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, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
07/31/2016
Fund at NAV 4.30 3.15 13.55 0.05 -0.72 -1.59 4.86
Fund w/Redemption Fee 2.22 1.09 11.28 -1.91 -1.35 -1.95 4.69
Return After Taxes on Dist w/Redemption Fee -2.12 -1.64 -2.15 4.49
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -0.50 -0.85 -1.24 4.00
MSCI Emerging Markets Index2 5.03 5.16 11.77 -0.75 -0.29 -2.74 3.90
06/30/2016
Fund at NAV 3.43 1.10 8.87 -8.64 -1.45 -2.51 4.81
Fund w/Redemption Fee 1.36 -0.92 6.69 -10.43 -2.08 -2.87 4.64
Return After Taxes on Dist w/Redemption Fee -10.63 -2.37 -3.06 4.43
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -5.35 -1.39 -1.91 3.98
MSCI Emerging Markets Index2 4.00 0.66 6.41 -12.05 -1.56 -3.78 3.54
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. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Factsas of Jul 31, 2016

Institutional Class Inception 06/30/1998
Investment Objective Long-term, after-tax return
Total Net Assets $3.0B
Minimum Investment $50000
Expense Ratio3 0.95%
CUSIP 277907606

Top 10 Holdings (%)4,5as of Jul 31, 2016

China Mobile Limited
Sberbank
Naspers Ltd. N-Shares
MTN Group Ltd.
America Movil SA
Cielo SA
Taiwan Semiconductor Man.
Telekomunikasi Indonesia
Gazprom
Tencent Holdings Ltd.
Total 7.24

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 Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
07/31/2016
Fund at NAV 4.30 3.15 13.55 0.05 -0.72 -1.59 4.86
Fund w/Redemption Fee 2.22 1.09 11.28 -1.91 -1.35 -1.95 4.69
Return After Taxes on Dist w/Redemption Fee -2.12 -1.64 -2.15 4.49
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -0.50 -0.85 -1.24 4.00
MSCI Emerging Markets Index2 5.03 5.16 11.77 -0.75 -0.29 -2.74 3.90
Morningstar™ Diversified Emerging Mkts Category6 4.24 5.51 10.77 -0.80 -0.36 -2.31 3.49
06/30/2016
Fund at NAV 3.43 1.10 8.87 -8.64 -1.45 -2.51 4.81
Fund w/Redemption Fee 1.36 -0.92 6.69 -10.43 -2.08 -2.87 4.64
Return After Taxes on Dist w/Redemption Fee -10.63 -2.37 -3.06 4.43
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -5.35 -1.39 -1.91 3.98
MSCI Emerging Markets Index2 4.00 0.66 6.41 -12.05 -1.56 -3.78 3.54
Morningstar™ Diversified Emerging Mkts Category6 3.61 2.28 6.22 -9.89 -1.30 -3.19 3.21
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. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Calendar Year Returns (%)

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Fund at NAV 37.99 40.18 -51.01 68.20 23.34 -18.05 20.04 2.21 -3.61 -15.75
MSCI Emerging Markets Index2 32.14 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92

Fund Facts

Expense Ratio3 0.95%
Institutional Class Inception 06/30/1998
Distribution Frequency Annually

Risk Measures (3 Year)7as of Jul 31, 2016

Alpha (%) -0.59
Beta 0.85
R-Squared (%) 94.39
Standard Deviation (%) 14.64
Sharpe Ratio -0.06

Morningstar™ Ratingsas of Jul 31, 2016

Time Period Rating Rating (Load Waived) Funds in
Diversified Emerging Mkts
Category
Overall **** 596
3 Years *** 596
5 Years *** 416
10 Years **** 187
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2016 Morningstar, Inc. 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 is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each 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. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Aug 24, 2016 $43.61 -$0.19
Aug 23, 2016 $43.80 -$0.16
Aug 22, 2016 $43.96 -$0.30
Aug 19, 2016 $44.26 -$0.29
Aug 18, 2016 $44.55 $0.14
Aug 17, 2016 $44.41 -$0.12
Aug 16, 2016 $44.53 -$0.03
Aug 15, 2016 $44.56 $0.30
Aug 12, 2016 $44.26 -$0.13
Aug 11, 2016 $44.39 $0.22
View All

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 29, 2015 $0.80180 $38.30
Dec 29, 2014 $0.98090 $46.22
Dec 26, 2013 $0.85430 $48.30
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 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

