Overview

 

Emerging markets have become a larger percentage of the world's GDP.1

The International Monetary Fund expects emerging markets to account for a higher percentage of GDP in the coming years.

  • Emerging Markets
  • Advanced Economies

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 10 Years
Fund at NAV 3.11 1.27 1.27 3.17 0.23 17.16 12.49
Fund w/Redemption Fee 1.05 -0.75 -0.75 1.14 -0.41 16.72 12.30
Return After Taxes on Dist w/Redemption Fee 0.87 -0.54 16.58 12.09
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee 1.14 -0.06 13.86 10.54
MSCI Emerging Markets Index2 3.07 -0.43 -0.43 -1.43 -2.86 14.47 10.10
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. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Facts as of Mar 31, 2014

Institutional Class Inception 06/30/1998
Investment Objective Long-term, after-tax return
Total Net Assets $3.6B
Minimum Investment $50000
Expense Ratio3 0.96%
CUSIP 277907606

Top 10 Holdings (%)4,5 as of Mar 31, 2014

MTN Group Ltd.
Samsung Electronic
America Movil SA
Gazprom
Sberbank
Naspers Ltd. N-Shares
Taiwan Semiconductor Man.
China Mobile Limited
Lukoil OAO
Tencent Holdings Ltd.
Total 8.30


Portfolio Management

David Stein, Ph.D Managed Fund since 2007
Thomas Seto Managed Fund since 2007

 

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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 10 Years
Fund at NAV 3.11 1.27 1.27 3.17 0.23 17.16 12.49
Fund w/Redemption Fee 1.05 -0.75 -0.75 1.14 -0.41 16.72 12.30
Return After Taxes on Dist w/Redemption Fee 0.87 -0.54 16.58 12.09
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee 1.14 -0.06 13.86 10.54
MSCI Emerging Markets Index2 3.07 -0.43 -0.43 -1.43 -2.86 14.47 10.10
Morningstar™ Diversified Emerging Mkts Category6 2.20 -0.76 -0.76 -0.79 -2.27 14.32 9.39
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. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 31.59 33.83 37.99 40.18 -51.01 68.20 23.34 -18.05 20.04 2.21
MSCI Emerging Markets Index2 25.55 34.00 32.17 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60

Fund Facts

Expense Ratio3 0.96%
Institutional Class Inception 06/30/1998
Distribution Frequency Annually


Risk Measures (3 Year)7 as of Mar 31, 2014

Alpha 2.66
Beta 0.87
R-Squared 95.73
Standard Deviation 17.37
Sharpe Ratio 0.01


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Diversified Emerging Mkts
Category
Overall ***** 424
3 Years **** 424
5 Years **** 317
10 Years ***** 156
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 16, 2014 $49.95 $0.20
Apr 15, 2014 $49.75 $-0.44
Apr 14, 2014 $50.19 $0.07
Apr 11, 2014 $50.12 $-0.09
Apr 10, 2014 $50.21 $-0.39
Apr 09, 2014 $50.60 $0.45
Apr 08, 2014 $50.15 $0.38
Apr 07, 2014 $49.77 $0.19
Apr 04, 2014 $49.58 $-0.12
Apr 03, 2014 $49.70 $-0.22

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 26, 2013 $0.85430 $48.30
Dec 27, 2012 $0.94120 $48.19
Dec 28, 2011 $0.63090 $40.98
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month end, please refer to 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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 (%)4 as of Mar 31, 2014

Foreign Common Stocks 99.03
Cash & Equivalents 0.97
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Median Market Cap $2.5B
Price/Earnings Ratio 12.36
Number of Holdings 1607
Price/Book Ratio 1.66
Countries Represented 50


GICS Sector Breakdown (%)4 as of Mar 31, 2014

Sector Fund MSCI Emerging Markets Index2
Consumer Discretionary 8.34 9.25
Consumer Staples 8.69 8.50
Energy 9.75 10.80
Financials 27.55 26.73
Health Care 2.23 1.73
Industrials 10.31 6.54
Information Technology 7.48 16.67
Materials 10.31 9.36
Telecom Services 9.69 6.93
Utilities 4.68 3.49
Cash 0.97 0.00

Assets by Country (%)4 as of Mar 31, 2014

China 8.23
South Africa 6.69
India 6.48
Korea 6.19
Taiwan 6.10
Mexico 6.02
Brazil 5.92
Russia 5.85
Poland 3.54
Thailand 3.45
View All


