Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV 2.47 4.07 16.86 21.18 10.40 13.35 14.33
Russell 1000® Index1 2.29 4.80 16.78 23.67 10.57 15.17 15.21
09/30/2017
Fund at NAV 1.76 2.59 14.04 13.93 10.87 12.55 14.07
Russell 1000® Index1 2.13 4.48 14.17 18.54 10.62 14.26 15.00
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 or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Oct 31, 2017

Class R6 Inception 02/01/2017
Performance Inception 01/03/2012
Investment Objective Long-term capital growth
Total Net Assets $369.2M
Expense Ratio (Gross)2 0.85%
Expense Ratio (Net)2,3 0.75%
CUSIP 277902185

Top 10 Holdings (%)4,5as of Sep 30, 2017

Markel Corp
Ball Corp
US Bancorp
TJX Cos Inc
White Mountains Insurance Group Ltd
Visa Inc
Affiliated Managers Group Inc
ANSYS Inc
Aramark
DENTSPLY SIRONA Inc
Total 47.56

Portfolio Management

William O. Bell IV, CFA Managed Fund since inception
W. Matthew Hereford, CFA Managed Fund since inception
Charles B. Reed, CFA Managed Fund since inception

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

About Risk: 

Fund performance is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. 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

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
10/31/2017
Fund at NAV 2.47 4.07 16.86 21.18 10.40 13.35 14.33
Russell 1000® Index1 2.29 4.80 16.78 23.67 10.57 15.17 15.21
Morningstar Large Growth Category6 3.12 5.72 23.60 26.56 10.57 15.09
09/30/2017
Fund at NAV 1.76 2.59 14.04 13.93 10.87 12.55 14.07
Russell 1000® Index1 2.13 4.48 14.17 18.54 10.62 14.26 15.00
Morningstar Large Growth Category6 1.41 5.29 19.85 19.75 10.36 13.70
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 or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 29.64 11.59 2.92 5.87
Russell 1000® Index1 5.77 -37.60 28.43 16.10 1.50 16.42 33.11 13.24 0.92 12.05

Fund Facts

Expense Ratio (Gross)2 0.85%
Expense Ratio (Net)2,3 0.75%
Class R6 Inception 02/01/2017
Performance Inception 01/03/2012
Distribution Frequency Annually

Risk Measures (3 Year)7as of Oct 31, 2017

Alpha (%) 0.78
Beta 0.91
R-Squared (%) 88.26
Standard Deviation (%) 9.77
Sharpe Ratio 1.03

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Large Growth
Category
Overall ** 1233
3 Years *** 1233
5 Years ** 1107
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2017 Morningstar. 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 are responsible for any damages or losses arising from any use of this information.

NAV History

Date NAV NAV Change
Nov 16, 2017 $20.65 $0.14
Nov 15, 2017 $20.51 -$0.04
Nov 14, 2017 $20.55 -$0.07
Nov 13, 2017 $20.62 $0.05
Nov 10, 2017 $20.57 -$0.10
Nov 09, 2017 $20.67 -$0.07
Nov 08, 2017 $20.74 -$0.02
Nov 07, 2017 $20.76 -$0.01
Nov 06, 2017 $20.77 -$0.04
Nov 03, 2017 $20.81 $0.04

Distribution History8

Ex-Date Distribution Reinvest NAV
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

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

About Risk: 

Fund performance is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. 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 (%)5,9as of Sep 30, 2017

U.S. Common Stocks 88.92
Foreign Common Stocks 7.56
Cash 3.52
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Average Market Cap $45.6B
Price/Earnings Ratio 22.21
Number of Holdings 29
Price/Book Ratio 3.52

GICS Sector Breakdown (%)5as of Sep 30, 2017

Sector Fund Russell 1000® Index1
Consumer Discretionary 13.86 12.22
Consumer Staples 5.35 7.72
Energy 5.92
Financials 21.89 14.77
Health Care 17.69 13.83
Industrials 4.81 10.50
Information Technology 19.19 22.80
Materials 11.71 3.34
Real Estate 1.99 3.71
Telecom Services 2.09
Utilities 3.10
Cash 3.52

