Overview

Relative to traditional markets, historically this fund has had: lower volatility, limited drawdown and lower beta.1

As of 06/30/2018

  • Class A at NAV
  • S&P 500 Index
  • Bloomberg Barclays U.S. Aggregate Bond Index
  • ICE BofAML U.S. High Yield Index

Historical Returns (%) as of Jun 30, 2018

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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.
 

Fund Facts as of Aug 31, 2018

Class R Inception 04/08/2010
Performance Inception 10/31/1997
Investment Objective Total return
Total Net Assets $5.2B
Minimum Investment $1000
Expense Ratio (Gross)3 1.23%
Expense Ratio (Net)3 1.20%
CUSIP 277923314
 

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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. In emerging or frontier countries, these risks may be more significant. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund.

Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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, 2018

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. Total return prior to the commencement of the class reflects returns of another Fund class. Prior returns are adjusted to reflect applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. The share class has no sales charge.
 

Calendar Year Returns (%)

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Fund at NAV 1.70 10.75 4.31 -0.88 3.57 -0.75 2.57 2.06 3.54 3.65
ICE BofAML 3-Month U.S. Treasury Bill Index2 2.06 0.21 0.13 0.10 0.11 0.07 0.03 0.05 0.33 0.86
 

Fund Facts

Expense Ratio (Gross)3 1.23%
Expense Ratio (Net)3 1.20%
Class R Inception 04/08/2010
Performance Inception 10/31/1997
Distribution Frequency Monthly

Yield Information5 as of Aug 31, 2018

Distribution Rate at NAV 3.08%
SEC 30-day Yield 3.45%
 

Morningstar Rating™ as of Aug 31, 2018

Time Period Rating Funds in
Nontraditional Bond
Category
Overall *** 288
3 Years ** 288
5 Years *** 178
10 Years * 52
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.

©2018 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 19, 2018 $8.73 -$0.01
Sep 18, 2018 $8.74 $0.00
Sep 17, 2018 $8.74 $0.00
Sep 14, 2018 $8.74 $0.02
Sep 13, 2018 $8.72 $0.02
Sep 12, 2018 $8.70 -$0.01
Sep 11, 2018 $8.71 $0.00
Sep 10, 2018 $8.71 -$0.02
Sep 07, 2018 $8.73 $0.02
Sep 06, 2018 $8.71 -$0.01
 

Distribution History6

Ex-Date Distribution Reinvest NAV
Aug 30, 2018 $0.02240 $8.74
Jul 30, 2018 $0.02240 $8.86
Jun 28, 2018 $0.02240 $8.86
May 30, 2018 $0.02230 $8.95
Apr 27, 2018 $0.02230 $9.02
Mar 28, 2018 $0.02230 $9.09
Feb 27, 2018 $0.02230 $9.12
Jan 30, 2018 $0.02220 $9.19
Dec 28, 2017 $0.02230 $9.14
Nov 29, 2017 $0.02230 $9.17
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 History6

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. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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. In emerging or frontier countries, these risks may be more significant. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund.

Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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

Portfolio Statistics as of Aug 31, 2018

Countries Represented 66

Credit Quality (%)7 as of Aug 31, 2018

AAA 29.85
AA 3.84
A 8.63
BBB 6.17
BB 18.31
B 32.18
CCC or Lower 0.63
Not Rated 0.40
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.
 

Foreign Currency Exposure (%)8 as of Aug 31, 2018

Serbia 8.96
Egypt 4.73
Sri Lanka 4.28
Nigeria 4.14
Iceland 3.98
China -3.46
Bahrain -3.63
United Arab Emirates -3.69
New Zealand -3.88
Oman -5.36
View All

Credit Exposures by Country (contribution to credit spread duration in years)9 as of Aug 31, 2018

Argentina 0.17
Turkey 0.14
El Salvador 0.14
South Africa -0.11
Russia -0.11
Mexico -0.14
Qatar -0.15
Colombia -0.18
France -0.24
Malaysia -0.31
View All
 

Interest-Rate Exposures by Country (contribution to interest-rate duration in years)10 as of Aug 31, 2018

Serbia 0.35
Poland 0.30
United States 0.27
South Korea 0.22
Iceland 0.16
Canada 0.14
Saudi Arabia -0.14
Hungary -0.29
Euro -0.47
Japan -0.76
View All
 

Aggregate Exposure11 as of Aug 31, 2018

Foreign Currency (%) Credit (yrs.) Interest Rate (yrs.)
Long 50.92 0.74 2.08
Short -34.94 -1.30 -1.90
Net 15.98 -0.56 0.18

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund primarily invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund and may also invest directly. References to investments are to the aggregate holdings of the Fund and the Portfolio.

