Calvert World Values International Equity Fund Adopts Multi-Manager Structure
Calvert Combines In-House Equity Capabilities with Investment Managers Martin Currie and Thornburg to Bring Investors a Dynamic Portfolio Management Team
12/17/2009
Calvert Asset Management Company, Inc. recently implemented a new multi-manager structure for Calvert World Values International Equity Fund (CWVGX) that includes Martin Currie, Inc., Thornburg Investment Management, Inc., and Calvert Asset Management Company, Inc. Former Fund sub-advisor Acadian Asset Management will not play a role in this new portfolio management structure.
Fund Objective and Benchmark Remain Unchanged
The Fund’s investment objective and non-U.S. large-cap core style will not change as a result of the portfolio manager change. The Fund’s benchmark will still be the Morgan Stanley Capital International Europe, Australasia and Far East Global Investable Market Index (MSCI EAFE IMI). The Fund will also continue to be part of the equity allocation in Calvert’s Asset Allocation Funds.
Multi-Manager Investment Approach
Calvert believes that the multi-manager, investment style-balanced approach offers more upside opportunity in different market environments, as well as enhanced opportunity for risk control and diversification. The three managers have complementary investment styles that will help maximize alpha, while enabling Calvert’s equity team to better control risk in the Fund, as well as to maintain expenses at the Fund level.
Collaborative Investment Process
Calvert now serves as the core manager of the Fund, and Thornburg and Martin Currie are the satellite managers. We expect to maintain a target manager allocation that is equally weighted across the three managers (one-third of assets under management for each manager) with approximately 10% to 15% expected variability around those target weights.
Thornburg and Martin Currie are two concentrated, high conviction, growth-biased managers who serve as the main return-generating vehicles for the Fund. Calvert is the core manager of the Fund, providing style balance with a more value-oriented, more diversified investment strategy. As Fund Advisor, Calvert will also rebalance and shift allocations (every 6-8 weeks on average) between managers depending on market conditions, managers’ respective style biases, and performance opportunities.
Calvert World Values International Equity Fund
Click to learn more about Calvert World Values International Equity Fund, including top 10 holdings, industry breakdown, investment strategy, and more.
To find out how these changes may affect your portfolio, please contact your Financial Advisor. You may also contact us directly by calling a Calvert Service Representative at (800) 368-2748.
#9669 (12/09)