Market Cap Breakdown (%)5,10as of Sep 30, 2017

> $150 Billion 8.64
$50-150 Billion 16.33
$15-50 Billion 24.90
$5-15 Billion 45.24
$1.5-5 Billion 4.89
< $1.5Billion 0.00

Fund Holdings (%)5,11as of Sep 30, 2017

Holding % of Net Assets
Markel Corp 8.02%
Ball Corp 5.69%
US Bancorp 5.13%
TJX Cos Inc 4.96%
White Mountains Insurance Group Ltd 4.72%
Visa Inc 4.14%
Affiliated Managers Group Inc 4.03%
ANSYS Inc 3.78%
Aramark 3.62%
EV Cash Reserves Fund LLC 3.52%
View All

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

About Risk: 

Fund performance is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. 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

Commentary

A Word On The Markets as of Jun 30, 2017

Global stock markets delivered solid results in the second quarter of 2017, as broad economic expansion continued to offset political uncertainties in some regions.

In the U.S., ongoing concerns about prospects for President Trump's economic policies restrained stocks during the first half of the three-month period. But equities subsequently shook off these worries amid positive economic data. In particular, manufacturing gains and a further decline in the jobless rate provided encouragement to investors. Consumer spending also rose, and would likely have been even higher but for the quarter's one flat note - a continued decline in auto sales from their postrecession peak.

Amid the encouraging economic data, the U.S. Federal Reserve (Fed) in June raised interest rates for the third time since December 2016. The Fed also said it would start gradually selling off the securities it bought during and after the financial crisis to boost the economy.

On a global basis, stronger economic growth aided stocks in Europe and Japan. The election of a new government in France helped to ease political uncertainties, although an election setback for British Prime Minister Theresa May added to confusion about Britain's plans to exit the European Union. In China, the success of the government's stimulus policies led it to raise interest rates to avoid economic overheating. China's upswing helped boost growth elsewhere, particularly in emerging markets.

For the three-month period, the Dow Jones Industrial Average12 recorded a 3.95% gain, while the broader S&P 500 Index13 rose 3.09%. The technology-laden Nasdaq Composite Index14 rose 3.87%. Globally, the MSCI EAFE Index15 gained 6.12% in the quarter. Large-cap stocks outperformed their small-cap counterparts during the quarter. In terms of investing style, growth stocks topped value stocks in both the large-cap and small-cap categories

Performance Summary 

Eaton Vance Atlanta Capital Select Equity Fund (the Fund) outperformed its benchmark, the Russell 1000 Index (the Index), for the quarter ended June 30, 2017 returning +3.63% for Class I shares at net asset value versus the Index's 3.06% return.

  • U.S. large cap markets moved higher during the second quarter with the Russell 1000 Index gaining 3.06%. Nine of the 11 economic sectors within the benchmark saw positive returns during the quarter. Performance was driven primarily by first quarter earnings results.
  • The Fund outperformed the Index during the quarter, driven primarily by sector allocation. Stock selection had a slightly negative impact during the quarter.
  • Stock selection in materials had the biggest positive impact for the period. Additionally, having zero exposure to both the energy and telecommunications services sectors aided relative performance as both sectors finished negative.
  • A headwind for the Fund's relative performance was stock selection within the financials and consumer discretionary sectors.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.61 3.63 11.16 14.27 10.10 13.18 14.23
Russell 1000® Index1 0.70 3.06 9.27 18.03 9.25 14.66
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 or equal to one year is cumulative. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Class R6 Inception 02/01/2017
Performance Inception 01/03/2012
Expense Ratio (Gross)2 0.85%
Expense Ratio (Net)2,3 0.75%

Contributors 

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

  • Stock selection was positive in four of the seven sectors owned by the Fund. At the industry level, selection was positively impactful in containers & packaging and chemicals
  • Overall, sector allocation helped relative performance. The Fund's zero exposure to the energy and telecommunications sectors were key contributors, as both finished the quarter down by over 7%. An overweight allocation to health care was also beneficial, as it was the top performing sector for the second quarter.
  • The Fund's top individual performance contributors included owning a container & packaging leader (Ball Corporation), software provider (ANSYS), consumer services company (Aramark) and two health care positions (STERIS and Thermo Fisher Scientific).

