Overview

Fund Facts as of Aug 31, 2022

Class M Acc USD Inception 12/18/2019
Performance Inception 06/23/2017
Investment Objective Defensive Equity Exposure
Total Net Assets $134.9M
Minimum Investment $1000

Fund Codes

CUSIP G29202713
ISIN IE00BFYTVG06
SEDOL BFYTVG0
Valor Number 43058480
Wertpapierkennnummer N/A
 

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 with reference to the MSCI All Country World Index in USD Net (base) (the "Index"). The Fund is not seeking the return of the Index and the performance of the Index will not necessarily correspond with the returns of the Fund. The Fund will seek to provide 40% less volatility than the Index over a full market cycle.
The investment objective of the Fund is to provide a defensive equity exposure that is expected to provide favourable risk adjusted performance over the long term. The Fund is actively managed and the Funds' strategy is intended to generate returns through the receipt of option premiums as well as returns on the equity index positions held and the cash equivalent positions held. In this regard, the Fund will sell equity index call options in respect of UCITS eligible equity indices which cumulatively will provide an exposure to the markets which are similar to those comprised in the Index and will sell equity index put options in respect of UCITS eligible equity indices which cumulatively will provide an exposure to the markets which are similar to those comprised in the Index and such options will be collateralised by the investments included in the base portfolio. The Fund will also sell options in respect of equity index ETFs). The Fund’s investment policy is designed to capitalise on the volatility risk premium. Investors should note that the Fund is not seeking the return of the Index and the performance of the Index will not necessarily correspond with the returns of the Fund. The Fund will invest in a base portfolio that is generally comprised of: (i) equity index positions and (ii) cash-equivalent positions.

About Risk 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on UCITS eligible equity indices (the “Indices”). If the Indices appreciate or depreciate sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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

Calendar Year Returns (%)

Past performance is no guarantee of future results.

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV 13.71 3.19 13.03
MSCI ACWI Index 16.13 22.80 4.16 -2.36 7.86 23.97 -9.41 26.60 16.25 18.54
50% MSCI ACWI / 50% ICE BofA 0-3 Mo T-Bill(USD) 8.06 11.00 2.16 -0.96 4.14 11.86 -3.73 14.01 9.00 9.04
 

Fund Facts

Class M Acc USD Inception 12/18/2019
Performance Inception 06/23/2017
 

NAV History

Date NAV NAV Change
Sep 23, 2022 $11.42 $0.00
Sep 22, 2022 $11.42 $0.00
Sep 21, 2022 $11.42 $0.00
Sep 20, 2022 $11.42 $0.00
Sep 19, 2022 $11.42 $0.00
Sep 16, 2022 $11.42 $0.00
Sep 15, 2022 $11.42 $0.00
Sep 14, 2022 $11.42 $0.00
Sep 13, 2022 $11.42 $0.00
Sep 12, 2022 $11.42 $0.00

Past performance is not a reliable indicator of future results.

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 with reference to the MSCI All Country World Index in USD Net (base) (the "Index"). The Fund is not seeking the return of the Index and the performance of the Index will not necessarily correspond with the returns of the Fund. The Fund will seek to provide 40% less volatility than the Index over a full market cycle.
The investment objective of the Fund is to provide a defensive equity exposure that is expected to provide favourable risk adjusted performance over the long term. The Fund is actively managed and the Funds' strategy is intended to generate returns through the receipt of option premiums as well as returns on the equity index positions held and the cash equivalent positions held. In this regard, the Fund will sell equity index call options in respect of UCITS eligible equity indices which cumulatively will provide an exposure to the markets which are similar to those comprised in the Index and will sell equity index put options in respect of UCITS eligible equity indices which cumulatively will provide an exposure to the markets which are similar to those comprised in the Index and such options will be collateralised by the investments included in the base portfolio. The Fund will also sell options in respect of equity index ETFs). The Fund’s investment policy is designed to capitalise on the volatility risk premium. Investors should note that the Fund is not seeking the return of the Index and the performance of the Index will not necessarily correspond with the returns of the Fund. The Fund will invest in a base portfolio that is generally comprised of: (i) equity index positions and (ii) cash-equivalent positions.

