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. Prior to 09/15/2023, the Fund was called Eaton Vance Special Equities Fund and employed a different principal investment strategy. Please see prospectus for more details.
 

Fund Facts as of Oct 31, 2024

Class I Inception 09/18/2023
Performance Inception 04/22/1968
Investment Objective Growth of capital
Total Net Assets $64.0M
Minimum Investment $1000000
Expense Ratio (Gross)3 1.02%
Expense Ratio (Net)3,4 0.89%
CUSIP 13161X717

Top 10 Holdings (%)5,6 as of Sep 30, 2024

AptarGroup Inc 2.99
Dorman Products Inc 2.82
Tradeweb Markets Inc 2.81
Chemed Corp 2.59
Cooper Cos Inc 2.53
Commerce Bancshares Inc/MO 2.45
CBIZ Inc 2.28
Performance Food Group Co 2.23
Equity LifeStyle Properties Inc 2.19
Wyndham Hotels & Resorts Inc 2.16
Total 25.04
 

Portfolio Management

Michael D. McLean, CFA Managed Fund since 2023
Griff Noble, CFA Managed Fund since 2023

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. Prior to 09/15/2023, the Fund was called Eaton Vance Special Equities Fund and employed a different principal investment strategy. Please see prospectus for more details.
2. Russell 2500™ Index is an unmanaged index of approximately 2,500 small- and midcap U.S. stocks. 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.
3. Source: Fund prospectus.
4. Net Expense Ratio reflects a contractual expense reimbursement that will remain in effect for a five year period from the closing date of the reorganization. Without the reimbursement, if applicable, performance would have been lower.
5. Top 10 Holdings excludes cash and equivalents.
6. 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. Prior to 09/15/2023, the Fund was called Eaton Vance Special Equities Fund and employed a different principal investment strategy. Please see prospectus for more details.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 2.03 -2.70 15.69 15.63 -4.67 28.40 13.10 19.19 -16.91 13.77
Russell 2500 Index™2 7.07 -2.90 17.59 16.81 -10.00 27.77 19.99 18.18 -18.37 17.42
 

Fund Facts

Class I Inception 09/18/2023
Performance Inception 04/22/1968
Expense Ratio (Gross)3 1.02%
Expense Ratio (Net)3,4 0.89%
Distribution Frequency
 

Morningstar Rating™ as of Oct 31, 2024

Time Period Rating Funds in
Mid-Cap Growth
Category
Overall 512
3 Years 512
5 Years 477
10 Years 380
 

NAV History

Date NAV NAV Change
Nov 20, 2024 $29.49 $0.14
Nov 19, 2024 $29.35 $0.02
Nov 18, 2024 $29.33 $0.04
Nov 15, 2024 $29.29 -$0.23
Nov 14, 2024 $29.52 -$0.25
Nov 13, 2024 $29.77 -$0.06
Nov 12, 2024 $29.83 -$0.23
Nov 11, 2024 $30.06 $0.14
Nov 08, 2024 $29.92 $0.33
Nov 07, 2024 $29.59 -$0.12

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.


2. Russell 2500™ Index is an unmanaged index of approximately 2,500 small- and midcap U.S. stocks. 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.
3. Source: Fund prospectus.
4. Net Expense Ratio reflects a contractual expense reimbursement that will remain in effect for a five year period from the closing date of the reorganization. Without the reimbursement, if applicable, performance would have been lower.
7. The Morningstar Mid-Cap Growth Category includes funds that invest in U.S. companies of all sizes or focus on mid-cap names with growth characteristics such as high earnings growth and high valuations.

Portfolio

Asset Mix (%)6,8 as of Sep 30, 2024

Portfolio Statistics as of Sep 30, 2024

Average Market Cap $10.0B
Number of Holdings 74
Price/Book Ratio 3.39
Active Share9 93.68%
 

GICS Sector Breakdown (%)6 as of Sep 30, 2024

 

Fund Holdings (%)6,10 as of Sep 30, 2024

Holding % of Net Assets
MSILF GOVERNMENT PORTFOLIO MSILF GOVERNMENT PORTFOLIO 3.10%
AptarGroup Inc 3.00%
Dorman Products Inc 2.82%
Tradeweb Markets Inc 2.82%
Chemed Corp 2.59%
Cooper Cos Inc 2.53%
Commerce Bancshares Inc/MO 2.45%
CBIZ Inc 2.28%
Performance Food Group Co 2.24%
Equity LifeStyle Properties Inc 2.19%
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.


2. Russell 2500™ Index is an unmanaged index of approximately 2,500 small- and midcap U.S. stocks. 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.
6. Percent of total net assets.
8. A delay in transaction settlement may result in a negative cash position.
9. Active Share is a measure of the differentiation of the holdings of a portfolio from the holdings of its appropriate benchmark index. It is calculated as one half of the sum of the absolute value of the differences found between the portfolio weights and the benchmark weights.
10. 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

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 and holds both the CFA Institute Certificate in ESG Investing and the Fundamentals of Sustainability Accounting FSA Credential.

Education
  • B.S. Providence College

Experience
  • Managed Fund since 2023

 
Griff Noble, CFA

Griff 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 2023

 

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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Annual Report

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Full Prospectus

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Q1 Holdings

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Q3 Holdings

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SAI

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Semi-Annual Report

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Summary Prospectus

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