Overview

Emerging markets have become a larger percentage of the world's GDP.1

The International Monetary Fund expects emerging markets to account for a higher percentage of GDP in the coming years.

  • Emerging Markets
  • Advanced Economies

Not based on the return of any specific fund.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 0.14 3.43 13.83 17.25 -1.40 3.09 1.32
MSCI Emerging Markets Index2 1.01 6.27 18.43 23.75 1.07 3.95 1.91
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

Institutional Class Inception 06/30/2006
Investment Objective Long-term capital appreciation
Total Net Assets $2.9B
Minimum Investment $50000
Expense Ratio3 1.13%
CUSIP 277923751

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

America Movil SA
China Mobile Limited
Naspers Ltd. N-Shares
Grupo Televisa SAB
Sberbank
MTN Group Ltd.
Samsung Electronic
Cielo SA
Credicorp Ltd.
Gazprom
Total 6.12

Portfolio Management

Thomas Seto Managed Fund since 2007
Timothy W. Atwill, Ph.D., CFA Managed Fund since 2014

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. In emerging countries, these risks may be more significant. 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. 10 Yrs.
Fund at NAV 0.14 3.43 13.83 17.25 -1.40 3.09 1.32
MSCI Emerging Markets Index2 1.01 6.27 18.43 23.75 1.07 3.95 1.91
Morningstar Diversified Emerging Mkts Category6 1.02 5.87 18.14 20.48 0.48 4.07 1.48
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 36.23 -51.62 67.84 22.14 -19.15 19.64 1.00 -3.83 -16.40 12.27
MSCI Emerging Markets Index2 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19

Fund Facts

Expense Ratio3 1.13%
Institutional Class Inception 06/30/2006
Distribution Frequency Annually

Risk Measures (3 Year)7as of Jun 30, 2017

Alpha (%) -2.40
Beta 0.84
R-Squared (%) 94.16
Standard Deviation (%) 13.95
Sharpe Ratio -0.12

Morningstar Rating™as of Jun 30, 2017

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall *** 634
3 Years ** 634
5 Years *** 436
10 Years *** 178
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
Jul 19, 2017 $15.11 $0.08
Jul 18, 2017 $15.03 $0.02
Jul 17, 2017 $15.01 $0.03
Jul 14, 2017 $14.98 $0.12
Jul 13, 2017 $14.86 $0.09
Jul 12, 2017 $14.77 $0.17
Jul 11, 2017 $14.60 $0.05
Jul 10, 2017 $14.55 $0.05
Jul 07, 2017 $14.50 $0.04
Jul 06, 2017 $14.46 -$0.05

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 28, 2016 $0.07280 $12.58
Jun 15, 2016 $0.15420 $12.07
Dec 29, 2015 $0.00660 $11.64
May 21, 2015 $0.01850 $14.59
Dec 29, 2014 $0.22370 $14.06
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 $0.00830 $0.16980 $14.59
Dec 29, 2014 $0.02960 $0.04800 $14.06
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. In emerging countries, these risks may be more significant. 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 (%)5as of Jun 30, 2017

Foreign Common Stocks 99.58
Cash & Other Assets 0.42
Total 100.00

Portfolio Statisticsas of Jun 30, 2017

Median Market Cap $2.5B
Price/Earnings Ratio 13.50
Number of Holdings 1,660
Price/Book Ratio 1.46
Countries Represented 49

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

Sector Fund MSCI Emerging Markets Index2
Consumer Discretionary 9.43 10.56
Consumer Staples 10.89 6.79
Energy 8.63 6.55
Financials 18.53 23.59
Health Care 5.05 2.39
Industrials 10.14 5.73
Information Technology 5.98 26.63
Materials 11.75 7.09
Real Estate 3.26 2.66
Telecom Services 9.59 5.39
Utilities 6.34 2.61
Cash 0.42 0.00

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

China 10.32
Mexico 6.19
Korea 6.12
India 6.07
Taiwan 6.02
South Africa 5.96
Russia 5.95
Brazil 5.54
Turkey 3.13
Poland 3.12
View All

Geographic Mix (%)5as of Jun 30, 2017

Asia/Pacific 45.70
Latin America 18.58
Eastern Europe 16.40
Africa 9.38
Middle East 8.29
Europe except U.K. 1.65

Fund Holdings (%)5,9as of May 31, 2017

Holding % of Net Assets
China Mobile Ltd 0.74%
America Movil SAB de CV 0.71%
Naspers Ltd 0.70%
Sberbank of Russia PJSC 0.59%
MTN Group Ltd 0.56%
Samsung Electronics Co Ltd 0.51%
Cielo SA 0.50%
Credicorp Ltd 0.49%
Gazprom PJSC 0.45%
Tencent Holdings Ltd 0.41%
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. In emerging countries, these risks may be more significant. 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 Mar 31, 2017

Emerging markets equities surged over the first quarter of 2017, with the MSCI Emerging Markets Index2 up 11.44% over the three-month period. This rally was broad-based, with the vast majority of emerging market countries posting positive returns for the quarter.

