Overview

Global Macro Capital Opportunities Hero Image

Broad equity markets within countries that have experienced an increase in economic freedom have outperformed those with decreasing economic freedom both over time and during down markets.1

  • Increasing Economic Freedom
  • Decreasing Economic Freedom

Historical Returns (%) as of Sep 30, 2019

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 the Global Macro Capital Opportunities Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Prior to 5/2/17, Fund was called Eaton Vance Global Macro Capital Opportunities Fund. Max Sales Charge: 5.75%.
 

Fund Facts as of Sep 30, 2019

Class A Inception 11/03/2014
Performance Inception 11/01/2013
Investment Objective Total return
Total Net Assets $168.1M
Minimum Investment $1000
Expense Ratio (Gross)4 1.67%
Expense Ratio (Net)4,5 1.65%
CUSIP 27826A789

Top 10 Holdings (%)6 as of Sep 30, 2019

Taiwan Semiconductor Manufacturing 2.7
National Bank of Kuwait 2.5
Komercijalna Banka Ad Beograd 2.4
Kuwait Finance House 2.1
Tencent Holdings Ltd 2.1
Commercial International Bank 2.0
Ukraine GDP-Linked Security 5/31/2040 2.0
Alibaba Group Holding ADR Represen 1.6
Samsung Electronics Ltd 1.5
TBC Bank Group PLC 1.5
Total 20.4
 

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 value of equity securities is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks will generally decline. 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. 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. 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. 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. 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 Sep 30, 2019

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 the Global Macro Capital Opportunities Portfolio, the separate registered investment company in which the Fund invests. Prior returns are adjusted to reflect any applicable sales charge (but were not adjusted for other expenses). If adjusted for other expenses, returns would be lower. Prior to 5/2/17, Fund was called Eaton Vance Global Macro Capital Opportunities Fund. Max Sales Charge: 5.75%.
 

Calendar Year Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV -5.50 -13.46 8.23 31.21 -14.76
MSCI Emerging Markets Index2 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19 37.28 -14.58
MSCI Frontier Markets Index3 11.61 23.75 -18.73 8.85 25.89 6.84 -14.46 2.66 31.86 -16.41
50% MSCI Emerging Markets Index / 50% MSCI Frontier Markets Index 42.11 21.40 -18.25 13.76 10.95 2.51 -14.59 7.16 34.61 -15.38
 

Fund Facts

Expense Ratio (Gross)4 1.67%
Expense Ratio (Net)4,5 1.65%
Class A Inception 11/03/2014
Performance Inception 11/01/2013

Risk Measures (3 Year)7 as of Sep 30, 2019

Alpha (%) -0.12
Beta 0.75
Standard Deviation (%) 11.03
Sharpe Ratio 0.26
Downside Market Capture Ratio 80.97
 

Morningstar Rating™ as of Sep 30, 2019

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall 701
3 Years 701
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.

©2019 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 16, 2019 $9.98 $0.05
Oct 15, 2019 $9.93 $0.04
Oct 14, 2019 $9.89 $0.00
Oct 11, 2019 $9.89 $0.10
Oct 10, 2019 $9.79 $0.04
Oct 09, 2019 $9.75 $0.02
Oct 08, 2019 $9.73 -$0.01
Oct 07, 2019 $9.74 -$0.04
Oct 04, 2019 $9.78 $0.03
Oct 03, 2019 $9.75 $0.05
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 27, 2018 $0.26200 $9.33
Dec 28, 2016 $0.02940 $8.57
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

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 value of equity securities is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks will generally decline. 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. 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. 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. 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. 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 Sep 30, 2019

Number of Countries 22
Emerging-Market Exposure 64.3%
Frontier-Market Exposure 27.9%
Off-Index Exposure 7.7%
Active Share9 60.89%

GICS Sector Breakdown (%)6 as of Sep 30, 2019

 

Assets by Country (%)11 as of Sep 30, 2019

Fund Blended Benchmark
China 10.87 15.95
Vietnam 10.01 9.53
Brazil 8.58 3.78
Kuwait 7.90 15.12
Egypt 7.59 0.08
Taiwan 7.44 5.74
India 5.80 4.43
MSCI EM Future 5.25
South Korea 4.99 6.08
Serbia 4.77 0.10
View All
 

Fund Holdings (%)11,12 as of Aug 31, 2019

Holding % of Net Assets
Chinese Yuan 16.35%
EV Cash Reserves Fund LLC 5.60%
National Bank of Kuwait SAKP 3.40%
Kuwait Finance House KSCP 3.03%
Komercijalna Banka AD Beograd 2.93%
Taiwan Semiconductor Manufacturing Co Ltd 2.82%
Tencent Holdings Ltd 2.58%
Commercial International Bank Egypt SAE 2.58%
Samsung Electronics Co Ltd 2.45%
Alibaba Group Holding Ltd 2.16%
View All

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 value of equity securities is sensitive to stock market volatility. When interest rates rise, the value of preferred stocks will generally decline. 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. 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. 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. 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. 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

Marshall L. Stocker, Ph.D., CFA

Marshall L. Stocker, Ph.D., CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2013

Biography

Marshall L. Stocker is a vice president of Eaton Vance Management, director of country research and portfolio manager on Eaton Vance's global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for equity assets managed by the global income team, including an equity fund investing in emerging and frontier markets. As director of country research, he leads a team focused on analyzing country-level political-economic policies. He joined Eaton Vance in 2013.

Marshall began his career in the investment management industry in 1999. Before joining Eaton Vance, he served as co-founder and managing member of Emergent Property Advisors, LLC. Previously, Marshall was a portfolio manager with Choate Investment Advisors and Sanderson & Stocker.

Marshall earned a B.S. and an MBA from Cornell University, where he was a Park Leadership Fellow, and a Ph.D in economics at Universidad Francisco Marroquin. He is also a CFA charterholder and is conversant in German and Arabic. He is a benefactor of the Cato Institute, Foundation for Economic Education and the Atlas Network. In 2017, he became a member of the Mont Pelerin Society.

Marshall's commentary has appeared in The New York Times, The Wall Street Journal, Barron's, Financial Times and The Washington Post and Bloomberg. He has also been featured on Bloomberg Radio, Fox Business News and Nikkei CNBC Japan.

Education
  • B.S. Cornell University
  • M.B.A. Cornell University
  • Ph.D. Universidad Francisco Marroquin

Experience
  • Managed Fund since inception

 
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 inception

 
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 inception

 
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 began his career in the investment management industry with Eaton Vance in 2002. 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 inception

 

Literature

Literature

Attribution

Download - Last updated: Jul 31, 2019

Annual Report

Download - Last updated: Oct 31, 2018

Full Prospectus

Download - Last updated: Mar 1, 2019

Global Macro Capital Opportunities Portfolio

Download - Last updated: Aug 31, 2019

Holdings-1st or 3rd fiscal quarters-www.sec.gov (beginning 3/31/2019)

Download

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

Download

SAI

Download - Last updated: Mar 1, 2019

Semi-Annual Report

Download - Last updated: Apr 30, 2019

Summary Prospectus

Download - Last updated: Mar 1, 2019

XBRL

Download - Last updated: Mar 14, 2019