Geographic Mix (%)4 as of Mar 31, 2014

Asia/Pacific 40.56
Latin America 19.37
Eastern Europe 17.89
Middle East 10.40
Africa 10.33
Europe 1.45


Fund Holdings (%)4,9 as of Feb 28, 2014

Holding % of Net Assets
MTN Group Ltd 1.10%
Samsung Electronics Co Ltd 1.07%
America Movil SAB de CV 1.00%
Naspers Ltd 0.81%
Gazprom OAO 0.80%
Tencent Holdings Ltd 0.73%
China Mobile Ltd 0.68%
Taiwan Semiconductor Manufacturing Co Ltd 0.64%
Infosys Ltd 0.60%
Cemex SAB de CV 0.59%
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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 Mar 31, 2014

Emerging-market equities fell in the first quarter of 2014, with the MSCI Emerging Markets Index2 down 0.43% for the three-month period.

Many factors contributed to this performance, but a primary factor was declines in the equity markets of some of the largest emerging economies. China suffered due to continued worries about a drop in its growth rate and new concerns about the extent of bad loans in its banking system. Russia was negatively impacted by perceptions of political risk, with many investors fleeing the currency and stock market due to planned economic sanctions and general unease about the future course of Russian aggression. Korea and Mexico, both large Index components, also experienced declines.

In general, frontier-market countries continued to strongly outperform emerging-market countries during the quarter. The top-performing frontier-market country was the United Arab Emirates, up nearly 25% for the three-month period. In addition, Bulgaria, Bangladesh and Vietnam each rose more than 16%.

Performance Summary 

Parametric Tax-Managed Emerging Markets Fund (the Fund) outperformed its benchmark, the MSCI Emerging Markets Index (the Index),2 for the quarter ended March 31, 2014, returning 1.27% for Institutional Class shares at net asset value versus the Index’s -0.43% return.

  • The Fund’s emphasis on diversification10 via a system of target country weights and systematic rebalancing back to these target weights drove most of the outperformance relative to the Index. The diversification targets consistently have the Fund underweight large countries and overweight smaller countries.
  • During the quarter, many countries with larger Index representations (e.g., China, Russia and Korea) underperformed the Index, while many with smaller Index representations outperformed. Combined, these two sources of relative return contributed materially to the Fund’s outperformance. In addition, frontier-market countries included in the Fund, but not in the Index, strongly boosted relative performance.
  • The continued volatility of individual country returns during the quarter played positively to the Fund’s rebalancing process, in that the Fund systematically bought into price weakness and sold into price strength.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 3.11 1.27 1.27 3.17 0.23 17.16 12.49
Fund w/Redemption Fee 1.05 -0.75 -0.75 1.14 -0.41 16.72 12.30
Return After Taxes on Dist w/Redemption Fee 0.87 -0.54 16.58 12.09
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee 1.14 -0.06 13.86 10.54
MSCI Emerging Markets Index2 3.07 -0.43 -0.43 -1.43 -2.86 14.47 10.10
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. Performance less than one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Facts as of Mar 31, 2014

Institutional Class Inception 06/30/1998
Expense Ratio3 0.96%


Contributors 

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

  • The Fund’s underweight in China contributed to performance versus the Index, as markets reacted negatively to growing signs of an economic slowdown in China and concerns about the extent of bad loans owned by major Chinese banks.
  • The Fund’s overweight in the United Arab Emirates also lifted performance relative to the Index, as this market continued its strong growth pattern, driven primarily by a rally in real estate and financial stocks.
  • The Fund’s overweight in Greece further aided relative performance, as many smaller economies that suffered during the European debt crisis had strong returns for the first quarter.

Detractors 

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

  • The Fund’s underweight in Brazil detracted from performance versus the Index, as the Brazilian equity market rose amid increased optimism over a change in government following October’s elections and many investors’ perception that the market had become oversold.
  • The Fund’s overweight in Hungary also detracted from performance relative to the Index, as many eastern European markets reacted negatively to the Russian seizure of Crimea.
  • The Fund’s overweight in Nigeria further detracted from relative performance.

Investment Outlook And Fund Positioning 

Market commentators have expressed a wide range of opinions regarding the emerging-market asset class. Regardless of the near term forecast, many observers believe that persistent demographic and economic trends give emerging-market economies a long-term advantage. While emerging-market equities may continue to demonstrate heightened volatility, they may do so against a backdrop of generally rising prices.

