Overview

Historical Returns (%) as of Jun 30, 2020

 

Fund Facts as of Aug 31, 2020

Class C$(Acc) Inception 03/25/2011
Performance Inception 27/06/2007
Investment Objective Total return
Total Net Assets $9.7M
Total Net Assets of Portfolio2 $1.3B
Minimum Investment $5000

Fund Codes

CUSIP G29163600
ISIN KYG291636002
SEDOL B59ZVS5
Valor Number 11394300
Wertpapierkennnummer N/A
 

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

About Risk: 

Eaton Vance International (Cayman Islands) 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 (%) as of Jun 30, 2020

 

Calendar Year Returns (%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund at NAV 12.12 -5.49 15.76 -11.02 -4.58 -13.85 11.01 15.74 -7.78 21.47
J.P. Morgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified1 15.68 -1.75 16.76 -8.98 -5.72 -14.92 9.94 15.21 -6.21 13.47
 

Fund Facts

Class C$(Acc) Inception 03/25/2011
Performance Inception 27/06/2007
Distribution Frequency Monthly
 

NAV History

Date NAV NAV Change
Sep 18, 2020 $11.12 -$0.04
Sep 17, 2020 $11.16 $0.01
Sep 16, 2020 $11.15 $0.03
Sep 15, 2020 $11.12 $0.01
Sep 14, 2020 $11.11 $0.05
Sep 11, 2020 $11.06 $0.01
Sep 10, 2020 $11.05 -$0.02
Sep 09, 2020 $11.07 $0.08
Sep 08, 2020 $10.99 -$0.08
Sep 04, 2020 $11.07 $0.01
 

Distribution History3

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: 

Eaton Vance International (Cayman Islands) 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 (%)4,5,6 as of Aug 31, 2020

Portfolio Statistics as of Aug 31, 2020

Average Duration 6.99 yrs.
Countries Represented 39
 

Credit Quality (%)7 as of Aug 31, 2020

AAA 2.33
AA 0.00
A 15.10
BBB 22.11
BB 32.30
B 28.14
CCC or Lower 0.02
Not Rated 0.00
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 (%)5,8 as of Aug 31, 2020

Mexico 11.01
Thailand 10.99
Ukraine 10.08
Serbia 9.81
Indonesia 9.51
Brazil 8.90
Egypt 8.21
Poland 8.20
Russia 7.96
China 6.85
View All
 

Foreign Contribution to Duration (yrs.)5 as of Aug 31, 2020

Thailand 0.90
Indonesia 0.65
Mexico 0.65
Malaysia 0.63
Russia 0.57
South Africa 0.49
Serbia 0.47
Peru 0.40
China 0.38
Brazil 0.31
View All

Foreign Sovereign External Debt (%)9 as of Aug 31, 2020

Fiji 0.63
Romania 0.56
Macedonia 0.49
Serbia 0.45
Turkey 0.39

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

About Risk: 

Eaton Vance International (Cayman Islands) 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

Vice President, Eaton Vance Management
Joined Eaton Vance 2005

Biography

John Baur is a vice president of Eaton Vance Management, director of global portfolio analysis and portfolio manager on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global income 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 MBA 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 2010

 
Michael A. Cirami, CFA

Michael A. Cirami, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2003

Biography

Michael Cirami is a vice president of Eaton Vance Management, co-director of global income and portfolio manager on Eaton Vance's global income team. He is responsible for leading the 55-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm's global income strategies. Michael focuses on emerging Europe, the Middle East and Africa. He joined Eaton Vance in 2003.

Michael began his career in the investment management industry in 1998. Before joining Eaton Vance, he was employed at State Street Bank in Boston, Luxemburg and Munich, and with BT&T Asset Management in Zurich.

Michael earned a B.S., cum laude, from Mary Washington College and an MBA with honors from the William E. Simon School at the University of Rochester. He also studied at WHU Otto Beisheim School of Management in Koblenz, Germany. He is a member of the Boston Security Analysts Society, the Boston Committee on Foreign Relations and the Ludwig von Mises Institute. He also serves as a board member and chairman of the investment committee of the Boston Civic Symphony and the University of Mary Washington Foundation. Additionally, he is on the board of overseers for the New England Conservatory. He is a CFA charterholder.

Michael's commentary has appeared in The Wall Street Journal, Barron's, Bloomberg and Reuters. He has been a featured speaker at Schwab, Bloomberg European Debt Crisis and Standard Chartered forums.

Education
  • B.S. Mary Washington College
  • M.B.A. William E. Simon School of Business, University of Rochester

Experience
  • Managed Fund since 2010

 

Literature

Literature

Fact Sheet (English)

Download - Last updated: Aug 31, 2020

Fact Sheet (Spanish)

Download - Last updated: Aug 31, 2020

Annual Report

Download - Last updated: Oct 31, 2019

Full Prospectus

Download - Last updated: Jul 6, 2020

Full Prospectus (English)

Download - Last updated: Mar 10, 2020

Int'l (CI) Emerging Markets Local Inc Holdings

Download - Last updated: Jul 31, 2020

Semiannual Report

Download - Last updated: Apr 30, 2020