Detractors 

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

  • Stock selection was negative in three of the seven sectors owned in the Fund. The weakest areas for selection were consumer discretionary and financials. At the industry level, stock picks within consumer discretionary's retailing segment served as the biggest detractor for the Fund.
  • From an allocation standpoint, the biggest detractors were the Fund's underweights to the information technology and industrial sectors. Both sectors returned over 4% for the period.
  • The Fund's five primary individual performance detractors included an automotive retailer (Advance Auto Parts), two apparel retailers (TJX Companies and Ross Stores) and two insurance positions (Markel Corporation and White Mountains Insurance Group).

Investment Outlook And Fund Positioning 

With equity markets and valuations near record highs, investors have a lot to consider as they look at the current landscape (monetary policy, sentiment, fiscal policy, economic growth, etc.). Much of their attention in the coming weeks will be directed at corporate profits, as companies begin to report their second quarter results. First quarter's results experienced a nice year over year jump as the blended growth rate for the S&P 500 index was 13.9%. Some of that momentum is likely to continue, as nine sectors are expected to report earnings growth for the second quarter.

As of quarter-end, the Fund contained 27 stocks representing seven of the 11 economic sectors comprising the Index. Relative to the sector weightings in the Index, the Fund was overweight financials, materials, consumer discretionary and health care. The Fund was underweight industrials, consumer staples and information technology had no exposure to energy, real estate, utilities or telecommunication services.

Top 10 Holdings (%)4,5as of Jun 30, 2017

Markel Corp 7.08
Ball Corp 6.00
US Bancorp 5.13
TJX Cos Inc 5.01
White Mountains Insurance Group Ltd 4.94
Affiliated Managers Group Inc 4.24
ANSYS Inc 4.12
DENTSPLY SIRONA Inc 3.93
Aramark 3.77
Henry Schein Inc 3.31
Total 47.53

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 performance is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. 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

Sector Attributionas of Jun 30, 2017

Fund Russell 1000® Index1 Attribution
Sectors Avg. Weight Total Return Contrib. to Return Avg. Weight Total Return Contrib. to Return Allocation Effect Selection Effect Total Effect
3 Month Attribution
Consumer Discretionary 16.83 -4.87 -0.85 12.81 3.00 0.39 0.01 -1.37 -1.37
Consumer Staples 5.24 8.66 0.44 8.76 1.39 0.14 0.06 0.36 0.42
Energy 0.00 0.00 0.00 5.98 -7.09 -0.45 0.64 0.00 0.64
Financials 21.67 0.28 0.03 14.35 4.06 0.56 0.07 -0.82 -0.76
Health Care 18.15 8.13 1.44 13.52 7.23 0.95 0.19 0.16 0.35
Industrials 5.18 3.02 0.16 10.41 4.30 0.45 -0.06 -0.06 -0.13
Information Technology 14.61 7.58 1.09 21.92 4.22 0.93 -0.09 0.47 0.38
Materials 11.62 13.43 1.48 3.22 3.24 0.10 0.02 1.10 1.12
Real Estate 0.00 0.00 0.00 3.71 2.28 0.09 0.03 0.00 0.03
Telecommunication Services 0.00 0.00 0.00 2.17 -7.10 -0.16 0.23 0.00 0.23
Utilities 0.00 0.00 0.00 3.15 2.18 0.07 0.03 0.00 0.03
Cash 6.70 0.22 0.02 0.00 0.00 0.00 -0.20 0.00 -0.20
Total 100.00 3.81 3.81 100.00 3.06 3.06 0.91 -0.16 0.75
1 Year Attribution
Consumer Discretionary 17.51 4.01 0.91 12.67 18.53 2.36 0.04 -2.36 -2.33
Consumer Staples 5.01 11.75 0.62 8.99 2.90 0.19 0.71 0.46 1.17
Energy 0.00 0.00 0.00 6.65 -4.63 -0.21 1.43 0.00 1.43
Financials 24.06 19.54 4.78 14.10 37.08 4.90 2.05 -3.95 -1.89
Health Care 16.62 12.22 2.17 13.69 13.63 1.75 0.07 -0.17 -0.10
Industrials 3.94 14.44 0.80 10.36 22.14 2.31 -0.31 0.02 -0.29
Information Technology 15.57 26.98 3.79 20.90 33.02 6.38 -0.59 -1.11 -1.70
Materials 10.83 20.15 2.15 3.23 19.69 0.64 0.18 0.03 0.21
Real Estate 0.00 0.00 0.00 3.84 -0.22 -0.06 0.76 0.00 0.76
Telecommunication Services 0.00 0.00 0.00 2.38 -9.94 -0.26 0.70 0.00 0.70
Utilities 0.00 0.00 0.00 3.18 2.73 0.03 0.55 0.00 0.55
Cash 6.46 0.55 0.04 0.00 0.00 0.00 -1.28 0.00 -1.28
Total 100.00 15.25 15.25 100.00 18.04 18.04 4.31 -7.09 -2.78