How does one invest in this space with so much short-term uncertainty? We believe that managing risk by broadly diversifying, avoiding concentrations and portfolio rebalancing are all key aspects that help address thoughtful investment decisions. Parametric’s emerging market investment strategy relies on a rules based approach, in combination with a systematic rebalancing discipline, to reduce concentrations, while emphasizing broad diversification in seeking its objective of long-term, after-tax returns.

Top 10 Holdings (%)4,5 as of Mar 31, 2014

MTN Group Ltd. 1.20
Samsung Electronic 1.05
America Movil SA 0.99
Gazprom 0.94
Sberbank 0.89
Naspers Ltd. N-Shares 0.72
Taiwan Semiconductor Man. 0.66
China Mobile Limited 0.63
Lukoil OAO 0.61
Tencent Holdings Ltd. 0.61
Total 8.30


 

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 

Fund share values are sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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

Country Attribution as of Dec 31, 2013

Fund MSCI Emerging Markets Index2 Attribution
Country Average Weight Total Return Contrib. to Return Average Weight Total Return Contrib. to Return Allocation Effect Selection Effect Total Effect
3 Month Attribution
Brazil 6.89 -5.79 -0.38 11.32 -5.56 -0.59 0.34 -0.05 0.29
U.A.E. 1.63 17.20 0.27 0.00 0.00 0.00 0.24 0.00 0.24
Russia 6.15 4.17 0.27 6.13 0.33 0.03 0.00 0.23 0.23
Egypt 1.57 16.68 0.24 0.18 19.37 0.03 0.21 -0.03 0.18
Greece 1.32 18.22 0.16 0.18 1.02 0.00 0.08 0.08 0.16
Mexico 6.19 9.05 0.55 5.19 8.20 0.43 0.07 0.05 0.12
Pakistan 0.81 14.39 0.11 0.00 0.00 0.00 0.11 0.00 0.11
Qatar 1.54 8.40 0.12 0.00 0.00 0.00 0.09 0.00 0.09
Nigeria 0.79 14.37 0.11 0.00 0.00 0.00 0.09 0.00 0.09
Poland 3.53 4.80 0.16 1.73 3.79 0.06 0.03 0.03 0.07
Jordan 0.78 11.01 0.08 0.00 0.00 0.00 0.07 0.00 0.07
India 6.00 11.67 0.65 6.11 10.34 0.58 -0.01 0.07 0.06
Mauritius 0.65 10.68 0.06 0.00 0.00 0.00 0.05 0.00 0.05
Kazakhstan 0.74 8.68 0.06 0.00 0.00 0.00 0.05 0.00 0.05
Saudi Arabia 0.67 10.09 0.06 0.00 0.00 0.00 0.05 0.00 0.05
Romania 0.64 9.07 0.06 0.00 0.00 0.00 0.04 0.00 0.04
Slovenia 0.54 9.61 0.05 0.00 0.00 0.00 0.04 0.00 0.04
Morocco 0.84 6.40 0.05 0.05 2.32 0.00 -0.01 0.04 0.04
Vietnam 0.71 5.57 0.04 0.00 0.00 0.00 0.02 0.00 0.02
Bangladesh 0.32 7.55 0.02 0.00 0.00 0.00 0.02 0.00 0.02
Kenya 0.80 4.53 0.03 0.00 0.00 0.00 0.02 0.00 0.02
Peru 1.48 3.47 0.04 0.42 2.99 0.01 0.01 0.01 0.02
Hungary 1.58 1.78 0.03 0.22 -6.30 -0.01 -0.12 0.13 0.02
Botswana 0.39 5.10 0.02 0.00 0.00 0.00 0.01 0.00 0.01
Ukraine 0.11 7.49 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Croatia 0.40 2.91 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Colombia 1.46 -8.08 -0.12 1.12 -11.09 -0.13 -0.04 0.05 0.00
Bulgaria 0.11 4.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Panama 0.05 1.26 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.00 3.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lithuania 0.12 -0.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Oman 0.73 1.06 0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Lebanon 0.18 -2.56 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01
South Africa 6.65 2.22 0.16 7.35 2.32 0.18 0.00 -0.01 -0.01
Estonia 0.35 -2.98 -0.01 0.00 0.00 0.00 -0.02 0.00 -0.02
Indonesia 2.85 -3.60 -0.14 2.33 -4.74 -0.11 -0.06 0.04 -0.02
Ghana 0.30 -6.00 -0.02 0.00 0.00 0.00 -0.02 0.00 -0.02
Malaysia 3.19 5.01 0.15 3.80 5.43 0.19 -0.02 -0.01 -0.03
Philippines 1.46 -4.75 -0.07 0.89 -5.01 -0.05 -0.04 0.00 -0.04
