Overview

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 2.42 9.32 13.65 25.03 8.13 0.05 12.82
Fund w/Max Sales Charge -3.47 3.04 7.12 17.81 6.03 -1.13 12.16
MSCI All Country Asia ex Japan Small Cap Index1 2.57 4.98 8.65 17.26 4.08 3.24 16.03
3/31/2013
Fund at NAV 2.42 10.97 10.97 21.67 7.57 0.75 13.22
Fund w/Max Sales Charge -3.45 4.59 4.59 14.67 5.48 -0.44 12.55
MSCI All Country Asia ex Japan Small Cap Index1 0.71 5.93 5.93 12.35 4.16 3.75 15.95
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 one year is cumulative. Max Sales Charge: 5.75%.

Fund Facts as of Apr 30, 2013

Class A Inception 03/01/1999
Investment Objective Capital growth
Total Net Assets of Fund $34.0M
Total Net Assets of Portfolio2 $66.7M
Minimum Investment $1000
Expense Ratio (Gross)3 2.45%
Expense Ratio (Net)3,4 2.05%
CUSIP 277902854

Top 10 Holdings (%)5,6 as of Mar 31, 2013

OSIM International Ltd.
TICON Industrial Connection PCL-F
St. Shine Optical Co. Ltd.
Youyuan International Holdings
Aeon Co. (M) Bhd.
Super Group Ltd.
CDL Hospitality Trusts
Parkson Retail Asia Ltd.
Jyothy Laboratories Ltd.
Godrej Consumer Products Ltd.
Total 38.20


Portfolio Management

Christopher Darling Managed Fund since 2008

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are 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 or other conditions. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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.


1. MSCI All Country Asia ex Japan Small Cap Index is an unmanaged index representing the small-cap segment of Asia, excluding Japan. 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. 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. Fund total net assets equals the sum of the net assets of each of the Fund's share classes. Portfolio total net assets includes fund total net assets plus any additional assets invested in the Portfolio.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 12/31/13. Without the reimbursement, performance would have been lower.
5. Percent of total net assets.
6. Top 10 holdings exclude cash and equivalents.

Performance

Average Annual Returns (%) as of Mar 31, 2013

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
4/30/2013
Fund at NAV 2.42 9.32 13.65 25.03 8.13 0.05 12.82
Fund w/Max Sales Charge -3.47 3.04 7.12 17.81 6.03 -1.13 12.16
MSCI All Country Asia ex Japan Small Cap Index1 2.57 4.98 8.65 17.26 4.08 3.24 16.03
3/31/2013
Fund at NAV 2.42 10.97 10.97 21.67 7.57 0.75 13.22
Fund w/Max Sales Charge -3.45 4.59 4.59 14.67 5.48 -0.44 12.55
MSCI All Country Asia ex Japan Small Cap Index1 0.71 5.93 5.93 12.35 4.16 3.75 15.95
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 one year is cumulative. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fund at NAV 85.28 0.17 36.39 47.30 16.41 -65.94 80.73 15.56 -24.61 29.19
MSCI All Country Asia ex Japan Small Cap Index1 50.65 15.20 25.11 32.86 43.13 -59.38 112.94 24.32 -26.89 22.40

Fund Facts

Expense Ratio (Gross)3 2.45%
Expense Ratio (Net)3,4 2.05%
Class A Inception 03/01/1999
Distribution Frequency Annually


Risk Measures (3 Year)7 as of Apr 30, 2013

Alpha 4.22
Beta 0.97
R-Squared 91.52
Standard Deviation 21.79
Sharpe Ratio 0.37


Morningstar™ Ratings as of Apr 30, 2013

Time Period Rating Rating (Load Waived) Funds in
Pacific/Asia ex-Japan Stk
Category
Overall ** *** 50
3 Years ** *** 50
5 Years ** *** 37
10 Years ** ** 29
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2013 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
May 16, 2013 $19.27 $-0.09
May 15, 2013 $19.36 $0.03
May 14, 2013 $19.33 $0.14
May 13, 2013 $19.19 $0.00
May 10, 2013 $19.19 $-0.04
May 09, 2013 $19.23 $0.04
May 08, 2013 $19.19 $0.20
May 07, 2013 $18.99 $0.07
May 06, 2013 $18.92 $0.16
May 03, 2013 $18.76 $0.05

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 20, 2012 $0.11240 $16.23
Dec 28, 2011 $0.36840 $12.69
May 12, 2011 $0.15320 $17.69
Dec 29, 2010 $0.57670 $17.51
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
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to www.eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are 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 or other conditions. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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.


