Overview

Historical Returns (%)

Past performance is no guarantee of future results.

as of Jun 30, 2022

 

Fund Facts as of Aug 31, 2022

Class S Inc (Q) USD Inception 12/16/2020
Investment Objective Total return
Total Net Assets of Fund $279.8M
Minimum Investment $5000000

Fund Codes

CUSIP G29217166
ISIN IE00BJ9ML068
SEDOL BJ9ML06
Valor Number 49584945
Wertpapierkennnummer N/A
 

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.

The Fund is actively managed in reference to J.P. Morgan EMB (JEMB) Hard Currency/Local currency 50-50 (the "Index"). The Fund does not intend to track the Index. The Investment Adviser has discretion in its choices of investments and may invest in instruments which are not included in the Index, and it is generally expected that a significant portion of its investments will be non-Index constituents at any given time. The Fund targets a tracking error relative to the Index of between 300 and 600 basis points and a 200 to 300 basis point return above the Index and the Investment Adviser has also set guidelines in respect of volatility, correlation and beta relative to the Index.
The investment objective of the Fund is to generate total return. Total return is defined as income plus capital appreciation. The Fund will be actively managed and seeks its investment objective by investing in instruments to establish long and short investment exposures to emerging markets. The Fund will invest at least 80% of its Net Asset Value in: (i) fixed income securities issued by emerging market entities or emerging market sovereign nations; and/or (ii) derivative instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. The Fund will invest in fixed income securities listed, traded or dealt on Recognised Markets (such as sovereign bonds and debentures, mortgage-backed securities ("MBS") and asset-backed securities, convertible debt securities (which may embed derivatives), contingent convertible bonds ("CoCos"), municipal obligations, corporate bonds and debentures, fixed-income and floating rate debt securities and participation notes (such participation notes may be listed or unlisted and the Fund will invest no more than 10% of its Net Asset Value in participation notes.

This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.

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. 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 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. 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 non-diversified 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. 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 (%)

Past performance is no guarantee of future results.

as of Jun 30, 2022

 

Calendar Year Returns (%)

Past performance is no guarantee of future results.

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 2.44
J.P. Morgan EMB (JEMB) Hard Currency/Local currency 50-501 -5.96 0.14 -7.11 10.06 12.15 -4.50 13.84 4.49 -4.65
 

Fund Facts

Class S Inc (Q) USD Inception 12/16/2020
 

NAV History

Date NAV NAV Change
Sep 23, 2022 $7.84 -$0.06
Sep 22, 2022 $7.90 -$0.01
Sep 21, 2022 $7.91 $0.00
Sep 20, 2022 $7.91 -$0.01
Sep 19, 2022 $7.92 $0.00
Sep 16, 2022 $7.92 -$0.19
Sep 15, 2022 $8.11 -$0.01
Sep 14, 2022 $8.12 -$0.03
Sep 13, 2022 $8.15 -$0.02
Sep 12, 2022 $8.17 $0.02

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.

The Fund is actively managed in reference to J.P. Morgan EMB (JEMB) Hard Currency/Local currency 50-50 (the "Index"). The Fund does not intend to track the Index. The Investment Adviser has discretion in its choices of investments and may invest in instruments which are not included in the Index, and it is generally expected that a significant portion of its investments will be non-Index constituents at any given time. The Fund targets a tracking error relative to the Index of between 300 and 600 basis points and a 200 to 300 basis point return above the Index and the Investment Adviser has also set guidelines in respect of volatility, correlation and beta relative to the Index.
The investment objective of the Fund is to generate total return. Total return is defined as income plus capital appreciation. The Fund will be actively managed and seeks its investment objective by investing in instruments to establish long and short investment exposures to emerging markets. The Fund will invest at least 80% of its Net Asset Value in: (i) fixed income securities issued by emerging market entities or emerging market sovereign nations; and/or (ii) derivative instruments denominated in or based on the currencies, interest rates, or issues of emerging market countries. The Fund will invest in fixed income securities listed, traded or dealt on Recognised Markets (such as sovereign bonds and debentures, mortgage-backed securities ("MBS") and asset-backed securities, convertible debt securities (which may embed derivatives), contingent convertible bonds ("CoCos"), municipal obligations, corporate bonds and debentures, fixed-income and floating rate debt securities and participation notes (such participation notes may be listed or unlisted and the Fund will invest no more than 10% of its Net Asset Value in participation notes.

This Fund is classified as an Article 8 product under the Sustainable Finance Disclosure Regulation. Article 8 products are those which promote environmental or social characteristics and which integrate sustainability into the investment process in a binding manner.

