Investment Insights

Thought leadership on the most compelling topics in investing today, including timely updates, market analysis and commentary.

Latest Insights

Latest Insights

Tired of being scared yet?

Richard Bernstein, November 2014

Bull markets are based on climbing the proverbial “wall of worry,” and this cycle has been no different.

Get Full Article

It's time for your portfolio to break from tradition

Kathleen Gaffney and Kevin Dachille, November 2014

Given the current low-yield environment and with rising interest rates looming, now may be the right time to consider new strategies for generating favorable returns in your fixed-income portfolio.

Learn More

Confronting the tax drag

Tom Metzold, Jim Evans, Lew Piantedosi, Peter Crowley; November 2014

The 2014 tax season brought home the unwelcome reality of higher taxes, particularly for high-income earners. The impact of higher taxes on their investment returns can be substantial now and in the years ahead. Left unchecked, taxes can consume a quarter or more of every dollar earned by the average investor.

Learn More

Is your portfolio truly diversified?

Eric Stein, CFA; November 2014

In this Insight, Eric Stein, co-director of Eaton Vance Global Income Group, discusses the potential benefits of absolute return strategies, what they invest in and the role they can play in investor portfolios.

Learn More

What the U.S. midterm elections mean for municipal bond investors

Municipal Insight Committee, November 2014

In this timely Insight, we focus on five states where the outcome of the elections may impact state credit quality – positively and negatively – in the near future.

Learn More

A Republican Congress Awaits – But First the Lame Duck Session

Andrew H. Friedman, November 2014

In this timely Insight, Andy Friedman details how the House and Senate chambers might view compromise differently and the unfinished business that awaits them next month.

Learn More

Three reasons why commodity-related debt may hold value under pressure

Kathleen Gaffney, November 2014

In this timely Insight, Kathleen Gaffney discusses how a flexible multisector bond strategy can be a great way to gain exposure to, and take advantage of, potential value opportunities in hard-hit commodity related debt.

Learn More

The importance of country allocation: Developed vs. emerging markets

Tim Atwill and Greg Johnsen, October 2014

Get Full Article

Parametric Emerging Markets: Evolution of the sector weighting process

October 2014

Get Full Article

The Big Dig economy: another fine mess

Thomas Shively, October 2014

The following Insight, drafted prior to the recent spike in market volatility, is an update on Thomas Shively's cautious view of the economic backdrop here and abroad.

Get Full Article

Hexavest viewpoint: negative on the eurozone

Marc Christopher Lavoie, October 2014

Get Full Article

Management by the dots signals tightening cycle

Payson Swaffield, October 2014

This October marks a milestone for the credit markets, the end of Quantitative Easing. As the Federal Reserve’s focus shifts to more traditional monetary policy, they’re using a new “dots” chart format.

Learn More

Tobacco bonds’ appeal may be smoke and mirrors

Tom Metzold, Cindy Clemson, and Leanne Parziale; October 2014

Despite attractive returns, tobacco bonds may be too risky for many investors. In this Insight, we compare these bonds with traditional municipal bonds and pinpoint what matters most now for investors in this sector.

Learn More

The appeal of high-yield munis may increase

Cynthia Clemson and Thomas Metzold, October 2014

Higher taxes are a rude awakening for many investors. For high earners especially, the tax rates on investment income have risen substantially. Increased taxes, combined with historically low yields and the prospect of higher interest rates, now pose a triple threat.

Learn More

Volatility Update

Richard Bernstein, October 2014

After a relatively quiet summer, broad financial market volatility has resurfaced and investors are wondering what to do.

Learn More

Is “smart beta” smart enough?

Richard Bernstein, October 2014

Investors have become fascinated with so-called “smart beta1” strategies. These strategies can be interesting, but they are hardly a panacea that will solve all investors’ problems. The term “smart beta” is somewhat new, but the strategies have existed for decades with relatively mixed performance.

1Beta is a measure of risk that shows a fund or strategies volatility relative to that fund’s stated benchmark. A fund or strategy with a beta of 1 performed exactly like the market index; a beta less than 1 means its performance was less volatile than the index, positive or negative. Smart beta may also be known as advanced beta, alternative, strategic and factor weighted beta.

Get Full Article

How’s the market feeling these days?

Edward J. Perkin, October 2014

As of September 30, 2014, the S&P 500 was up more than 200% from its bear market low on March 9, 2009 – marking one of the longest bull runs since 1930. Meanwhile, volatility (muted for most of this year) has picked up recently.

