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 2014)

  • Commodities
  • Stocks
  • Bonds

Not based on the return of any specific fund.

Average Annual Returns (%) as of Mar 31, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -4.72 -5.72 -5.72 -26.62 -12.19 -6.81
Fund w/Max Sales Charge -9.28 -10.19 -10.19 -30.12 -13.61 -7.72
Bloomberg Commodity Index Total Return2 -5.14 -5.94 -5.94 -27.04 -11.52 -5.71 -6.15
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, 2015

Class A Inception 04/08/2010
Investment Objective Total return
Total Net Assets $329.6M
Minimum Investment $1000
Expense Ratio3 1.48%
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. Derivative 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 nonpayment 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 nondiversified 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, 2015

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -4.72 -5.72 -5.72 -26.62 -12.19 -6.81
Fund w/Max Sales Charge -9.28 -10.19 -10.19 -30.12 -13.61 -7.72
Bloomberg Commodity Index Total Return2 -5.14 -5.94 -5.94 -27.04 -11.52 -5.71 -6.15
Morningstar™ Commodities Broad Basket Category4 -5.02 -5.74 -5.74 -26.05 -12.38 -6.19
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%.

Calendar Year Returns (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Fund at NAV -13.83 -0.92 -11.60 -17.16
Bloomberg Commodity Index Total Return2 21.36 2.07 16.23 -35.65 18.91 16.83 -13.32 -1.06 -9.52 -17.01

Fund Facts

Expense Ratio3 1.48%
Class A Inception 04/08/2010
Distribution Frequency Annually


Morningstar™ Ratings as of Mar 31, 2015

Time Period Rating Rating (Load Waived) Funds in
Commodities Broad Basket
Category
Overall ** *** 95
3 Years ** *** 95
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.

© 2014 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 23, 2015 $6.47 $0.06
Apr 22, 2015 $6.41 $0.00
Apr 21, 2015 $6.41 $-0.03
Apr 20, 2015 $6.44 $-0.03
Apr 17, 2015 $6.47 $-0.04
Apr 16, 2015 $6.51 $0.05
Apr 15, 2015 $6.46 $0.11
Apr 14, 2015 $6.35 $0.04
Apr 13, 2015 $6.31 $-0.02
Apr 10, 2015 $6.33 $0.04

Distribution History5

Ex-Date Distribution Reinvest NAV
Dec 19, 2014 $0.05570 $6.90
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 History5

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
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. Derivative 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 nonpayment 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 nondiversified 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 (%)6,7,8 as of Mar 31, 2015

Cash Equivalents 74.2
U.S. Govt Agency Bonds 18.9
Corporate Bonds 4.8
Common Stocks 4.5
Other Net Assets -2.4

Portfolio Statistics as of Mar 31, 2015

Average Duration 0.4 yrs.


Commodity Exposure (%)9 as of Mar 31, 2015

Fund6 Benchmark
Agriculture 28.76 28.64
Cocoa 0.18
Coffee 1.72 1.74
Corn 7.11 7.11
Cotton 1.62 1.63
Kansas Wheat 0.63 1.09
Soybean Meal 2.66 2.62
Soybean Oil 2.28 2.67
Soybeans 6.06 5.41
Sugar 2.96 3.33
Wheat 3.13 3.04
White Sugar 0.41
Energy 33.39 33.17
Crude Oil-Brent 8.22 8.10
Crude Oil-WTI 7.75 7.87
Gas Oil -0.25
Heating Oil 3.97 3.96
Natural Gas 8.28 8.33
Unleaded Gas 5.42 4.91
Industrial Metals 16.52 16.65
Aluminum 4.58 4.74
Copper 7.39 7.74
Lead 0.36
Nickel 1.90 1.74
Zinc 2.29 2.43
Precious Metals 18.25 16.47
Gold 13.60 12.03
Palladium 0.14
Platinum -0.15
Silver 4.66 4.44
Livestock 5.32 5.08
Feeder Cattle 0.16
Lean Hogs 1.90 1.92
Live Cattle 3.26 3.16


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. Derivative 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 nonpayment 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 nondiversified 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, 2014

In the fourth quarter, the broad commodity market returned -12.10%, as measured by the Bloomberg Commodity Index Total Return (the Index).2 The decline was largely driven by slowing economic growth overseas, rising energy production and falling inflation expectations.