About Risk 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on UCITS eligible equity indices (the “Indices”). If the Indices appreciate or depreciate sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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 (%)1 as of Aug 31, 2022

Portfolio Statistics as of Aug 31, 2022

Median Market Cap $3.4B
Price/Earnings Ratio 15.68
Number of Holdings 55
Price/Book Ratio 2.39
Countries Represented 50
 

GICS Sector Breakdown (%)2 as of Aug 31, 2022

Assets by Country (%)1 as of Aug 31, 2022

United States 81.76 81.20
Japan 2.09 2.68
United Kingdom 1.95 1.83
China 1.62 1.76
Australia 1.60 0.96
France 1.29 1.31
Switzerland 1.24 1.21
Germany 0.93 0.87
India 0.92 0.81
Taiwan 0.90 0.81
View All
 

Geographic Mix (%)1 as of Aug 31, 2022

United States 81.76 81.20
Europe 5.79 5.60
Asia/Pacific 7.13 5.92
Japan 2.09 2.68
United Kingdom 1.95 1.83
Latin America 0.49 0.46
Africa 0.20 0.19
Northern America except U.S. 0.07 1.55
Eastern Europe 0.07 0.04
Middle East 0.46 0.54
 

Fund Holdings1,4 as of Jul 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
Vanguard S&P 500 UCITS ETF 0.00% 17.08%
iShares Core S&P 500 UCITS ETF 0.00% 13.09%
Vanguard FTSE Developed Europe UCITS ETF 7.32%
United States Treasury Note/Bond 2.63% 06/30/2023 6.92%
United States Treasury Bill 0.00% 07/13/2023 6.74%
United States Treasury Note/Bond 1.88% 10/31/2022 6.61%
iShares Core MSCI EM IMI UCITS ETF 5.63%
United States Treasury Bill 0.00% 12/01/2022 5.41%
iShares Core MSCI World UCITS ETF 3.45%
United States Treasury Bill 0.00% 05/18/2023 3.02%
View All

About Risk 

The effectiveness of the Fund's option strategy is dependent upon a general imbalance of natural buyers over natural sellers of index options. This imbalance could decrease or be eliminated, which could have an adverse effect on the Fund. Fund performance is sensitive to stock market volatility. Calls and puts written by the Fund will be based on UCITS eligible equity indices (the “Indices”). If the Indices appreciate or depreciate sufficiently over the period to offset the net premium received, the Fund will incur a net loss. ETFs are subject to the risks of investing in the underlying securities and the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic 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. 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

Thomas B. Lee, CFA

Chief Investment Officer
Joined Parametric Portfolio Associates 1994

Biography

Education
  • B.S. and M.B.A. University of Minnesota

Experience
  • Managed Fund since inception

 
Alex Zweber, CFA, CAIA

Alex Zweber, CFA, CAIA

Managing Director, Investment Strategy
Joined Parametric Portfolio Associates in 2006

Biography

Alex Zweber is Managing Director, Investment Strategy at Parametric Portfolio Associates LLC, in the Minneapolis Investment Center. He leads the investment team responsible for Parametric's liquid alternative strategies. He rejoined Parametric in 2020 after initially joining the firm in 2006 and then joining Eaton Vance in 2018.

Alex began his career in the investment management industry in 2006 with The Clifton Group (acquired by Parametric in 2012). He has experience working in portfolio construction, trading and portfolio management across both futures and options. In his various positions, he has worked closely with institutional and HNW clients and their consultants to address their investment and risk management needs. Before rejoining Parametric, he was responsible for supporting the development and distribution of Parametric's strategies in Europe. Previously, he was a Senior Portfolio Manager on Parametric's volatility risk premium solutions.

Alex earned a B.A. in economics from Macalester College. He is a CFA charterholder and holds the Chartered Alternative Investment Analyst (CAIA) designation.

Education
  • B.A. Macalester College

Experience
  • Managed Fund since 2021

 

Literature

Literature

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

Eaton Vance Global Advisors Limited Privacy Statement

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

Semiannual Report (Swiss German)

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

Semiannual Report (English)

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