Overview

 

The fund has generated strong excess returns relative to both the overall market and the health care sector.1

  • Fund
  • MSCI World Health Care
  • S&P 500

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -5.06 6.94 6.94 34.58 21.51 18.96 9.63
Fund w/Max Sales Charge -10.50 0.75 0.75 26.81 19.16 17.55 8.98
MSCI World Health Care Index2 -1.77 5.77 5.77 26.22 20.98 20.26 8.98
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 Mar 31, 2014

Class A Inception 07/26/1985
Investment Objective Long-term capital growth
Total Net Assets $1.4B
Minimum Investment $1000
Expense Ratio3 1.39%
CUSIP 277902813

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

Roche Holding AG
HCA Holdings Inc
Gilead Sciences Inc
Mylan Inc/PA
Regeneron Pharmaceuticals Inc
Amgen Inc
Merck & Co Inc
Biogen Idec Inc
Ono Pharmaceutical Co Ltd
Bristol-Myers Squibb Co
Total 38.58


Portfolio Management

Samuel D. Isaly Managed Fund since 1989
Sven H. Borho, CFA Managed Fund since 2005
Geoffrey C. Hsu, CFA Managed Fund since 2005
Richard D. Klemm, Ph.D., CFA Managed Fund since 2005
Trevor M. Polischuk, Ph.D. Managed Fund since 2005

 

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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. 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 -5.06 6.94 6.94 34.58 21.51 18.96 9.63
Fund w/Max Sales Charge -10.50 0.75 0.75 26.81 19.16 17.55 8.98
MSCI World Health Care Index2 -1.77 5.77 5.77 26.22 20.98 20.26 8.98
Morningstar™ Health Category6 -4.88 6.44 6.44 36.40 23.62 23.71 10.97
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 (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 6.81 7.69 -0.01 6.49 -7.24 9.89 11.13 4.75 15.49 44.56
MSCI World Health Care Index2 6.00 9.00 10.47 3.94 -21.50 18.89 2.41 9.46 17.54 36.27

Fund Facts

Expense Ratio3 1.39%
Class A Inception 07/26/1985
Distribution Frequency Annually


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

Alpha -0.23
Beta 1.04
R-Squared 81.45
Standard Deviation 13.26
Sharpe Ratio 1.62


Morningstar™ Ratings as of Mar 31, 2014

Time Period Rating Rating (Load Waived) Funds in
Health
Category
Overall ** ** 122
3 Years ** *** 122
5 Years * ** 110
10 Years ** ** 91
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 21, 2014 $11.59 $0.19
Apr 17, 2014 $11.40 $0.02
Apr 16, 2014 $11.38 $0.15
Apr 15, 2014 $11.23 $0.04
Apr 14, 2014 $11.19 $0.04
Apr 11, 2014 $11.15 $-0.18
Apr 10, 2014 $11.33 $-0.41
Apr 09, 2014 $11.74 $0.22
Apr 08, 2014 $11.52 $-0.08

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 17, 2013 $0.06940 $10.78
Dec 20, 2012 $0.23050 $8.97
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 17, 2013 $0.19790 $1.16690 $10.78
Dec 20, 2012 $0.54000 $0.70090 $8.97
Dec 28, 2011 $0.90410 $8.78
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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. 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 (%)4,9 as of Mar 31, 2014

U.S. Common Stocks 72.27
Foreign Common Stocks 22.65
Cash & Other Assets 5.08
Total 100.00

Portfolio Statistics as of Mar 31, 2014

Number of Holdings 53


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

Sector Fund MSCI World Health Care Index2
Biotechnology 29.12 12.42
Health Care Distributors 1.43 2.72
Health Care Equipment 8.63 11.07
Health Care Facilities 4.32 0.87
Health Care Services 1.49 3.96
Health Care Supplies 2.24 0.96
Health Care Technology 0.23 0.53
Life Sciences Tools & Services 7.24 2.86
Managed Health Care 1.65 4.80
Pharmaceuticals 38.51 59.82
Cash 5.08 0.00
Internet Software & Services 0.06 0.00

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

United States 72.27
Switzerland 8.83
Japan 7.99
China 2.20
France 2.13
Ireland 0.76
Singapore 0.74
Cash & Other Assets 5.08
Total 100.00


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

North America 72.27
Europe 11.72
Asia/Pacific 10.93
Cash & Other Assets 5.08
Total 100.00


Fund Holdings (%)4,10 as of Feb 28, 2014

Holding % of Net Assets
Roche Holding AG 6.77%
Regeneron Pharmaceuticals Inc 4.34%
Gilead Sciences Inc 4.31%
Mylan Inc/PA 4.13%
HCA Holdings Inc 4.01%
Biogen Idec Inc 3.54%
Ono Pharmaceutical Co Ltd 3.42%
Amgen Inc 3.37%
Illumina Inc 3.36%
Merck & Co Inc 3.24%
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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. 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

Global equity markets began 2014 following a pattern seen throughout 2013, establishing new record highs in the first quarter. A late-January swoon in stock prices proved to be only a head fake, as markets roared back in February before closing near the highs set in early March.