The overall increase in emerging market equities was driven by both general and country-specific dynamics. Broadly, the export-driven economies of Korea, China and Taiwan have benefited from optimism regarding a Trump fiscal stimulus package. In addition, most emerging market currencies have appreciated versus the U.S. dollar, which added a tailwind to dollar-based returns. At the country level, China continued to rebound over the quarter, as investors reacted positively to signs of economic growth and a growing effort by the central bank to address rampant credit expansion. In addition, Indian markets rose to record levels due to Prime Minister Modi's strong victory in state elections, which should allow him to continue his broad economic reforms. Finally, in Mexico, the peso and equity prices rebounded strongly as investors began to doubt that President Trump's anti-trade threats would come to pass.

On average, frontier-market countries strongly underperformed emerging-market countries during the quarter, with the MSCI Frontier Markets Index10 up 8.89%. Index returns were assisted by rallies in Argentina, Kazakhstan and Bahrain, all of which experienced returns in excess of 20% for the quarter.

Performance Summary 

Parametric Emerging Markets Fund (the Fund) underperformed its benchmark, the MSCI Emerging Markets Index2 (the Index), for the quarter ended March 31, 2017 returning 9.94% for Investor Class shares at net asset value versus the Index's 11.44% return.

  • The Fund's emphasis on diversification11 via a system of target country weights and systematic rebalancing back to these target weights strongly detracted from returns relative to the Index. The diversification targets consistently have the Fund underweight large countries and overweight smaller countries.
  • In contrast, the Fund's emphasis on diversification at the sector level within each country had little impact on relative returns.
  • Finally, frontier countries included in the Fund, but not in the Index, further detracted from relative performance, as our portfolio held larger positions to those frontier market countries which underperformed the Index.

Historical Returns (%)as of Mar 31, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 2.19 10.06 10.06 14.53 -0.55 0.85 2.27
MSCI Emerging Markets Index2 2.52 11.44 11.44 17.21 1.17 0.80 2.72
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 Mar 31, 2017

Institutional Class Inception 06/30/2006
Expense Ratio3 1.13%

Contributors 

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

  • An overweight to Poland contributed to performance versus the Index, as its GDP growth trajectory of 3% was perceived to be back on track, due to growing domestic consumption and initial signs of recovery in the Eurozone.
  • An overweight to Mexico also benefited relative performance, as both the peso and Mexican equities bounced back on signs that the Trump administration's trade stance on Mexico would be less belligerent than initially assumed.
  • The inclusion of Argentina, an out-of-index country, also lifted performance relative to the Index. Argentinian stocks snapped back amid signs the country has emerged from recession.

Detractors 

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

  • An underweight to China detracted from performance versus the Index, as many key economic variables showed that the Chinese economy had stabilized, while the central government's new capital controls caused the yuan to appreciate versus the dollar.
  • The underweight to Korea also detracted from performance. Investors bid up Korean stocks due to the resolution of its presidential impeachment trial, low valuations, and an uptick in export growth.
  • The inclusion of Pakistan, an out-of-index country, also hurt relative performance. Pakistan stocks declined in part due to rumors that the government intended to crack down on non-compliant margin practices by major brokers.

Investment Outlook And Fund Positioning 

Commentators have expressed a wide range of opinions regarding the emerging-market asset class. Regardless of the near term forecast, many observers believe that persistent demographic and economic trends give emerging-market economies a long-term advantage. While emerging-market equities may continue to demonstrate heightened volatility, they may do so against a backdrop of generally rising prices.

How does one invest in this space with so much short-term uncertainty? We believe that managing risk by broadly diversifying, avoiding concentrations and portfolio rebalancing are all key aspects that help address thoughtful investment decisions. Parametric's emerging market investment strategy relies on a rules based approach, in combination with a systematic rebalancing discipline, to reduce concentrations, while emphasizing broad diversification in seeking its objective of long-term capital appreciation.