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.

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 performance is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified 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. 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
William O. Bell IV, CFA

William O. Bell IV, CFA

Vice President and Principal
Atlanta Capital Management
Joined Atlanta Capital 1999

Bill Bell is a vice president and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He serves as a portfolio manager on the firm's core equity team.

Bill began his career in the investment management industry in 1995. Prior to joining the firm in the fall of 1999, Bill was a portfolio manager with the Florida State Board of Administration. He was responsible for managing their internal special situation equity fund.

Bill earned a B.S. in finance from Florida State University and is a CFA charterholder.

Education
  • B.S. Florida State University

Experience
  • Managed Fund since inception

Other funds managed
 
Biography
W. Matthew Hereford, CFA

W. Matthew Hereford, CFA

Vice President and Principal
Atlanta Capital Management
Joined Atlanta Capital 2002

Matt Hereford is a vice president and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He serves as a portfolio manager on the firm's core equity team.

Matt began his career in the investment management industry in 1995. Prior to joining the firm in December 2002, Matt was affiliated for five years with INVESCO, where he was responsible for managing their Concentrated Equity portfolio.

Matt earned a B.B.A. in international business from the University of Mississippi. He is a CFA charterholder and is a member of the Atlanta Society of Financial Analysts.

Education
  • B.B.A. University of Mississippi

Experience
  • Managed Fund since inception

Other funds managed
 
Biography
Charles B. Reed, CFA

Charles B. Reed, CFA

Vice President and Managing Director
Atlanta Capital Management
Joined Atlanta Capital 1998

Charles Reed is a managing director-core equities and principal of Atlanta Capital Management Co., LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He serves as a portfolio manager on the firm's core equity team.

Chip began his career in the investment management industry in 1989. Prior to joining the firm in 1998, Chip was a portfolio manager with the Florida State Board of Administration responsible for managing their internal special situation equity fund.

Chip earned a B.S. in finance from Florida State University and is a CFA charterholder.

Education
  • B.S. Florida State University

Experience
  • Managed Fund since inception

Other funds managed
 

Literature

Literature

Annual Report

Download - Last updated: Sep 30, 2016

Full Prospectus

Download - Last updated: Feb 1, 2017

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

Download

SAI

Download - Last updated: Feb 1, 2017

Semiannual Report

Download - Last updated: Mar 31, 2017

Summary Prospectus

Download - Last updated: Apr 10, 2017

XBRL

Download - Last updated: Feb 13, 2017