Overview

Historical Returns (%) as of Jun 30, 2022

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. Max Sales Charge: 1%.
 

Fund Facts as of Aug 31, 2022

Performance Inception 04/22/1968
Investment Objective Growth of capital
Total Net Assets $52.9M
Minimum Investment $1000
Expense Ratio (Gross)3,4 1.93%
Expense Ratio (Net)3,4 1.93%
CUSIP 277905709

Top 10 Holdings (%)5,6 as of Jun 30, 2022

Performance Food Group Co 3.20
Dorman Products Inc 2.65
CBIZ Inc 2.52
Selective Insurance Group Inc 2.44
R1 RCM Inc 2.35
W R Berkley Corp 2.33
SouthState Corp 2.25
Valvoline Inc 2.22
Commerce Bancshares Inc/MO 2.12
Ryan Specialty Holdings Inc 2.05
Total 24.13
 

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

RISK CONSIDERATIONS 

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. 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 Jun 30, 2022

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. Max Sales Charge: 1%.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 5.77 35.59 1.01 -3.68 14.57 14.46 -5.66 27.14 12.00 18.02
Russell 2500™ Index2 17.88 36.80 7.07 -2.90 17.59 16.81 -10.00 27.77 19.99 18.18
 

Fund Facts

Expense Ratio (Gross)3,4 1.93%
Expense Ratio (Net)3,4 1.93%
Performance Inception 04/22/1968
Distribution Frequency Annually

Risk Measures (3 Year)8 as of Aug 31, 2022

Alpha (%) -3.49
Beta 0.81
R-Squared (%) 92.45
Standard Deviation (%) 20.11
Sharpe Ratio 0.18
 

Morningstar Rating™ as of Aug 31, 2022

Time Period Rating Funds in
Mid-Cap Growth
Category
Overall 533
3 Years 533
5 Years 489
10 Years 379
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.

©2022 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
Sep 30, 2022 $17.32 -$0.14
Sep 29, 2022 $17.46 -$0.29
Sep 28, 2022 $17.75 $0.36
Sep 27, 2022 $17.39 -$0.07
Sep 26, 2022 $17.46 -$0.19
Sep 23, 2022 $17.65 -$0.26
Sep 22, 2022 $17.91 -$0.37
Sep 21, 2022 $18.28 -$0.21
Sep 20, 2022 $18.49 -$0.31
Sep 19, 2022 $18.80 $0.17
 

Distribution History9

Ex-Date Distribution Reinvest NAV
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
Dec 07, 2021 $0.98150 $2.71920 $22.39
Dec 08, 2020 $0.51810 $21.91
Aug 18, 2020 $0.02120 $0.19060 $19.94
Dec 05, 2019 $0.18080 $0.65320 $20.62
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.

RISK CONSIDERATIONS 

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. 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 Jun 30, 2022

Portfolio Statistics as of Jun 30, 2022

Average Market Cap $6.6B
Price/Earnings Ratio 19.18
Number of Holdings 75
Price/Book Ratio 2.86
Active Share11 93.97%
 

GICS Sector Breakdown (%)6 as of Jun 30, 2022

 

Fund Holdings (%)6,12 as of Jul 31, 2022

Holding % of Net Assets
Performance Food Group Co 3.02%
CBIZ Inc 2.67%
R1 RCM Inc 2.60%
Valvoline Inc 2.30%
SouthState Corp 2.30%
Dorman Products Inc 2.12%
Ryan Specialty Holdings Inc 2.10%
Commerce Bancshares Inc/MO 2.08%
M&T Bank Corp 2.06%
Altair Engineering Inc 1.97%
View All

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

RISK CONSIDERATIONS 

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. 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. Griffith Noble, CFA

J. Griffith Noble, CFA

Managing Director, Co-Head of US Small/Mid Cap
Joined Eaton Vance 2012

Biography

Griff is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance U.S. Small/Midcap team and a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for U.S. small- and midcap equity portfolios as well as coverage of the energy and industrials sectors. He is also a vice president and portfolio manager for Calvert Research and Management. He joined Eaton Vance in 2012. Morgan Stanley acquired Eaton Vance in March 2021.

Griff began his career in the investment management industry in 1996. Before joining Eaton Vance, he was an equity analyst with BlackRock, Inc. He was previously affiliated with Byram Capital Management, Emerson Investment Management, Deutsche Asset Management and Putnam Investments.

Griff earned a B.S. from the University of Vermont and an MBA from Babson College. He is a member of CFA Society Boston and is a CFA charterholder.

Education
  • B.S. University of Vermont
  • M.B.A. Babson College

Experience
  • Managed Fund since 2015

 
Michael D. McLean, CFA

Michael D. McLean, CFA

Managing Director, Co-Head of US Small/Mid Cap
Joined Eaton Vance 2001

Biography

Mike is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance U.S. Small/Midcap team and a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for U.S. small- and midcap equity portfolios as well as coverage of the consumer discretionary and consumer staples sectors. He is also a vice president and portfolio manager for Calvert Research and Management. He began his career in the investment management industry with Eaton Vance in 2001. Morgan Stanley acquired Eaton Vance in March 2021.

Mike earned a B.S. from Providence College. He is a CFA charterholder.

Education
  • B.S. Providence College

Experience
  • Managed Fund since 2015

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2022

Annual Report

Download Annual Report - Last updated: Dec 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: May 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Mar 31, 2022

Q3 Holdings

Download Q3 Holdings - Last updated: Sep 30, 2021

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: May 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Jun 30, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: May 1, 2022