Overview

 

Economic News and Stock Returns2

Top-down macro level factors appear to be having a significant impact on world stock markets. A high correlation of economic news with returns may indicate that more recently, investors are relying on economic news to dictate their investment decisions.

  • 2003-2008
  • 2008-2012

Not based on the return of any specific fund.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years Life of Fund
4/30/2013
Fund at NAV 0.38 -2.87 -2.51 — — — 5.77
Fund w/Max Sales Charge -5.41 -8.46 -8.14 — — — -0.31
MSCI Emerging Markets Index3 0.75 -2.23 -0.88 3.97 3.11 -0.33 10.32
3/31/2013
Fund at NAV -1.32 -2.88 -2.88 — — — 5.37
Fund w/Max Sales Charge -7.02 -8.49 -8.49 — — — -0.69
MSCI Emerging Markets Index3 -1.72 -1.62 -1.62 1.96 3.27 1.09 9.26
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 08/29/2012
Investment Objective Long-term capital appreciation
Total Net Assets of Fund $5.7M
Minimum Investment $1000
Expense Ratio (Gross)4 1.82%
Expense Ratio (Net)4,5 1.77%
CUSIP 277902391

Top 10 Holdings (%)6,7 as of Mar 31, 2013

China Mobile Ltd.
Samsung Electronics
America Movil SAB de CV
Taiwan Semiconductor Manf.
Cathay Financial Holding Co. Ltd.
Fubon Financial Holdings
Itau Unibanck Holding
Petrobas Petroleo Brasileiro
Companhia de Bebidas das Americas
Banco Bradesco S/A
Total 23.94


Portfolio Management

Vital Proulx, CFA Managed Fund since inception
Jean-René Adam, CFA Managed Fund since inception
Jean-Benoit Leblanc, CFA Managed Fund since inception
Jean-Pierre Couture Managed Fund since inception

 

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

About Risk 

Fund share values are sensitive to stock market volatility. 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. 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. 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. Diversification cannot assure a profit or eliminate the risk of loss.
2. Sources: Hexavest, Bloomberg, Datastream. Economic news is represented by the Citigroup Economic Surprise Index (Surprise Index) which is a measure of the deviation between actual economic data and the median forecast of economists compiled by Bloomberg, LLC. Returns are based on rolling cumulative 3-month price returns calculated daily. United States is represented by the S&P 500 Index, an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Europe is represented by the MSCI Europe Index, an unmanaged free float-adjusted market-capitalization-weighted index designed to measure the equity market performance of the developed markets in Europe. Emerging Markets (EM) are represented by the MSCI Emerging Markets Index, an unmanaged index of emerging-market common stocks. Correlation is a measure of an investment’s movement in relation to another, correlation of 1 means investments move together in perfect lockstep.
3. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 11/30/13. Without the reimbursement, performance would have been lower.
6. Percent of total net assets.
7. 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 Life of Fund
4/30/2013
Fund at NAV 0.38 -2.87 -2.51 — — — 5.77
Fund w/Max Sales Charge -5.41 -8.46 -8.14 — — — -0.31
MSCI Emerging Markets Index3 0.75 -2.23 -0.88 3.97 3.11 -0.33 10.32
3/31/2013
Fund at NAV -1.32 -2.88 -2.88 — — — 5.37
Fund w/Max Sales Charge -7.02 -8.49 -8.49 — — — -0.69
MSCI Emerging Markets Index3 -1.72 -1.62 -1.62 1.96 3.27 1.09 9.26
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 — — — — — — — — — —
MSCI Emerging Markets Index3 55.82 25.55 34.00 32.17 39.39 -53.33 78.51 18.88 -18.42 18.22

Fund Facts

Expense Ratio (Gross)4 1.82%
Expense Ratio (Net)4,5 1.77%
Class A Inception 08/29/2012
Distribution Frequency Annually


NAV History

Date NAV NAV Change
May 21, 2013 $10.53 $-0.01
May 20, 2013 $10.54 $0.02
May 17, 2013 $10.52 $0.03
May 16, 2013 $10.49 $-0.03
May 15, 2013 $10.52 $0.00
May 14, 2013 $10.52 $0.02
May 13, 2013 $10.50 $-0.06
May 10, 2013 $10.56 $-0.07
May 09, 2013 $10.63 $-0.05
May 08, 2013 $10.68 $0.10

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 27, 2012 $0.05170 $10.63
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 27, 2012 $0.02620 $10.63
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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. 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. 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.


3. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
4. Source: Fund prospectus.
5. Net expense ratio reflects a contractual expense reimbursement that continues through 11/30/13. Without the reimbursement, performance would have been lower.
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 (%)6 as of Mar 31, 2013

Foreign Common Stocks 92.02
Cash & Equivalents 7.88
U.S. Common Stocks 0.10
Total 100.00

Portfolio Statistics as of Mar 31, 2013

Median Market Cap $10.9B
Price/Earnings Ratio 10.20
Number of Holdings 101
Price/Book Ratio 1.36


GICS Sector Breakdown (%)6 as of Mar 31, 2013

Sector Fund MSCI Emerging Markets Index3
Consumer Discretionary 8.33 7.79
Consumer Staples 9.98 9.07
Energy 11.93 12.03
Financials 25.73 27.67
Health Care 0.46 1.34
Industrials 3.25 6.43
Information Technology 11.94 14.04
Materials 5.71 10.68
Telecom Services 16.39 7.39
Utilities 6.28 3.57
Cash 7.88 0.00

Assets by Country (%)9 as of Mar 31, 2013

China 20.99
Korea 18.73
Brazil 14.51
Taiwan 12.00
South Africa 6.89
Mexico 5.83
Russia 4.44
India 4.29
Malaysia 3.79
Chile 3.73
View All


Geographic Mix (%)9 as of Mar 31, 2013

Asia/Pacific 60.68
Latin America 24.17
Africa 6.89
Eastern Europe 6.71
United States 0.11
United Kingdom 0.03
Middle East 0.01


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

Holding % of Net Assets
iShares MSCI Emerging Markets Index Fund 3.76%
China Mobile Ltd 3.18%
EV Cash Reserves Fund 2.90%
Samsung Electronics Co Ltd 2.88%
America Movil SAB de CV 2.83%
Taiwan Semiconductor Manufacturing Co Ltd 2.75%
Cathay Financial Holding Co Ltd 2.39%
Fubon Financial Holding Co Ltd 2.28%
Itau Unibanco Holding SA 2.06%
Petroleo Brasileiro SA 1.85%
View All

 

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

About Risk 

Fund share values are sensitive to stock market volatility. 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. 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. 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.


3. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. 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.
6. Percent of total net assets.
9. Percent of total net assets, excluding cash and equivalents.
10. 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.

About Risk 

Fund share values are sensitive to stock market volatility. 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. 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. 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 

Fund share values are sensitive to stock market volatility. 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. 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. 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

Vital Proulx, CFA

President & Chief Investment Officer, Hexavest
Co-founded Hexavest 2004

Vital Proulx is Hexavest’s President and Chief Investment Officer.

Prior to co-founding Hexavest, Vital was Senior Vice President, International Equities at Natcan Investment Management (1998-2004). He started his career at Les Conseillers financiers du St-Laurent in 1989, where he started the international and U.S. equity strategies that Hexavest still manages to this day.

Vital holds a bachelor’s degree in Business Administration from Laval University (1988) and is a CFA charterholder (1993).

Education
  • B.B.A. Laval University
Experience
  • Managed Fund since inception
 
Biography

Jean-René Adam, CFA

Assistant Chief Investment Officer & Vice President, Hexavest
Joined Hexavest 2006

Jean-René Adam works closely with the firm’s Chief Investment Officer in the elaboration of our macro strategy and he is also responsible for managing North American equities.

Before joining Hexavest in 2006, Jean-René was Equity Research Associate, Special Situations at National Bank Financial (2004-2005) and Generalist and Equity Research Associate at Desjardins Securities (2002-2004).

He holds a bachelor’s degree in Commerce (2000) and a master’s degree in Finance (2001) from Sherbrooke University and he is also a CFA charterholder (2004).

Education
  • B.Comm. Sherbrooke University
  • M.Fin. Sherbrooke University
Experience
  • Managed Fund since inception
 
Biography

Jean-Benoit Leblanc, CFA

Portfolio Manager, Hexavest
Joined Hexavest 2009

Jean-Benoit co-manages Emerging Markets equities at Hexavest.

Prior to joining the firm in 2009, he was Portfolio Manager and Sector Analyst at Natcan/Selexia (2001-2008), Research Associate (Communications and Media) at Newcrest Capital (2000), and Financial Analyst, Telecoms and Information Technology at Innovatech du Grand Montréal (1999-2000).

Jean-Benoit holds a bachelor’s degree in Business Administration (Accounting) (1998) and a master’s degree in Finance from Sherbrooke University (1999), in addition to being a CFA charterholder (2002).

Education
  • B.B.A. Sherbrooke University
  • M.Fin. Sherbrooke University
Experience
  • Managed Fund since inception
 
Biography

Jean-Pierre Couture

Portfolio Manager, Hexavest
Joined Hexavest 2010

Jean-Pierre Couture is responsible for macroeconomic research on Emerging Markets and also co-manages the firm’s Emerging Markets equities portfolio.

Prior to joining Hexavest in 2010, Jean-Pierre spent 9 years at Caisse de dépôt et placement du Québec where he held a number of roles, including Director of Macroeconomic Research and Senior Analyst, Global Macro. His career started at the National Bank of Canada where he worked as an Economist from 1995 to 2001.

Jean-Pierre holds a bachelor’s degree (1993) and a master’s degree in Economics (1996) from Université du Québec à Montréal.

Education
  • B.Econ. Université du Québec à Montréal
  • M.Econ. Université du Québec à Montréal
Experience
  • Managed Fund since inception
 

Fund Literature

Fund Literature

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

Fact Sheet

Hexavest Market Outlook

Summary Prospectus

Full Prospectus

XBRL

Semi-Annual Report

SAI

Hexavest in Focus

Eaton Vance Launches Four Equity Funds Sub-Advised by Hexavest Inc.


 

Symbol:  

NAV as of  
  0.00%

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