Overview

Historical Returns (%) as of Sep 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. The share class has no sales charge.
 

Fund Facts as of Aug 31, 2022

Performance Inception 07/26/1985
Investment Objective Long-term capital growth
Total Net Assets $1.0B
Expense Ratio (Gross)2,3 1.42%
Expense Ratio (Net)2,3 1.41%
CUSIP 277902672

Top 10 Holdings (%)4,5 as of Jun 30, 2022

Johnson & Johnson 8.61
UnitedHealth Group Inc 7.94
AbbVie Inc 6.20
Eli Lilly & Co 5.52
Roche Holding AG 5.07
Thermo Fisher Scientific Inc 4.62
AstraZeneca PLC 4.55
Novo Nordisk A/S 4.28
Bristol-Myers Squibb Co 4.03
Danaher Corp 3.70
Total 54.51
 

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. 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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. The share class has no sales charge.
 

Calendar Year Returns (%)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 15.22 44.20 27.10 8.06 -15.12 15.94 5.82 25.64 12.73 21.83
MSCI World Health Care Index1 17.54 36.27 18.10 6.60 -6.81 19.80 2.51 23.24 13.52 19.80
 

Fund Facts

Expense Ratio (Gross)2,3 1.42%
Expense Ratio (Net)2,3 1.41%
Performance Inception 07/26/1985
Distribution Frequency Annually

Risk Measures (3 Year)7 as of Sep 30, 2022

Alpha (%) -0.83
Beta 1.02
R-Squared (%) 96.53
Standard Deviation (%) 16.53
Sharpe Ratio 0.46
 

Morningstar Rating™ as of Aug 31, 2022

Time Period Rating Funds in
Health
Category
Overall 151
3 Years 151
5 Years 132
10 Years 109
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
Oct 05, 2022 $13.51 $0.00
Oct 04, 2022 $13.51 $0.35
Oct 03, 2022 $13.16 $0.24
Sep 30, 2022 $12.92 -$0.16
Sep 29, 2022 $13.08 -$0.12
Sep 28, 2022 $13.20 $0.36
Sep 27, 2022 $12.84 $0.00
Sep 26, 2022 $12.84 -$0.18
Sep 23, 2022 $13.02 -$0.11
Sep 22, 2022 $13.13 $0.01
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 10, 2020 $0.02650 $13.80
Dec 03, 2019 $0.03410 $12.71
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
Dec 09, 2021 $0.22650 $0.93850 $15.07
Dec 10, 2020 $0.07620 $0.81290 $13.80
Dec 03, 2019 $0.05370 $0.54180 $12.71
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. 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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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 (%)5,9 as of Jun 30, 2022

Portfolio Statistics as of Jun 30, 2022

Number of Holdings 49
Active Share10 45.03%
 

Sector Breakdown (%)5 as of Jun 30, 2022

Sector Fund MSCI World Health Care Index1
Biotech 11.33 13.53
Health Care Distributors 1.90 1.44
Health Care Equipment 13.27 15.07
Health Care Facilities 0.00 0.82
Health Care Services 1.92 4.06
Health Care Supplies 2.74 1.79
Health Care Technology 1.34 0.66
Life Sciences Tools & Services 11.67 10.13
Managed Health Care 10.62 10.43
Pharma 44.61 42.08
Other 0.44 0.00
Cash 0.17 0.00

Assets by Country (%)5 as of Jun 30, 2022

United States 77.81
United Kingdom 5.42
Switzerland 4.40
Denmark 4.28
France 3.52
Australia 1.79
Japan 1.71
Netherlands 0.54
New Zealand 0.36
Cash & Other Assets 0.17
Total 100.00
 

Geographic Mix (%)5 as of Jun 30, 2022

North America 77.81
Europe 18.16
Asia/Pacific 3.86
Cash & Other Assets 0.17
Total 100.00
 

Fund Holdings (%)5,11 as of Aug 31, 2022

Holding % of Net Assets
UnitedHealth Group Inc 8.34%
Johnson & Johnson 7.36%
AbbVie Inc 5.66%
Roche Holding AG 5.08%
Eli Lilly & Co 5.08%
Thermo Fisher Scientific Inc 4.82%
AstraZeneca PLC 4.43%
Danaher Corp 4.40%
Novo Nordisk A/S 4.36%
Bristol-Myers Squibb Co 3.66%
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. 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. 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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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

Jason Kritzer, CFA

Jason Kritzer, CFA

Executive Director, Portfolio Manager, Analyst
Joined Eaton Vance 2012

Biography

Jason is an executive director of Morgan Stanley. He is a portfolio manager and an analyst on the Eaton Vance Value team. As a portfolio manager, he is responsible for buy and sell decisions, portfolio construction and risk management for health care portfolios. As an analyst, he is responsible for coverage of the pharmaceutical and biotechnology industries. He joined Eaton Vance in 2012. Morgan Stanley acquired Eaton Vance in March 2021.

Jason began his career in the investment management industry in 1999. He was previously affiliated with BlackRock, Inc. as a director and equity analyst covering the health care sector, and Putnam Investments as an equity research analyst covering health care, technology and business services. Prior to the investment management industry, Jason worked in the computer industry for Digital Equipment Corporation.

Jason earned a B.S.B.A. from Boston University, School of Management and an MBA from Columbia University, School of Business. He is a member of the Columbia Business School Ambassador Program. He is a CFA charterholder.

Education
  • B.S.B.A. Boston University
  • M.B.A. Columbia University

Experience
  • Managed Fund since 2016

 
Samantha Pandolfi, CFA

Samantha Pandolfi, CFA

Managing Director, Portfolio Manager, Analyst
Joined Eaton Vance 2015

Biography

Samantha is a managing director of Morgan Stanley. She is a portfolio manager and an analyst on the Eaton Vance Global team. As a portfolio manager, she is responsible for buy and sell decisions, portfolio construction and risk management for health care portfolios. She is primarily responsible for covering the health care sector for global large-cap and small-cap portfolios. She joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Samantha began her career in the investment management industry in 2000. Before joining Eaton Vance, she was an executive director and European and global health care portfolio manager at Goldman Sachs Asset Management (GSAM) for 15 years. She has also covered apparel/luxury goods, support services, leisure and cosmetics.

Samantha earned a J.D. from Universita' degli Studi La Sapienze and an MBA from INSEAD. She is a CFA charterholder.

Education
  • M.B.A. INSEAD
  • J.D. Universita' degli Studi La Sapienze

Experience
  • Managed Fund since 2016

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Jun 30, 2022

Annual Report

Download Annual Report - Last updated: Aug 31, 2021

Full Prospectus

Download Full Prospectus - Last updated: Jan 1, 2022

Q1 Holdings

Download Q1 Holdings - Last updated: Nov 30, 2021

Q3 Holdings

Download Q3 Holdings - Last updated: May 31, 2022

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Jan 1, 2022

Semi-Annual Report

Download Semi-Annual Report - Last updated: Feb 28, 2022

Summary Prospectus

Download Summary Prospectus - Last updated: Jan 1, 2022