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 Fund employs an "absolute return" investment approach, benchmarking itself to an index of cash instruments and seeking to achieve returns that are largely independent of broad movements in stocks and bonds. 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. In emerging or frontier countries, these risks may be more significant. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honor its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. As interest rates rise, the value of certain income investments is likely to decline. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, including weather, embargoes, tariffs, or health, political, international and regulatory developments. Because the Fund may invest significantly in a particular geographic region or country, value of Fund shares may fluctuate more than a fund with less exposure to such areas. A nondiversified fund may be subject to greater risk by investing in a smaller number of investments than a diversified fund.

Investments rated below investment grade (sometimes referred to as "junk") are typically subject to greater price volatility and illiquidity than higher rated investments. 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

John R. Baur

John R. Baur

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

John Baur is a vice president of Eaton Vance Management, director of global portfolio analysis and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. He joined Eaton Vance in 2005.

John began his career in the investment management industry in 2005. Before joining Eaton Vance, he was employed by Applied Materials in an engineering capacity, spending five of his seven years at the firm in Asia.

John earned a B.S. from MIT and an MBA from the Johnson Graduate School of Management at Cornell University.

Education
  • B.S. Massachusetts Institute of Technology
  • M.B.A. Johnson Graduate School of Management, Cornell University

Experience
  • Managed Fund since 2008

 
Michael A. Cirami, CFA

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Biography

Michael Cirami is a vice president of Eaton Vance Management, co-director of global income and portfolio manager on Eaton Vance's global income team. He is responsible for leading the 55-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm's global income strategies. Michael focuses on emerging Europe, the Middle East and Africa. He joined Eaton Vance in 2003.

Michael began his career in the investment management industry in 1998. Before joining Eaton Vance, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.

Michael earned a B.S., cum laude, from Mary Washington College and an MBA with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. He also serves as a board member and chairman of the investment committee of the Boston Civic Symphony and the University of Mary Washington Foundation. Additionally, he is on the board of overseers for the New England Conservatory. He is a CFA charterholder.

Michael's commentary has appeared in The Wall Street Journal, Barron's, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester

Experience
  • Managed Fund since 2008

 
Eric Stein, CFA

Eric Stein, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2002; rejoined the firm in 2008

Biography

Eric Stein is a vice president of Eaton Vance Management, co-director of global income and portfolio manager in Eaton Vance's global income group. He is responsible for leading the entire 55-person global income team with investment professionals based in Boston, London, Frankfurt and Singapore, as well as for making specific buy and sell decisions and overall portfolio construction. He focuses on Asia, Western Europe and the Dollar Bloc. He also covers the policies and actions of the Federal Reserve and the U.S. Treasury. He originally joined Eaton Vance in 2002 and rejoined the company in 2008.

Eric previously worked on the Markets Desk of the Federal Reserve Bank of New York. He has additional experience at Citigroup Alternative Investments.

Eric earned a B.S., cum laude, from Boston University and an MBA, with honors, from the University of Chicago Booth School of Business. He is a term member of the Council on Foreign Relations. He is also a CFA charterholder and a member of the Boston Committee on Foreign Relations, Boston Economic Club, Business Associates Club, Enterprise Club, AEI Boston Council and the CFA Society Boston. Eric is on the board of overseers of Big Brothers Big Sisters of Massachusetts Bay, where he is also a member of the finance and audit committee.

Eric's commentary has appeared in The New York Times, The Wall Street Journal, Barron's, Financial Times, The Washington Post, Bloomberg, Dow Jones, Reuters, Kiplinger's and The Christian Science Monitor. He has been featured on CNBC, Fox News, Fox Business News, PBS, Bloomberg Radio and Bloomberg TV.

Education
  • B.S. Boston University
  • M.B.A. Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2010

 

Literature

Literature

Fact Sheet

Download - Last updated: Jun 30, 2018

Commentary

Download - Last updated: Jun 30, 2018

Attribution

Download - Last updated: Jun 30, 2018

Monthly Update

Download - Last updated: Aug 31, 2018

Annual Report

Download - Last updated: Oct 31, 2017

Full Prospectus

Download - Last updated: Mar 1, 2018

Global Macro Absolute Return Holdings

Download - Last updated: Jul 31, 2018

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

Download

Proxy Statement

Download - Last updated: Aug 2, 2018

SAI

Download - Last updated: Mar 1, 2018

Semi-Annual Report

Download - Last updated: Apr 30, 2018

Summary Prospectus

Download - Last updated: Mar 1, 2018

XBRL

Download - Last updated: Mar 15, 2018