Learn More

Are you managing volatility?...or is it managing you?

Tim Atwill, Richard Bernstein, Eric Stein, Chris Sunderland, Brad Godfrey; September 2014

Research shows investors’ personal returns fall short of the equity markets’ actual returns because investors too often make the mistake of buying high and selling low. But there are several strategies investors and their advisors can draw on to take a more disciplined approach to investing.

Learn More

Are munis the cure for yield-starved investors?

Richard Bernstein, September 2014

Today, many volatility-wary, yield-starved investors fear that rising interest rates will devastate their income portfolios and wonder which asset class may be best to navigate this market and address the challenges they face.

Learn More

Corporate inversions: a primer

Andrew H. Friedman, September 2014

Read this quick primer, see why there’s spirited debate about tax inversion in the U.S. and what it all means to you.

Learn More

A way to address higher taxes and rising rates

Craig Brandon and Adam Weigold, September 2014

One of the top challenges for yield-starved, tax burdened investors today is finding attractive, tax-efficient short-term income opportunities while being mindful of higher taxes. For investors comfortable with the risks involved, municipal floating-rate notes (FRNs) may be a suitable choice to help address these needs — and more.

Learn More

Dynamic markets call for flexible strategies

Richard Bernstein and Kathleen Gaffney, September 2014

Historically low yields, recurring market volatility and other challenges have increasingly enhanced the appeal of investment strategies that take a more flexible approach to investing.

Learn More

Is style box investing holding you back?

Richard Bernstein and Kathleen Gaffney, September 2014

In today’s market environment, tethering your portfolio to a style box or a benchmark could potentially lead to volatile investment returns when those asset classes or investment styles fall out of favor. Consider taking a flexible approach, which looks at the entire spectrum of equity and fixed income assets, to widen your opportunity set and further diversify your portfolio.

Learn More

Inclusion of Chinese A-shares in MSCI Indexes: Our perspective

Timothy Atwill and Thomas Hardy; August 2014

Get Full Article

Four reasons to consider a trust to protect your assets

Andrew Friedman, August 2014

For many years, trusts have been the province of the wealthy — mysterious vehicles used to escape taxes and preserve assets for future generations. And for couples with joint assets approaching or exceeding $10.68 million (the current gift and estate tax exemption amount), a comprehensive estate plan that incorporates trusts is crucial for minimizing estate taxes.

Learn More

Toward the sounds of chaos

Richard Bernstein, August 2014

Investors continue to react to volatility by making emotion-driven decisions that take them out of the market and put their long-term financial goals at risk.

Learn More

Don’t ignore higher taxes until Tax Day

Municipal Insight Committee, August 2014

During the 2013 tax season, many investors in higher tax brackets were rudely awakened to the reality of paying 50% of their income in federal and state taxes. Given the new tax landscape, the federal tax advantage income municipal bonds provide may look more appealing than ever.

Learn More

Assessing whether Washington is ready to tackle tax reform

Andrew Friedman, July 2014

Everyone wants a simpler tax code and lower tax rates. But getting Democrats and Republicans to agree on the path to reform seems impossible. Circumstances – like the loss of U.S. jobs because of high corporate taxes – may eventually demand Congressional action.

Learn More

Lack of corporate hubris means elongated cycle

Richard Bernstein, July 2014

Despite the general consensus that a bear market is on the horizon, we do not think investors or corporations are yet setting the stage for an end to this bull market and the start of the next economic recession.

Learn More

Floating-rate loans are not just a rate hedge

Scott Page, Craig Russ, Christopher Remington; July 2014

The prospect of higher interest rates has many advisors and investors considering floating-rate loans. Because loans’ coupons regularly reset, these debt instruments can maintain their value even as rates rise. But the characteristics of loans, as well as their performance track record, suggest they may deserve a place in strategically allocated portfolios in any interest-rate climate.

Learn More

Earn equity-like returns without equity-like risk

Michael Weilheimer, Steve Concannon, Will Reardon; July 2014

High-yield bonds offer investors the potential to earn total returns comparable with equities without the level of volatility stocks have. While many income investors are naturally concerned about the prospects of higher interest rates, high-yield bonds have a set of characteristics that may enable them to maintain their value even as rates rise.

