Overview

Broad equity markets within countries that have experienced an increase in economic freedom have outperformed those with decreasing economic freedom both over time and during down markets.2

  • Increasing Economic Freedom
  • Decreasing Economic Freedom

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.47 4.44 22.29 19.42 2.72 2.55
MSCI Emerging Markets Index3 -0.40 7.89 27.78 22.46 4.90 3.98 3.76
MSCI Frontier Markets Index4 2.04 8.03 24.86 25.47 -1.36 8.73 5.17
50% MSCI Emerging Markets Index / 50% MSCI Frontier Markets Index 0.82 7.99 26.37 24.04 1.90 6.53 4.67
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 the Global Macro Capital Opportunities Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any 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 Sep 30, 2017

Class I Inception 11/03/2014
Performance Inception 11/01/2013
Investment Objective Total return
Total Net Assets $157.0M
Minimum Investment $250000
Expense Ratio (Gross)5 1.49%
Expense Ratio (Net)5,6 1.40%
CUSIP 27826A763

Top 10 Holdings (%)7as of Sep 30, 2017

Samsung Electronics Co Ltd
Credicorp Ltd
Tencent Holdings Ltd
Vietnam Prosperity Bank
Taiwan Semiconductor Manufacturing
Alibaba Group Holding
Bank of Cyprus Hlds
Halyk Savings Bank of Kzt
TBC Bank Group PLC
BGEO Group PLC
Total 19.7

Portfolio Management

Marshall L. Stocker, Ph.D., CFA Managed Fund since inception
John R. Baur Managed Fund since inception
Michael A. Cirami, CFA Managed Fund since inception
Eric Stein, CFA Managed Fund since inception

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

About Risk: 

Fund performance is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. 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 or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 Mo. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV 0.47 4.44 22.29 19.42 2.72 2.55
MSCI Emerging Markets Index3 -0.40 7.89 27.78 22.46 4.90 3.98 3.76
MSCI Frontier Markets Index4 2.04 8.03 24.86 25.47 -1.36 8.73 5.17
50% MSCI Emerging Markets Index / 50% MSCI Frontier Markets Index 0.82 7.99 26.37 24.04 1.90 6.53 4.67
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 the Global Macro Capital Opportunities Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any 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 -5.48 -13.24 8.62
MSCI Emerging Markets Index3 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19
MSCI Frontier Markets Index4 41.94 -54.15 11.61 23.75 -18.73 8.85 25.89 6.84 -14.46 2.66
50% MSCI Emerging Markets Index / 50% MSCI Frontier Markets Index 41.03 -53.36 42.11 21.40 -18.25 13.76 10.95 2.51 -14.59 7.16

Fund Facts

Expense Ratio (Gross)5 1.49%
Expense Ratio (Net)5,6 1.40%
Class I Inception 11/03/2014
Performance Inception 11/01/2013
Distribution Frequency Annually

NAV History

Date NAV NAV Change
Oct 17, 2017 $10.92 -$0.02
Oct 16, 2017 $10.94 $0.01
Oct 13, 2017 $10.93 $0.05
Oct 12, 2017 $10.88 $0.06
Oct 11, 2017 $10.82 $0.04
Oct 10, 2017 $10.78 $0.06
Oct 09, 2017 $10.72 -$0.04
Oct 06, 2017 $10.76 -$0.01
Oct 05, 2017 $10.77 $0.05
Oct 04, 2017 $10.72 $0.04

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 28, 2016 $0.05070 $8.57
Dec 29, 2015 $0.18820 $8.05
Dec 29, 2014 $0.01120 $9.47
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. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

About Risk: 

Fund performance is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. 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 or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

Portfolio Statisticsas of Sep 30, 2017

Number of Holdings 541
Number of Countries 21
Median Country Weight 3.6%
Emerging-Market Exposure 57.7%
Frontier-Market Exposure 32.3%
Off-Index Exposure 10.0%

GICS Sector Breakdown (%)7as of Sep 30, 2017

Sector Fund Blended Benchmark9
Consumer Discretionary 5.58 5.23
Consumer Staples 7.54 8.53
Energy 5.24 7.40
Financials 30.36 34.67
Health Care 1.65 2.59
Industrials 7.80 4.82
Information Technology 14.51 14.27
MSCI EM Index Future 8.66
Materials 5.80 5.59
Real Estate 6.14 4.21
Telecom Services 4.88 9.42
Utilities 1.84 3.27

Assets by Country (%)10as of Sep 30, 2017

Fund Blended Benchmark9
China 13.19 14.78
Vietnam 10.72 5.10
South Korea 10.20 7.48
MSCI EM Future 8.66
India 5.62 4.20
Taiwan 5.32 5.75
Peru 4.68 0.20
Argentina 4.57 10.68
Kazakhstan 4.27 0.95
Kuwait 4.26 9.56
View All

Fund Holdings (%)10,11as of Aug 31, 2017

Holding % of Net Assets
Samsung Electronics Co Ltd 3.61%
EV Cash Reserves Fund LLC 2.91%
Credicorp Ltd 2.85%
Tencent Holdings Ltd 2.81%
Vietnam Prosperity JSC Bank 2.66%
Halyk Savings Bank of Kazakhstan JSC 2.36%
Taiwan Semiconductor Manufacturing Co Ltd 2.33%
Alibaba Group Holding Ltd 2.26%
TBC Bank Group PLC 1.91%
BGEO Group PLC 1.77%
View All

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

About Risk: 

Fund performance is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. 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 or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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

No commentary information is currently available.

