Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -4.19 3.28 11.65 14.26 7.57 6.77 6.98
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 Factsas of Sep 30, 2017

Class I2£ Inception 05/09/2012
Investment Objective Long-term capital appreciation
Total Net Assets $759.0M
Minimum Investment £5,000,000
CUSIP G2919V324

Top 10 Holdings (%)1,2as of Sep 30, 2017

America Movil SA
Sberbank
Tencent Holdings Ltd.
Naspers Ltd.
China Mobile Limited
Credicorp Ltd.
Fomento Economico Mexico
Grupo Televisa SA
MTN Group Ltd.
Grupo Financiero Banorte
Total 6.20

Portfolio Management

Thomas Seto Managed Fund since 2008
Timothy W. Atwill, Ph.D., CFA Managed Fund since 2014

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. 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 (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -4.19 3.28 11.65 14.26 7.57 6.77 6.98
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 (%)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fund at NAV -0.28 1.78 -12.60 33.68
MSCI Emerging Markets Index3 39.39 -53.33 78.51 18.88 -18.42 18.22 -2.60 -2.19 -14.92 11.19

Fund Facts

Class I2£ Inception 05/09/2012

NAV History

Date NAV NAV Change
Oct 18, 2017 $14.65 -$0.03
Oct 17, 2017 $14.68 $0.03
Oct 16, 2017 $14.65 $0.05
Oct 13, 2017 $14.60 $0.05
Oct 12, 2017 $14.55 $0.01
Oct 11, 2017 $14.54 $0.02
Oct 10, 2017 $14.52 $0.02
Oct 06, 2017 $14.66 $0.04
Oct 05, 2017 $14.62 $0.15
Oct 04, 2017 $14.47 $0.03

Distribution History4

Ex-Date Distribution Reinvest NAV
No records in this table indicates that there has not been a distribution 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.

About Risk: 

Fund performance is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. 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 (%)2as of Sep 30, 2017

Foreign Common Stocks 98.99
Cash & Other Assets 1.01
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Median Market Cap $2.6B
Price/Earnings Ratio 14.42
Number of Holdings 1,477
Price/Book Ratio 1.62
Countries Represented 50

GICS Sector Breakdown (%)2as of Sep 30, 2017

Sector Fund MSCI Emerging Markets Index3
Consumer Discretionary 9.27 10.29
Consumer Staples 10.15 6.48
Energy 8.57 6.79
Financials 18.25 23.40
Health Care 4.99 2.28
Industrials 9.49 5.40
Information Technology 6.59 27.59
Materials 11.25 7.22
Real Estate 5.56 2.88
Telecom Services 9.16 5.09
Utilities 5.69 2.57
Cash 1.01 0.00

Assets by Country (%)2as of Sep 30, 2017

China 12.48
Brazil 6.24
Mexico 6.18
India 6.03
Korea 5.92
Taiwan 5.86
Russia 5.57
South Africa 5.47
Turkey 3.10
Chile 3.08
View All

Geographic Mix (%)2as of Sep 30, 2017

Asia/Pacific 46.16
Latin America 19.60
Eastern Europe 15.74
Africa 8.91
Middle East 8.21
Europe except U.K. 1.37

Fund Holdings (%)2,5as of Aug 31, 2017

Holding % of Net Assets
Samsung Electronics Co Ltd 0.70%
America Movil SAB de CV 0.70%
Sberbank of Russia PJSC 0.64%
Naspers Ltd 0.62%
Tencent Holdings Ltd 0.62%
China Mobile Ltd 0.62%
Credicorp Ltd 0.56%
MTN Group Ltd 0.52%
Magnit PJSC 0.47%
Grupo Financiero Banorte SAB de CV 0.47%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. 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.


Insights & Analysis

Commentary

A Word On The Markets as of Jun 30, 2017

Emerging markets equities continued their climb over the second quarter of 2017, with the MSCI Emerging Markets Index3 up 6.27% over the three-month period. This rally was broad-based, with the vast majority of emerging market countries posting positive returns for the quarter.

Emerging market equities benefited from a number of general and country-specific drivers. Broadly speaking, investors were drawn to the asset class based on its attractive valuation versus U.S. equities. Also, a growing consensus was building that global growth was back on track and should allow for a prolonged period of expansion in emerging market economies. At the country level, China rose on data showing continued growth across its economy, while the tech-heavy markets of Korea and Taiwan benefited from the global rally in information technology stocks. Mexico increased in response to positive economic growth figures, a softening in anti-NAFTA rhetoric by the U.S., and a rally in the peso. In addition, the eastern European economies of Hungary and the Czech Republic benefited from increased optimism regarding the Eurozone.

On average, frontier-market countries mildly underperformed emerging-market countries during the quarter, with the MSCI Frontier Markets Index6 up 6.13%. Index returns were assisted by rallies in Nigeria, Kenya and Sri Lanka, all of which experienced returns in excess of 20% for the quarter.

Performance Summary 

Eaton Vance International (Ireland) Emerging Markets Fund (the Fund) strongly underperformed its benchmark, the MSCI Emerging Markets Index (the Index), for the quarter ended 30 June 2017, returning 3.92% for I2$ shares at net asset value versus the Index's 6.27% return.

