Overview

Historical Returns (%) as of Dec 31, 2023

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. Prior to 09/15/2023, the Fund was called Eaton Vance Special Equities Fund and employed a different principal investment strategy. Please see prospectus for more details.
 

Fund Facts as of Jan 31, 2024

Class I Inception 09/18/2023
Investment Objective Growth of capital
Total Net Assets $60.1M
Minimum Investment $1000000
Expense Ratio (Gross)3 1.00%
Expense Ratio (Net)3,4 0.89%
CUSIP 13161X717

Top 10 Holdings (%)5,6 as of Dec 31, 2023

Core & Main Inc 3.09
CBIZ Inc 2.87
Cooper Cos Inc 2.69
Chemed Corp 2.58
Dorman Products Inc 2.53
AptarGroup Inc 2.49
Equity LifeStyle Properties Inc 2.34
Rexford Industrial Realty Inc 2.24
EastGroup Properties Inc 2.22
Domino's Pizza Inc 2.16
Total 25.21
 

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. 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.


Performance

Historical Returns (%) as of Dec 31, 2023

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. Prior to 09/15/2023, the Fund was called Eaton Vance Special Equities Fund and employed a different principal investment strategy. Please see prospectus for more details.
 

Calendar Year Returns (%)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund at NAV 2.03 -2.70 15.69 15.63 -4.67 28.40 13.10 19.19 -16.91 13.77
Russell 2500 Index™2 7.07 -2.90 17.59 16.81 -10.00 27.77 19.99 18.18 -18.37 17.42
 

Fund Facts

Class I Inception 09/18/2023
Expense Ratio (Gross)3 1.00%
Expense Ratio (Net)3,4 0.89%
Distribution Frequency
 

Morningstar Rating™ as of Jan 31, 2024

Time Period Rating Funds in
Mid-Cap Growth
Category
Overall 523
3 Years 523
5 Years 494
10 Years 396
 

NAV History

Date NAV NAV Change
Feb 23, 2024 $26.70 $0.07
Feb 22, 2024 $26.63 $0.22
Feb 21, 2024 $26.41 $0.01
Feb 20, 2024 $26.40 -$0.11
Feb 16, 2024 $26.51 -$0.05
Feb 15, 2024 $26.56 $0.40
Feb 14, 2024 $26.16 $0.35
Feb 13, 2024 $25.81 -$0.60
Feb 12, 2024 $26.41 $0.16
Feb 09, 2024 $26.25 $0.31

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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. 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.


Portfolio

Asset Mix (%)6,7 as of Dec 31, 2023

Portfolio Statistics as of Dec 31, 2023

Average Market Cap $9.1B
Price/Earnings Ratio 22.34
Number of Holdings 71
Price/Book Ratio 3.13
Active Share8 94.11%
 

GICS Sector Breakdown (%)6 as of Dec 31, 2023

 

Fund Holdings (%)6,9 as of Dec 31, 2023

Holding % of Net Assets
Core & Main Inc 3.08%
CBIZ Inc 2.87%
Cooper Cos Inc 2.69%
Chemed Corp 2.58%
Dorman Products Inc 2.53%
AptarGroup Inc 2.49%
Equity LifeStyle Properties Inc 2.34%
Rexford Industrial Realty Inc 2.24%
EastGroup Properties Inc 2.22%
Domino's Pizza Inc 2.16%
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. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. 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.


Management

Michael D. McLean, CFA

Michael D. McLean, CFA

Managing Director, Co-Head of US Small/Mid Cap
Joined Eaton Vance 2001

Biography

Mike is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance U.S. Small/Midcap team and a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for U.S. small- and midcap equity portfolios as well as coverage of the consumer discretionary and consumer staples sectors. He is also a vice president and portfolio manager for Calvert Research and Management. He began his career in the investment management industry with Eaton Vance in 2001. Morgan Stanley acquired Eaton Vance in March 2021.

Mike earned a B.S. from Providence College. He is a CFA charterholder and holds both the CFA Institute Certificate in ESG Investing and the Fundamentals of Sustainability Accounting FSA Credential.

Education
  • B.S. Providence College

Experience
  • Managed Fund since inception

 
Griff Noble, CFA

Griff Noble, CFA

Managing Director, Co-Head of US Small/Mid Cap
Joined Eaton Vance 2012

Biography

Griff is a managing director of Morgan Stanley. He is Co-Head of the Eaton Vance U.S. Small/Midcap team and a portfolio manager. He is responsible for buy and sell decisions, portfolio construction and risk management for U.S. small- and midcap equity portfolios as well as coverage of the energy and industrials sectors. He is also a vice president and portfolio manager for Calvert Research and Management. He joined Eaton Vance in 2012. Morgan Stanley acquired Eaton Vance in March 2021.

Griff began his career in the investment management industry in 1996. Before joining Eaton Vance, he was an equity analyst with BlackRock, Inc. He was previously affiliated with Byram Capital Management, Emerson Investment Management, Deutsche Asset Management and Putnam Investments.

Griff earned a B.S. from the University of Vermont and an MBA from Babson College. He is a member of CFA Society Boston and is a CFA charterholder.

Education
  • B.S. University of Vermont
  • M.B.A. Babson College

Experience
  • Managed Fund since inception

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Dec 31, 2023

Full Prospectus

Download Full Prospectus - Last updated: Apr 12, 2023

SAI

Download SAI - Last updated: Apr 12, 2023

Summary Prospectus

Download Summary Prospectus - Last updated: Sep 18, 2023