Overview

Growth of $10,000

Since Fund inception ended 06/30/2017

  • Class A at NAV

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2017
Fund at NAV 0.53 2.18 16.25 15.62 9.50 14.85 11.81
Russell 1000® Growth Index1 1.83 4.26 19.17 20.82 11.65 15.40 13.69
06/30/2017
Fund at NAV 0.11 5.51 13.90 20.17 10.64 15.41 11.78
Russell 1000® Growth Index1 -0.26 4.67 13.99 20.42 11.10 15.29 13.29
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. The share class has no sales charge.

Fund Factsas of Aug 31, 2017

Class I Inception 03/07/2011
Investment Objective Long-term capital growth
Total Net Assets $195.3M
Minimum Investment $250000
Expense Ratio (Gross)2 0.84%
Expense Ratio (Net)2,3 0.80%
CUSIP 277902540

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

Alphabet Inc - CL C
Amazon.com Inc
Facebook Inc
Celgene Corp
Visa Inc
FedEx Corp
Allergan PLC
Apple Inc
Delphi Automotive PLC
Dover Corp
Total 44.96

Portfolio Management

Lewis R. Piantedosi Managed Fund since inception
Yana S. Barton, 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. 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 Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
08/31/2017
Fund at NAV 0.53 2.18 16.25 15.62 9.50 14.85 11.81
Russell 1000® Growth Index1 1.83 4.26 19.17 20.82 11.65 15.40 13.69
Morningstar Large Growth Category6 1.12 3.95 18.18 18.81 9.16 13.88
06/30/2017
Fund at NAV 0.11 5.51 13.90 20.17 10.64 15.41 11.78
Russell 1000® Growth Index1 -0.26 4.67 13.99 20.42 11.10 15.29 13.29
Morningstar Large Growth Category6 0.06 5.01 14.14 20.02 8.80 13.87
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. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 19.06 33.59 14.52 6.73 3.52
Russell 1000® Growth Index1 11.81 -38.44 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08

Fund Facts

Expense Ratio (Gross)2 0.84%
Expense Ratio (Net)2,3 0.80%
Class I Inception 03/07/2011
Distribution Frequency Annually

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

Beta 1.06
Information Ratio -0.57
R-Squared (%) 90.40
Standard Deviation (%) 11.97
Sharpe Ratio 0.77

Morningstar Rating™as of Aug 31, 2017

Time Period Rating Funds in
Large Growth
Category
Overall *** 1258
3 Years *** 1258
5 Years *** 1124
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
Sep 21, 2017 $19.09 -$0.09
Sep 20, 2017 $19.18 $0.00
Sep 19, 2017 $19.18 -$0.01
Sep 18, 2017 $19.19 -$0.04
Sep 15, 2017 $19.23 $0.02
Sep 14, 2017 $19.21 -$0.07
Sep 13, 2017 $19.28 $0.00
Sep 12, 2017 $19.28 $0.04
Sep 11, 2017 $19.24 $0.15
Sep 08, 2017 $19.09 -$0.07

Distribution History8

Ex-Date Distribution Reinvest NAV
Jul 26, 2017 $0.05890 $19.29
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
May 21, 2015 $0.19860 $16.13
Dec 11, 2014 $0.12140 $0.23510 $14.92
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. 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 Jun 30, 2017

U.S. Common Stocks 98.86
Cash 1.14
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Average Market Cap $187.6B
Price/Earnings Ratio 24.01
Number of Holdings 40
Price/Book Ratio 4.52

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

Sector Fund Russell 1000® Growth Index1
Consumer Discretionary 21.70 18.64
Consumer Staples 6.66 7.63
Energy 1.98 0.82
Financials 4.35 3.36
Health Care 15.59 13.66
Industrials 9.86 12.30
Information Technology 36.22 36.15
Materials 2.50 3.86
Real Estate 2.60
Telecom Services 0.95
Utilities 0.01
Cash 1.14

Assets by Country (%)5as of Jun 30, 2017

United States 98.86
Cash & Other Assets 1.14
Total 100.00

Fund Holdings (%)5,10as of Jul 31, 2017

Holding % of Net Assets
Alphabet Inc - CL C 8.24%
Facebook Inc 7.52%
Amazon.com Inc 7.30%
Celgene Corp 4.06%
Visa Inc 3.98%
Allergan PLC 3.18%
Apple Inc 2.89%
Delphi Automotive PLC 2.89%
FedEx Corp 2.77%
Dover Corp 2.77%
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. 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 Average recorded a 3.95% gain, while the broader S&P 500 Index rose 3.09 %. The technology-laden Nasdaq Composite Index11 rose 3.87%. Globally, the MSCI EAFE Index12 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 Focused Growth Opportunities Fund (the Fund) outperformed its benchmark, the Russell 1000® Growth Index (the Index),1 for the quarter ended June 30, 2017, returning +5.51% for Class I shares at net asset value versus the Index's +4.67% return.