For the first quarter of 2014, the total returns for the MSCI World Index11 and the S&P 500 Index12 were 1.3% and 1.8%, respectively. The Dow Jones Industrial Average13 did not participate equally in the late-quarter rally, finishing down slightly (-0.15%) for the quarter.

Following up 2013’s record-setting market performance may prove difficult, and that trepidation was likely a key reason for the tepid start to 2014. Other factors also weighed on market performance, from bad weather in the U.S. to the political conflict between Russia and Ukraine.

Health care stocks generally outpaced the broader markets, advancing 5.8% for the quarter, as measured by the MSCI Word Health Care Index2. The move was led by major pharmaceutical stocks, as the NYSE Arca Pharmaceutical Index (DRG)14 advanced 8.3%. Biotechnology stocks were extremely volatile during the quarter. The NASDAQ Biotechnology Index (NBI)15 rose as much as 20% by the end of February. However, a precipitous sell-off occurred in March, causing the NBI to finish up only 4.3% for the quarter.

Performance Summary 

Eaton Vance Worldwide Health Sciences Fund (the Fund) outperformed its benchmark, the MSCI World Health Care Index (the Index),2 for the first quarter of 2014, returning 6.94% for Class A shares at net asset value versus the Index’s 5.77% return.

  • The Fund’s outperformance versus the Index was largely due to stock selection rather than sector allocation.
  • Strong stock selection results came from the Fund’s holdings in emerging biotechnology, pharmaceuticals, generics, life science tools and medical devices.
  • The largest contributor to the Fund’s absolute and relative performance was emerging biotechnology stocks, with roughly two-thirds of that contribution coming from a single stock.
  • Large-cap pharmaceutical stocks were also a notable performance contributor, with a majority of that contribution coming from a single stock.
  • The overall contribution from large-cap biotechnology stocks was moderate but positive, as contributors in the space marginally outweighed detractors.

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

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -5.06 6.94 6.94 34.58 21.51 18.96 9.63
Fund w/Max Sales Charge -10.50 0.75 0.75 26.81 19.16 17.55 8.98
MSCI World Health Care Index2 -1.77 5.77 5.77 26.22 20.98 20.26 8.98
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 Mar 31, 2014

Class A Inception 07/26/1985
Expense Ratio3 1.39%


Contributors 

Stock selection in a variety of health care subsectors contributed to the Fund’s performance relative to the Index for the quarter.

  • InterMune Inc., a California-based biotechnology company, was the Fund’s top individual performance contributor. The stock doubled in price after the company reported positive results for a chronic lung disease drug.
  • Among other individual contributors, momentum continued for gene sequencing company Ilumina Inc. amid enthusiasm over the company’s next-generation sequencing platform.
  • Shares of global pharmaceutical giant Roche Holding AG continued to move higher on multiple tailwinds from the company’s new product launches and building pipeline expectations.
  • Medical device leader Insulet Corp. outperformed on continued uptake of the company’s new insulin patch pump, improving margin profile and growing appreciation for its pipeline.
  • Shares of generic drug maker Mylan Inc. benefited from continued M&A speculation, stoked by Actavis’ acquisition of Forest Labs, along with the company’s solid earnings and guidance disclosures.

Detractors 

The Fund had few meaningful performance detractors in the first quarter of 2014. However, sector allocation overall had a significant negative impact on performance relative to the Index.

  • In terms of individual detractors, Celgene Corp. sold off on growing concerns over a patent challenge to the company’s main revenue driver, the drug Revlimid.
  • In addition, investors took profits in China-based Shandong Weigao Group, as anxiety increased over operating expenses associated with the company’s ongoing sale restructuring efforts.
  • The Fund’s meaningful underweight in large-cap pharmaceutical stocks also detracted from performance versus the Index.

Investment Outlook And Fund Positioning 

The second quarter of 2014 commences on the heels of one the largest biotechnology sell-offs in five years. However, we believe fundamentals, valuations and the growth outlook for the subsector have never looked stronger. While we expect volatility in biotech stocks to continue, we believe the worst of the pullback is likely over.

Pharmaceutical stocks proved defensive in the first quarter of 2014, but we believe valuations have become stretched and the group’s fundamentals scattered. Further, a rising interest-rate environment could create some pressure for pharmaceutical stocks given their yields. Due to such concerns, we remain selective in this space.

Investor anxiety about the broader market may persist given the strong performance we saw in 2013 and continuing uncertainty over the U.S economy. It is unclear at this time if these worries will translate into a rotation into health care stocks.

