Overview

 

International exposure can be critical for building a diversified portfolio.1

Non-U.S. companies have continued to become a greater presence in the world markets.

  • United States
  • World ex U.S.

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 0.10 2.20 2.20 14.87 5.34 12.75 5.33
Return After Taxes on Dist w/Max Sales Charge 14.59 5.33 12.76 5.39
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 9.06 4.51 10.66 4.65
MSCI EAFE Index2 -0.64 0.66 0.66 17.56 7.21 16.01 6.52
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. 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. Before-tax and after-tax returns for other classes of shares offered by the Fund are different.

Fund Facts as of Mar 31, 2014

Investor Class Inception 04/22/1998
Investment Objective Long-term, after-tax return
Total Net Assets $45.5M
Total Net Assets of Portfolio3 $119.4M
Minimum Investment $1000
Expense Ratio (Gross)4 1.71%
Expense Ratio (Net)4,5 1.50%
CUSIP 277911731

Top 10 Holdings (%)6,7 as of Mar 31, 2014

Nestle SA
Novo Nordisk A/S Class B
SAP AG
Eni S.p.A.
Linde AG
Anheuser-Busch InBev SA
ASML Holding NV
DBS Group Holdings Ltd.
Roche Holding Ltd. Genusssch.
Novartis AG
Total 11.92


Portfolio Management

David Stein, Ph.D Managed Fund since 2012
Thomas Seto Managed Fund since 2012

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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 0.10 2.20 2.20 14.87 5.34 12.75 5.33
Return After Taxes on Dist w/Max Sales Charge 14.59 5.33 12.76 5.39
Return After Taxes on Dist & Sales of Fund Shares w/Max Sales Charge 9.06 4.51 10.66 4.65
MSCI EAFE Index2 -0.64 0.66 0.66 17.56 7.21 16.01 6.52
Morningstar™ Foreign Large Blend Category8 -0.61 0.12 0.12 15.39 5.80 15.40 6.36
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. 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. Before-tax and after-tax returns for other classes of shares offered by the Fund are different.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 16.20 17.30 28.29 20.96 -45.98 21.62 3.68 -15.87 18.42 17.99
MSCI EAFE Index2 20.25 13.54 26.34 11.17 -43.38 31.78 7.75 -12.14 17.32 22.78

Fund Facts

Expense Ratio (Gross)4 1.71%
Expense Ratio (Net)4,5 1.50%
Investor Class Inception 04/22/1998
Distribution Frequency Annually


Risk Measures (3 Year)9 as of Mar 31, 2014

Alpha -1.85
Beta 1.04
R-Squared 94.29
Standard Deviation 17.94
Sharpe Ratio 0.29


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Foreign Large Blend
Category
Overall ** 701
3 Years *** 701
5 Years ** 625
10 Years ** 332
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 $10.19 $0.10
Apr 15, 2014 $10.09 $-0.03
Apr 14, 2014 $10.12 $0.04
Apr 11, 2014 $10.08 $-0.09
Apr 10, 2014 $10.17 $-0.15
Apr 09, 2014 $10.32 $0.13
Apr 08, 2014 $10.19 $0.03
Apr 07, 2014 $10.16 $-0.05
Apr 04, 2014 $10.21 $-0.03
Apr 03, 2014 $10.24 $-0.03

Distribution History10

Ex-Date Distribution Reinvest NAV
Dec 23, 2013 $0.19050 $9.82
Dec 27, 2012 $0.20590 $8.64
Dec 28, 2011 $0.11720 $7.37
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 History10

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. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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 (%)6 as of Mar 31, 2014

Foreign Common Stocks 99.25
Cash & Equivalents 0.75
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Median Market Cap $7.1B
Price/Earnings Ratio 15.09
Number of Holdings 508
Price/Book Ratio 1.85
Countries Represented 21


GICS Sector Breakdown (%)6 as of Mar 31, 2014

Sector Fund MSCI EAFE Index2
Consumer Discretionary 11.21 11.76
Consumer Staples 10.64 10.99
Energy 7.04 6.90
Financials 17.37 25.56
Health Care 9.87 10.44
Industrials 12.43 12.95
Information Technology 6.19 4.53
Materials 10.18 8.14
Telecom Services 7.42 4.96
Utilities 6.91 3.76
Cash 0.75 0.00

Assets by Country (%)6 as of Mar 31, 2014

UK 12.33
Japan 12.30
Switzerland 7.42
Germany 7.35
France 6.91
Australia 5.81
Sweden 5.24
Spain 4.87
Hong Kong 4.73
Italy 4.51
View All


Fund Holdings (%)6,11 as of Feb 28, 2014

Holding % of Net Assets
Novo Nordisk A/S 1.66%
Nestle SA 1.38%
SAP AG 1.27%
Linde AG 1.24%
Anheuser-Busch InBev NV 1.18%
Eni SpA 1.16%
ASML Holding NV 1.02%
Coloplast A/S 1.02%
Roche Holding AG 1.01%
DBS Group Holdings Ltd 0.98%
View All

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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

 

No commentary information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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

 

No attribution information is available.

 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

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. 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 2012
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 2012

Fund Literature

Fund Literature

Annual Report

Fact Sheet

Full Prospectus

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

Timothy Atwill on Systematic Alpha Investing

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

Actively Managed Equities

XBRL


 

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