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 as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

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 (%)5as of Jul 31, 2016

Foreign Common Stocks 99.56
Cash & Other Assets 0.44
Total 100.00

Portfolio Statisticsas of Jul 31, 2016

Median Market Cap $2.2B
Price/Earnings Ratio 13.36
Price/Book Ratio 1.41
Number of Holdings 1,594
Countries Represented 50

GICS Sector Breakdown (%)5as of Jul 31, 2016

Sector Fund MSCI Emerging Markets Index2
Consumer Discretionary 10.01 10.60
Consumer Staples 10.59 8.15
Energy 9.24 7.24
Financials 21.90 26.19
Health Care 3.94 2.66
Industrials 9.54 6.14
Information Technology 7.14 22.62
Materials 11.05 6.62
Telecom Services 9.99 6.62
Utilities 6.15 3.16
Cash 0.44 0.00

Assets by Country (%)5as of Jul 31, 2016

China 8.19
Brazil 7.06
South Africa 6.71
Russia 6.70
Taiwan 6.22
Korea 6.16
India 5.86
Mexico 5.61
Indonesia 3.39
Thailand 3.16
View All

Geographic Mix (%)5as of Jul 31, 2016

Asia/Pacific 42.95
Latin America 19.87
Eastern Europe 17.23
Africa 9.83
Middle East 8.55
Europe except U.K. 1.56

Fund Holdings (%)5,9as of Jun 30, 2016

Holding % of Net Assets
China Mobile Ltd 0.94%
Sberbank of Russia PJSC 0.86%
Naspers Ltd 0.82%
America Movil SAB de CV 0.78%
MTN Group Ltd 0.72%
Gazprom PJSC 0.69%
Cielo SA 0.67%
Taiwan Semiconductor Manufacturing Co Ltd 0.64%
Telekomunikasi Indonesia Persero Tbk PT 0.63%
Grupo Televisa SAB 0.60%
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

A Word On The Markets as of Jun 30, 2016

Emerging markets equities rose over the second quarter of 2016, with the MSCI Emerging Markets Index2 up 0.66% over the three-month period. This upward movement masked a wide dispersion in country-level returns, with roughly as many countries posting gains as were posting losses for the quarter.

The overall gain in the Index was primarily driven by increases in a handful of larger countries, including Brazil and India. In Brazil, markets experienced a strong rally over the quarter as investors rewarded a resolution to the political turmoil of the past year, and the Brazilian economy showed signs that it was on the mend. India's markets continued their move upwards on reports of unexpectedly high GDP growth and predictions that the current year's monsoon rains will ease the country's severe drought conditions. Notable losers included Poland and Greece. Polish markets fell on Brexit worries and public demonstrations against the newly installed right-wing government, while Greece's struggles with the European authorities continued to negatively impact market returns. Broadly speaking, the asset class benefited from the perception that the U.S. Federal Reserve's plan to raise rates was put on hold following the results of the U.K.'s Brexit vote.

On average, frontier-market countries performed similarly to emerging-market countries during the quarter, with the MSCI Frontier Markets Index10 up 0.47%. Country returns in the frontier markets were wide ranging, with oil exporters such as Kuwait and Nigeria dropping, while countries with improving prospects, such as Pakistan and Argentina, experienced large gains.

Performance Summary 

Parametric Tax-Managed Emerging Markets Fund (the Fund) outperformed its benchmark, the MSCI Emerging Markets Index2 (the Index), for the quarter ended June 30, 2016, returning 1.10% for Institutional Class shares at net asset value versus the Index's 0.66% return.

  • The Fund's emphasis on diversification11 via a system of target country weights and systematic rebalancing back to these target weights 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, paired with the inclusion of smaller cap names, contributed to relative returns.
  • Finally, frontier countries included in the Fund, but not in the Index, detracted from relative performance, as our portfolio held larger positions to those frontier market countries which underperformed the Index.

Historical Returns (%)as of Jun 30, 2016

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 3.43 1.10 8.87 -8.64 -1.45 -2.51 4.81
Fund w/Redemption Fee 1.36 -0.92 6.69 -10.43 -2.08 -2.87 4.64
Return After Taxes on Dist w/Redemption Fee -10.63 -2.37 -3.06 4.43
Return After Taxes on Dist & Sales of Fund Shares w/Redemption Fee -5.35 -1.39 -1.91 3.98
MSCI Emerging Markets Index2 4.00 0.66 6.41 -12.05 -1.56 -3.78 3.54
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. The Fund's performance prior to February 6, 2004 is that of its predecessor, PIMCO PPA Tax-Efficient Structured Emerging Markets Fund. Institutional shares for this fund are subject to a 2% redemption fee when exchanged or redeemed.