Learn More

An allocation to currencies may provide income and lower an overall portfolio’s volatility

Michael Cirami, Eric Stein, John Baur, Matthew Murphy, Bradford Godfrey; July 2014

Most investors understand the benefits of diversification and the risks of owning just one security. But many overlook the benefits of broadening their currency exposure and have all their investments concentrated in the U.S. dollar. Investing in a mix of foreign currencies may lower the risks of an overall portfolio, provide additional sources of income and can potentially enable investors to pursue a wider array of opportunities around the world.

Learn More

Solving the Income Puzzle

Christopher Remington, Michael Cirami, Kathleen Gaffney, and Scott Page; July 2014

With interest rates at near historic lows, investors are starved for income. Government bonds and high-grade corporates have generally been the core of investors’ income portfolios, but yields on these bonds are minimal. Delivering a potential double whammy for investors, the prospect of rising interest rates could bring principal losses because the prices of bonds in these core sectors are highly sensitive to changes in interest rates. Diversifying into nontraditional income sectors may provide investors with greater income and lessen their exposure to interest-rate risk.

Learn More

Country Allocation: The Primary Determinant of International Equity Returns

Marshall L. Stocker, June 2014

Get Full Article

Macro-economic policy explains country-level equity returns

Marshall L. Stocker, June 2014

Get Full Article

Edward Perkin is Eaton Vance’s new Chief Equity Investment Officer

June 2014

In April 2014, Edward J. Perkin joined Eaton Vance as the firm’s new Chief Equity Investment Officer. He recently sat down for a Q&A to discuss his background, leadership style and vision for the Eaton Vance equity team, as well as his outlook on the stock market.

Learn More

Assessing the impact of the midterm primaries

Andrew H. Friedman, June 2014

The success of moderate Republicans in Senate primaries increases the possibility that the GOP can win a majority of the seats in the Senate. The defeat of House Majority Leader Eric Cantor by a Tea Party-supported candidate will likely result in the House’s Tea Party members being able to exert much greater influence on positions the House leadership takes.

Learn More

Hexavest neutral on Japan

Frédéric Imbeault, June 2014

The policies of Japanese Prime Minister Shinzo Abe – known as “Abenomics” – succeeded in pushing the country out of recession and deflation. But further economic reforms are still needed, and other key economic and market indicators remain mixed.

Learn More

Worried about the downside?

Richard Bernstein, May 2014

In most investors’ minds, losing money is the biggest risk they fear. While many still seem unwilling to take on excessive risk with equities, their solution to managing risk seems to be broadening the number of asset classes they own. But looking at correlations, not the number of asset classes in a portfolio, may be the best way to seek protection from the downside risk of equities.

Learn More

Floating-rate loan core value remains, despite headlines

Scott Page, Craig Russ, and Christopher Remington; May 2014

The bankruptcy of Energy Future Holdings, the company formerly known as TXU, made headlines, as has other seemingly cautionary developments in the floating-rate loan market. But Eaton Vance still believes there are plenty of opportunities in the loan market for cautious investors who do fundamental credit research.

Learn More

How to tame an aging bull market

Bill Hackney, May 2014

The bull market that began in March 2009 is now 5 years old. We don’t see any signs that it will let up, even though economic growth remains low. With rallies this prolonged, managing risk becomes even more important. Active share, beta and downside capture ratio are three key measures advisors and investors can use to evaluate an asset manager’s ability to capture the opportunities and manage the risks associated with this type of market.

Learn More

Puerto Rico: what investors should watch for next

Municipal Insight Committee, May 2014

In February, the three major credit ratings agencies (S&P, Moody’s and Fitch) downgraded Puerto Rico’s general obligation (GO) rating to below investment grade, primarily citing the territory’s difficulty in accessing capital markets, its heavy debt load and a continued decline in its economy.

Get Full Article

Muni bonds’ appeal likely to be evident in 2014

Municipal Insight Committee, April 2014

2013 proved to be a difficult year for the municipal bond market with a few, high-profile negative news stories and fears that Fed actions could lead to higher interest rates. But 2014 offers a more promising scenario. Higher tax rates, in particular, are likely to cause more investors to realize the appeal of investing in tax-advantaged bonds.

Learn More

A Classic Barometer

Richard Bernstein, April 2014

With the yield curve in the United States still steep by historical standards, there should be ample liquidity in the economy to fuel further growth. Generally yield curves in emerging markets, however, are either flat or inverted, a situation that could create liquidity issues and curb economic and profit growth in these markets.

