| RISK MEASURES (3-Year)As of 3/31/2013 |
| |
FUND |
BENCHMARK |
| STANDARD DEVIATION |
17.09% |
16.87% |
| ALPHA |
2.38% |
0.00% |
| BETA |
0.99 |
1.00 |
| EXCESS RETURN |
2.38% |
0.00% |
| R-SQUARED |
94.60% |
100.00% |
| TRACKING ERROR |
3.98% |
0.00% |
| INFORMATION RATIO |
0.60 |
0.00 |
| SHARPE RATIO |
0.63 |
0.50 |
Source: Zephyr StyleAdvisor using MorningstarTM and/or Lipper data.
| MARKET CAPITALIZATIONAs of 3/31/2013 ($ Millions) |
| |
FUND |
BENCHMARK |
| Weighted Average |
5,528.5 |
3,622.6 |
| Median |
2,069.8 |
1,114.1 |
| Weighted Median |
4,011.6 |
2,083.6 |
Source: Analysis performed by FactSet.
| TOP HOLDINGSAs of 3/31/2013 |
| Holding |
% of Net Assets |
| EBARA CORP |
5.93% |
| SEVERN TRENT PLC |
5.88% |
| KURITA WATER INDUSTRIES LTD |
5.63% |
| SUEZ ENVIRONNEMENT CO |
5.62% |
| PENTAIR LTD REGISTERED |
5.60% |
| SPX CORP |
5.53% |
| GARDNER DENVER INC |
4.55% |
| UNITED UTILITIES GROUP PLC |
4.40% |
| XYLEM INC |
4.30% |
| FLOWSERVE CORP |
3.83% |
| Total |
51.28% |
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 Water Fund
|
92.81%
|
0.00%
|
7.19%
|
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 Water Fund |
16.2 |
18.9 |
10.3% |
21.4% |
10.5% |
8.7 |
1.7 |
2.1 |
| S-Network Global Water Index |
16.0 |
18.9 |
10.4% |
9.5% |
11.8% |
8.7 |
1.7 |
2.6 |
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 S-Network Global Water Index for the quarter ending 3/31/2013 |
|
| TOP CONTRIBUTORS BY SECTORQuarter ended 3/31/2013 |
| Sector |
Average Weight |
Return |
Contribution |
| Industrials |
56.84% |
10.09% |
5.75% |
| Utilities |
28.74% |
7.79% |
2.28% |
| Materials |
5.16% |
22.46% |
1.19% |
| Consumer Discretionary |
1.66% |
11.30% |
0.22% |
| Health Care |
1.83% |
2.81% |
0.16% |
| TOP CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013 |
| Holding |
Average Weight |
Return |
Contribution |
| Calgon Carbon Corp. |
3.38% |
27.64% |
0.97% |
| SPX Corp. |
6.53% |
12.91% |
0.89% |
| China Everbright International Ltd. |
2.02% |
40.24% |
0.79% |
| Flowserve Corp. |
4.17% |
14.53% |
0.66% |
| Gardner Denver Inc. |
5.98% |
9.72% |
0.62% |
| BOTTOM CONTRIBUTORS BY SECTORQuarter ended 3/31/2013 |
| Sector |
Average Weight |
Return |
Contribution |
| Consumer Staples |
0.00% |
0.00% |
0.00% |
| Energy |
0.00% |
0.00% |
0.00% |
| Telecomm Services |
0.00% |
0.00% |
0.00% |
| Financials |
1.47% |
9.52% |
0.14% |
| Information Technology |
4.30% |
3.06% |
0.16% |
| BOTTOM CONTRIBUTORS BY HOLDINGQuarter ended 3/31/2013 |
| Holding |
Average Weight |
Return |
Contribution |
| Ebara Corp. |
6.07% |
-4.93% |
-0.23% |
| United Utilities Group PLC |
3.65% |
-2.02% |
-0.06% |
| Tri-Tech Holding Inc. |
0.11% |
-23.64% |
-0.04% |
| Organo Corp. |
1.56% |
-0.58% |
-0.01% |
| Sound Global Ltd. |
0.38% |
2.12% |
-0.01% |
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 |
55.96% |
47.45% |
| Pacific Rim |
17.38% |
23.03% |
| South America |
3.30% |
5.61% |
| Western Europe |
23.37% |
23.90% |
| COUNTRIESas of 3/31/2013 |
| Country |
% of Portfolio |
Benchmark |
| Brazil |
3.30% |
3.95% |
| Canada |
2.73% |
n/a |
| Cayman Islands |
n/a |
1.06% |
| Chile |
n/a |
1.66% |
| China |
0.08% |
2.43% |
| Finland |
n/a |
0.80% |
| France |
6.94% |
4.13% |
| Germany |
0.42% |
n/a |
| Greece |
n/a |
1.36% |
| Hong Kong |
2.19% |
5.21% |
| Italy |
n/a |
2.44% |
| Japan |
13.17% |
4.64% |
| Malaysia |
n/a |
0.25% |
| Netherlands |
1.31% |
2.22% |
| Philippines |
1.08% |
1.74% |
| Singapore |
n/a |
2.35% |
| South Korea |
0.87% |
4.79% |
| Switzerland |
4.17% |
5.41% |
| Thailand |
n/a |
1.63% |
| United Kingdom |
10.53% |
7.55% |
| United States |
53.22% |
46.39% |
ANALYSIS
By
Kleinwort Benson Investors International Ltd (Sub-Advisor)
|
|
The Fund’s overweight position in the Infrastructure sub-sector as well as strong overall stock selection helped it outperform its benchmark. In particular, the Fund benefited from strength in Chinese water stocks and late-cycle Infrastructure stocks. Infrastructure was the best-performing sub-sector during the first quarter, with strong returns coming from Chinese water companies Beijing Enterprises Water and China Everbright. China continued to commit to significant increases in wastewater treatment, water reuse, and desalination capacity. Other strong performers were Aecom Technology and Weir, both of which were sold after major gains from last summer. The Fund also benefited from capital markets activity in the Infrastructure sub-sector as Gardner Denver received a formal bid to go private and Ebara did a secondary offering to fund pump service centers around the world.