  • The Fund outperformed the Index largely due to positive stock selection in the information technology and consumer sectors. Sector allocation slightly detracted from relative Fund performance versus the Index.
  • The top-performing economic sectors in the Index were health care, financials and materials, while the weakest-performing Index sectors were energy and telecommunications services.
  • Among U.S. large-cap equities, growth stocks outperformed value stocks during the quarter, with the Russell 1000® Value Index13 posting a +1.34% return.

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 0.11 5.51 13.90 20.17 10.64 15.41 11.78
Russell 1000® Growth Index1 -0.26 4.67 13.99 20.42 11.10 15.29 13.29
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. The share class has no sales charge.

Fund Factsas of Jun 30, 2017

Class I Inception 03/07/2011
Expense Ratio (Gross)2 0.84%
Expense Ratio (Net)2,3 0.80%

Contributors 

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

  • Alphabet was the top contributing stock for the period. It reported another quarter of meaningful revenue acceleration and margin expansion. The company's ability to execute in mobile continues and is its biggest growth driver. Year over year growth for paid clicks accelerated over 50%.
  • Animal health leader Zoetis's shares moved sharply higher during the quarter. The company's stock benefitted from reporting a strong first quarter that exceeded revenue and earnings expectations. Investors seeking growth from health care innovations but wanting to sidestep the political risks of pricing controls have increasingly been allocating capital to shares of ZTS.
  • Lululemon was a relative contributor to the Fund. The athletic apparel company reported stronger than expected results for the first quarter. Company revenues, margins and earnings all beat consensus estimates. These gains were a function of successful new product launches, growth in e-commerce sales and improvements in inventory management.
  • Shares of FedEx moved higher during the period, as it reported earnings per share and operating margins figures that topped analyst expectations. Sentiment has also shifted among market participants, as some view FDX to be a meaningful beneficiary of growth in e-commerce.

Detractors 

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

  • An overweight position in Halliburton weighed most on the Fund during the period. As an oilfield services company, its share price is positively correlated with oil prices. Given the quarter's pullback in oil prices, analysts revised the company's revenue estimates downward.
  • Consumer discretionary holding Advance Auto Parts reported sales and earnings results during the quarter that disappointed investors. Several market participants have been underwhelmed with the progress of the new management team's turnaround, as it reported lower same-store sales growth and higher operating expenses.
  • Alexion Pharmaceutical's shares were a laggard due to the announcement of a management reshaping. A number of the biotechnology company's senior leaders were said to be replaced.
  • Portfolio holding Burlington Stores shares were caught up in a deterioration of retail sentiment. As a specialty retailer, the threat of online marketplaces gaining share from brick and mortar stores loomed over the company's perceived value, causing its valuation to fall. The Fund's overweighting to the stock detracted from relative performance.

Investment Outlook And Fund Positioning 

A key concern weighing on the market continues to be valuation. Domestic equities are expensive by historical standards. As active managers, we don't invest in the market, but rather in select companies and industries. We believe it is critical to focus on the merits of individual companies that are poised to deliver growth, but without paying too much for it. Additionally, the growth prospects of the businesses that we own are not driven by the policy hopes of the Trump administration, but rather by improving fundamentals, innovation and megatrends in the economy.

Our investments in several large-cap information technology companies are poised to continue benefitting from some of these megatrends. Many of those holdings have recently experienced volatility. We think the reaction by market commentators is overdone and this is a routine pullback for the stocks that have led in 2017. We believe the fundamental outlooks of the secular growers we own continue to be extremely positive, while valuations remain within a reasonable range. As long-term investors, we welcome the volatility and will look to take advantage of sell-offs in well-positioned companies.

Recent developments have further highlighted one of the developing growth trends we've been focused on for years: cybersecurity. With computers finding their way into everything (cars, phones, pacemakers, etc.), there are many more vulnerabilities to defend. As governments and companies seek to combat these threats, we see a multi-year growth opportunity for companies that can provide solutions.