Top 10 Holdings (%)4,5as of Mar 31, 2017

America Movil SA 0.93
China Mobile Limited 0.72
Grupo Televisa SAB 0.65
Sberbank 0.61
Naspers Ltd. N-Shares 0.57
MTN Group Ltd. 0.56
Cielo SA 0.53
Samsung Electronic 0.51
Tencent Holdings Ltd. 0.51
Magnit 0.49
Total 6.07

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. In emerging countries, these risks may be more significant. 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

Country Attributionas of Mar 31, 2017

Fund MSCI Emerging Markets Index2 Attribution
Country Average Weight Total Return Contrib. to Return Average Weight Total Return Contrib. to Return Allocation Effect Selection Effect Total Effect
3 Month Attribution
Argentina 0.78 39.55 0.27 0.00 0.00 0.00 0.19 0.00 0.19
Brazil 6.06 12.06 0.74 7.98 10.37 0.80 0.05 0.10 0.14
Bahrain 0.77 29.73 0.22 0.00 0.00 0.00 0.14 0.00 0.14
Mexico 5.93 16.14 0.96 3.47 16.03 0.57 0.12 0.00 0.13
Kazakhstan 0.78 25.05 0.19 0.00 0.00 0.00 0.11 0.00 0.11
Chile 3.03 15.52 0.46 1.20 15.86 0.19 0.08 -0.01 0.07
Poland 3.09 16.22 0.49 1.20 17.75 0.20 0.12 -0.05 0.07
Panama 0.29 24.18 0.07 0.00 0.00 0.00 0.04 0.00 0.04
Romania 0.75 15.76 0.12 0.00 0.00 0.00 0.03 0.00 0.03
Malaysia 2.96 9.39 0.28 2.45 8.29 0.21 -0.01 0.03 0.02
Kuwait 1.55 11.17 0.19 0.00 0.00 0.00 0.01 0.00 0.01
Ghana 0.08 27.85 0.02 0.00 0.00 0.00 0.01 0.00 0.01
Turkey 3.00 10.84 0.35 1.03 10.79 0.11 0.01 0.00 0.01
Taiwan 6.05 12.31 0.74 12.18 11.78 1.44 -0.02 0.03 0.01
Bulgaria 0.06 23.96 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Russia 5.77 -0.30 -0.02 4.09 -4.61 -0.21 -0.27 0.28 0.01
Bangladesh 0.76 12.26 0.09 0.00 0.00 0.00 0.01 0.00 0.01
Egypt 1.40 11.21 0.15 0.14 1.84 0.00 -0.12 0.13 0.00
Slovenia 0.77 11.49 0.09 0.00 0.00 0.00 0.00 0.00 0.00
Thailand 2.99 9.13 0.28 2.26 8.58 0.20 -0.02 0.02 0.00
Latvia 0.01 6.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00
South Africa 6.02 3.25 0.19 6.99 4.36 0.31 0.07 -0.07 0.00
Lithuania 0.09 1.25 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01
Estonia 0.26 6.51 0.02 0.00 0.00 0.00 -0.01 0.00 -0.01
Greece 1.45 6.36 0.10 0.33 -3.49 -0.01 -0.17 0.15 -0.02
Czech Republic 0.75 7.37 0.06 0.18 5.65 0.01 -0.03 0.01 -0.02
Vietnam 0.75 7.88 0.06 0.00 0.00 0.00 -0.03 0.00 -0.03
Croatia 0.76 7.43 0.06 0.00 0.00 0.00 -0.03 0.00 -0.03
Mauritius 0.74 7.50 0.06 0.00 0.00 0.00 -0.03 0.00 -0.03
Lebanon 0.14 -9.29 -0.01 0.00 0.00 0.00 -0.03 0.00 -0.03
Hungary 0.74 0.54 0.00 0.30 -0.06 0.00 -0.05 0.00 -0.05
China Shanghai 0.73 4.76 0.04 0.00 0.00 0.00 -0.05 0.00 -0.05
Jordan 0.72 4.70 0.04 0.00 0.00 0.00 -0.05 0.00 -0.05
Indonesia 2.87 5.66 0.17 2.51 6.95 0.18 -0.01 -0.04 -0.05
Botswana 0.29 -6.07 -0.02 0.00 0.00 0.00 -0.06 0.00 -0.06
India 6.06 18.55 1.10 8.41 17.12 1.43 -0.14 0.08 -0.06
Nigeria 0.53 -0.29 0.00 0.00 0.00 0.00 -0.07 0.00 -0.07
Colombia 1.48 5.22 0.08 0.44 5.70 0.03 -0.06 -0.01 -0.07
Qatar 1.43 1.06 0.02 0.85 1.86 0.02 -0.06 -0.01 -0.07
Peru 1.50 5.20 0.08 0.39 5.50 0.02 -0.07 -0.01 -0.07
Philippines 2.97 6.51 0.20 1.20 6.13 0.07 -0.09 0.01 -0.08
U.A.E. 1.46 0.15 0.00 0.82 2.32 0.02 -0.06 -0.03 -0.09
Kenya 0.65 -1.54 -0.01 0.00 0.00 0.00 -0.09 0.00 -0.09
Sri Lanka 0.71 -1.00 -0.01 0.00 0.00 0.00 -0.09 0.00 -0.09
Saudi Arabia 0.89 -0.33 0.00 0.00 0.00 0.00 -0.11 0.00 -0.11
Oman 0.71 -3.88 -0.03 0.00 0.00 0.00 -0.12 0.00 -0.12
