| RISK MEASURES (3-Year)As of 3/31/2013 |
| |
FUND |
BENCHMARK |
| STANDARD DEVIATION |
19.36% |
17.78% |
| ALPHA |
0.65% |
0.00% |
| BETA |
1.06 |
1.00 |
| EXCESS RETURN |
1.38% |
0.00% |
| R-SQUARED |
94.16% |
100.00% |
| TRACKING ERROR |
4.79% |
0.00% |
| INFORMATION RATIO |
0.29 |
0.00 |
| SHARPE RATIO |
0.80 |
0.80 |
Source: Zephyr StyleAdvisor using MorningstarTM and/or Lipper data.
| MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions) |
| |
FUND |
BENCHMARK |
| Weighted Average |
5,083.6 |
9,453.4 |
| Median |
3,956.1 |
4,928.3 |
| Weighted Median |
4,142.7 |
9,104.6 |
Source: Analysis performed by FactSet.
| TOP HOLDINGSAs of 3/31/2013 |
| Holding |
% of Net Assets |
| CHURCH + DWIGHT CO INC |
3.69% |
| WESCO INTERNATIONAL INC |
3.57% |
| INGREDION INC |
3.26% |
| LUFKIN INDUSTRIES INC |
3.21% |
| POLARIS INDUSTRIES INC |
3.16% |
| SYNTEL INC |
3.06% |
| DST SYSTEMS INC |
3.05% |
| VALMONT INDUSTRIES |
3.04% |
| TRW AUTOMOTIVE HOLDINGS CORP |
2.85% |
| COINSTAR INC |
2.72% |
| Total |
31.62% |
The Fund may or may not still invest in, and no action is recommended
on, companies listed. For the most recently available information on the Fund's
holdings, visit
www.calvert.com.
| ASSET ALLOCATION% of assets as of 3/31/2013 |
| |
Equity |
Fixed Income |
Cash |
|
Calvert Capital Accumulation Fund
|
97.96%
|
0.45%
|
1.59%
|
Source: State Street Bank & Trust Company
| VALUATIONKey Portfolio Statistics as of 3/31/2013 |
| |
1 YEAR P/E |
3 YEAR EPS GROWTH |
RETURN ON
EQUITY |
PRICE TO
CASH FLOW |
PRICE TO
BOOK |
Dividend
Yield |
| PROJECTED |
TRAILING |
PROJECTED |
TRAILING |
| Calvert Capital Accumulation Fund |
14.3 |
16.0 |
16.0% |
32.9% |
21.3% |
10.4 |
2.8 |
0.7 |
| Russell Midcap Growth Index |
18.2 |
20.5 |
15.8% |
33.1% |
19.3% |
13.1 |
4.8 |
1.1 |
Source: Analysis performed by FactSet.
|
PERFORMANCE
Average Annual Returns (%) for Period Ended 3/31/2013
|
| |
QTR |
YTD |
1 YEAR |
3 YEARS |
5 YEARS |
10 YEARS |
SINCE
INCEPTION |
INCEPTION
DATE |
|
A Shares (NAV)
|
9.43 |
9.43 |
11.70 |
15.62 |
8.35 |
8.76 |
7.79 |
10/31/1994 |
| Russell Midcap Growth Index |
11.51 |
11.51 |
12.76 |
14.23 |
7.98 |
11.53 |
9.22 |
|
| Lipper Mid-Cap Core Funds Index |
12.37 |
12.37 |
15.47 |
12.30 |
7.64 |
10.98 |
9.80 |
|
The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Index reflects no deductions for fees or expenses. An investor cannot invest directly in an index. Visit www.calvert.com to obtain performance data current to the most recent month-end. Returns for periods of less than one year are not annualized.
| PERFORMANCE ATTRIBUTIONRelative to the Russell Midcap Growth Index for the quarter ending 3/31/2013 |
|
| TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013 |
| Sector |
Average Weight |
Return |
Contribution |
| Health Care |
14.67% |
14.87% |
2.11% |
| Consumer Discretionary |
24.51% |
6.82% |
1.67% |
| Industrials |
15.04% |
10.19% |
1.61% |
| Energy |
7.98% |
17.74% |
1.34% |
| Consumer Staples |
6.77% |
17.14% |
1.13% |
| TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013 |
| Holding |
Average Weight |
Return |
Contribution |
| Church & Dwight Co. |
3.57% |
21.21% |
0.71% |
| Syntel Inc. |
2.83% |
25.99% |
0.69% |
| Gannett Co. Inc. |
2.34% |
22.62% |
0.50% |
| Corporate Executive Board Co. |
2.30% |
23.04% |
0.49% |
| Valmont Industries Inc. |
3.09% |
15.34% |
0.46% |
| BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013 |
| Sector |
Average Weight |
Return |
Contribution |
| Utilities |
0.00% |
0.00% |
0.00% |
| Telecomm Services |
1.23% |
9.66% |
0.11% |
| Materials |
6.22% |
9.43% |
0.58% |
| Information Technology |
17.21% |
4.25% |
0.79% |
| Financials |
6.37% |
14.23% |
0.86% |
| BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013 |
| Holding |
Average Weight |
Return |
Contribution |
| Ulta Salon Cosmetics & Frg Inc. |
2.33% |
-17.39% |
-0.43% |
| Lender Processing Services Inc. |
0.80% |
-9.02% |
-0.24% |
| F5 Networks Inc. |
1.75% |
-8.31% |
-0.20% |
| Teradata Corp. |
2.03% |
-5.46% |
-0.11% |
| Myriad Genetics Inc. |
1.35% |
-6.79% |
-0.10% |
Source: Analysis performed by FactSet.
