Overview

Historical Returns (%) as of Mar 31, 2024

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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Fund Facts as of Mar 31, 2024

Class I Inception 10/29/2012
Investment Objective Long-term capital appreciation
Total Net Assets $1.7B
Minimum Investment $1000000
Expense Ratio (Gross)2 1.03%
Expense Ratio (Net)2,3 0.99%
CUSIP 131649774

Top 10 Holdings (%)4,5 as of Mar 31, 2024

Taiwan Semiconductor Manufacturing Co Ltd 9.60
Samsung Electronics Co Ltd 7.93
Tencent Holdings Ltd 4.49
Prosus NV 3.12
Bank Rakyat Indonesia Persero Tbk PT 3.05
Infosys Ltd 2.90
ICICI Bank Ltd 2.85
NARI Technology Co Ltd 2.63
Itausa SA 2.51
Richter Gedeon Nyrt 2.50
Total 41.59
 

Portfolio Management

Kunjal Gala Managed Fund since 2019
Vivek Bhutoria, CFA Managed Fund since 2022
Christopher Clube Managed Fund since 2022

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

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities 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, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.


1. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Mar 31, 2024

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. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV -1.03 -7.39 6.83 44.71 -15.23 22.66 24.87 -7.43 -22.58 4.73
MSCI Emerging Markets Index1 -2.19 -14.92 11.19 37.28 -14.57 18.42 18.31 -2.54 -20.09 9.83
 

Fund Facts

Class I Inception 10/29/2012
Expense Ratio (Gross)2 1.03%
Expense Ratio (Net)2,3 0.99%
Distribution Frequency Annually

Risk Measures (3 Year)7,8 as of Mar 31, 2024

Alpha (%) -4.00
Beta 1.04
Information Ratio -0.90
R-Squared (%) 94.33
Standard Deviation (%) 19.10
Sharpe Ratio -0.62
 

Morningstar Rating™ as of Mar 31, 2024

Time Period Rating Funds in
Diversified Emerging Mkts
Category
Overall 721
3 Years 721
5 Years 657
10 Years 425
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load. Hollow stars denote Morningstar Extended Performance Ratings and are considered estimates based on the performance of the fund's oldest share class, adjusted for fees and expenses.

©2024 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Apr 17, 2024 $16.10 -$0.03
Apr 16, 2024 $16.13 -$0.23
Apr 15, 2024 $16.36 -$0.18
Apr 12, 2024 $16.54 -$0.41
Apr 11, 2024 $16.95 $0.06
Apr 10, 2024 $16.89 -$0.14
Apr 09, 2024 $17.03 $0.09
Apr 08, 2024 $16.94 $0.05
Apr 05, 2024 $16.89 $0.06
Apr 04, 2024 $16.83 -$0.05
 

Distribution History9

Ex-Date Distribution Reinvest NAV
Dec 21, 2023 $0.14980 $15.98
Dec 29, 2022 $0.12350 $15.91
Dec 29, 2021 $0.15500 $20.25
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History9

Ex-Date Short-Term Long-Term Reinvest NAV
No records in this table indicates that there has not been a capital gain 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.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities 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, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.


1. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
2. Source: Fund prospectus.
3. Net Expense Ratio reflects a contractual expense reimbursement that continues through 2/1/25. Without the reimbursement, if applicable, performance would have been lower.
6. The Morningstar Diversified Emerging Mkts Category includes funds that invest primarily in stocks found in emerging market countries.
7. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
8. Information Ratio uses excess standard deviation and excess return to determine reward per unit of risk relative to the benchmark.
9. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5 as of Mar 31, 2024

Portfolio Statistics as of Mar 31, 2024

Number of Holdings 57
 

GICS Sector Breakdown (%)5 as of Mar 31, 2024

Assets by Country (%)5 as of Mar 31, 2024

China 24.09
Taiwan 18.08
Korea 14.52
India 14.07
South Africa 6.04
Brazil 4.77
Indonesia 3.05
Mexico 3.00
Hungary 2.50
Chile 2.21
Total 100.00
View All
 

Geographic Mix (%)5 as of Mar 31, 2024

Asia/Pacific 75.00
Latin America/Caribbean 9.98
Africa 6.04
Europe 3.72
North America 1.96
MiddleEast 1.77
Cash & Other Assets 1.52
Total 100.00
 

