Overview

 

A hedge against inflation, and diversification for a portfolio.1

Commodities have a high correlation to inflation, but negative correlation to stocks and bonds. (January 1973-December 2013)

  • Commodities
  • Stocks
  • Bonds

Not based on the return of any specific fund.

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.35 6.44 6.44 -4.77 -8.32 -1.05
Fund w/Max Sales Charge -4.44 1.42 1.42 -9.27 -9.80 -2.26
Dow Jones-UBS Commodity Index Total Return2 0.41 6.99 6.99 -2.10 -7.36 4.24 0.19
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: 4.75%.

Fund Facts as of Mar 31, 2014

Class A Inception 04/08/2010
Investment Objective Total return
Total Net Assets $699.9M
Minimum Investment $1000
Expense Ratio (Gross)3 1.59%
Expense Ratio (Net)3,4 1.50%
CUSIP 277905345


Portfolio Management

John B. Brynjolfsson, CFA Managed Fund since inception

 

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

About Risk 

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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


Performance

Average Annual Returns (%) as of Mar 31, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.35 6.44 6.44 -4.77 -8.32 -1.05
Fund w/Max Sales Charge -4.44 1.42 1.42 -9.27 -9.80 -2.26
Dow Jones-UBS Commodity Index Total Return2 0.41 6.99 6.99 -2.10 -7.36 4.24 0.19
Morningstar™ Commodities Broad Basket Category5 0.20 4.62 4.62 -3.17 -6.92 5.29
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: 4.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV -13.83 -0.92 -11.60
Dow Jones-UBS Commodity Index Total Return2 9.15 21.36 2.07 16.23 -35.65 18.91 16.83 -13.32 -1.06 -9.52

Fund Facts

Expense Ratio (Gross)3 1.59%
Expense Ratio (Net)3,4 1.50%
Class A Inception 04/08/2010
Distribution Frequency Annually


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Commodities Broad Basket
Category
Overall * ** 85
3 Years * ** 85
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
Apr 15, 2014 $8.74 $-0.02
Apr 14, 2014 $8.76 $0.07
Apr 11, 2014 $8.69 $-0.04
Apr 10, 2014 $8.73 $0.03
Apr 09, 2014 $8.70 $0.03
Apr 08, 2014 $8.67 $0.08
Apr 07, 2014 $8.59 $-0.01
Apr 04, 2014 $8.60 $0.02
Apr 03, 2014 $8.58 $0.06
Apr 02, 2014 $8.52 $-0.03

Distribution History6

Ex-Date Distribution Reinvest NAV
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 History6

Ex-Date Short-Term Long-Term Reinvest NAV
Aug 01, 2013 $0.00060 $0.03490 $8.20
Dec 20, 2012 $0.00530 $0.00400 $9.16
Mar 13, 2012 $0.00590 $9.70
Dec 28, 2011 $0.15260 $0.16020 $9.28
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 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.

About Risk 

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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


Portfolio

Asset Mix (%)7,8,9 as of Mar 31, 2014

Cash Equivalents 89.6
Common Stocks 4.1
U.S. Govt Agency Bonds 3.7
Corporate Bonds 2.5
Other Net Assets 0.1

Portfolio Statistics as of Mar 31, 2014

Average Duration 1.1 yrs.


Commodity Exposure (%)10 as of Mar 31, 2014

Fund7 Benchmark
Agriculture 34.41 33.55
Cocoa 0.51
Coffee 3.30 3.28
Corn 8.11 7.89
Cotton 1.86 1.62
Kansas Wheat 1.29 1.34
Soybean Meal 2.90 2.88
Soybean Oil 2.42 2.81
Soybeans 6.64 6.07
Sugar 3.93 4.07
Wheat 3.45 3.60
Energy 32.24 30.74
Crude Oil-Brent 5.89 6.08
Crude Oil-WTI 9.90 8.55
Gas Oil -0.35
Heating Oil 3.65 3.45
Natural Gas 8.94 9.00
Unleaded Gasoline 4.21 3.65
Industrial Metals 14.53 15.00
Aluminum 3.87 4.38
Copper 6.13 6.29
Lead -0.34
Nickel 2.54 2.25
Zinc 2.33 2.08
Livestock 5.94 5.66
Feeder Cattle -0.36
Lean Hogs 2.84 2.59
Live Cattle 3.46 3.07
Precious Metals 13.61 15.05
Gold 10.22 11.21
Palladium 0.36
Platinum -0.34
Silver 3.37 3.85


 

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

About Risk 

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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Dec 31, 2013

The broad commodity market, as measured by the Dow Jones-UBS Commodity Index Total Return (the Index),2 returned -1.05% in the fourth quarter. Throughout much of the period, commodities were pressured by expectations that positive U.S. economic data would prompt the Federal Reserve (the Fed) to start unwinding monetary stimulus. Those expectations became a reality on December 18, when the Fed announced that it would taper its monthly bond purchases from $85 billion to $75 billion in January and continue reducing them if the economy met forecasts. The modest size of the taper and the central bank’s assurances that it was in no hurry to raise short-term interest rates lent support to commodities as the quarter drew to a close.

Three of the five sectors in the Index declined: precious metals, agriculture and livestock (although the impact of livestock’s negative return was minimal given its low weighting in the Index). Precious metals weakened due to benign inflation and the Fed taper, as the Fed’s easy policies had attracted strong investment flows into the sector. Most agricultural commodities declined on improved final U.S. crop statistics, healthy U.S. carry-in stocks and favorable weather in Brazil and elsewhere. Industrial metals were up slightly, with gains in copper and zinc offsetting losses in aluminum and nickel. The energy sector posted a robust gain, led by strength in natural gas. Natural gas prices surged on colder weather, and forecasts for much colder weather, in the United States.

