Overview

Historical Returns (%) as of Mar 31, 2021

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. The share class has no sales charge.
 

Fund Facts as of Apr 30, 2021

Performance Inception 04/28/2006
Investment Objective Total return
Total Net Assets $23.1M
Expense Ratio (Gross)3,4 1.37%
Expense Ratio (Net)3,4 1.01%
CUSIP 277905626

Top 10 Holdings (%)5,6 as of Dec 31, 2020

Prologis Inc 7.19
Mid-America Apartment Communities Inc 5.30
AvalonBay Communities Inc 4.97
Public Storage 4.97
Equity Residential 4.29
Simon Property Group Inc 4.11
Invitation Homes Inc 4.09
STORE Capital Corp 3.38
Digital Realty Trust Inc 3.03
Healthpeak Properties Inc 2.96
Total 44.28
 

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 equity securities is sensitive to stock market volatility. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%) as of Mar 31, 2021

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 (%)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Fund at NAV 9.50 15.81 0.76 31.40 6.73 5.12 4.23 -4.43 24.39 -10.12
Dow Jones U.S. Select Real Estate Securities Index2 8.87 17.09 1.31 31.85 4.46 6.65 3.76 -4.22 23.10 -11.20
 

Fund Facts

Expense Ratio (Gross)3,4 1.37%
Expense Ratio (Net)3,4 1.01%
Performance Inception 04/28/2006
Distribution Frequency Quarterly

Risk Measures (3 Year)8 as of Apr 30, 2021

Alpha (%) 0.48
Beta 0.97
R-Squared (%) 99.58
Standard Deviation (%) 19.92
Sharpe Ratio 0.44
 

Morningstar Rating™ as of Apr 30, 2021

Time Period Rating Funds in
Real Estate
Category
Overall 227
3 Years 227
5 Years 201
10 Years 145
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.

©2021 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
May 14, 2021 $15.49 $0.15
May 13, 2021 $15.34 $0.22
May 12, 2021 $15.12 -$0.36
May 11, 2021 $15.48 -$0.19
May 10, 2021 $15.67 $0.00
May 07, 2021 $15.67 $0.17
May 06, 2021 $15.50 $0.18
May 05, 2021 $15.32 -$0.30
May 04, 2021 $15.62 -$0.04
May 03, 2021 $15.66 -$0.06
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Mar 19, 2021 $0.07440 $14.34
Dec 21, 2020 $0.09000 $13.07
Sep 21, 2020 $0.07990 $11.78
Jun 19, 2020 $0.07440 $11.92
Mar 19, 2020 $0.08720 $9.83
Dec 19, 2019 $0.09300 $15.10
Sep 19, 2019 $0.09830 $15.77
Jun 19, 2019 $0.11460 $15.53
Mar 19, 2019 $0.05100 $14.53
Dec 19, 2018 $0.02260 $13.23
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
Aug 18, 2020 $0.04040 $12.33
Dec 19, 2019 $0.32880 $15.10
Dec 19, 2018 $0.04660 $0.07410 $13.23
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 equity securities is sensitive to stock market volatility. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)6,10 as of Dec 31, 2020

Portfolio Statistics as of Dec 31, 2020

Average Market Cap $20.7B
Number of Holdings 45
 

Sector Breakdown (%)6 as of Dec 31, 2020

Sector Fund Dow Jones U.S. Select Real Estate Securities Index2
Diversified, Specialty & Other 17.37 17.47
Health Care 9.32 11.66
Hotels, Restaurants & Leisure 4.36 4.56
Industrial 12.70 15.45
Malls & Factory Outlets 4.11 3.94
Multifamily 25.86 20.34
Office 12.04 13.30
Self Storage 9.28 8.43
Strip Centers 4.88 4.84
Cash 0.07
 

Fund Holdings (%)6,11 as of Mar 31, 2021

Holding % of Net Assets
Prologis Inc 7.27%
Public Storage 5.72%
Mid-America Apartment Communities Inc 5.55%
AvalonBay Communities Inc 5.26%
Simon Property Group Inc 4.78%
Equity Residential 4.76%
Invitation Homes Inc 4.05%
EastGroup Properties Inc 3.07%
STORE Capital Corp 3.06%
Healthpeak Properties Inc 2.86%
View All

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 equity securities is sensitive to stock market volatility. Changes in real estate values or economic downturns can have a significant negative effect on issuers in the real estate industry including REITs. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

J. Scott Craig

J. Scott Craig

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

J. Scott Craig is a vice president of Eaton Vance Management and portfolio manager of the firm’s real estate equity strategies. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s real estate equity portfolios. He joined Eaton Vance in 2005.

Scott began his career in the investment management industry in 1990. Before joining Eaton Vance, he was a director of real estate equities with Northwestern Mutual Life Insurance Company. He was also affiliated with Charles E. Smith Residential Realty, Inc.

Scott earned a B.B.A. from the College of William and Mary and an MBA from the Kellogg School of Business at Northwestern University.

Education
  • B.B.A College of William and Mary
  • M.B.A Kellogg School of Business, Northwestern University

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2021

Annual Report

Download - Last updated: Dec 31, 2020

Full Prospectus

Download - Last updated: May 1, 2021

Q1 Holdings

Download - Last updated: Mar 31, 2020

Q3 Holdings

Download - Last updated: Sep 30, 2020

Holdings - Form N-PORT

Download

SAI

Download - Last updated: May 1, 2021

Semi-Annual Report

Download - Last updated: Jun 30, 2020

Summary Prospectus

Download - Last updated: May 1, 2021