Morocco 0.76 -3.50 -0.03 0.00 0.00 0.00 -0.12 0.00 -0.12
Pakistan 1.50 1.37 0.02 0.00 0.00 0.00 -0.16 0.00 -0.16
China 10.25 11.83 1.15 26.87 12.93 3.43 -0.25 -0.12 -0.37
Korea 5.92 14.37 0.84 14.68 16.85 2.43 -0.46 -0.14 -0.60
Total 100.00 9.83 9.83 100.00 11.44 11.44 -1.97 0.36 -1.61
1 Year Attribution
Russia 6.23 36.73 2.06 3.90 27.59 0.99 0.42 0.46 0.87
India 5.93 25.12 1.44 8.37 18.40 1.56 -0.03 0.38 0.35
Bahrain 0.78 68.16 0.44 0.00 0.00 0.00 0.34 0.00 0.34
Kazakhstan 0.77 62.77 0.42 0.00 0.00 0.00 0.32 0.00 0.32
Argentina 0.79 60.74 0.41 0.00 0.00 0.00 0.29 0.00 0.29
Chile 3.11 24.97 0.76 1.21 18.56 0.23 0.04 0.19 0.23
Pakistan 1.42 41.10 0.47 0.00 0.00 0.00 0.23 0.00 0.23
Peru 1.58 30.59 0.44 0.40 29.25 0.10 0.16 0.00 0.16
Panama 0.30 70.22 0.19 0.00 0.00 0.00 0.15 0.00 0.15
Greece 1.52 16.34 0.26 0.36 -3.38 -0.01 -0.12 0.22 0.09
South Africa 6.06 8.10 0.49 7.12 8.12 0.58 0.10 -0.01 0.09
Vietnam 0.77 30.03 0.21 0.00 0.00 0.00 0.09 0.00 0.09
Bangladesh 0.76 28.50 0.20 0.00 0.00 0.00 0.08 0.00 0.08
Morocco 0.77 26.54 0.18 0.00 0.00 0.00 0.08 0.00 0.08
Kuwait 1.51 18.70 0.32 0.00 0.00 0.00 0.07 0.00 0.07
Croatia 0.76 25.06 0.18 0.00 0.00 0.00 0.07 0.00 0.07
Indonesia 3.03 14.82 0.46 2.64 12.47 0.33 -0.01 0.07 0.06
Brazil 6.19 45.14 2.63 7.48 42.79 2.70 -0.02 0.08 0.06
Malaysia 2.98 -6.88 -0.21 2.78 -8.09 -0.29 -0.02 0.04 0.03
Ukraine 0.06 32.57 0.04 0.00 0.00 0.00 0.03 0.00 0.03
Romania 0.74 20.17 0.15 0.00 0.00 0.00 0.03 0.00 0.03
Saudi Arabia 0.78 19.31 0.15 0.00 0.00 0.00 0.02 0.00 0.02
Bulgaria 0.05 57.03 0.03 0.00 0.00 0.00 0.02 0.00 0.02
Hungary 1.02 14.77 0.11 0.30 15.33 0.04 -0.01 0.01 0.00
Lithuania 0.08 18.31 0.01 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.01 -0.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ghana 0.08 7.22 0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Thailand 3.07 16.87 0.51 2.25 17.58 0.40 0.00 -0.02 -0.02
Estonia 0.24 5.64 0.02 0.00 0.00 0.00 -0.03 0.00 -0.03
Lebanon 0.13 -12.34 -0.02 0.00 0.00 0.00 -0.04 0.00 -0.04
Mauritius 0.73 9.01 0.07 0.00 0.00 0.00 -0.05 0.00 -0.05
Slovenia 0.74 8.02 0.06 0.00 0.00 0.00 -0.07 0.00 -0.07
Sri Lanka 0.74 8.30 0.05 0.00 0.00 0.00 -0.07 0.00 -0.07
Jordan 0.73 6.88 0.06 0.00 0.00 0.00 -0.07 0.00 -0.07
China Shanghai 0.23 6.10 0.01 0.00 0.00 0.00 -0.07 0.00 -0.07
Colombia 1.54 9.14 0.14 0.46 9.15 0.04 -0.07 0.00 -0.07
Oman 0.77 6.29 0.05 0.00 0.00 0.00 -0.08 0.00 -0.08
Botswana 0.29 -9.08 -0.03 0.00 0.00 0.00 -0.08 0.00 -0.08
Qatar 1.50 2.66 0.05 0.89 4.30 0.04 -0.07 -0.03 -0.09
U.A.E. 1.52 2.59 0.05 0.86 7.04 0.06 -0.06 -0.07 -0.13
Mexico 5.78 -0.36 0.10 3.82 -2.84 -0.13 -0.31 0.17 -0.14
Czech Republic 0.93 -0.90 -0.01 0.17 -4.52 0.00 -0.18 0.04 -0.15
Poland 3.04 5.67 0.24 1.16 3.52 0.04 -0.22 0.06 -0.17
Kenya 0.68 -11.39 -0.08 0.00 0.00 0.00 -0.22 0.00 -0.22
Egypt 1.40 -7.03 -0.10 0.17 -4.23 -0.01 -0.26 -0.09 -0.35
Nigeria 0.59 -30.73 -0.22 0.00 0.00 0.00 -0.35 0.00 -0.35
Philippines 3.06 -6.10 -0.20 1.36 -7.31 -0.11 -0.47 0.04 -0.43
Taiwan 5.95 20.03 1.19 12.16 23.01 2.71 -0.35 -0.17 -0.52
Turkey 2.96 -14.84 -0.44 1.20 -16.60 -0.25 -0.62 0.06 -0.56
China 9.34 17.31 1.68 26.18 19.68 5.15 -0.37 -0.21 -0.57
Korea 5.94 5.93 0.42 14.78 20.87 3.03 -0.31 -0.90 -1.21
Total 100.00 15.41 15.41 100.00 17.21 17.21 -2.11 0.31 -1.80

