| RISK MEASURES (3-Year)As of 3/31/2013 |
| |
FUND |
BENCHMARK |
| STANDARD DEVIATION |
26.30% |
25.52% |
| ALPHA |
7.68% |
0.00% |
| BETA |
0.99 |
1.00 |
| EXCESS RETURN |
6.33% |
0.00% |
| R-SQUARED |
92.94% |
100.00% |
| TRACKING ERROR |
6.99% |
0.00% |
| INFORMATION RATIO |
0.91 |
0.00 |
| SHARPE RATIO |
-0.44 |
-0.70 |
Source: Zephyr StyleAdvisor using MorningstarTM and/or Lipper data.
| MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions) |
| |
FUND |
BENCHMARK |
| Weighted Average |
6,364.9 |
4,651.8 |
| Median |
1,574.9 |
249.6 |
| Weighted Median |
2,371.1 |
1,642.4 |
Source: Analysis performed by FactSet.
| TOP HOLDINGSAs of 3/31/2013 |
| Holding |
% of Net Assets |
| EATON CORP PLC |
5.57% |
| JOHNSON CONTROLS INC |
4.58% |
| ITRON INC |
4.14% |
| EDP RENOVAVEIS SA |
3.79% |
| CREE INC |
3.74% |
| COVANTA HOLDING CORP |
3.56% |
| ESCO TECHNOLOGIES INC |
3.39% |
| COSAN LTD CLASS A SHARES |
3.38% |
| NEXTERA ENERGY INC |
3.02% |
| SECHILIENNE SIDEC |
3.01% |
| Total |
38.19% |
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 Global Alternative Energy Fund
|
97.59%
|
0.00%
|
2.41%
|
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 Global Alternative Energy Fund |
17.5 |
19.0 |
12.3% |
20.2% |
6.9% |
8.1 |
1.5 |
1.6 |
| Ardour Global Alternative Energy Index (Composite) |
18.9 |
16.7 |
12.3% |
23.8% |
2.8% |
7.9 |
1.3 |
1.1 |
Source: Analysis performed by FactSet.
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 Ardour Global Alternative Energy Index (Composite) for the quarter ending 3/31/2013 |
|
| TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013 |
| Sector |
Average Weight |
Return |
Contribution |
| Information Technology |
17.60% |
17.08% |
3.03% |
| Industrials |
32.07% |
9.24% |
2.90% |
| Materials |
10.65% |
13.20% |
1.52% |
| Energy |
7.17% |
20.99% |
1.43% |
| Consumer Discretionary |
7.39% |
16.44% |
1.16% |
| TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013 |
| Holding |
Average Weight |
Return |
Contribution |
| Cree Inc. |
3.83% |
61.01% |
1.88% |
| China Everbright International Ltd. |
3.25% |
40.24% |
1.11% |
| Novozymes A/S |
3.91% |
21.50% |
0.95% |
| Calgon Carbon Corp. |
3.25% |
27.64% |
0.95% |
| China Suntien Green Energy Corp. Ltd. |
3.21% |
24.17% |
0.72% |
| BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013 |
| Sector |
Average Weight |
Return |
Contribution |
| Consumer Staples |
0.00% |
0.00% |
0.00% |
| Health Care |
0.00% |
0.00% |
0.00% |
| Telecomm Services |
0.00% |
0.00% |
0.00% |
| Financials |
0.14% |
2.01% |
0.06% |
| Utilities |
24.97% |
0.35% |
0.21% |
| BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013 |
| Holding |
Average Weight |
Return |
Contribution |
| Trina Solar Ltd. ADS |
1.82% |
-16.36% |
-0.52% |
| Ameresco Inc. Cl A |
1.56% |
-24.57% |
-0.43% |
| Iberdrola S.A. |
2.33% |
-13.94% |
-0.33% |
| EDP Renovaveis S/A |
2.86% |
-9.11% |
-0.33% |
| Polypore International Inc. |
1.43% |
-13.59% |
-0.30% |
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.
| REGIONSas of3/31/2013 |
| Region |
% of Portfolio |
Benchmark |
| North America |
49.36% |
61.14% |
| Pacific Rim |
16.11% |
21.28% |
| South America |
3.38% |
4.31% |
| Western Europe |
31.15% |
13.27% |
| COUNTRIESas of 3/31/2013 |
| Country |
% of Portfolio |
Benchmark |
| Australia |
3.33% |
0.13% |
| Austria |
1.57% |
1.44% |
| Belgium |
1.97% |
n/a |
| Bermuda |
2.09% |
0.17% |
| Brazil |
3.38% |
4.31% |
| Canada |
3.91% |
3.98% |
| Cayman Islands |
n/a |
0.18% |
| China |
6.69% |
8.39% |
| Denmark |
0.81% |
2.27% |
| France |
4.96% |
0.94% |
| Germany |
1.38% |
1.38% |
| Greece |
n/a |
0.14% |
| Hong Kong |
2.51% |
2.80% |
| Italy |
5.65% |
4.13% |
| Japan |
3.57% |
3.41% |
| Norway |
n/a |
0.39% |
| Philippines |
n/a |
2.14% |
| Portugal |
3.79% |
1.45% |
| Singapore |
n/a |
0.07% |
| Spain |
2.01% |
0.80% |
| Switzerland |
n/a |
0.13% |
| Taiwan |
0.02% |
4.34% |
| United Kingdom |
9.01% |
0.19% |
| United States |
43.35% |
56.80% |
ANALYSIS
By
Kleinwort Benson Investors International Ltd (Sub-Advisor)
|
|
The single biggest detractor from the Fund’s relative return was Cree, an LED lighting firm. Cree has an extremely large weighting in the benchmark, and while the stock is a top-10 holding for the Fund, its weighting in the Fund is only half of its weight in the benchmark. During the first quarter, shares in the company gained over 60% after it announced better-than-expected quarterly results. The Fund’s relative underweight in Cree accounted for most of its relative underperformance in the quarter.