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

About Risk: 

Fund performance is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. 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 or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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 currently available.

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

About Risk: 

Fund performance is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks and other hybrid securities will generally decline. 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 or frontier countries, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. 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
Marshall L. Stocker, Ph.D., CFA

Marshall L. Stocker, Ph.D., CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2013

Marshall L. Stocker is a vice president of Eaton Vance Management, global macro equity strategist and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for equity assets managed by the global income team, including an equity fund investing in emerging and frontier markets. He focuses on global equity markets and political-economic policies affecting the equity asset class. He joined Eaton Vance in 2013.

Marshall began his career in the investment management industry in 1999. Before joining Eaton Vance, he served as co-founder and managing member of Emergent Property Advisors, LLC. Previously, Marshall was a portfolio manager with Choate Investment Advisors and Sanderson & Stocker.

Marshall earned a B.S. and an MBA from Cornell University, where he was a Park Leadership Fellow, and a Ph.D in economics at Universidad Francisco Marroquin. He is also a CFA charterholder and is conversant in German and Arabic. He is a benefactor of the Cato Institute, Foundation for Economic Education and the Atlas Network. In 2017, he became a member of the Mont Pelerin Society.

Marshall’s commentary has appeared in The New York Times, The Wall Street Journal, Barron’s, Financial Times and The Washington Post. He has also been featured on Bloomberg Radio, Fox Business News, and Nikkei CNBC Japan.

Education
  • B.S. Cornell University
  • M.B.A. Cornell University
  • Ph.D. Universidad Francisco Marroquin

Experience
  • Managed Fund since inception

 
Biography
John R. Baur

John R. Baur

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

John Baur is a vice president of Eaton Vance Management, director of global portfolio analysis and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. He joined Eaton Vance in 2005.

John began his career in the investment management industry in 2005. Before joining Eaton Vance, he was employed by Applied Materials in an engineering capacity, spending five of his seven years at the firm in Asia.

John earned a B.S. from MIT and an MBA from the Johnson Graduate School of Management at Cornell University.

Education
  • B.S. Massachusetts Institute of Technology
  • M.B.A. Johnson Graduate School of Management, Cornell University

Experience
  • Managed Fund since inception

Biography
Michael A. Cirami, CFA

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Michael Cirami is a vice president of Eaton Vance Management, co-director of global income and portfolio manager on Eaton Vance’s global income team. He is responsible for leading the 45-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. Michael focuses on emerging Europe, the Middle East and Africa. He joined Eaton Vance in 2003.

Michael began his career in the investment management industry in 1998. Before joining Eaton Vance, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.

Michael earned a B.S., cum laude, from Mary Washington College and an MBA with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. He also serves as a board member and chairman of the investment committee of the Boston Civic Symphony and the University of Mary Washington Foundation. Additionally, he is on the board of overseers for the New England Conservatory. He is a CFA charterholder.

Michael’s commentary has appeared in The Wall Street Journal, Barron’s, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester

Experience
  • Managed Fund since inception

Biography
Eric Stein, CFA

Eric Stein, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2002; rejoined the firm in 2008

Eric Stein is a vice president of Eaton Vance Management, co-director of global income and portfolio manager in Eaton Vance’s global income group. He is responsible for leading the 45-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. He focuses on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the Federal Reserve and the U.S. Treasury. He originally joined Eaton Vance in 2002 and rejoined the company in 2008.

Eric previously worked on the Markets Desk of the Federal Reserve Bank of New York. He has additional experience at Citigroup Alternative Investments.

Eric earned a B.S., cum laude, from Boston University and an MBA, with honors, from the University of Chicago Booth School of Business. He is a term member of the Council on Foreign Relations. He is also a CFA charterholder and a member of the Boston Committee on Foreign Relations, Boston Economic Club, Business Associates Club, Enterprise Club, AEI Boston Council and Boston Security Analysts Society. Eric is on the board of overseers of Big Brothers Big Sisters of Massachusetts Bay. He also serves as a board member and member of the investment committee of the Boston Civic Symphony.

Eric’s commentary has appeared in The New York Times, The Wall Street Journal, Barron’s, Financial Times, The Washington Post, Bloomberg, Dow Jones, Reuters, Kiplinger’s and The Christian Science Monitor. He has been featured on CNBC, Fox News, Fox Business News, PBS, Bloomberg Radio and Bloomberg TV.

Education
  • B.S. Boston University
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since inception


Literature

Literature

Annual Report

Download - Last updated: Oct 31, 2016

Full Prospectus

Download - Last updated: May 2, 2017

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

Download

SAI

Download - Last updated: May 2, 2017

Semi-Annual Report

Download - Last updated: Apr 30, 2017

Summary Prospectus

Download - Last updated: May 2, 2017

XBRL

Download - Last updated: Mar 21, 2017