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. In emerging countries, these risks may be more significant. 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
Thomas Seto

Thomas Seto

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

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 2007

Biography
Timothy W. Atwill, Ph.D., CFA

Timothy W. Atwill, Ph.D., CFA

Head of Investment Strategy
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 2010

Tim Atwill is head of investment strategy with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He leads Parametric's investment strategy team and is responsible for managing the continued evolution of Parametric's investment strategies and communicating these strategies to external audiences.

Before joining Parametric, Tim was affiliated with Russell Investments in its manager research unit, performing due diligence duties for the firm's consulting clients, and in its trading group, implementing derivative strategies for institutional clients. Previously, he was a non-life actuary and portfolio manager at Safeco Insurance Company.

Tim earned a B.A. in Mathematics from Reed College and a Ph.D. in mathematics from Dartmouth College. He holds the FCAS designation from the Casualty Actuarial Society and is a CFA charterholder.

Education
  • B.A. Reed College
  • Ph.D. Dartmouth College

Experience
  • Managed Fund since 2014


Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2017

Commentary

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Jun 30, 2017

Annual Report

Download - Last updated: Jan 31, 2017

Full Prospectus

Download - Last updated: Jun 1, 2017

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

Download

SAI

Download - Last updated: Jun 1, 2017

Semi-Annual Report

Download - Last updated: Jul 31, 2016

Summary Prospectus

Download - Last updated: Jun 1, 2017

Currency hedging in the emerging markets: All pain, no gain

Download - Last updated: May 23, 2017

MSCI: China A-shares still not ready for prime time

Download - Last updated: Jul 1, 2016

XBRL

Download - Last updated: Jun 9, 2017