Overview

Global Macro Absolute Return Advg Fund Hero Image

Relative to traditional markets, historically this fund has had: lower volatility, limited drawdown and lower beta.1

As of 09/30/2021

  • Class A at NAV
  • S&P 500 Index
  • Bloomberg U.S. Aggregate Bond Index
  • ICE BofAML U.S. High Yield Index

Historical Returns (%) as of Sep 30, 2021

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 Facts as of Sep 30, 2021

Performance Inception 08/31/2010
Investment Objective Total return
Total Net Assets $2.6B
Expense Ratio (Gross)2,3 1.79%
Expense Ratio (Net)2,3 1.64%
Adjusted Expense Ratio (Gross) 1.70%
Adjusted Expense Ratio (Net) 1.55%
CUSIP 277923256
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.
 

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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, 2021

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 (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV -1.95 6.28 -1.24 5.80 3.59 5.47 5.28 -8.83 14.21 4.23
ICE BofA 3-Month U.S. Treasury Bill Index 0.10 0.11 0.07 0.03 0.05 0.33 0.86 1.87 2.28 0.67
 

Fund Facts

Expense Ratio (Gross)2,3 1.79%
Expense Ratio (Net)2,3 1.64%
Adjusted Expense Ratio (Gross) 1.70%
Adjusted Expense Ratio (Net) 1.55%
Performance Inception 08/31/2010
Distribution Frequency Annually
Adjusted Expense Ratios excludes certain investment expenses such as interest expense from borrowings and repurchase agreements and dividend expense from short sales, incurred directly by the Fund or indirectly through the Fund’s investment in underlying Eaton Vance Funds, if applicable none of which are paid to Eaton Vance.
 

Morningstar Rating™ as of Sep 30, 2021

Time Period Rating Funds in
Nontraditional Bond
Category
Overall 310
3 Years 310
5 Years 282
10 Years 118
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. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2021 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
Oct 22, 2021 $10.34 -$0.01
Oct 21, 2021 $10.35 $0.01
Oct 20, 2021 $10.34 -$0.01
Oct 19, 2021 $10.35 $0.00
Oct 18, 2021 $10.35 $0.00
Oct 15, 2021 $10.35 $0.00
Oct 14, 2021 $10.35 -$0.01
Oct 13, 2021 $10.36 -$0.02
Oct 12, 2021 $10.38 -$0.02
Oct 11, 2021 $10.40 $0.01
 

Distribution History5

Ex-Date Distribution Reinvest NAV
Dec 30, 2020 $0.55170 $10.10
Dec 30, 2019 $0.38020 $10.23
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 History5

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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 Statistics as of Sep 30, 2021

Countries Represented 62

Credit Quality (%)6 as of Sep 30, 2021

AAA 6.40
AA -2.80
A 5.75
BBB 15.12
BB 16.30
B 48.80
CCC or Lower 8.02
Not Rated 2.42
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.
 

Foreign Currency Exposure (%)7 as of Sep 30, 2021

Egypt 11.15
Ukraine 8.91
Russia 8.36
Indonesia 4.51
Poland 3.98
Iceland 3.90
South Africa -4.66
Saudi Arabia -7.05
Oman -9.97
United Arab Emirates -19.72
View All

Credit Exposures by Country (contribution to credit spread duration in years)8 as of Sep 30, 2021

Romania 0.53
Croatia 0.15
Ivory Coast 0.15
Turkey -0.17
Malaysia -0.26
Qatar -0.38
Saudi Arabia -0.39
Russia -0.51
South Africa -0.59
United States -1.50
View All
 

Interest-Rate Exposures by Country (contribution to interest-rate duration in years)9 as of Sep 30, 2021

United States 0.53
Indonesia 0.29
Serbia 0.24
South Africa 0.24
Ukraine 0.24
New Zealand 0.20
Mexico 0.19
South Korea 0.18
United Arab Emirates -0.24
United Kingdom -0.74
View All
 

Aggregate Exposure10 as of Sep 30, 2021

Foreign Currency (%) Credit (yrs.) Interest Rate (yrs.)
Long 71 2.03 3.01
Short -56 -4.11 -1.19
Net 15 -2.08 1.82

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: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. In emerging or frontier countries, these risks may be more significant. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in 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. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments.

A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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

John R. Baur

John R. Baur

Co-Director, Emerging Markets Team
Joined Eaton Vance 2005

Biography

John Baur is a vice president of Eaton Vance Management, co-director of emerging markets and portfolio manager on Eaton Vance's emerging markets team. He is responsible for co-leading the emerging markets team with investment professionals based in Boston, Washington, D.C., London and Singapore, as well as for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets 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

 
Patrick Campbell, CFA

Patrick Campbell, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2008

Biography

Patrick Campbell is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He is also responsible for the analysis of macroeconomics, politics and financial markets of Latin America and the management of regional investments in various emerging markets portfolios. He began his career in the investment management industry with Eaton Vance in 2008.

Patrick earned a B.A. from Boston College. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.A. Boston College

Experience
  • Managed Fund since 2021

 
Kyle Lee, CFA

Kyle Lee, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2007

Biography

Kyle Lee is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He is also responsible for the analysis of macroeconomics, politics and financial markets of Asia, Western Europe and the Dollar Bloc and the management of regional investments in various emerging markets portfolios. He began his career in the investment management industry with Eaton Vance in 2007

Kyle earned a B.A. from Wesleyan University and is a CFA charterholder.

Education
  • B.A. Wesleyan University

Experience
  • Managed Fund since 2021

 
Federico Sequeda, CFA

Federico Sequeda, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2010

Biography

Federico Sequeda is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He joined Eaton Vance in 2010.

Federico began his career in the investment management industry in 2009. Before joining Eaton Vance, he was an investment associate with Bridgewater Associates, LP.

Federico earned a B.A., magna cum laude, from Dartmouth College. He is a CFA charterholder.

Education
  • B.A. Dartmouth College

Experience
  • Managed Fund since 2021

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Sep 30, 2021

Commentary

Download Commentary - Last updated: Sep 30, 2021

Attribution

Download Attribution - Last updated: Sep 30, 2021

Monthly Update

Download Monthly Update - Last updated: Aug 31, 2021

Annual Report

Download Annual Report - Last updated: Oct 31, 2020

Full Prospectus

Download Full Prospectus - Last updated: Mar 1, 2021

Global Macro Absolute Return Advantage Holdings

Download Global Macro Absolute Return Advantage Holdings - Last updated: Aug 31, 2021

Q1 Holdings

Download Q1 Holdings - Last updated: Jan 31, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: Jul 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Mar 1, 2021

Semi-Annual Report

Download Semi-Annual Report - Last updated: Apr 30, 2021

Summary Prospectus

Download Summary Prospectus - Last updated: Mar 1, 2021