Learn More

Investing in the Wake of the “Great Moderation:” Floating-Rate Loans as a Strategic Allocation

Scott Page, Craig Russ, Christopher Remington; April 2014

Floating-rate loans deserve consideration as a strategic portfolio position today because they may help:

  • Boost income in a low, flat-rate environment with yield potential that’s competitive with or greater than many longer-duration fixed-income investments.
  • Protect fixed-income portfolios against a potential rising-rate scenario and the erosion of fixed-income values that would result.
  • Reduce portfolio risk with historically near-zero duration and low correlation with other fixed-income sectors.

Get Full Article

Have you looked at India lately?

Eric Stein, Patrick Campbell; March 2014

In our judgment, it’s time to remove India from the ranks of the so-called “Fragile Five” emerging-market countries. We believe the strong investment case to be made for India today underscores the importance of taking a country-by-country approach to emerging-market investing.

Get Full Article

The Midterm Elections (And a Peek Toward 2016)

Andrew H. Friedman, March 2014

With fiscal deadlines out of the way for 2014, attention is now turning toward the 2014 midterm elections. This white paper covers a variety of Washington political matters: the reason for rampant partisanship in Washington and what it means going forward, what is likely to happen in the midterm elections and a glimpse toward the presidential election of 2016.

Get Full Article

Eaton Vance Viewpoints: Timothy Atwill on “Systematic Alpha” Investing

Timothy Atwill, March 2014

Timothy Atwill, CFA, Ph.D., Director – Research and Strategy for Parametric, discusses Parametric’s innovative investment approach — known as “systematic alpha” — and its application to emerging-market investing.

Get Full Article

The American Industrial Renaissance Revisited

Richard Bernstein, Q1 2014

It remains unlikely that the United States will be the manufacturing powerhouse that it was during the 1950s and 1960s, but many factors are suggesting that the U.S. industrial sector will continue to gain market share.

Get Full Article

Consider paying a premium for municipal bonds: Focus on yield to worst rather than a municipal bond’s price

Municipal Insight Committee, March 2014

  • The price of a premium municipal bond should not be the sole determinant of value
  • Yield to worst is a meaningful metric to help determine the value and risk of a premium municipal bond
  • In rising rate environments, higher cash flows from a premium municipal bond may help to protect purchasing power

Get Full Article

Market Share: The next secular investment theme

Richard Bernstein, Q1 2014

A myopic focus on profit margins may miss an important investment consideration. Whereas most investors remain fearful of margin compression, we prefer to search for an investment theme that could emerge if margins do indeed compress.

Get Full Article

Equity Bubble? No.

Richard Bernstein, Q1 2014

A growing contingent of market observers is fearful that the U.S. equity market is in some sort of a bubble. We disagree completely with this notion. A strong market rally that many investors have missed is hardly sufficient grounds for a financial bubble.

Get Full Article

Bond investing in a rising rate environment

Kathleen Gaffney, February 2014

After a transitional year like 2013, when a multidecade declining rate environment moved to a rising rate environment, we think it is important for investors to consider a multisector approach to finding value in the bond market. Finding bonds that can appreciate in price regardless of the interest-rate environment is what a multisector strategy generally seeks to accomplish. With interest rates still near historic lows and many bond investors concerned that yields will rise as ultra-accommodative monetary policy by the Federal Reserve (the Fed) comes to an end, we believe it makes sense to hunt for good relative values across a broad range of asset classes, particularly in nontraditional places.

Get Full Article

Important dates to watch in 2014

Andrew H. Friedman, January 2014

Looking forward into 2014, four dates – February 7, March 31, April 15 and November 4 – stand out as pivot points for events that could affect the markets, particular industries, and tax and financial planning.

Get Full Article

New Year, Same Higher Taxes

January 2014

Investors may be cheering a strong year of stock gains in 2013, but a rude surprise may be right around the corner. For 2013, the combined effect of several tax increases (capital gains, health care and reinstated limitations) will increase the tax burden on many investors by nearly 60%. These higher tax rates will remain in effect for 2014, so mitigating the tax drag on investment returns will continue to be a top priority for investors. We begin our look at what taxpayers can expect with a summary of the new 2013 tax rates.

Get Full Article

Key Investment Themes for 2014

Richard Bernstein, January 2014

Richard Bernstein annually publishes a list of investment themes that he believes are critical for the coming year.