  • The Fund's emphasis on diversification7 via a system of target country weights and systematic rebalancing back to these target weights strongly detracted from returns relative to the Index. The diversification targets consistently have the Fund underweight larger countries and overweight smaller countries.
  • In addition, the Fund's emphasis on diversification at the sector level within each country also had a strongly negative impact on relative returns.
  • Finally, frontier countries included in the Fund, but not in the Index, mildly contributed to relative performance, as our portfolio held larger positions to those frontier market countries which outperformed the Index.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
Fund at NAV -0.72 -0.07 8.11 20.12 7.50 6.80 6.67
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 Factsas of Jun 30, 2017

Class I2£ Inception 05/09/2012

Contributors 

Factors contributing to the Fund's relative performance compared to the Index during the quarter:

  • An underweight to Brazil contributed to performance versus the Index, as markets declined on growing evidence of massive corruption among senior government members.
  • An overweight to Turkey also benefited relative performance, as Turkish equities rallied on the passage of a referendum giving more power to President Erdogan. Many hope this will stabilise the volatile political situation which has existed since last July's coup attempt.
  • The overweight to Greece also lifted performance relative to the Index. Greek stocks soared as investors cheered a debt deal between the Greek government and Eurozone authorities.

Detractors 

Factors detracting from the Fund's relative performance compared to the Index during the quarter:

  • An underweight to China detracted from performance versus the Index, as economic data showed accelerating growth in its manufacturing and non-manufacturing sectors, despite a crackdown by the central government on shadow-banking.
  • An underweight to Korea also detracted from performance, as Korean equities rallied over the quarter. This rally was supported by the cheapness of the Korean equity market, improved earnings in its technology sector, and the successful presidential election.
  • An underweight to Taiwan further hurt relative performance, as Taiwanese stocks increased on the back of higher prices for technology stocks. Two-thirds of Taiwan's market capitalisation is in the information technology sector.

Investment Outlook And Fund Positioning 

Commentators have expressed a wide range of opinions regarding the emerging-market asset class. Regardless of the near term forecast, many observers believe that persistent demographic and economic trends give emerging-market economies a long-term advantage. While emerging-market equities may continue to demonstrate heightened volatility, they may do so against a backdrop of generally rising prices.

How does one invest in this space with so much short-term uncertainty? We believe that managing risk by broadly diversifying, avoiding concentrations and portfolio rebalancing are all key aspects that help address thoughtful investment decisions. Parametric's emerging market investment strategy relies on a rules based approach, in combination with a systematic rebalancing discipline, to reduce concentrations, while emphasising broad diversification in seeking its objective of long-term capital appreciation. Furthermore Parametric excludes investments in issuers deemed to violate environmental, social and governance (ESG) standards.

Top 10 Holdings (%)1,2as of Jun 30, 2017

Samsung Electronic 0.75
America Movil SA 0.65
China Mobile Limited 0.63
Naspers Ltd. 0.57
Tencent Holdings Ltd. 0.56
Sberbank 0.53
Credicorp Ltd. 0.53
MTN Group Ltd. 0.48
Grupo Financiero Banorte 0.47
Grupo Televisa SA 0.45
Total 5.61

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. 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.

Attribution

Attribution available in Fund Literature tab.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

Fund performance is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. In emerging countries, these risks may be more significant. 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

Biography

Thomas Seto

Head of Investment Management
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 1998

Thomas Seto is head of investment management with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. Tom is responsible for all portfolio management and trading at the Seattle Investment Center, and is a member of the executive committee. He joined Parametric in 1998.

Tom began his career in the investment management industry in 1991. Before joining Parametric, he served as the head of U.S. equity index investments at Barclays Global Investors.

Tom earned a B.S. in electrical engineering from the University of Washington and an MBA from the University of Chicago Booth School of Business.

Education
  • B.S. University of Washington
  • M.B.A Booth School of Business, University of Chicago

Experience
  • Managed Fund since 2008

Biography

Timothy W. Atwill, Ph.D., CFA

Head of Investment Strategy
Parametric Seattle Investment Center
Joined Parametric Portfolio Associates 2010

Tim Atwill is head of investment strategy with Parametric Portfolio Associates LLC, an investment adviser and majority-owned subsidiary of Eaton Vance Corp. He leads Parametric's investment strategy team and is responsible for managing the continued evolution of Parametric's investment strategies and communicating these strategies to external audiences.

Before joining Parametric, Tim was affiliated with Russell Investments in its manager research unit, performing due diligence duties for the firm's consulting clients, and in its trading group, implementing derivative strategies for institutional clients. Previously, he was a non-life actuary and portfolio manager at Safeco Insurance Company.

Tim earned a B.A. in Mathematics from Reed College and a Ph.D. in mathematics from Dartmouth College. He holds the FCAS designation from the Casualty Actuarial Society and is a CFA charterholder.

Education
  • B.A. Reed College
  • Ph.D. Dartmouth College

Experience
  • Managed Fund since 2014


Literature

Literature

Fact Sheet (English)

Download - Last updated: Sep 30, 2017

Fact Sheet (Latin America)

Download - Last updated: Aug 31, 2017

Commentary (English)

Download - Last updated: Sep 30, 2017

Commentary (Latin America)

Download - Last updated: Jun 30, 2017

Attribution

Download - Last updated: Sep 30, 2017

Annual Report (Spanish)

Download - Last updated: Dec 31, 2016

Annual Report (English)

Download - Last updated: Dec 31, 2016

Eaton Vance International (Ireland) Funds Full Prospectus (English)

Download - Last updated: Dec 23, 2016

Prospectus Supplement (English)

Download - Last updated: Aug 21, 2017

Semiannual Report (English)

Download - Last updated: Jun 30, 2016

Semiannual Report (Spanish)

Download - Last updated: Jun 30, 2016