00

Assets by Country (%)5 as of Sep 30, 2024

United States 74.95
Denmark 7.19
United Kingdom 4.58
Switzerland 3.74
France 3.50
Australia 2.11
Netherlands 1.37
Italy 0.84
Germany 0.79
Japan 0.67
Total 100.00
View All
 

Geographic Mix (%)5 as of Sep 30, 2024

North America 74.95
Europe 22.00
Asia/Pacific 2.77
Cash & Other Assets 0.27
Total 100.00
 

Fund Holdings (%)5,11 as of Sep 30, 2024

Holding % of Net Assets
Eli Lilly & Co 10.23%
UnitedHealth Group Inc 7.76%
Novo Nordisk A/S 6.20%
AbbVie Inc 5.44%
Thermo Fisher Scientific Inc 4.64%
AstraZeneca PLC 4.57%
Danaher Corp 4.05%
Intuitive Surgical Inc 3.80%
Roche Holding AG 3.66%
Sanofi 3.49%
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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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 World Health Care Index is an unmanaged index of health care sector equities within the MSCI World Index. 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.
5. Percent of total net assets.
9. A delay in transaction settlement may result in a negative cash position.
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

Jason Kritzer, CFA

Jason Kritzer, CFA

Managing Director, Portfolio Manager, Analyst
Joined Eaton Vance 2012

Biography

Jason is a managing director of Morgan Stanley. He is a portfolio manager and an analyst on the Eaton Vance Value team. As a portfolio manager, he is responsible for buy and sell decisions, portfolio construction and risk management for health care portfolios. As an analyst, he is responsible for coverage of the pharmaceutical and biotechnology industries. He joined Eaton Vance in 2012. Morgan Stanley acquired Eaton Vance in March 2021.

Jason began his career in the investment management industry in 1999. He was previously affiliated with BlackRock, Inc. as a director and equity analyst covering the health care sector, and Putnam Investments as an equity research analyst covering health care, technology and business services. Prior to the investment management industry, Jason worked in the computer industry for Digital Equipment Corporation.

Jason earned a B.S.B.A. from Boston University, School of Management and an MBA from Columbia University, School of Business. He is a member of the Columbia Business School Ambassador Program. He is a CFA charterholder.

Education
  • B.S.B.A. Boston University
  • M.B.A. Columbia University

Experience
  • Managed Fund since 2016

 
Samantha Pandolfi, CFA

Samantha Pandolfi, CFA

Managing Director, Portfolio Manager, Analyst
Joined Eaton Vance 2015

Biography

Samantha is a managing director of Morgan Stanley. She is a portfolio manager and an analyst on the Eaton Vance Global Equity team. As a portfolio manager, she is responsible for buy and sell decisions, portfolio construction and risk management for health care portfolios. She is primarily responsible for covering the health care sector for global large-cap and small-cap portfolios. She joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Samantha began her career in the investment management industry in 2000. Before joining Eaton Vance, she was an executive director and European and global health care portfolio manager at Goldman Sachs Asset Management (GSAM) for 15 years. She has also covered apparel/luxury goods, support services, leisure and cosmetics.

Samantha earned a J.D. from Universita' degli Studi La Sapienze and an MBA from INSEAD. She is a CFA charterholder.

Education
  • M.B.A. INSEAD
  • J.D. Universita' degli Studi La Sapienze

Experience
  • Managed Fund since 2016

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2024

Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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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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