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

Alphabet Inc - CL C 8.20
Amazon.com Inc 7.10
Facebook Inc 6.93
Celgene Corp 4.45
Visa Inc 3.73
FedEx Corp 3.42
Allergan PLC 2.95
Apple Inc 2.78
Delphi Automotive PLC 2.78
Dover Corp 2.62
Total 44.96

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. 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® Growth 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 20.54 4.61 0.92 20.66 2.76 0.61 0.02 0.37 0.39
Consumer Staples 7.05 5.98 0.52 8.88 1.57 0.17 0.06 0.37 0.43
Energy 2.41 -12.86 -0.35 0.49 -8.89 -0.03 -0.35 -0.08 -0.43
Financials 2.84 3.60 0.16 2.84 6.85 0.19 0.03 -0.03 0.00
Health Care 15.37 4.00 0.59 15.67 7.87 1.25 -0.05 -0.55 -0.59
Industrials 10.24 7.19 0.70 10.69 5.46 0.57 -0.02 0.14 0.12
Information Technology 36.81 7.71 2.84 33.52 5.34 1.68 0.09 0.85 0.95
Materials 3.28 5.57 0.20 3.55 5.82 0.20 0.00 -0.01 -0.01
Real Estate 0.00 0.00 0.00 2.73 3.43 0.10 0.04 0.00 0.04
Telecommunication Services 0.00 0.00 0.00 0.96 -7.13 -0.07 0.12 0.00 0.12
Utilities 0.00 0.00 0.00 0.02 1.00 0.00 0.00 0.00 0.00
Cash 1.46 0.22 0.00 0.00 0.00 0.00 -0.10 0.00 -0.10
Total 100.00 5.58 5.58 100.00 4.67 4.67 -0.16 1.07 0.91
1 Year Attribution
Consumer Discretionary 19.77 18.50 3.67 20.72 18.34 3.93 0.03 0.10 0.13
Consumer Staples 9.86 10.49 0.86 9.43 0.34 -0.03 -0.24 1.11 0.88
Energy 1.92 3.91 -0.02 0.56 -7.38 -0.02 -0.52 0.19 -0.33
Financials 2.50 68.13 1.33 2.79 32.29 0.87 -0.06 0.58 0.52
Health Care 17.04 5.33 0.85 16.28 15.01 2.41 -0.13 -1.57 -1.70
Industrials 9.52 26.82 2.44 10.72 22.02 2.39 -0.11 0.38 0.27
Information Technology 34.85 33.89 11.11 31.97 35.28 10.42 0.45 -0.42 0.03
Materials 2.89 20.41 0.61 3.58 18.89 0.68 -0.04 0.04 0.00
Real Estate 0.00 0.00 0.00 2.83 -0.80 -0.08 0.65 0.00 0.65
Telecommunication Services 0.00 0.00 0.00 1.08 -11.94 -0.14 0.36 0.00 0.36
Utilities 0.00 0.00 0.00 0.04 5.24 0.00 0.00 0.00 0.00
Cash 1.66 0.55 0.01 0.00 0.00 0.00 -0.37 0.00 -0.37
Total 100.00 20.86 20.86 100.00 20.43 20.43 0.03 0.40 0.43

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. The share class has no sales charge.

Additional Notes 

Source: Factset.

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

Allocation Effect 

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

Selection Effect 

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

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

About Risk: 

Fund performance is 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. 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
Lewis R. Piantedosi

Lewis R. Piantedosi

Vice President, Eaton Vance Management
Joined Eaton Vance 1999

Lewis Piantedosi is a vice president of Eaton Vance Management, director of growth equity and team leader of Eaton Vance's growth team, where he also serves as a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's growth equity strategies. He is a member of the firm's Equity Strategy Committee. He joined Eaton Vance in 1993.

Lew began his career in the investment management industry in 1993. Prior to rejoining Eaton Vance in 1999, he served as partner, portfolio manager and equity analyst with Freedom Capital Management. Previously, he was a research analyst with Eaton Vance Management.

Lew earned a B.A. from Framingham State College and an MBA from Bentley University.

Education
  • B.A. Framingham State College
  • M.B.A McCallum Graduate School of Business, Bentley College

Experience
  • Managed Fund since inception

Biography
Yana S. Barton, CFA

Yana S. Barton, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Yana Barton is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s growth team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s growth equity strategies. She is a member of the firm’s Equity Strategy Committee. She began her career in the investment management industry with Eaton Vance in 1997.

Yana earned a B.S. from the University of Florida. She is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S. University of Florida

Experience
  • Managed Fund since inception


Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2017

Commentary

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Feb 28, 2017

Full Prospectus

Download - Last updated: Jul 1, 2017

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

Download

SAI

Download - Last updated: Jul 1, 2017

Semi-Annual Report

Download - Last updated: Aug 31, 2016

Summary Prospectus

Download - Last updated: Jul 1, 2017

XBRL

Download - Last updated: Jul 14, 2017