Overview

Historical Returns (%)as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 3.71 3.00 6.60 12.76 5.06 9.96 3.56
Russell 1000® Value Index1 2.96 3.11 7.92 15.12 8.53 13.19 5.91
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 M2$ Inception 08/29/2002
Investment Objective Long-term capital growth
Total Net Assets $49.0M
Minimum Investment $1000
CUSIP G2918R639

Top 10 Holdings (%)2,3as of Sep 30, 2017

Johnson & Johnson
JPMorgan Chase & Co
Verizon Communications Inc
Bank of America Corp
CH Robinson Worldwide Inc
Chevron Corp
Wells Fargo & Co
CSX Corp
Pfizer Inc
Philip Morris International Inc
Total 32.09

Portfolio Management

Edward J. Perkin, CFA Managed Fund since 2014
John D. Crowley Managed Fund since 2009

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. 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. 10 Yrs.
Fund at NAV 3.71 3.00 6.60 12.76 5.06 9.96 3.56
Russell 1000® Value Index1 2.96 3.11 7.92 15.12 8.53 13.19 5.91
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 8.99 -35.48 15.85 9.47 -5.43 15.32 29.18 10.10 -1.88 8.16
Russell 1000® Value Index1 -0.17 -36.85 19.69 15.51 0.39 17.51 32.53 13.45 -3.83 17.34

Fund Facts

Class M2$ Inception 08/29/2002

NAV History

Date NAV NAV Change
Oct 18, 2017 $27.38 -$0.03
Oct 17, 2017 $27.41 $0.01
Oct 16, 2017 $27.40 $0.01
Oct 13, 2017 $27.39 -$0.02
Oct 12, 2017 $27.41 -$0.08
Oct 11, 2017 $27.49 $0.06
Oct 10, 2017 $27.43 $0.15
Oct 06, 2017 $27.32 -$0.05
Oct 05, 2017 $27.37 $0.12
Oct 04, 2017 $27.25 $0.00

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. 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 (%)3,5as of Sep 30, 2017

U.S. Common Stocks 97.48
Foreign Common Stocks 1.88
Cash 0.64
Total 100.00

Portfolio Statisticsas of Sep 30, 2017

Average Market Cap $127.8B
Price/Earnings Ratio 19.01
Number of Holdings 69
Price/Book Ratio 2.49

GICS Sector Breakdown (%)3as of Sep 30, 2017

Sector Fund Russell 1000® Value Index1
Consumer Discretionary 5.75 6.76
Consumer Staples 8.91 8.69
Energy 10.53 10.89
Financials 23.64 26.00
Health Care 14.00 13.89
Industrials 9.00 8.54
Information Technology 7.69 8.19
Materials 2.45 2.87
Real Estate 7.03 4.84
Telecom Services 5.27 3.17
Utilities 5.11 6.15
Cash 0.64 0.00

Fund Holdings (%)3,6as of Aug 31, 2017

Holding % of Net Assets
Johnson & Johnson 4.73%
JPMorgan Chase & Co 4.15%
Verizon Communications Inc 3.36%
Bank of America Corp 3.08%
USD FX SPOT RECEIVABLE 3.03%
CH Robinson Worldwide Inc 2.95%
Wells Fargo & Co 2.89%
Chevron Corp 2.88%
Philip Morris International Inc 2.64%
United Technologies Corp 2.48%
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. 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

Global stock markets delivered solid results in the second quarter of 2017, as broad economic expansion continued to offset political uncertainties in some regions.

In the U.S., ongoing concerns about prospects for President Trump's economic policies restrained stocks during the first half of the three-month period. But equities subsequently shook off these worries amid positive economic data. In particular, manufacturing gains and a further decline in the jobless rate provided encouragement to investors. Consumer spending also rose, and would likely have been even higher but for the quarter's one flat note — a continued decline in auto sales from their post-recession peak.

Amid the encouraging economic data, the U.S. Federal Reserve (Fed) in June raised interest rates for the third time since December 2016. The Fed also said it would start gradually selling off the securities it bought during and after the financial crisis to boost the economy.

On a global basis, stronger economic growth aided stocks in Europe and Japan. The election of a new government in France helped to ease political uncertainties, although an election setback for British Prime Minister Theresa May added to confusion about Britain's plans to exit the European Union. In China, the success of the government's stimulus policies led it to raise interest rates to avoid economic overheating. China's upswing helped boost growth elsewhere, particularly in emerging markets.

For the three-month period, the Dow Jones Industrial Average7 recorded a 3.95% gain, while the broader S&P 500 Index8 rose 3.09%. The technology-laden Nasdaq Composite Index9 rose 3.87%. Globally, the MSCI EAFE Index10 gained 6.12% in the quarter. Large-cap stocks outperformed their small-cap counterparts during the quarter. In terms of investing style, growth stocks topped value stocks in both the large-cap and small-cap categories.

Performance Summary 

Among U.S. large-cap equities, growth stocks outperformed value stocks during the quarter. Within the Value style (represented by the Russell 1000® Value Index),1 higher quality tiers outperformed lower quality tiers over the course of the quarter as measured by Standard & Poor's.

  • Nine of the 11 economic sectors within the Russell 1000® Value (the Index) appreciated during the quarter. The best-performing index sectors were health care and financials. The two sectors with negative performance were the energy and telecommunication services groups.
  • The Eaton Vance International (Ireland) U.S. Value Fund (the Fund) at net asset value (NAV) performed in- line with its benchmark for the quarter ended June 30, 2017. Performance was most positively influenced by an overweight to the health care sector, while stock selection in the real estate sector had the most substantive dampening impact.