Get Full Article

Is your inflation protection really protecting you?

Thomas Luster, Stewart Taylor, Kevin Dachille, December 2013

Many investors who own Treasury Inflation-Protection Securities (TIPS) and TIPS mutual funds don’t realize that they may be taking a significant amount of interest-rate risk in exchange for their inflation protection, which may result in losses when rates begin to rise rapidly. Investors may consider an inflation-protection investment strategy that avoids longer-term TIPS and seeks real returns through a strategy of using shorter-maturity TIPS and other shorter-duration assets, like floating-rate loans.

Get Full Article

Size is a Key Potential Advantage in the Municipal Bond Market

Ralph Studley, October 2013

Individual investors and financial advisors who seek to assemble a municipal bond portfolio on their own are required to navigate a highly fragmented market and assess a myriad of macroeconomic and fundamental factors. But finding the right security is only half the battle. Although independent credit research is a vital component of the selection process, it doesn’t guarantee that an investor will trade a municipal bond at the best possible price.

Get Full Article


We apologize for the inconvenience but we are experiencing a technical issue.

We are working on a solution. Please try again later.

If you require further assistance, please call:

    Your download will begin when this window is closed.

    You have successfully un-subscribed from .

    Don't have an account? Register.

    As a subscriber, you are one step away from getting more access and control. Register now by simply creating a password below.

    Passwords must be 8 to 20 alphanumeric characters, including a special character: ! @ # $ % ^ & * ( ) - _ = + , < . > ?


    Trouble registering? Call 1-800-836-2414.

    Congratulations! You are registered.

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your account and complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.


    We are pleased to grant you access to this Eaton Vance website.

    Please click here to be logged in with your username .

    A verification email has been sent.

    You have requested a change to your password. In order to process this request, a verification email has been sent to . When you receive this email, please click the link contained within the email to start the password reset process.

    Trouble signing in? Call 1-800-836-2414.

    This account is restricted.

    Your account has limited access. You currently have access to content for:

    Firm restriction.

    This document has not been approved at your firm. We can not complete your subscription request at this time. Please try again later.

    If you need further assistance, please call 1-800-836-2414.

    This email account has not been verified.

    Your account has not yet been activated. We have sent a verification email to . If you'd like us to resend this, please click the Resend Email button below.

    Trouble receiving the verification email? Call 1-800-836-2414.


    Thank you.

    An e-mail verification has been re-sent to . Please check your e-mail and follow the instructions to complete the registration process.

    Trouble receiving the verification email? Call 1-800-836-2414.

    An email has been sent to the email address containing a link to verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Re-verification Required

    For security purposes we could not complete your request. Please click here to receive a new link to access the requested content.

    A new email has been sent to the email address containing a link to re-verify your credentials. Please check your e-mail and click on the secured link to complete your request.

    Trouble receiving the verification email? Call 1-800-836-2414.

    Verification Accepted

    You have been granted access to the requested content.

    Remember Me

    Click here to remain recognized on this device for future visits to

    Do Not Remember Me

    Click here if you are using a Public Computer or Shared Device.

    Trouble receiving the verification email? Call 1-800-836-2414.


    Don't have an account? Register.

    Please check the Fund Literature that you would like to subscribe to. Your subscriptions can be managed on your profile page.

    Subscribe All

    Thank you for downloading

    If your download did not start automatically, please click here.

    Stay on top of your game!

    Receive email notifications when the  is updated by clicking the subscribe button.


    Thank you for subscribing

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your subscription.

    Un-subscription request

    We have sent a verification email to . Please check your e-mail and click on the secured link to verify your request.

    Financial Advisors, stay on top of your game.

    Receive email notifications of updates to  by entering your email address to subscribe.


    Don't have an account? Register.

    Enter your e-mail address to reset your password.

    Already have an account?
    Don't have an account? Register.

    Trouble registering? Call 1-800-836-2414.

    Simply enter your e-mail address to register.


    Already have an account?

    If you are an individual investor and have a Mutual Fund account with Eaton Vance, sign into your account here.

    Register for more access and control.
    • Elevate your business practice with materials from the Advisor Institute.
    • Learn more with exclusive videos, conference calls, and the latest insights.
    • Follow products, get product notifications, and manage your Eaton Vance communications.
    Please wait while the data is being prepared for download.
    This message will automatically close when your file is ready.

    Financial Advisors

    Register Now

    Already have an account? .



    NAV as of