In China – one of the world’s largest commodity consumers – the government’s efforts to rein in leverage and speculative investment over the past few years continued to weigh on the economy. China reported its slowest rate of quarterly growth in over five years, and annual growth for 2014 was expected to come in at its lowest level since 1990. Japan’s economy struggled to regain momentum after an April 1 sales-tax increase pushed the country into recession, and eurozone growth remained stagnate. Fears that new economic sanctions on Russia would hurt European exports, as well as political uncertainty in Greece, added to the negative sentiment on the region.

Energy was the weakest sector in the Index. Prices of crude oil – and in turn, gasoline and heating oil – fell sharply, as slowing global growth curbed demand at the same time that U.S. production was at record levels and the Organization of the Petroleum Exporting Countries (OPEC) rejected calls to cut output. Natural gas prices also tumbled, driven by strong production and moderate weather. Energy’s decline dampened inflation expectations, reducing the appeal of precious metals, whose prices were further impacted by anticipated Federal Reserve (Fed) rate hikes in mid-2015. The slowdown in China was a headwind for industrial metals, while agriculture – the only sector in the Index to advance – benefited from a rebound in grain prices.

Performance Summary 

Eaton Vance Commodity Strategy Fund (the Fund) outperformed 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 return of the Index was negative for the quarter, so was the Fund's total return.
  • The Fund employs three main alpha strategies that seek to produce excess returns relative to the Index. Of the three, hedged investments in emerging-market and high-yield debt and equities added value. Within this allocation, the Fund benefited from positions that reflected management’s positive view on the U.S. dollar versus other currencies, particularly the euro, Japanese yen and commodity-oriented emerging-market currencies.
  • The inflation-linked bond strategy detracted from relative results. This was mainly due to the Fund’s exposure to Treasury Inflation-Protected Securities (TIPS) within its collateral portfolio, as falling inflation expectations caused TIPS to underperform U.S. Treasurys. The third alpha strategy – active commodity investing – was a slight drag on Fund performance versus the Index.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
Fund at NAV -7.55 -11.93 -17.16 -17.16 -10.13 -5.99
Fund w/Max Sales Charge -11.93 -16.12 -21.07 -21.07 -11.57 -6.96
Bloomberg Commodity Index Total Return2 -7.63 -12.10 -17.01 -17.01 -9.42 -5.53 -5.24
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, 2014

Class A Inception 04/08/2010
Expense Ratio3 1.48%


Contributors 

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

  • An underweight in Brent crude oil, which fell approximately 40%, had a positive impact.
  • An overweight in gold added value. Equity-market volatility and an inconclusive presidential election in Greece lent support to gold prices as investors sought refuge in safe-haven assets.
  • An overweight in soybeans – one of the few positive performers in the Index – helped relative results. Soybean prices touched a six-week high in October on strong U.S. exports.

Detractors 

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

  • An underweight in copper had a negative impact. Copper’s decline was limited by news that a single buyer had accumulated a dominant position in the commodity, fueling concerns about a potential supply squeeze.
  • An overweight in unleaded gasoline weighed on relative results, as prices of unleaded gasoline futures finished the quarter below $1.50 per gallon.
  • An underweight in corn detracted. Corn prices rallied from five-year lows, boosted by rising demand for ethanol and estimates of smaller-than-expected U.S. crops.

Investment Outlook And Fund Positioning 

The U.S. economy has gained momentum, and the Fed is becoming less accommodative as a result. The central bank ended its third bond-buying program since the financial crisis in October and has signaled its intent to start normalizing short-term interest rates in 2015. The picture is much different outside the United States. Overseas, many economies are slowing, and many major central banks have maintained or amplified easy monetary policy in an effort to jump-start growth.

We believe the unprecedented amount of liquidity that foreign central banks are pumping into the global financial system will ultimately stoke inflation and increase demand for hard assets like commodities. Meanwhile, we remain focused on adding value to the Index with our three alpha strategies, whose current exposures reflect our favorable view on the United States relative to the rest of the world.

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. Derivative 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 nonpayment 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 nondiversified 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 currently 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. Derivative 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 nonpayment 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 nondiversified 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

Semi-Annual Report

Summary Prospectus

XBRL


 

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