Overview

Historical Returns (%) as of Sep 30, 2024

10/31/202409/30/2024
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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Fund Facts as of Oct 31, 2024

Class I Inception 05/31/2007
Investment Objective Long-term capital appreciation
Total Net Assets $351.3M
Minimum Investment $1000000
Expense Ratio2 1.08%
CUSIP 131649857

Top 10 Holdings (%)3,4 as of Sep 30, 2024

CAR Group Ltd 2.00
JTC PLC 1.98
Diploma PLC 1.95
Sanwa Holdings Corp 1.70
Euronext NV 1.69
Volution Group PLC 1.69
IMCD NV 1.65
BayCurrent Inc 1.61
Games Workshop Group PLC 1.60
Greggs PLC 1.59
Total 17.46
 

Portfolio Management

Aidan M. Farrell Managed Fund since 2016
Allen Mayer, ACA, CFA Managed Fund since 2024

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. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Top 10 Holdings excludes cash and equivalents.
4. Percent of total net assets.

Performance

Historical Returns (%) as of Sep 30, 2024

10/31/202409/30/2024
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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV -4.21 2.29 0.95 38.51 -14.59 26.10 14.04 13.88 -26.68 12.92
MSCI EAFE Small/Mid Cap Index1 -3.31 6.61 1.32 30.78 -16.95 24.37 11.34 8.76 -20.82 15.05
 

Fund Facts

Class I Inception 05/31/2007
Expense Ratio2 1.08%
Distribution Frequency Annually

Risk Measures (3 Year)6 as of Oct 31, 2024

Alpha (%) -3.59
Beta 1.11
Information Ratio -0.69
R-Squared (%) 93.58
Standard Deviation (%) 21.50
Sharpe Ratio -0.45
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Foreign Small/Mid Growth
Category
Overall 121
3 Years 121
5 Years 112
10 Years 77
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.

©2024 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
Nov 20, 2024 $16.87 -$0.11
Nov 19, 2024 $16.98 -$0.04
Nov 18, 2024 $17.02 $0.06
Nov 15, 2024 $16.96 -$0.06
Nov 14, 2024 $17.02 $0.01
Nov 13, 2024 $17.01 -$0.13
Nov 12, 2024 $17.14 -$0.30
Nov 11, 2024 $17.44 $0.02
Nov 08, 2024 $17.42 -$0.12
Nov 07, 2024 $17.54 $0.30
 

Distribution History7

Ex-Date Distribution Reinvest NAV
Dec 21, 2023 $0.30140 $16.84
Dec 22, 2022 $0.09390 $15.21
Dec 21, 2021 $0.32200 $20.37
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 History7

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 21, 2021 $1.29490 $20.37
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. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
5. The Morningstar Foreign Small/Mid Growth Category includes funds that invest in international stocks that are smaller, growing faster, and higher-priced than other stocks.
6. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
7. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)4 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Number of Holdings 96
 

GICS Sector Breakdown (%)4 as of Sep 30, 2024

Assets by Country (%)4 as of Sep 30, 2024

Japan 26.48
United Kingdom 24.23
Australia 8.12
Italy 7.77
Sweden 6.03
Netherlands 5.23
Canada 4.03
Germany 3.06
Belgium 2.56
Switzerland 2.21
Total 100.00
View All
 

Geographic Mix (%)4 as of Sep 30, 2024

Europe 59.37
Asia/Pacific 36.30
North America 4.03
Cash & Other Assets 0.30
Total 100.00
 

Fund Holdings (%)4,8 as of Sep 30, 2024

Holding % of Net Assets
CAR Group Ltd 1.97%
JTC PLC 1.95%
Diploma PLC 1.93%
Sanwa Holdings Corp 1.68%
Euronext NV 1.67%
Volution Group PLC 1.67%
IMCD NV 1.62%
BayCurrent Inc 1.59%
Games Workshop Group PLC 1.58%
Greggs PLC 1.57%
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. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. 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.

See the Fund's prospectus for information related to a primary benchmark index selected (if applicable) to comply with a regulation that requires the Fund's primary benchmark to represent the overall applicable market.


1. MSCI EAFE Small/Mid Cap Index is an unmanaged index of small & mid-capitalization equities in the developed markets, excluding the U.S. and Canada. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
4. Percent of total net assets.
8. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Aidan M. Farrell

Aidan M. Farrell

Managing Director, Co-Head of Non-US Small/Mid Cap
Joined Eaton Vance 2015

Biography

Aidan is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance Non-U.S. Small/Mid Cap team. He is responsible for managing global and international small-cap equity portfolios, leading a team of analysts. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Aidan began his career in the investment management industry in 1996. Before joining Eaton Vance, he was managing director and a lead portfolio manager for Goldman Sachs Asset Management (GSAM). Prior to June 2008, he served as a director of European equities for Investment Insight (formerly the asset management arm of Halifax Bank of Scotland).

Aidan earned a B.A. in economics from the University College Dublin and a postgraduate diploma in business studies from the University College Dublin Michael Smurfit Graduate Business School. Aidan is an associate of the CFA Society of the UK.

Education
  • B.A. University College Dublin
  • Pg.Dip. University College Dublin

Experience
  • Managed Fund since 2016

 

Allen Mayer, ACA, CFA

Executive Director, Analyst

Biography

Allen is an executive director of Morgan Stanley and an analyst on the Eaton Vance Non-U.S. Small/Mid Cap team. He is responsible for providing multisector coverage across European and selected international markets for global small-cap portfolios.

He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021. Allen began his career in the investment management industry in 2012. Before joining Eaton Vance, he was an executive director and equity analyst at Goldman Sachs Asset Management. He was previously affiliated with PricewaterhouseCoopers.

Allen earned a B.Sc. in business administration from the University of Bath and an MBA from the London Business School. He holds the Associate Chartered Accountant (ACA) designation and is a CFA charterholder.

Education
  • B.Sc. University of Bath
  • M.B.A. London Business School

Experience
  • Managed Fund since 2024

 

Literature

Literature

Fact Sheet

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Annual Financial Statements and Add'l Information

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Semi-Annual Financial Statements and Add'l Information

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Commentary

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Attribution

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Annual Report

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Estimated Year-End Distributions

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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Holdings - Form N-PORT

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SAI

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Semi-Annual Report

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Summary Prospectus

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