Fund Holdings (%)5,10 as of Feb 29, 2024

Holding % of Net Assets
Taiwan Semiconductor Manufacturing Co Ltd 9.97%
Samsung Electronics Co Ltd 7.11%
Prosus NV 4.56%
Tencent Holdings Ltd 4.09%
Bank Rakyat Indonesia Persero Tbk PT 3.11%
Infosys Ltd 3.07%
AIA Group Ltd 3.06%
ICICI Bank Ltd 2.64%
Itausa SA 2.62%
Richter Gedeon Nyrt 2.49%
View All

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

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities 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, currency exchange rates or other conditions. In emerging countries, these risks may be more significant. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Fund may underperform funds that do not utilize a responsible investment strategy. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund’s performance. 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.


1. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.
5. Percent of total net assets.
10. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Kunjal Gala

Co-Portfolio Manager, Federated Hermes
Joined Federated Hermes 2012

Biography

Kunjal Gala is lead portfolio manager, emerging markets for Federated Hermes, a subadvisor to Calvert. He joined Federated Hermes, in 2012.

Kunjal began his career in the investment management industry in 2004. Before joining Federated Hermes, he worked as an assistant director in The Shareholder Executive, the in-house portfolio management and corporate finance arm of the UK government. Previously, he was a senior financial analyst in the investment banking division of Morgan Stanley in India and subsequently London, and worked at Thomas Cook (India) and PricewaterhouseCoopers (PwC) in India.

Kunjal earned a Bachelor of Commerce from Mumbai University. He is a qualified Chartered Accountant from the Institute of Chartered Accountants in India.

Education
  • B.Comm. Mumbai University

Experience
  • Managed Fund since 2019

 

Vivek Bhutoria, CFA

Co-Portfolio Manager, Federated Hermes
Joined Federated Hermes 2019

Biography

Vivek has 14 years of experience working in emerging market equities. He joined the international business of Federated Hermes in September 2019 as a senior analyst in the Emerging Markets team, focusing on idea generation across the Asia ex-Japan region.

Vivek's previous experience spans both the buy side and sell side. Prior to joining, he was a senior analyst with NN Investment Partners (formerly ING Investment Management) in the global emerging equity team. Vivek also worked at Deutsche Bank and BNY Mellon Asset Management covering emerging markets equities. Vivek began his career in accounting and held positions with PricewaterhouseCoopers and Ernst & Young.

Vivek has a Master of Commerce degree from Mumbai University. He is a qualified Chartered Accountant (ACA) from the Institute of Chartered Accountants of India and a CFA charterholder.

Education
  • M.Comm. Mumbai University

Experience
  • Managed Fund since 2022

 

Christopher Clube

Co-Portfolio Manager, Federated Hermes
Joined Federated Hermes 2018

Biography

Chris joined in 2018 as an investment analyst on the Global Emerging Markets team.

He joined from Amundi Pioneer Asset Management (formerly Pioneer Asset Management) where he was a Vice President in their emerging markets equity team. His role there was as an investment analyst focusing on smaller companies in emerging markets. Prior to this, he spent three years as an investment analyst focusing on the consumer and healthcare sectors across emerging markets. He also spent a year working in the emerging markets strategy team.

Chris has a BA (first class) in Classics from Oxford University.

Education
  • B.A. Oxford University

Experience
  • Managed Fund since 2022

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Dec 31, 2024

Commentary

Download Commentary - Last updated: Dec 31, 2024

Attribution

Download Attribution - Last updated: Dec 31, 2023

Annual Report

Download Annual Report - Last updated: Sep 30, 2023

Enhanced Fact Sheet

Download Enhanced Fact Sheet - Last updated: Dec 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: Feb 1, 2024

Q1 Holdings

Download Q1 Holdings - Last updated: Dec 31, 2023

Q3 Holdings

Download Q3 Holdings - Last updated: Jun 30, 2023

Holdings - Form N-PORT

Download Holdings - Form N-PORT

SAI

Download SAI - Last updated: Feb 1, 2024

Semi-Annual Report

Download Semi-Annual Report - Last updated: Mar 31, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Feb 1, 2024