Performance Summary 

Eaton Vance Commodity Strategy Fund (the Fund) underperformed the Index at net asset value (NAV) during the quarter.

  • The Fund’s broad commodity-market exposure via total return swaps on the Index continued to provide the majority of returns, and tracking error to the Index remained minimal. As the Index’s return was negative, so was the Fund’s total return.
  • The Fund employs three primary strategies that seek to generate excess returns relative to the Index. Of the three, hedged investments in emerging-market and high-yield debt hurt relative results, as concerns about Fed tapering pushed yields higher on emerging-market sovereign debt. The negative impact of this was partly mitigated by the Fund’s exposure to high-yield debt. The high-yield bond market performed well during the quarter, supported by low default rates and demand for income in the low-yield environment. Active commodity investing—another alpha strategy—also detracted.
  • The third alpha strategy—allocations to inflation-linked bonds—had minimal impact on relative returns. Inflation-linked bonds registered losses, weighed down by the threat of the taper, higher real interest rates and muted inflation expectations. However, the Fund’s hedges helped it avoid the decline.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV 0.75 -1.82 -11.60 -11.60 -8.95 -2.76
Fund w/Max Sales Charge -4.04 -6.48 -15.82 -15.82 -10.42 -4.02
Dow Jones-UBS Commodity Index Total Return2 1.24 -1.05 -9.52 -9.52 -8.10 1.51 -1.82
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: 4.75%.

Fund Facts as of Dec 31, 2013

Class A Inception 04/08/2010
Expense Ratio (Gross)3 1.59%
Expense Ratio (Net)3,4 1.50%


Contributors 

Factors contributing to the Fund’s relative performance compared to the Index during the quarter:

  • An underweight in silver was helpful. As previously noted, precious metals declined during the quarter in response to subdued inflation and the Fed’s decision to start reducing monetary stimulus.
  • An overweight in heating oil was beneficial. The price of heating oil rose, lifted by seasonal demand and cold U.S. weather that spurred additional consumption.
  • An underweight in corn boosted relative results. Corn prices weakened as production in the United States—the world’s largest grower—reached record levels.

Detractors 

Factors detracting from the Fund’s relative performance compared to the Index during the quarter:

  • The Fund was positioned to benefit if the prices of WTI crude oil and Brent crude oil converged. However, the price differential between these two commodities widened, as a build-up in inventories sent WTI prices lower and output disruptions in Libya pushed Brent prices higher.
  • The Fund had above-Index exposure to gold intermittently throughout the quarter, which was a drag on relative results.
  • An underweight in natural gas detracted, as the commodity registered a double-digit gain.

Investment Outlook And Fund Positioning 

Five years after the financial crisis, the global economy is still deleveraging. As a result, monetary stimulus has mainly been used by central banks to build up excess reserves on their balance sheets and by investors to speculate in the financial markets. Stimulus has yet to ignite strong demand for goods and services, creating disinflationary dynamics that could remain a near-term headwind for commodities. We are pursuing strategies in the Fund that are designed to add value by capitalizing on this environment.

Longer term, we remain bullish on commodities. In particular, we see the potential for rising inflation and interest rates to erode the value of assets held by central banks. This would undermine confidence in currencies and, in our opinion, fuel sharp gains in commodity prices.

 

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

 

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

About Risk 

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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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.

About Risk 

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. Derivatives instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. As interest rates rise, the value of certain income investments is likely to decline. Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. A portfolio with negative duration generally incurs a loss when interest rates and yields fall. The value of foreign currencies as measured in U.S. dollars will fluctuate and may be unpredictably affected by changes in foreign currency rates and exchange control regulations, application of foreign tax laws, governmental administration of economic or monetary policies, intervention by U.S. or foreign governments or central banks, and relations between nations. The Fund's performance may not match or correlate to that of its Index, either on a daily or aggregate basis due to factors such as Fund expenses, imperfect correlation, rounding of share prices, changes to the composition of the Index, regulatory policies, high portfolio turnover and the use of leverage (if any). Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. 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. 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. A non-diversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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
John B. Brynjolfsson, CFA

John B. Brynjolfsson, CFA

Chief Investment Officer and Managing Director, Armored Wolf

John Brynjolfsson is a managing director, portfolio manager and chief investment officer of Armored Wolf, LLC, an Orange County, CA-based SEC registered investment advisor which manages a commodities investment subadvisory assignment for Eaton Vance Corp., an offshore global macro investment partnership and a variety of related institutional assignments for clients in California, Denver, New York, Paris, Chicago, Shenzhen and other financial centers.

John has 25 years of investment experience and is sought after as a manager of alternative real assets, with experience in areas including commodities, global inflation-linked bonds, asset allocation and risk management. During his 19-year tenure at PIMCO, John launched and grew the Real Return platform from $0 to $80 billion in third-party assets, including launching and managing PIMCO’s second, third and fourth largest public funds.

A popular and provocative communicator, John is a frequent guest on CNBC, Bloomberg TV, PBS’ Wealth Track and other prominent networks; is often quoted in The New York Times, The Wall Street Journal and other major broadsheets, was featured in Fortune magazine; is a member of industry advisor committees and has testified before the House Financial Services Committee as an expert on catastrophic risk transfer. John is co-author of Inflation-Protected Bonds and co-editor of The Handbook of Inflation-Indexed Bonds.

John earned an A.B. in physics and mathematics from Columbia College and an M.S. in finance and economics from the MIT Sloan School of Management. He is a CFA charterholder.

Education
  • A.B. Columbia College
  • M.S. Sloan School of Management, MIT
Experience
  • Managed Fund since inception
 

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Full Prospectus

Commodity Strategy Holdings

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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