Overview

PPA Structured Commodity Strat Fund Hero Image

A hedge against inflation, and diversification for a portfolio.2

Commodities have shown a high correlation to inflation, but negative correlation to stocks and bonds. (January 1973-December 2018)

  • Commodities
  • Stocks
  • Bonds

Not based on the return of any specific fund.

Historical Returns (%) as of Sep 30, 2019

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 Oct 31, 2019

Investor Class Inception 01/03/2012
Performance Inception 05/25/2011
Investment Objective Total return
Total Net Assets $327.9M
Minimum Investment $1000
Expense Ratio (Gross)4 0.98%
Expense Ratio (Net)4,5 0.90%
CUSIP 277923132
 

Morningstar Rating™ as of Sep 30, 2019

Time Period Rating Funds in
Commodities Broad Basket
Category
Overall 98
3 Years 98
5 Years 81
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.

©2019 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.
 

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

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 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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. 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, 2019

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 (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 2.05 -10.64 -14.81 -22.36 13.78 6.70 -9.60
Bloomberg Commodity Index Total Return3 18.91 16.83 -13.32 -1.06 -9.52 -17.01 -24.66 11.77 1.70 -11.25
 

Fund Facts

Expense Ratio (Gross)4 0.98%
Expense Ratio (Net)4,5 0.90%
Investor Class Inception 01/03/2012
Performance Inception 05/25/2011
Distribution Frequency Annually
 

Morningstar Rating™ as of Sep 30, 2019

Time Period Rating Funds in
Commodities Broad Basket
Category
Overall 98
3 Years 98
5 Years 81
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.

©2019 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
Nov 08, 2019 $5.25 -$0.01
Nov 07, 2019 $5.26 -$0.01
Nov 06, 2019 $5.27 -$0.03
Nov 05, 2019 $5.30 $0.00
Nov 04, 2019 $5.30 $0.02
Nov 01, 2019 $5.28 $0.07
Oct 31, 2019 $5.21 -$0.03
Oct 30, 2019 $5.24 $0.00
Oct 29, 2019 $5.24 $0.02
Oct 28, 2019 $5.22 $0.01
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 20, 2018 $0.02010 $4.92
Dec 21, 2017 $0.26970 $5.26
Dec 22, 2016 $0.34650 $5.30
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 History7

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 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 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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. 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, 2019

Average Duration 0.46 yrs.

Commodity Exposure (%)8 as of Sep 30, 2019

Agriculture 26.88
Cocoa 1.81
Coffee 3.61
Corn 3.80
Cotton 1.83
Kansas Wheat 0.95
Robusta Coffee 0.92
Soybean Meal 1.82
Soybean Oil 3.63
Soybeans 3.73
Sugar 1.88
Wheat 1.93
White Sugar 0.97
Energy 25.11
Crude Oil-Brent 1.78
Crude Oil-WTI 1.80
Gas Oil 3.66
Heating Oil 3.60
Natural Gas 6.96
Unleaded Gas 7.31
Industrial Metals 24.44
Aluminum 6.97
Copper 3.59
Lead 1.86
New York Copper 3.60
Nickel 3.67
Tin 0.88
Zinc 3.87
Livestock 6.60
Feeder Cattle 0.94
Lean Hogs 1.91
Live Cattle 3.75
Precious Metals 16.96
Gold 7.10
Palladium 0.94
Platinum 1.75
Silver 7.17

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

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 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund may invest significantly in a particular sector, the Fund share value may fluctuate more than a fund with less exposure to such sector. 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. 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

Thomas Seto

Thomas Seto

Head of Investment Management
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 1998

Biography

Thomas Seto is head of investment management with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. Tom is responsible for all portfolio management and trading at the Seattle Investment Center, and is a member of the executive committee. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he served as the head of U.S. equity index investments at Barclays Global Investors.

Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago Booth School of Business.

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

Experience
  • Managed Fund since inception

 

Gregory J. Liebl, CFA

Portfolio Manager
Parametric Minneapolis Investment Center
Joined Parametric Portfolio Associates 2010

Biography

Gregory Liebl is a senior investment strategist for the Minneapolis Investment Center of Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He supports Parametric's systematic alpha strategies and holds investment responsibilities for the firm's commodity strategy. He joined Parametric in 2010.

Greg began his career in the investment management industry in 2010 with The Clifton Group (acquired by Parametric in 2012). Previously, he was an assistant portfolio manager with the firm in the areas of risk and exposure management and customized implementation solutions.

Greg earned a B.S. from North Dakota State University. He is a CFA charterholder and a member of the CFA Society of Minnesota.

Education
  • B.S. North Dakota State University

Experience
  • Managed Fund since 2018

 

Literature

Literature

Fact Sheet

Download - Last updated: Sep 30, 2019

Commentary

Download - Last updated: Sep 30, 2019

Report of Organizational Actions Affecting Basis of Securities

Download - Last updated: Dec 31, 2012

Annual Report

Download - Last updated: Dec 31, 2018

Full Prospectus

Download - Last updated: May 1, 2019

Parametric Commodity Strategy Holdings

Download - Last updated: Sep 30, 2019

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 3/31/2019)

Download

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

Download

SAI

Download - Last updated: May 1, 2019

Semi-Annual Report

Download - Last updated: Jun 30, 2019

Summary Prospectus

Download - Last updated: May 1, 2019

XBRL

Download - Last updated: May 9, 2019