Notable overweight positions within the Water Technology sub-sector were Calgon Carbon, Danaher, and Kurita Water Industries. Shares in Calgon Carbon gained over 25% for the quarter, reflecting positive earnings and progress in cost reductions. Danaher also performed strongly in concert with other U.S. Industrials stocks. Japanese ultrapure water company Kurita underperformed (albeit producing positive returns) on the back of currency-related weakness.
The Fund’s underweight to the Utilities sub-sector was a positive as Utilities struggled during the first quarter. Many U.S. and emerging-market water utilities had strong results, but this was offset by more-modest performance for the U.K. utilities and by currency issues associated with the weak British pound.
More broadly, the Fund’s focus on companies that have aggressively positioned themselves for a low-growth environment paid off, as many Fund holdings performed well against modest expectations. This trend has meant stronger attention to cost efficiencies, higher investment in research and development, and disciplined capital allocation strategies. These “self-help” moves prepare the companies for economic weakness while potentially enhancing their earnings power in a better-than-forecast scenario.
|
| 10 BEST PERFORMERS FOR THE QUARTER as of 3/31/2013 |
| Rank |
Company |
Industry |
Return |
| 1 |
China Everbright International Ltd. |
Industrials |
40.24% |
| 2 |
GWR Global Water Resources Corp. |
Utilities |
33.78% |
| 3 |
AECOM Technology Corp. |
Industrials |
32.02% |
| 4 |
Calgon Carbon Corp. |
Materials |
27.64% |
| 5 |
Manila Water Co. Inc. |
Utilities |
25.59% |
| 6 |
Joyou AG |
Industrials |
23.19% |
| 7 |
Uponor Oyj |
Industrials |
16.09% |
| 8 |
Tetra Tech Inc. |
Industrials |
15.27% |
| 9 |
Beijing Enterprises Water Group Ltd. |
Utilities |
14.94% |
| 10 |
Flowserve Corp. |
Industrials |
14.53% |
| 10 WORST PERFORMERS FOR THE QUARTER as of 3/31/2013 |
| Rank |
Company |
Industry |
Return |
| 1 |
Tri-Tech Holding Inc. |
Utilities |
-23.64% |
| 2 |
Ebara Corp. |
Industrials |
-4.93% |
| 3 |
Rexnord Corp |
Industrials |
-4.08% |
| 4 |
United Utilities Group PLC |
Utilities |
-2.02% |
| 5 |
Ashland Inc. |
Materials |
-0.83% |
| 6 |
Organo Corp. |
Industrials |
-0.58% |
| 7 |
Pure Technologies Ltd. |
Information Technology |
1.00% |
| 8 |
Severn Trent PLC |
Utilities |
1.40% |
| 9 |
Kurita Water Industries Ltd. |
Industrials |
1.66% |
| 10 |
Xylem Inc. |
Industrials |
2.12% |
As of March 31, 2013, Calvert Global Water Fund’s holdings included Beijing Enterprises Water (1.22% of Fund assets), China Everbright (0.81%), Aecom Technology (0.00%), Weir (0.00%), Gardner Denver (4.55%), Ebara (5.93%), Calgon Carbon (1.72%), Danaher (1.90%), and Kurita Water Industries (5.63%). 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 water-related sector may fall in value. The water industry can be significantly affected by a number of factors, including availability of water, the level of rainfall, water consumption, price and supply fluctuations, and government regulations and policies. A downturn in the water-related resource sector 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 the water industry (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. |