Thailand 2.91 -9.87 -0.28 2.43 -10.44 -0.25 -0.05 0.02 -0.04
Argentina 0.78 -3.51 -0.02 0.00 0.00 0.00 -0.04 0.00 -0.04
Czech Republic 1.66 -1.09 -0.02 0.25 0.38 0.00 -0.02 -0.03 -0.04
Kuwait 1.59 -0.88 -0.02 0.00 0.00 0.00 -0.05 0.00 -0.05
Chile 2.89 -7.16 -0.21 1.63 -7.02 -0.12 -0.12 -0.01 -0.12
Turkey 2.90 -12.38 -0.35 1.70 -14.12 -0.25 -0.18 0.06 -0.13
Taiwan 6.20 3.74 0.23 11.41 4.32 0.48 -0.12 -0.03 -0.16
China 9.06 4.30 0.39 19.54 3.81 0.70 -0.20 0.04 -0.15
Korea 6.57 3.76 0.25 16.02 4.03 0.62 -0.20 -0.02 -0.22
Cash 0.96 -0.25 0.00 0.00 0.00 0.00 -0.03 0.00 -0.03
Total 100.00 2.83 2.83 100.00 1.83 1.83 0.32 0.66 0.99
1 Year Attribution
U.A.E. 1.77 85.41 1.07 0.00 0.00 0.00 1.12 0.00 1.12
Brazil 7.73 -14.52 -1.07 11.87 -16.04 -2.04 0.68 0.11 0.79
Qatar 1.60 33.94 0.48 0.00 0.00 0.00 0.53 0.00 0.53
Russia 6.01 7.46 0.56 6.00 0.76 0.12 0.03 0.39 0.42
Kenya 0.86 52.28 0.33 0.00 0.00 0.00 0.36 0.00 0.36
Pakistan 0.80 42.69 0.31 0.00 0.00 0.00 0.35 0.00 0.35
Mexico 6.14 3.17 0.32 5.35 0.21 0.05 0.11 0.20 0.30
Nigeria 0.89 40.34 0.26 0.00 0.00 0.00 0.30 0.00 0.30
Poland 3.26 9.01 0.25 1.62 2.59 0.03 0.07 0.20 0.28
Argentina 0.78 36.16 0.25 0.00 0.00 0.00 0.28 0.00 0.28
Egypt 1.49 15.63 0.24 0.24 8.18 0.01 0.14 0.11 0.25
Saudi Arabia 0.69 35.18 0.20 0.00 0.00 0.00 0.22 0.00 0.22
Kuwait 1.60 12.37 0.18 0.00 0.00 0.00 0.21 0.00 0.21
Thailand 3.26 -8.74 -0.24 2.62 -14.59 -0.42 -0.02 0.22 0.20
Mauritius 0.62 34.71 0.18 0.00 0.00 0.00 0.19 0.00 0.19
Vietnam 0.71 29.06 0.16 0.00 0.00 0.00 0.19 0.00 0.19
Romania 0.62 31.03 0.17 0.00 0.00 0.00 0.18 0.00 0.18
Greece 0.35 22.49 0.16 0.05 1.02 0.00 0.10 0.08 0.18
South Africa 6.33 -5.67 -0.12 7.23 -6.21 -0.31 0.14 0.03 0.17
Oman 0.80 20.19 0.14 0.00 0.00 0.00 0.16 0.00 0.16
Hungary 1.60 6.03 0.10 0.22 -5.82 -0.01 -0.04 0.19 0.15
Ghana 0.28 67.66 0.13 0.00 0.00 0.00 0.13 0.00 0.13
India 6.01 -3.21 -0.19 6.44 -3.83 -0.40 0.08 0.05 0.13
Slovenia 0.51 20.89 0.10 0.00 0.00 0.00 0.11 0.00 0.11
Indonesia 3.00 -21.77 -0.72 2.73 -23.48 -0.79 0.01 0.07 0.08
Botswana 0.39 14.10 0.05 0.00 0.00 0.00 0.06 0.00 0.06
Estonia 0.37 14.40 0.05 0.00 0.00 0.00 0.06 0.00 0.06
Philippines 1.60 -5.77 -0.02 0.98 -2.70 -0.06 0.09 -0.04 0.05
Croatia 0.43 9.23 0.04 0.00 0.00 0.00 0.05 0.00 0.05
China 9.07 11.47 1.11 18.85 3.64 0.80 -0.62 0.65 0.03
Bulgaria 0.10 31.11 0.03 0.00 0.00 0.00 0.03 0.00 0.03
Jordan 0.76 1.04 0.00 0.00 0.00 0.00 0.03 0.00 0.03
Lithuania 0.12 17.65 0.02 0.00 0.00 0.00 0.02 0.00 0.02
Morocco 0.87 1.70 0.00 0.07 -3.09 0.00 -0.03 0.04 0.02
Bangladesh 0.19 3.72 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Colombia 1.54 -17.03 -0.28 1.18 -21.14 -0.27 -0.07 0.08 0.01
Panama 0.01 1.26 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.00 44.23 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Malaysia 3.20 7.84 0.24 3.72 7.68 0.23 -0.01 0.01 0.00
Ukraine 0.12 -4.43 -0.01 0.00 0.00 0.00 0.00 0.00 0.00
Lebanon 0.19 -5.57 -0.01 0.00 0.00 0.00 0.00 0.00 0.00
Turkey 3.11 -21.78 -0.71 1.91 -26.76 -0.60 -0.28 0.20 -0.08
Kazakhstan 0.73 -17.85 -0.14 0.00 0.00 0.00 -0.12 0.00 -0.12
Czech Republic 1.58 -12.11 -0.21 0.25 -10.53 -0.03 -0.11 -0.03 -0.13
Peru 1.49 -22.27 -0.39 0.49 -29.85 -0.19 -0.33 0.16 -0.17
Chile 2.95 -20.15 -0.63 1.80 -21.98 -0.45 -0.25 0.06 -0.18
Taiwan 6.17 11.82 0.75 11.25 9.06 1.00 -0.57 0.17 -0.40
Korea 6.25 3.91 0.32 15.14 3.94 0.75 -0.59 -0.01 -0.60
Cash 1.05 -1.62 -0.02 0.00 0.00 0.00 0.03 0.00 0.03
Total 100.00 3.44 3.44 100.00 -2.60 -2.60 3.06 2.94 6.04