Fund Factsas of Jun 30, 2016

Institutional Class Inception 06/30/1998
Expense Ratio3 0.95%

Contributors 

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

  • An overweight to Peru contributed to performance versus the Index, as the election of a business-friendly president and increasing industrial metal prices benefited this commodity-exporting country.
  • An underweight to China lifted performance relative to the Index, as Chinese markets stayed flat as investors were torn between encouraging signs of stabilization in the economic data and continued worries of further yuan devaluations and overextended debt markets.
  • Our overweight to Russia, as well as the inclusion of small cap, non-index names in our Russian exposure, further aided performance.

Detractors 

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

  • An overweight to Poland detracted from performance versus the Index, as Polish stocks swooned in reaction to radical measures from its newly elected government, as well as worries about the stability of the EU after the Brexit vote.
  • The overweight to Turkey detracted from performance. Turkish stocks fell over the quarter, amid continued terrorist attacks in Ankara and controversy surrounding its president's consolidation of power, which resulted in the resignation of the prime minister.
  • Our overweight to Mexico detracted from relative performance to the Index.

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 and a systematic rebalancing discipline to reduce concentrations, while emphasizing broad diversification in seeking its objective of long-term after-tax returns.

Top 10 Holdings (%)4,5as of Jun 30, 2016

China Mobile Limited 0.93
Sberbank 0.86
Naspers Ltd. N-Shares 0.82
America Movil SA 0.78
MTN Group Ltd. 0.71
Gazprom 0.69
Cielo SA 0.68
Taiwan Semiconductor Man. 0.64
Telekomunikasi Indonesia 0.62
Grupo Televisa SAB 0.60
Total 7.33

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. 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

