Overview

Since inception, Hedged Stock has helped investors mitigate losses in market downturns.

The Fund outperformed the S&P 500 on each of its 30 worst days since 2008.

  • Class A at NAV
  • Benchmark

Historical Returns (%) as of Sep 30, 2018

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. Max Sales Charge: 1%.
 

Fund Facts as of Sep 30, 2018

Class C Inception 02/29/2008
Investment Objective Total return
Total Net Assets $35.1M
Minimum Investment $1000
Expense Ratio (Gross)3 2.47%
Expense Ratio (Net)3,4 1.90%
CUSIP 277905469

Top 10 Holdings (%)5,6 as of Sep 30, 2018

Apple Inc
Alphabet Inc - CL C
Microsoft Corp
Amazon.com Inc
Walt Disney Co
Johnson & Johnson
Anthem Inc
Verizon Communications Inc
JPMorgan Chase & Co
FedEx Corp
Total 29.28
 

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

About Risk: 

The value of equity securities is sensitive to stock market volatility. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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. 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, 2018

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. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV 5.51 -2.14 -4.83 3.26 15.52 2.74 2.24 -0.85 8.82
S&P 500 Index1 -37.00 26.46 15.06 2.11 16.00 32.39 13.69 1.38 11.96 21.83
Cboe S&P 500 95-110 Collar Index2 -23.65 17.65 4.12 -8.84 6.79 23.77 9.24 -3.98 4.14 16.67
 

Fund Facts

Expense Ratio (Gross)3 2.47%
Expense Ratio (Net)3,4 1.90%
Class C Inception 02/29/2008
Distribution Frequency Annually
 

Morningstar Rating™ as of Sep 30, 2018

Time Period Rating Funds in
Options-based
Category
Overall *** 87
3 Years *** 87
5 Years *** 53
10 Years ** 13
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.

©2018 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 19, 2018 $8.99 $0.00
Oct 18, 2018 $8.99 -$0.03
Oct 17, 2018 $9.02 -$0.02
Oct 16, 2018 $9.04 $0.05
Oct 15, 2018 $8.99 -$0.02
Oct 12, 2018 $9.01 $0.01
Oct 11, 2018 $9.00 -$0.03
Oct 10, 2018 $9.03 -$0.13
Oct 09, 2018 $9.16 $0.00
Oct 08, 2018 $9.16 $0.00
 

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: 

The value of equity securities is sensitive to stock market volatility. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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. 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 (%)6,9 as of Sep 30, 2018

Portfolio Statistics as of Sep 30, 2018

Average Market Cap $238.4B
Price/Earnings Ratio 17.85
Number of Holdings 94
Number of Equity Holdings 70
Price/Book Ratio 3.39
Average Duration of Index Calls 0.51 mos.
Average Duration of Index Puts 0.51 mos.
% of Stock Portfolio with Call Options 94.5
% of Stock Portfolio with Put Options 94.5
 

GICS Sector Breakdown (%)6,9 as of Sep 30, 2018

 

Fund Holdings (%)6,10 as of Aug 31, 2018

Holding % of Net Assets
Apple Inc 5.24%
Alphabet Inc - CL C 3.88%
Microsoft Corp 3.59%
Amazon.com Inc 3.20%
Johnson & Johnson 2.69%
Walt Disney Co 2.62%
Mondelez International Inc 2.24%
Verizon Communications Inc 2.23%
Bank of America Corp 2.17%
JPMorgan Chase & Co 2.11%
View All

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

About Risk: 

The value of equity securities is sensitive to stock market volatility. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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. 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

Charles Gaffney

Charles Gaffney

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Biography

Charles Gaffney is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2003.

Charlie began his career in the investment management industry in 1996. Before joining Eaton Vance, he was affiliated with Brown Brothers Harriman as a sector portfolio manager and Morgan Stanley Dean Witter as a senior equity analyst.

Charlie earned a B.A. from Bowdoin College in 1995 and an MBA from Fordham University in 2002.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University

Experience
  • Managed Fund since 2014

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2018

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Nov 30, 2012

Annual Report

Download - Last updated: Nov 30, 2017

Full Prospectus

Download - Last updated: Apr 1, 2018

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

Download

SAI

Download - Last updated: Apr 1, 2018

Semi-Annual Report

Download - Last updated: May 31, 2018

Summary Prospectus

Download - Last updated: Apr 1, 2018

XBRL

Download - Last updated: Apr 16, 2018