Additional Notes 

Source: Factset.

Attribution analysis shows the contribution of indicated factor exposures to a portfolio's relative total return versus a designated benchmark. Results are based on each day's ending holdings, and linked to generate attribution over longer periods. Portfolio returns do not reflect applicable expenses and trading costs, or variations in transaction prices from end of day values.

Allocation Effect 

Measures portfolio's excess return due to over or under-weighting a sector.

Selection Effect 

Measures portfolio's excess return from selecting individual stocks within each sector.

 

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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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
David Stein, Ph.D

David Stein, Ph.D

Chief Investment Officer, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1996

David Stein is chief investment officer of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp., leading the firm's investment, research and technology activities. He maintains a focus on Parametric's intellectual capital, and is dedicated to advancing the art and science of investment management in the presence of taxes.

David's experience in the investment industry dates to 1987. Prior to joining Parametric in 1996, he held senior research, development and portfolio management positions at GTE Investment Management Corp., The Vanguard Group and IBM Retirement Funds. He has additional experience as a research scientist with IBM Research Laboratories, where he designed computer hardware and software systems.

David earned both a B.S. and an M.S. from the University of Witwatersrand, South Africa, and a Ph.D. in applied mathematics from Harvard University.

David holds a number of patents and is published in multiple academic journals, including Mathematics of Operations Research, The Journal of Wealth Management and the Journal of Portfolio Management, among others. He is on the After-Tax Subcommittee of the AIMR-PPS standards committee and on the advisory board of the Journal of Wealth Management.

Education
  • B.S. and M.S., University of Witwatersrand, South Africa
  • Ph.D. Harvard University
Experience
  • Managed Fund since 2007
Biography
Thomas Seto

Thomas Seto

Director of Portfolio Management, Parametric Portfolio Associates
Joined Parametric Portfolio Associates 1998

Tom Seto is managing director of portfolio management and a portfolio manager at Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management activity at Parametric, including tax-managed core, OverlayOne and institutional structured equity strategies.

Prior to joining Parametric in 1998, Tom served as the head of U.S. Equity Index Investments at Barclays Global Investors, where he was responsible for portfolio management of all U.S. equity index strategies.

Tom earned a B.S. in electrical engineering from the University of Washington in 1985 and an M.B.A. in finance from the University of Chicago Booth School of Business in 1991.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2007

Fund Literature

Fund Literature

Annual Report

Attribution

Commentary

Fact Sheet

Full Prospectus

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

SAI

EXCLUSIVE CONTENT

Parametric Emerging and Tax-Managed Emerging Markets

Semi-Annual Report

Summary Prospectus

XBRL


 

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