Country Attributionas of Jun 30, 2016

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
Russia 6.77 7.19 0.46 3.89 4.05 0.15 0.08 0.20 0.28
Peru 1.81 15.26 0.25 0.42 18.19 0.07 0.23 -0.05 0.18
China 8.27 -0.07 -0.01 24.60 0.11 0.05 0.15 -0.01 0.14
Vietnam 0.81 13.19 0.10 0.00 0.00 0.00 0.09 0.00 0.09
Argentina 0.71 12.47 0.08 0.00 0.00 0.00 0.08 0.00 0.08
Oman 0.85 10.11 0.08 0.00 0.00 0.00 0.07 0.00 0.07
Pakistan 1.11 11.95 0.10 0.00 0.00 0.00 0.06 0.00 0.06
Indonesia 3.13 5.37 0.17 2.67 4.10 0.10 0.02 0.04 0.06
South Africa 6.16 2.36 0.15 7.25 1.61 0.11 -0.01 0.05 0.05
Philippines 3.07 4.84 0.15 1.51 5.79 0.09 0.07 -0.03 0.05
Chile 3.00 2.49 0.08 1.25 1.85 0.02 0.03 0.02 0.04
Bangladesh 0.63 7.87 0.05 0.00 0.00 0.00 0.04 0.00 0.04
Saudi Arabia 0.68 6.33 0.04 0.00 0.00 0.00 0.04 0.00 0.04
Korea 6.19 -3.48 -0.22 15.21 -1.23 -0.22 0.17 -0.14 0.03
Colombia 1.62 2.67 0.04 0.49 2.85 0.01 0.03 0.00 0.03
Morocco 0.77 3.94 0.03 0.00 0.00 0.00 0.02 0.00 0.02
India 5.60 5.69 0.31 8.35 3.72 0.30 -0.08 0.11 0.02
Ukraine 0.18 10.50 0.02 0.00 0.00 0.00 0.02 0.00 0.02
Sri Lanka 0.64 3.24 0.02 0.00 0.00 0.00 0.01 0.00 0.01
Brazil 5.97 15.39 0.89 6.82 13.90 0.88 -0.06 0.07 0.01
Lithuania 0.12 7.93 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Greece 1.33 -2.86 -0.04 0.44 -14.03 -0.05 -0.11 0.12 0.01
Bahrain 0.72 1.55 0.01 0.00 0.00 0.00 0.01 0.00 0.01
Bulgaria 0.05 3.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Chile 0.00 3.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.00 -6.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Estonia 0.39 0.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Malaysia 2.93 -6.99 -0.21 3.26 -5.93 -0.22 0.03 -0.03 0.00
Lebanon 0.20 -1.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Botswana 0.46 -0.83 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01
Croatia 0.78 -0.44 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01
Hungary 1.68 -2.65 -0.04 0.30 -4.67 -0.01 -0.04 0.03 -0.01
Romania 0.72 -0.86 -0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Jordan 0.64 -1.20 -0.01 0.00 0.00 0.00 -0.01 0.00 -0.01
Thailand 2.98 1.79 0.05 2.25 2.80 0.06 0.01 -0.03 -0.02
Ghana 0.14 -12.45 -0.02 0.00 0.00 0.00 -0.02 0.00 -0.02
Taiwan 6.06 0.43 0.03 12.05 0.71 0.07 0.00 -0.02 -0.02
Mauritius 0.72 -2.60 -0.02 0.00 0.00 0.00 -0.02 0.00 -0.02
Qatar 1.34 -5.06 -0.07 0.94 -4.86 -0.05 -0.02 0.00 -0.03
U.A.E. 1.49 -1.77 -0.03 0.91 0.06 0.00 0.00 -0.03 -0.03
Kenya 0.76 -3.57 -0.03 0.00 0.00 0.00 -0.03 0.00 -0.03
Kazakhstan 0.55 -5.73 -0.03 0.00 0.00 0.00 -0.04 0.00 -0.04
Slovenia 0.77 -6.50 -0.05 0.00 0.00 0.00 -0.06 0.00 -0.06
Czech Republic 1.27 -5.00 -0.06 0.18 -6.12 -0.01 -0.07 0.01 -0.06
Kuwait 1.45 -4.10 -0.06 0.00 0.00 0.00 -0.07 0.00 -0.07
Panama 0.31 -22.09 -0.08 0.00 0.00 0.00 -0.08 0.00 -0.08
Egypt 1.38 -4.85 -0.07 0.18 0.92 0.00 0.01 -0.09 -0.07
Nigeria 0.66 -17.80 -0.11 0.00 0.00 0.00 -0.12 0.00 -0.12
Turkey 3.24 -7.57 -0.26 1.46 -7.92 -0.12 -0.15 0.01 -0.14
Mexico 5.95 -7.58 -0.48 4.30 -7.01 -0.32 -0.13 -0.04 -0.17
Poland 2.97 -15.50 -0.51 1.26 -17.49 -0.24 -0.34 0.07 -0.27
Total 100.00 0.71 0.71 100.00 0.66 0.66 -0.21 0.26 0.05
1 Year Attribution
China 8.99 -19.48 -1.91 24.52 -23.37 -5.93 1.97 0.42 2.39
Russia 6.28 2.84 0.18 3.74 -1.63 -0.08 0.26 0.24 0.50
Hungary 1.68 21.77 0.32 0.27 20.46 0.04 0.43 0.00 0.43
Chile 3.03 -0.98 -0.06 1.26 -1.72 -0.03 0.19 0.02 0.20
Peru 1.56 2.45 0.09 0.39 8.30 0.02 0.27 -0.09 0.18