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

Roche Holding AG 6.42
HCA Holdings Inc 4.32
Gilead Sciences Inc 3.87
Mylan Inc/PA 3.81
Regeneron Pharmaceuticals Inc 3.61
Amgen Inc 3.52
Merck & Co Inc 3.39
Biogen Idec Inc 3.34
Ono Pharmaceutical Co Ltd 3.15
Bristol-Myers Squibb Co 3.13
Total 38.58


 

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. 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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. 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. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. 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. 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
Samuel D. Isaly

Samuel D. Isaly

Founder and Managing Partner
Founded OrbiMed 1989

Sam Isaly is founding principal of OrbiMed Advisors LLC, a New York- based Eaton Vance investment adviser.

Sam has been active in international and health care investing throughout his career, beginning at Chase Manhattan Bank in 1968. In 1982, his company, Gramercy Associates, was the first to develop an integrated, worldwide system of analysis on the 100 leading pharmaceutical companies, with investment recommendations conveyed to 30 leading financial institutions in the U.S. and Europe. Gramercy Associates was absorbed into S.G. Warburg & Co., Inc., in 1986, where he was senior vice president and international equity analyst. For a time, Sam was also associated with Credit Suisse as an analyst of the European pharmaceutical industry. In all, he has worked as a pharmaceutical and international investment specialist for more than three decades. In July of 1989, Sam co-founded a predecessor organization to OrbiMed Advisors, an Eaton Vance investment adviser.

Sam earned a B.A. from Princeton University and a M.Sc. in economics from the London School of Economics. He is a native of Youngstown, Ohio and has lived in New York City since 1968, with the exception of 1974–1977, when he lived in Paris, France.

Sam's commentary has appeared in the Associated Press, Barron's, Barron's Online, Bloomberg, CNNfn.com, Forbes Global, Investor's Business Daily, The Miami Herald, The New York Times, The Sacramento Bee, SmartMoney, USA Today, The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Princeton University
  • M.Sc. London School of Economics
Experience
  • Managed Fund since 1989
 
Biography

Sven H. Borho, CFA

General Partner
Joined OrbiMed 1991

Sven Borho is a founding general partner of OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser. He is a portfolio manager for Orbimed's public equity funds and heads the firm's trading efforts.

Sven started his career in 1991 when he joined Mehta and Isaly as a senior analyst covering European pharmaceutical firms and biotechnology companies worldwide. In 1993, he became portfolio manager.

Sven studied business administration at Bayreuth University in Germany and earned a M. Sc. (Econ.) from The London School of Economics. He is a CFA charterholder. He is a citizen of both Germany and Sweden.

Education
  • Bayreuth University
  • M.Sc. London School of Economics
Experience
  • Managed Fund since 2005
 
Biography

Geoffrey C. Hsu, CFA

General Partner
Joined OrbiMed 2002

Geoffrey Hsu is a general partner of OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser.

Prior to joining OrbiMed in 2002 as a biotechnology analyst, Geoffrey worked as a financial analyst in the health care investment banking group at Lehman Brothers and served as manager of business development at Veritas Medicine.

Geoffrey earned an A.B., summa cum laude, from Harvard University and an M.B.A. from Harvard Business School. Prior to business school, he spent two years studying medicine at Harvard Medical School. He is a CFA charterholder.

Education
  • A.B. Harvard College
  • M.B.A. Harvard Business School
Experience
  • Managed Fund since 2005
 
Biography

Richard D. Klemm, Ph.D., CFA

Biotechnology Analyst
Joined OrbiMed 2000

Richard Klemm is a public equity analyst at OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser.

Richard joined OrbiMed in 2000 as a public biotechnology company analyst.

Richard earned a B.A. from the University of California, Berkeley in 1994 with majors in molecular and cell biology and economics. Dr. Klemm completed a Ph.D. from the Massachusetts Institute of Technology in molecular biology in 2000, and has published scientific articles in the fields of DNA replication and transcription. He is a CFA charterholder.

Education
  • B.A. University of California, Berkeley
  • Ph.D. Massachusetts Institute of Technology
Experience
  • Managed Fund since 2005
 
Biography

Trevor M. Polischuk, Ph.D.

Global Pharmaceutical Analyst
Joined OrbiMed 2003

Trevor Polischuk is a public equity analyst at OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser.

Trevor joined OrbiMed in 2003 as an analyst covering the major global pharmaceutical industry. Previously, he worked at Lehman Brothers as a senior research analyst covering the U.S. pharmaceutical industry. Dr. Polischuk began his career at Warner Lambert as a member of the Pharmaceutical Global Marketing Planning team. In this role, he coordinated marketing activities for the second generation gabapentinoid product, Pregabalin.

Trevor holds a doctorate in neuropharmacology & gross human anatomy and an M.B.A. from Queen's University.

Education
  • Ph.D. and M.B.A Queen's University
Experience
  • Managed Fund since 2005
 

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Estimated Capital Gains

Full Prospectus

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

SAI

Think Performance Think Eaton Vance

Semi-Annual Report

Summary Prospectus

XBRL


 

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    Symbol:  

    NAV as of