Overview

Historical Returns (%)

Past performance is no guarantee of future results.

as of Dec 31, 2021

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. Source: Eaton Vance and RIMES.
 

Fund Facts as of Dec 31, 2021

Class S Acc USD Inception 02/19/2019
Investment Objective Total return
Total Net Assets $415.1M
Minimum Investment $5000000

Fund Codes

CUSIP G29202614
ISIN IE00BFX4DJ33
SEDOL BFX4DJ3
Valor Number 39764121
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 the JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified (unhedged) Index (the "Index"). The Fund targets a tracking error relative to the Index of between 150 and 350 basis points and a 200 basis point return above the Index and the Investment Adviser has also set guidelines in respect of duration, volatility, correlation and beta relative to the Index. The Fund does not intend to track the Index, however, and a significant portion of the Fund’s investments may not be Index constituents at any given time. The Index will also be used for performance comparison purposes.
The investment objective of the Fund is to generate total return, being income and capital appreciation. The Fund is actively managed and seeks to achieve its investment objective by investing in instruments to establish investment exposures to emerging markets. The Fund will invest at least 80% of its Net Asset Value in: (i) fixed income securities denominated in currencies of emerging market countries; (ii) fixed income securities issued by emerging market corporates or emerging market sovereign nations; and/or (iii) 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), 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.

About Risk: 

Eaton Vance International (Ireland) Emerging Markets Local Income Fund (the "Fund") share values are sensitive to stock market volatility, adverse market, economic, political, regulatory, geopolitical and other conditions. In international markets, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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 (typically referred to as “junk”) are generally 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 (%)

Past performance is no guarantee of future results.

as of Dec 31, 2021

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. Source: Eaton Vance and RIMES.
 

Calendar Year Returns (%)

Past performance is no guarantee of future results.

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
J.P. Morgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 16.76 -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75
J.P. Morgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 16.76 -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47 2.69 -8.75
 

Fund Facts

Class S Acc USD Inception 02/19/2019
 

NAV History

Date NAV NAV Change
Jan 14, 2022 $11.28 $0.00
Jan 13, 2022 $11.28 -$0.05
Jan 12, 2022 $11.33 $0.08
Jan 11, 2022 $11.25 $0.07
Jan 10, 2022 $11.18 -$0.02
Jan 07, 2022 $11.20 $0.05
Jan 06, 2022 $11.15 -$0.02
Jan 05, 2022 $11.17 -$0.01
Jan 04, 2022 $11.18
Jan 04, 2022 $11.18

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 the JPMorgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified (unhedged) Index (the "Index"). The Fund targets a tracking error relative to the Index of between 150 and 350 basis points and a 200 basis point return above the Index and the Investment Adviser has also set guidelines in respect of duration, volatility, correlation and beta relative to the Index. The Fund does not intend to track the Index, however, and a significant portion of the Fund’s investments may not be Index constituents at any given time. The Index will also be used for performance comparison purposes.
The investment objective of the Fund is to generate total return, being income and capital appreciation. The Fund is actively managed and seeks to achieve its investment objective by investing in instruments to establish investment exposures to emerging markets. The Fund will invest at least 80% of its Net Asset Value in: (i) fixed income securities denominated in currencies of emerging market countries; (ii) fixed income securities issued by emerging market corporates or emerging market sovereign nations; and/or (iii) 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), 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.

About Risk: 

Eaton Vance International (Ireland) Emerging Markets Local Income Fund (the "Fund") share values are sensitive to stock market volatility, adverse market, economic, political, regulatory, geopolitical and other conditions. In international markets, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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 (typically referred to as “junk”) are generally 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

Asset Mix (%)2,3 as of Nov 30, 2021

Portfolio Statistics as of Nov 30, 2021

Average Duration 6.00 yrs.
Countries Represented 38
 

Credit Quality (%)4 as of Nov 30, 2021

AAA 8.54
AA 0.39
A 20.56
BBB 22.50
BB 22.45
B 24.70
CCC or Lower 0.86
Not Rated 0.00
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 (%)5 as of Nov 30, 2021

Indonesian Rupiah 13.73
Malaysian Ringgit 11.56
Egyptian Pound 10.34
Russian Ruble 10.26
Polish Zloty 9.91
Mexican Peso 9.33
Thai Baht 9.15
Brazilian Real 8.84
Ukrainian Hryvnia 7.52
Chinese Yuan 7.50
View All
 

Foreign Contribution to Duration (yrs) as of Nov 30, 2021

Indonesia 0.80
Malaysia 0.66
South Africa 0.65
Thailand 0.61
China 0.57
Mexico 0.53
Russia 0.35
Serbia 0.27
Egypt 0.26
Ukraine 0.24
View All

Foreign Sovereign External Debt (%)6 as of Nov 30, 2021

China 0.06

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

About Risk: 

Eaton Vance International (Ireland) Emerging Markets Local Income Fund (the "Fund") share values are sensitive to stock market volatility, adverse market, economic, political, regulatory, geopolitical and other conditions. In international markets, these risks may be more significant. An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses), 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. 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. As interest rates rise, the value of certain income investments is likely to decline. Because the Fund investments may be concentrated in a particular geographic region or country, the Fund share value may fluctuate more than that of a less concentrated fund. 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 (typically referred to as “junk”) are generally 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

Co-Director, Emerging Markets Team
Joined Eaton Vance in 2005

Biography

John Baur is a vice president of Eaton Vance Management, co-director of emerging markets and portfolio manager on Eaton Vance's emerging markets team. He is responsible for co-leading the emerging markets 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 firm's emerging markets 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 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

 
Danat Abdrakhmanov, CFA

Danat Abdrakhmanov, CFA

Vice President, Eaton Vance Advisers International Ltd.
Joined Eaton Vance in 2006

Biography

Danat Abdrakhmanov is a vice president of Eaton Vance Advisers International Ltd. and portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He began his career in the investment management industry with Eaton Vance in 2006.

Danat earned a B.S., cum laude, from the Carroll School of Management at Boston College. He is a member of the CFA Society of the UK and is a CFA charterholder.

Education
  • B.S. Boston College

Experience
  • Managed Fund since inception

Other funds managed
 
Brian Shaw, CFA

Brian Shaw, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance in 2008

Biography

Brian Shaw is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's emerging markets team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's emerging markets strategies. He joined Eaton Vance in 2008.

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 BA 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: Dec 31, 2021

Annual Report (English)

Download Annual Report (English) - Last updated: Dec 31, 2020

Annual Report (Swiss German)

Download Annual Report (Swiss German) - Last updated: Dec 31, 2020

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

Eaton Vance Global Advisors Limited Privacy Statement

Download Eaton Vance Global Advisors Limited Privacy Statement - Last updated: Apr 17, 2018

Prospectus Supplement (English)

Download Prospectus Supplement (English) - Last updated: Dec 13, 2021

Prospectus Supplement (German)

Download Prospectus Supplement (German) - Last updated: Dec 13, 2021

Semiannual Report (Swiss German)

Download Semiannual Report (Swiss German) - Last updated: Jun 30, 2021

Semiannual Report (English)

Download Semiannual Report (English) - Last updated: Jun 30, 2021