Equity holdings only.
Return calculation is based on daily holding periods and excludes all fund expenses and trading costs.
Portfolio weight is calculated as the average weight over the quarter.
The performance data quoted represents past
performance, which does not guarantee future results. Current performance may
differ from that shown. The statistical information above is taken from sources
believed to be reliable but cannot be guaranteed as to accuracy.
ANALYSIS
By
New Amsterdam Partners LLC (Sub-Advisor)
|
|
In the first quarter of 2013, the Fund had a strong absolute gain
but underperformed the Russell Midcap Growth Index. Sector
positioning had a neutral impact on relative performance,
but stock selection weighed on the Fund’s results compared
with the benchmark. Among the Fund’s major contributors,
an overweight position in the Energy sector added value.
In addition, stock selection was strong in the Health Care,
Materials, and Telecommunication Services sectors. Health
Care holding Wellcare Health Plans (up 19.0% for the quarter)
had better-than-expected earnings due in part to a substantial
premium rate increase in Kentucky. In the Materials sector,
Reliance Steel & Aluminum (up 15.1%) rose in concert with
improving steel prices. Telecommunications Services holding
MetroPCS Communications (up 9.7%) was driven higher by
the improved terms of its proposed merger with T-Mobile.
In Information Technology, Syntel (up 25.9%) benefited from
robust margin expansion.
Leading detractors included stock selections in the Consumer
Discretionary, Information Technology, and Industrials sectors.
In Consumer Discretionary, Ulta Beauty (down 17.3%) traded
lower on disappointing earnings and the resignation of its
CEO, while Expedia (down 2.1%) suffered from increasing
competition in international hotel markets. In the Information
Technology sector, Lender Processing Services (down 8.9%) was
down on concerns about its default services division, and F5
Networks (down 8.3%) slipped as its security initiatives failed
to impress and a senior sales executive resigned. Industrials
holding Cubic (down 1.3%) traded lower on fears of potential
defense spending cuts.
From a sector positioning perspective, as of the end of the first
quarter, the Fund was overweight the Energy and Health Care
sectors, while it was underweight Financials and the Consumer
sectors.
|
| 10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013 |
| Rank |
Company |
Industry |
Return |
| 1 |
Syntel Inc. |
Information Technology |
25.99% |
| 2 |
Corporate Executive Board Co. |
Industrials |
23.04% |
| 3 |
Gannett Co. Inc. |
Consumer Discretionary |
22.62% |
| 4 |
CareFusion Corp. |
Health Care |
22.43% |
| 5 |
Questcor Pharmaceuticals Inc. |
Health Care |
21.78% |
| 6 |
Church & Dwight Co. |
Consumer Staples |
21.21% |
| 7 |
FMC Technologies Inc. |
Energy |
20.29% |
| 8 |
AmerisourceBergen Corp. |
Health Care |
19.69% |
| 9 |
Wellcare Health Plans Inc. |
Health Care |
19.04% |
| 10 |
First Republic Bank |
Financials |
17.82% |
| 10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013 |
| Rank |
Company |
Industry |
Return |
| 1 |
Ulta Salon Cosmetics & Frg Inc. |
Consumer Discretionary |
-17.39% |
| 2 |
Lender Processing Services Inc. |
Information Technology |
-9.02% |
| 3 |
F5 Networks Inc. |
Information Technology |
-8.31% |
| 4 |
Myriad Genetics Inc. |
Health Care |
-6.79% |
| 5 |
Teradata Corp. |
Information Technology |
-5.46% |
| 6 |
Owens-Illinois Inc. |
Materials |
-3.65% |
| 7 |
Expedia Inc. |
Consumer Discretionary |
-2.15% |
| 8 |
Cubic Corp. |
Industrials |
-0.60% |
| 9 |
IPG Photonics Corp. |
Information Technology |
-0.36% |
| 10 |
WEX Inc. |
Information Technology |
0.38% |
As of March 31, 2013, Calvert Capital Accumulation Fund’s holdings included Wellcare Health Plans (2.44% of the Fund’s net assets), Reliance
Steel & Aluminum (2.27%), MetroPCS Communications (1.27%), T-Mobile (0.00%), Syntel (3.06%), Ulta Beauty (1.96%), Expedia (2.46%), Lender
Processing Services (0.00%), F5 Networks (1.64%), and Cubic (0.00%). Calvert may or may not still invest in, and is not recommending any
action on, companies listed. For the most recently available information on individual holdings in each Calvert fund, visit
www.calvert.com/fundHoldings.html.
Current and future portfolio holdings are subject to market risk.
Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; and/or the Fund’s portfolio management practices may not achieve the desired result. Prices of mid-cap stocks may respond to market activity differently from and can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies. The Fund is non-diversified and may be more volatile than a diversified fund.
Holdings are subject to change.
Net assets include all share classes.
Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.
|
G200ATT
|
FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION. |