Historical Returns (%)as of Jun 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs.
Fund at NAV 1.78 1.19 3.50 10.95 3.93 10.76 3.48
Russell 1000® Value Index1 1.63 1.34 4.66 15.53 7.35 13.93 5.56
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 M2$ Inception 08/29/2002

Contributors 

Stock selection was positive in six of the 11 sectors in which the Fund was invested. Selection gains were greatest within consumer discretionary, information technology and consumer staples. From an allocation standpoint, an overweight to the health care sector benefited relative returns, as did an underweight to telecommunication services.

  • At the individual stock level, the top contributor was CSX Corporation, an eastern-based U.S. railroad operator which has engaged in an operational turnaround led by new management. Also within industrials and among the portfolio's leaders in the second quarter was one of the world's largest big machinery manufacturers, Caterpillar Inc.
  • The Fund's position in NextEra Energy, a Florida-based utility company, drove relative gains within utilities capitalising on continued solid earnings and dividend growth that outpaced most conventional electric utilities.
  • In consumer staples, a position in high-end skin care, makeup and fragrance retailer Estee Lauder was among the leading contributors as financial improvements driven by accelerating sales growth lifted the stock.
  • Elsewhere, positions in leading animal health company Zoetis Inc. and tech giant Alphabet contributed to results, as did lack of exposure to telecommunications company AT&T.

Detractors 

The largest detractors during the quarter by sector were real estate, energy and financials. Areas of weakness were primarily from stock selection as no sector had a meaningful negative allocation impact.

  • The Fund's positions in energy companies ConocoPhillips and Pioneer Natural Resources held back performance relative to the benchmark as companies more levered to faltering oil prices underperformed within the energy sector.
  • In the real estate sector, underperformance was predominantly a function of the Fund's exposure to the retail sector. In particular, high end retail real estate investment trust (REIT) Simon Property Group detracted as general weakness in the retail sector due to store closings and negative investor sentiment continued to weigh on short-term performance.
  • Other individual stocks that dampened performance during the period included CH Robinson, an industrial transport giant, wireless telecommunication company Verizon Communications, and diversified bank Citigroup that was not held in the Fund but is a large index constituent.

Investment Outlook And Fund Positioning 

Markets were able to shrug off continued political volatility in the U.S. and abroad, with investors appearing to give more credence to improving earnings and economic conditions around the world in the second quarter. As a result, stocks were able to move higher in the majority of geographic regions during the period.

Still, U.S. equity valuations broadly reflect positive investor sentiment and volatility in the equity market continues to trend lower, as evidenced by the CBOE Volatility Index (VIX) dipping below 10 (a historically low level) during the last week of the second quarter. This is seemingly incongruous with the uncertainty around policymaking in Washington and its ultimate impact on the global equity markets.

When the market fails to accurately price risks, we believe it provides opportunities for active stock pickers. As we wait to see if President Trump's economic agenda becomes a reality, we believe it remains prudent to seek out areas of the market where there is a temporary mispricing opportunity, but also to favour companies and sectors showing stable growth, reasonable valuations and an ability to succeed irrespective of legislative or regulatory reforms.

As always, we remain committed to our bottom-up, fundamental investment process. We continue to seek out leading companies that possess competitively advantaged business models, shareholder-friendly management teams and conservative balance sheets, yet which trade at a discount to what we estimate as the firm's intrinsic value.

Top 10 Holdings (%)2,3as of Jun 30, 2017

JPMorgan Chase & Co 4.92
Wells Fargo & Co 4.29
Johnson & Johnson 4.19
Verizon Communications Inc 3.19
Chevron Corp 2.93
NextEra Energy Inc 2.77
Chubb Ltd 2.63
Philip Morris International Inc 2.53
Pfizer Inc 2.49
Simon Property Group Inc 2.35
Total 32.28

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. 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

No attribution information is currently available.

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. 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

Edward J. Perkin, CFA

Vice President, Chief Equity Investment Officer
Eaton Vance Management
Joined Eaton Vance 2014

Eddie Perkin is a vice president of Eaton Vance Management and chief equity investment officer. He is responsible for all equity disciplines at Eaton Vance. Additionally, he serves as lead portfolio manager of Eaton Vance’s large-cap value strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s large-cap value equity portfolios. He is head of the firm’s Equity Strategy Committee and a member of the Eaton Vance Management Committee. He joined Eaton Vance in April 2014.

Eddie began his career in the financial services industry in 1993. Before joining Eaton Vance, he served as chief investment officer (international and emerging-market equity) as well as managing director/portfolio manager (Europe, EAFE and Global) at Goldman Sachs Asset Management (GSAM) in London. Before relocating to London in 2008, Eddie was a portfolio manager and analyst on GSAM’s U.S. value equity team in New York. Eddie was previously associated with FISERV and American Retirement Insurance Services.

Eddie earned a B.A. from the University of California, Santa Barbara, and an MBA from Columbia Business School. He is a CFA charterholder and is a member of the board of directors of Junior Achievement of Northern New England.

Education
  • B.A. University of California, Santa Barbara
  • M.B.A. Columbia University

Experience
  • Managed Fund since 2014

 
Biography

John D. Crowley

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

John Crowley is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s value team. In addition, he serves as lead portfolio manager of Eaton Vance’s focused value strategy. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s value equity strategies. He is a member of the firm’s Equity Strategy Committee. He began his career in the investment management industry with Eaton Vance in 1998.

John earned a B.A. and an M.A. from The Catholic University of America and an MBA from Babson College. He is a member of the CFA Institute and the Boston Security Analysts Society.

Education
  • B.A., M.A., The Catholic University of America
  • M.B.A. F.W. Olin Graduate School of Business, Babson College

Experience
  • Managed Fund since 2009

 

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

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: Dec 23, 2016

Semiannual Report (English)

Download - Last updated: Jun 30, 2016

Semiannual Report (Spanish)

Download - Last updated: Jun 30, 2016