Vietnam 0.80 8.64 0.05 0.00 0.00 0.00 0.16 0.00 0.16
Argentina 0.72 6.80 0.06 0.00 0.00 0.00 0.14 0.00 0.14
Bangladesh 0.74 0.45 0.01 0.00 0.00 0.00 0.13 0.00 0.13
Romania 0.77 2.17 0.01 0.00 0.00 0.00 0.12 0.00 0.12
Croatia 0.78 4.45 0.03 0.00 0.00 0.00 0.12 0.00 0.12
Morocco 0.77 2.63 0.02 0.00 0.00 0.00 0.11 0.00 0.11
Philippines 3.06 -2.60 -0.08 1.45 0.96 0.01 0.20 -0.10 0.10
Pakistan 0.86 2.39 0.03 0.00 0.00 0.00 0.10 0.00 0.10
Jordan 0.74 -2.86 -0.02 0.00 0.00 0.00 0.10 0.00 0.10
Brazil 5.32 -7.50 -0.25 6.38 -6.02 -0.64 0.18 -0.09 0.09
Estonia 0.34 22.36 0.06 0.00 0.00 0.00 0.09 0.00 0.09
Thailand 3.05 -5.83 -0.20 2.23 -7.07 -0.17 0.04 0.04 0.08
India 5.93 -4.38 -0.28 8.41 -6.54 -0.49 -0.04 0.11 0.07
Turkey 2.98 -8.87 -0.19 1.46 -10.08 -0.15 0.04 0.03 0.07
Colombia 1.47 -10.63 -0.12 0.49 -12.38 -0.09 0.04 0.01 0.06
Indonesia 3.06 3.58 0.12 2.57 6.03 0.13 0.12 -0.07 0.05
Oman 0.80 -4.91 -0.03 0.00 0.00 0.00 0.05 0.00 0.05
Slovenia 0.77 -7.08 -0.05 0.00 0.00 0.00 0.04 0.00 0.04
Mauritius 0.75 -8.03 -0.06 0.00 0.00 0.00 0.03 0.00 0.03
Czech Republic 1.31 -10.96 -0.14 0.19 -18.27 -0.03 -0.07 0.10 0.03
Lithuania 0.11 11.54 0.01 0.00 0.00 0.00 0.02 0.00 0.02
Lebanon 0.20 -5.19 -0.01 0.00 0.00 0.00 0.01 0.00 0.01
Bahrain 0.71 -10.37 -0.06 0.00 0.00 0.00 0.01 0.00 0.01
Ghana 0.15 -12.22 -0.02 0.00 0.00 0.00 0.00 0.00 0.00
Latvia 0.00 -9.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Chile 0.00 3.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bulgaria 0.06 -13.81 -0.01 0.00 0.00 0.00 0.00 0.00 0.00
Ukraine 0.17 -13.79 -0.02 0.00 0.00 0.00 0.00 0.00 0.00
Botswana 0.47 -13.91 -0.06 0.00 0.00 0.00 -0.01 0.00 -0.01
Kenya 0.76 -15.04 -0.11 0.00 0.00 0.00 -0.02 0.00 -0.02
Malaysia 3.01 -6.73 -0.20 3.28 -6.04 -0.21 0.00 -0.01 -0.02
Qatar 1.42 -18.90 -0.27 1.00 -17.19 -0.17 0.00 -0.03 -0.03
South Africa 6.08 -17.50 -1.05 7.42 -15.87 -1.27 0.08 -0.11 -0.03
Sri Lanka 0.70 -21.28 -0.14 0.00 0.00 0.00 -0.04 0.00 -0.04
Poland 3.03 -20.36 -0.60 1.38 -27.01 -0.39 -0.27 0.22 -0.04
Panama 0.30 -33.45 -0.09 0.00 0.00 0.00 -0.06 0.00 -0.06
Greece 1.36 -31.66 -0.47 0.35 -60.75 -0.24 -0.63 0.55 -0.08
U.A.E. 1.51 -19.15 -0.28 0.85 -14.94 -0.09 -0.03 -0.07 -0.10
Kuwait 1.47 -18.40 -0.26 0.00 0.00 0.00 -0.10 0.00 -0.10
Saudi Arabia 0.71 -25.40 -0.19 0.00 0.00 0.00 -0.10 0.00 -0.10
Mexico 6.09 -14.01 -0.84 4.55 -12.24 -0.54 -0.02 -0.11 -0.13
Egypt 1.38 -26.35 -0.38 0.19 -23.82 -0.05 -0.14 -0.05 -0.19
Taiwan 6.12 -9.04 -0.55 12.31 -8.80 -1.16 -0.19 -0.01 -0.21
Nigeria 0.73 -40.78 -0.33 0.00 0.00 0.00 -0.22 0.00 -0.22
Kazakhstan 0.58 -42.13 -0.31 0.00 0.00 0.00 -0.23 0.00 -0.23
Korea 6.32 -2.93 -0.22 15.30 -3.48 -0.52 -0.74 0.05 -0.69
Total 100.00 -8.85 -8.85 100.00 -12.05 -12.05 2.14 1.06 3.20

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. 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 for Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He is responsible for all portfolio management and trading activity at Parametric's Seattle Investment Center, including tax-managed core, CPM and institutional equity strategies. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he was 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's 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

Commentary

Attribution

Annual Report

Full Prospectus

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

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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