Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.73 2.34 22.34 19.31 2.01 3.79 0.87
Return After Taxes on Dist 19.13 1.75 3.54 0.69
Return After Taxes on Dist & Sales of Fund Shares 11.45 1.64 3.08 0.86
MSCI Emerging Markets Index1 3.51 5.39 32.26 26.45 5.69 4.83 0.60
09/30/2017
Fund at NAV -0.74 6.58 21.46 18.59 1.69 3.61 1.76
Return After Taxes on Dist 18.40 1.43 3.37 1.58
Return After Taxes on Dist & Sales of Fund Shares 11.04 1.41 2.94 1.56
MSCI Emerging Markets Index1 -0.40 7.89 27.78 22.46 4.90 3.98 1.32
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. Performance less than or equal to one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. The share class has no sales charge.

Fund Factsas of Oct 31, 2017

Institutional Class Inception 06/30/1998
Investment Objective Long-term, after-tax return
Total Net Assets $3.6B
Minimum Investment $50000
Expense Ratio2 0.95%
CUSIP 277907606

Top 10 Holdings (%)3,4as of Oct 31, 2017

America Movil SA
Tencent Holdings Ltd.
Naspers Ltd. N-Shares
Taiwan Semiconductor Man.
Samsung Electronic
Sberbank
China Mobile Limited
Credicorp Ltd.
Grupo Televisa SAB
MTN Group Ltd.
Total 7.48

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
10/31/2017
Fund at NAV 0.73 2.34 22.34 19.31 2.01 3.79 0.87
Return After Taxes on Dist 19.13 1.75 3.54 0.69
Return After Taxes on Dist & Sales of Fund Shares 11.45 1.64 3.08 0.86
MSCI Emerging Markets Index1 3.51 5.39 32.26 26.45 5.69 4.83 0.60
Morningstar Diversified Emerging Mkts Category5 2.21 4.42 29.01 22.97 4.34 4.59 0.54
09/30/2017
Fund at NAV -0.74 6.58 21.46 18.59 1.69 3.61 1.76
Return After Taxes on Dist 18.40 1.43 3.37 1.58
Return After Taxes on Dist & Sales of Fund Shares 11.04 1.41 2.94 1.56
MSCI Emerging Markets Index1 -0.40 7.89 27.78 22.46 4.90 3.98 1.32
Morningstar Diversified Emerging Mkts Category5 -0.10 7.32 26.19 19.93 3.86 4.09 1.27
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. Performance less than or equal to one year is cumulative. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder's tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. Before-tax and after-tax returns for other classes of shares offered by the Fund are different. The share class has no sales charge.

Calendar Year Returns (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV 40.18 -51.01 68.20 23.34 -18.05 20.04 2.21 -3.61 -15.75 12.10
MSCI Emerging Markets Index1 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19

Fund Facts

Expense Ratio2 0.95%
Institutional Class Inception 06/30/1998
Distribution Frequency Annually

Risk Measures (3 Year)6as of Oct 31, 2017

Alpha (%) -2.75
Beta 0.84
R-Squared (%) 93.76
Standard Deviation (%) 13.78
Sharpe Ratio 0.12

Morningstar Rating™as of Oct 31, 2017

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall *** 637
3 Years ** 637
5 Years *** 452
10 Years **** 187
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
Nov 21, 2017 $51.51 $0.44
Nov 20, 2017 $51.07 -$0.14
Nov 17, 2017 $51.21 $0.31
Nov 16, 2017 $50.90 $0.48
Nov 15, 2017 $50.42 -$0.32
Nov 14, 2017 $50.74 -$0.18
Nov 13, 2017 $50.92 -$0.21
Nov 10, 2017 $51.13 -$0.27
Nov 09, 2017 $51.40 -$0.08
Nov 08, 2017 $51.48 $0.16

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 28, 2016 $0.69880 $41.42
Dec 29, 2015 $0.80180 $38.30
Dec 29, 2014 $0.98090 $46.22
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: 

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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 (%)4as of Oct 31, 2017

Foreign Common Stocks 99.66
Cash & Other Assets 0.34
Total 100.00

Portfolio Statisticsas of Oct 31, 2017

Median Market Cap $2.4B
Price/Earnings Ratio 14.03
Number of Holdings 1,888
Price/Book Ratio 1.55
Countries Represented 49

GICS Sector Breakdown (%)4as of Oct 31, 2017

Sector Fund MSCI Emerging Markets Index1
Consumer Discretionary 9.04 10.24
Consumer Staples 10.75 6.27
Energy 9.16 6.89
Financials 18.21 23.02
Health Care 5.38 2.34
Industrials 9.87 5.41
Information Technology 6.31 28.47
Materials 11.91 7.15
Real Estate 3.44 2.81
Telecom Services 9.30 4.88
Utilities 6.28 2.52
Cash 0.34 0.00

Assets by Country (%)4as of Oct 31, 2017

China 11.18
India 6.52
Russia 6.32
Taiwan 6.16
Korea 6.12
Brazil 6.01
Mexico 5.60
South Africa 5.25
Turkey 3.16
Poland 3.10
View All

Geographic Mix (%)4as of Oct 31, 2017

Asia/Pacific 46.98
Latin America 18.43
Eastern Europe 16.90
Africa 8.25
Middle East 7.93
Europe except U.K. 1.51

Fund Holdings (%)4,8as of Sep 30, 2017

Holding % of Net Assets
America Movil SAB de CV 1.20%
Tencent Holdings Ltd 0.88%
Sberbank of Russia PJSC 0.78%
Naspers Ltd 0.76%
Taiwan Semiconductor Manufacturing Co Ltd 0.72%
Samsung Electronics Co Ltd 0.71%
China Mobile Ltd 0.65%
State Street Bank Eurodollar Time Deposit 0.60%
Grupo Televisa SAB 0.58%
Credicorp Ltd 0.54%
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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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

No commentary information is currently available.

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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

Attribution available in Fund Literature tab.

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. 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: Sep 30, 2017

Commentary

Download - Last updated: Sep 30, 2017

Attribution

Download - Last updated: Oct 31, 2017

Annual Report

Download - Last updated: Jun 30, 2017

Full Prospectus

Download - Last updated: Nov 1, 2017

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

Download

SAI

Download - Last updated: Nov 1, 2017

Semi-Annual Report

Download - Last updated: Dec 31, 2016

Summary Prospectus

Download - Last updated: Nov 1, 2017