More broadly, the Energy Efficiency sub-sector was once again the leading performer following strong earnings releases for transport and building-efficiency stocks. Better-than-expected housing and construction reports from the United States also boosted confidence in this sub-sector. Housing and auto-related companies in the Fund such as Johnson Controls (up almost 15%) and Tesla Motors (up almost 12%) benefited from the trend.
However, specialty chemical company Johnson Matthey, a Fund holding, performed poorly in this sub-sector. The company’s environmental technologies division is engaged in the production of pollution control devices for the automotive industry, but its precious metal products division suffered from softer platinum prices and weak demand from Europe. The company’s shares are not included in the benchmark index.
Stock selection in the Solar sub-sector was a positive. The Fund avoided some stocks with major losses, including Suntech (down almost 75%) and First Solar (down 12%). More generally, the Solar sub-sector witnessed a strong rally during the first six weeks of the quarter as stabilizing prices and a series of broker upgrades generated fresh optimism. North American downstream producers in the Fund such as Advanced Energy Industries, Canadian Solar, and MEMC Electronic Materials all produced strong returns, while Chinese module manufacturers lagged. Canadian Solar has since been sold.
The Biomass sub-sector posted solid returns during the quarter, driven primarily by the performance of the Fund’s main holdings Cosan, Covanta, China Everbright, and Novozymes, all of which posted better-than-expected annual results. Two of these positions, Novozymes and China Everbright, are not represented in the benchmark and saw significant gains during the quarter. China Everbright is a leading waste-to-energy and wastewater treatment firm in the Chinese market. Waste-to-energy is an emerging trend benefiting from strong government support under current Chinese policy.
Elsewhere, performance in the Wind sub-sector was mixed. Utilities was the worst-performing sub-sector as weaker power prices coupled with lower carbon prices continued to hurt European power producers. However, the Fuel Cell sub-sector was a strong outperformer during the quarter, mainly on stock specific news. For example, shares of Ceramic Fuel Cells, a Fund holding, rose following the confirmation that a German state has approved a subsidy program for combined heat and power (CHP) producers.
|
| 10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013 |
| Rank |
Company |
Industry |
Return |
| 1 |
China Hydroelectric Corpora *W Exp 01/25/2014 |
Utilities |
401.82% |
| 2 |
Ballard Power Systems Inc. |
Consumer Discretionary |
68.85% |
| 3 |
Cree Inc. |
Information Technology |
61.01% |
| 4 |
ITM Power PLC |
Industrials |
56.64% |
| 5 |
Lamprell PLC |
Energy |
44.19% |
| 6 |
Canadian Solar Inc. |
Information Technology |
44.12% |
| 7 |
China Everbright International Ltd. |
Industrials |
40.24% |
| 8 |
MEMC Electronic Materials Inc. |
Information Technology |
37.07% |
| 9 |
Advanced Energy Industries Inc. |
Information Technology |
32.51% |
| 10 |
China Longyuan Power Group Corp. Ltd. |
Utilities |
29.47% |
| 10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013 |
| Rank |
Company |
Industry |
Return |
| 1 |
Ameresco Inc. Cl A |
Industrials |
-24.57% |
| 2 |
4Energy Invest N.V. |
Utilities |
-22.55% |
| 3 |
GCL-Poly Energy Holdings Ltd. |
Information Technology |
-18.63% |
| 4 |
Trina Solar Ltd. ADS |
Information Technology |
-16.36% |
| 5 |
Iberdrola S.A. |
Utilities |
-13.94% |
| 6 |
Polypore International Inc. |
Industrials |
-13.59% |
| 7 |
Verbund AG |
Utilities |
-12.22% |
| 8 |
Johnson Matthey PLC |
Materials |
-9.12% |
| 9 |
EDP Renovaveis S/A |
Utilities |
-9.11% |
| 10 |
Umicore S.A. |
Materials |
-7.83% |
As of March 31, 2013, Calvert Global Alternative Energy Fund’s holdings included Greencoat UK Wind (2.91% of the Fund’s net assets), Cree (3.74%), Johnson Controls (4.58%), Tesla Motors (2.81%), Johnson Matthey (2.67%), Suntech (0.00%), First Solar (0.00%), Advanced Energy Industries (1.34%), Canadian Solar (0.00%), MEMC Electronic Materials (1.68%), Cosan (3.38%), Covanta (3.56%), China Everbright (1.99%), Novozymes (1.78%), and Ceramic Fuel Cells (2.44%). 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 the possible loss of principal invested. The Fund is subject to the risk that stocks that comprise the energy sector may fall in value, and the risk that prices of energy (including traditional sources such as oil, gas or electricity) or alternative energy may fall. The alternative energy sector can be significantly affected by a number of factors, including fluctuations in energy prices, supply and demand of alternative energy fuels, energy conservation, and government regulations and policies. A downturn in the alternative energy industry would impact the Fund more than a fund that does not concentrate in this industry, and the Fund therefore may be more volatile than a typical mutual fund. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. The Fund is nondiversified and may be more volatile than a diversified fund.
Companies labeled GICS are those classified using the Global Industry Classification Standards. These companies are involved in alternative energy (though not to the degree required per prospectus definition) and the sub-advisor believes will generate above average returns going forward.
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. |
