Overview

Historical Returns (%) as of Sep 30, 2022

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 Facts as of Aug 31, 2022

Performance Inception 12/16/2015
Investment Objective Long-term capital appreciation
Total Net Assets $51.9M
Expense Ratio (Gross)4,5 1.16%
Expense Ratio (Net)4,5 1.05%
CUSIP 27830N884

Top 10 Holdings (%)6,7 as of Jun 30, 2022

Sanwa Holdings Corp 1.63
ATS Automation Tooling Systems Inc 1.54
Tosei Corp 1.50
Yamaha Corp 1.44
Kyoritsu Maintenance Co Ltd 1.39
Mitsubishi Research Institute Inc 1.29
Azelis Group NV 1.27
RWS Holdings PLC 1.25
Diploma PLC 1.25
Games Workshop Group PLC 1.24
Total 13.81
 

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

RISK CONSIDERATIONS 

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 value of equity securities 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, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. 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 Jun 30, 2022

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 (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 0.99 37.20 -15.21 24.54 13.31 14.07
MSCI World ex USA Small Cap Index3 17.48 25.55 -5.35 5.46 4.32 31.04 -18.07 25.41 12.78 11.14
 

Fund Facts

Expense Ratio (Gross)4,5 1.16%
Expense Ratio (Net)4,5 1.05%
Performance Inception 12/16/2015
Distribution Frequency Annually
 

Morningstar Rating™ as of Aug 31, 2022

Time Period Rating Funds in
Foreign Small/Mid Growth
Category
Overall 129
3 Years 129
5 Years 116
10 Years 73
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.

©2022 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 05, 2022 $10.73 -$0.13
Oct 04, 2022 $10.86 $0.40
Oct 03, 2022 $10.46 $0.26
Sep 30, 2022 $10.20 $0.03
Sep 29, 2022 $10.17 -$0.15
Sep 28, 2022 $10.32 $0.24
Sep 27, 2022 $10.08 -$0.06
Sep 26, 2022 $10.14 -$0.16
Sep 23, 2022 $10.30 -$0.36
Sep 22, 2022 $10.66 -$0.09
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 30, 2021 $0.24640 $15.75
Dec 30, 2020 $0.15100 $14.69
Dec 30, 2019 $0.23260 $13.04
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 History9

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 30, 2021 $0.71640 $15.75
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.

RISK CONSIDERATIONS 

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 value of equity securities 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, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. 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

Asset Mix (%)7 as of Jun 30, 2022

Portfolio Statistics as of Jun 30, 2022

Average Market Cap $3.5B
Price/Earnings Ratio 14.91
Number of Holdings 121
Price/Book Ratio 1.75
Countries Represented 21
Active Share10 94.67%
 

GICS Sector Breakdown (%)7 as of Jun 30, 2022

Assets by Country (%)7 as of Jun 30, 2022

Japan 25.82
United Kingdom 18.54
Canada 10.29
Australia 7.28
Sweden 7.11
Italy 6.18
Netherlands 4.13
United States 3.89
Belgium 2.36
Cash & Other Assets 2.07
Total 100.00
View All
 

Geographic Mix (%)7 as of Jun 30, 2022

Europe 49.19
Asia/Pacific 34.33
North America 14.18
Latin America/Caribbean 0.23
Cash & Other Assets 2.07
Total 100.00
 

Fund Holdings (%)7,11 as of Aug 31, 2022

Holding % of Net Assets
iShares MSCI Hong Kong ETF 1.87%
Tosei Corp 1.78%
Kyoritsu Maintenance Co Ltd 1.60%
Sakata Seed Corp 1.60%
ATS Automation Tooling Systems Inc 1.54%
As One Corp 1.54%
Yamaha Corp 1.50%
Mitsubishi Research Institute Inc 1.49%
Sanwa Holdings Corp 1.48%
carsales.com Ltd 1.44%
View All

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

RISK CONSIDERATIONS 

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 value of equity securities 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, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. 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

Aidan M. Farrell

Aidan M. Farrell

Managing Director, Co-Head of Non-US Small/Mid Cap
Joined Eaton Vance 2015

Biography

Aidan is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance Non-U.S. Small/Mid Cap team. He is responsible for managing global and international small-cap equity portfolios, leading a team of analysts. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Aidan began his career in the investment management industry in 1996. Before joining Eaton Vance, he was managing director and a lead portfolio manager for Goldman Sachs Asset Management (GSAM). Prior to June 2008, he served as a director of European equities for Investment Insight (formerly the asset management arm of Halifax Bank of Scotland).

Aidan earned a B.A. in economics from the University College Dublin and a postgraduate diploma in business studies from the University College Dublin Michael Smurfit Graduate Business School. Aidan is an associate of the CFA Society of the UK.

Education
  • B.A. University College Dublin
  • Pg.Dip. University College Dublin

Experience
  • Managed Fund since inception

Other funds managed
 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2022

Annual Report

Download Annual Report - Last updated: Nov 30, 2021

Full Prospectus

Download Full Prospectus - Last updated: Apr 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Feb 28, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Aug 31, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Apr 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: May 31, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Apr 1, 2022