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. 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 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. 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 non-diversified 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. 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

Fund Weightings (%)2 as of Aug 31, 2022

Local Sovereign 27.82
Corporate 26.08
External Sovereign 21.62
Loan 1.93

Portfolio Statistics as of Aug 31, 2022

Countries Represented 56
 

Credit Quality (%)3 as of Aug 31, 2022

AAA 16.06
AA 0.00
A 4.71
BBB 10.10
BB 23.12
B 30.24
CCC or Lower 11.46
Not Rated 4.33
Total 100.00

Portfolio Characteristics (%) as of Aug 31, 2022

Foreign Currency Exposure (%) 29.03
Interest-Rate Duration (yrs.)
Emerging Markets 3.99
United States 0.06
Credit Spread Duration (yrs.)
Sovereign 1.35
Corporate 0.86
 

Foreign Currency Exposure (%)4 as of Aug 31, 2022

Singapore 2.84
Ukraine 2.78
Peru 2.54
Dominican Republic 2.49
Serbia 2.03
Uruguay 1.98
Zambia 1.90
Uganda 1.90
Kazakhstan 1.81
Uzbekistan 1.78
View All

Credit Exposures by Country (contribution to credit spread duration in years) as of Aug 31, 2022

Egypt 0.20
Ivory Coast 0.16
Suriname 0.15
Romania 0.12
Benin 0.11
Honduras 0.10
Jordan 0.08
Oman 0.08
Tanzania 0.07
Dominican Republic 0.06
View All
 

Interest-Rate Exposures by Country (contribution to interest-rate duration in years) as of Aug 31, 2022

Colombia 0.81
China 0.64
Thailand 0.44
Mexico 0.34
South Korea 0.31
South Africa 0.31
Peru 0.26
Uruguay 0.21
Serbia 0.14
Malaysia 0.13
View All

The portfolio profile is 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. 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 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. 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 non-diversified 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. 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

John R. Baur

John R. Baur

Managing Director, Co-Head of Emerging Markets
Joined Eaton Vance in 2005

Biography

John is Co-Head of Emerging Markets and portfolio manager for the Emerging Markets team. He is responsible for co-leading the team with investment professionals based in Boston, Washington, D.C., London and Singapore, as well as for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies. He joined Eaton Vance in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

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 M.B.A. 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

 
Akbar A. Causer

Akbar A. Causer

Managing Director, Portfolio Manager
Joined Eaton Vance 2017

Biography

Akbar Causer is a portfolio manager on the Emerging Markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies. He joined Eaton Vance in 2017. Morgan Stanley acquired Eaton Vance in March 2021.

Akbar began his career in the investment management industry in 2005. Before joining Eaton Vance, he was a senior analyst at DDJ Capital Management. Previously, he was affiliated with Littlejohn & Co. and Rothschild, Inc.

Akbar earned a B.A. from the University of Pennsylvania and an MBA from Harvard Business School.

Education
  • B.A. University of Pennsylvania
  • M.B.A. Harvard Business School

Experience
  • Managed Fund since 2021

 
Brian Shaw, CFA

Brian Shaw, CFA

Executive Director, Portfolio Manager
Joined Eaton Vance in 2008

Biography

Brian Shaw is a portfolio manager on the Emerging Markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team’s emerging markets strategies. He joined Eaton Vance in 2008. Morgan Stanley acquired Eaton Vance in March 2021.

Brian began his career in the investment management industry in 2007. Before joining Eaton Vance, he was affiliated with Graham Capital Management, LP.

Brian earned a B.A. from Vanderbilt University and an MBA from the University of Chicago. He is a member of the CFA Society Boston and is a CFA charterholder.

Education
  • B.A. Vanderbilt University
  • M.B.A University of Chicago

Experience
  • Managed Fund since 2021

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Aug 31, 2022

Annual Report (English)

Download Annual Report (English) - Last updated: Dec 31, 2021

Annual Report (Swiss German)

Download Annual Report (Swiss German) - Last updated: Dec 31, 2021

Eaton Vance International (Ireland) Funds Full Prospectus (Switzerland - German)

Download Eaton Vance International (Ireland) Funds Full Prospectus (Switzerland - German) - Last updated: Oct 1, 2021

Restriction Screening & ESG Policy

Download Restriction Screening & ESG Policy - Last updated: Dec 9, 2021

Supplements

Download Supplements - Last updated: Dec 13, 2021

Semiannual Report (English)

Download Semiannual Report (English) - Last updated: Jun 30, 2022

Semiannual Report (Swiss German)

Download Semiannual Report (Swiss German) - Last updated: Jun 30, 2022