1. MSCI All Country Asia ex Japan Small Cap Index is an unmanaged index representing the small-cap segment of Asia, excluding Japan. 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. 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.
3. Source: Fund prospectus.
4. Net expense ratio reflects a contractual expense reimbursement that continues through 12/31/13. Without the reimbursement, performance would have been lower.
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 as of Mar 31, 2013

Foreign Common Stocks 95.43
Cash & Equivalents 4.57
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Median Market Cap $1.4B
Price/Earnings Ratio 19.40
Number of Holdings 48
Price/Book Ratio 2.73


GICS Sector Breakdown (%)5 as of Mar 31, 2013

Sector Fund MSCI All Country Asia ex Japan Small Cap Index1
Consumer Discretionary 26.34 18.59
Consumer Staples 17.02 6.53
Energy 0.00 2.40
Financials 29.52 21.81
Health Care 6.87 6.26
Industrials 3.41 14.89
Information Technology 4.91 16.39
Materials 3.80 9.46
Telecom Services 1.45 1.24
Utilities 2.11 2.43
Cash 4.57 0.00

Assets by Country (%)5 as of Mar 31, 2013

Singapore 22.73
China 13.57
Taiwan 11.58
Thailand 10.52
Malaysia 10.28
India 9.26
Hong Kong 8.47
US 5.30
Korea 4.23
Indonesia 2.80
Total 100.00
View All


Geographic Mix (%)5 as of Mar 31, 2013

Asia/Pacific 94.70
United States 5.30


Fund Holdings (%)5,9 as of Mar 31, 2013

Holding % of Net Assets
STATE STREET EURO DLR TIME DEP CDN INCORP 5.47%
OSIM International Ltd 5.44%
Ticon Industrial Connection PCL 4.66%
St Shine Optical Co Ltd 4.26%
Youyuan International Holdings Ltd 3.80%
Aeon Co M Bhd 3.77%
Super Group Ltd/Singapore 3.77%
CDL Hospitality Trusts 3.27%
Parkson Retail Asia Ltd 3.17%
Jyothy Laboratories Ltd 3.09%
View All

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are 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 or other conditions. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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.


1. MSCI All Country Asia ex Japan Small Cap Index is an unmanaged index representing the small-cap segment of Asia, excluding Japan. 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. 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. 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.

Insights & Analysis

Quarterly Commentary

 

No commentary information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are 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 or other conditions. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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.


Attribution

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are 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 or other conditions. In emerging countries, these risks may be more significant. Asian economies are export-driven and can be affected by developments in the economies of their major trading partners. Governmental actions in China can have a significant affect on economic conditions in the Asia region. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. 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. 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

Biography

Christopher Darling

Director of Asian Research, Lloyd George Investment Management (Bermuda) Limited
Joined Lloyd George Management 2006

Christopher Darling of Lloyd George Management is a portfolio manager.

He joined Lloyd George Investment Management (Bermuda), an Eaton Vance investment subadviser, in 2006 as director of Asian Research. Christopher worked as a member of the Asian equities team at Capel Cure Myers in London, before joining Guardian Royal Exchange in 1991. He spent eight years at Lobard Odier from 1995, where he managed Japanese portfolios for institutional clients, as well as other Asia Pacific components. Immediately prior to joining Lloyd George Management in Hong Kong in 2006, Christopher worked in Hong Kong with the investment banking boutique, Fox-Pitt, Kelton Ltd, specializing in Asian and Japanese financials.

Christopher graduated from University College London and then earned an MSc in economic history from the London School of Economics.

Education
  • University College of London
  • MSc Economic History, London School of Economics
Experience
  • Managed Fund since 2008
Other funds managed
 

Fund Literature

Fund Literature

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Fact Sheet

Think Performance Think Eaton Vance.pdf

Summary Prospectus

Full Prospectus

XBRL

Annual Report

Semi-Annual Report

SAI


 

Symbol:  

NAV as of  
  0.00%

Consider for:
Portfolio Diversification
All Weather
Hedging Rising Rates
Tax Efficiency
Inflation Protection
Investment Income