Calvert Global Water Fund

  • CFWAXTicker Symbol
  • 13161P797Cusip Number
  • 973Calvert Fund Number
  • $18.14As of 2/17/17
  • $-0.05 Price ChangeAs of 2/17/17
  • 4.01% YTD ReturnNo Charge

Why Invest

The Fund seeks to track the performance of the Calvert Global Water Research Index.


Investment Risks

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. An index fund has operating expenses; a market index does not. Although expected to track its target index as closely as possible while satisfying its investment criteria, the Fund will not be able to match the performance of the index exactly. It is not possible to invest directly in an index. 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. 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. In evaluating a company, the Advisor is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Advisor to incorrectly assess a company’s ESG performance. The Fund is non-diversified and may be more volatile than a diversified fund. The Fund is non-diversified and may be more volatile than a diversified fund.


Average Annual Total Returns (%)

Period Ending 1/31/17

Period Ending 12/31/16

Period Ending 1/31/17

QTD YTD 1-YR 3-YR 5-YR 10-YR Since Fund Inception 9/30/2008
Calvert Global Water Fund w/o sales charge 2.41% 2.41% 23.68% 0.33% 8.21% n/a 6.51%
Calvert Global Water Research Spliced Benchmark 2.69% 2.69% 24.92% 9.07% 12.87% n/a 9.10%
S-Network Global Water Index 2.10% 2.10% 24.10% 8.83% 12.72% n/a 9.01%
MSCI All Country World Index 2.73% 2.73% 17.93% 5.49% 8.72% n/a 6.97%
Lipper Global Natural Resources Funds Index 2.06% 2.06% 41.41% -2.21% -0.51% n/a 0.36%
Calvert Global Water Fund w sales charge -2.46% -2.46% 17.81% -1.29% 7.16% n/a 5.89%

Period Ending 12/31/16

QTD YTD 1-YR 3-YR 5-YR 10-YR Since Fund Inception 9/30/2008
Calvert Global Water Fund w/o sales charge -1.52% 13.99% 13.99% -1.46% 9.39% n/a 6.27%
Calvert Global Water Research Spliced Benchmark -0.60% 19.29% 19.29% 6.83% 13.68% n/a 8.85%
S-Network Global Water Index -1.30% 19.20% 19.20% 6.81% 13.66% n/a 8.84%
MSCI All Country World Index 1.19% 7.86% 7.86% 3.13% 9.36% n/a 6.69%
Lipper Global Natural Resources Funds Index 3.73% 32.86% 32.86% -4.15% 0.37% n/a 0.12%
Calvert Global Water Fund w sales charge -6.19% 8.59% 8.59% -3.05% 8.33% n/a 5.64%

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. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.


Investment Team

Christopher Madden, CFA

Vice President, Calvert Research and Management

Jade Huang

Vice President, Calvert Research and Management

Thomas Seto

Vice President, Calvert Research and Management

Fees source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/18. Without the reimbursement, performance would have been lower.

Style Analysis

The Morningstar Style Box reveals a fund's investment style as of the date noted on this report. For fixed income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.

Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-. NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

For Interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.


Average Annual Total Returns (%)

Period Ending 1/31/17

Period Ending 12/31/16

Period Ending 1/31/17

  QTD YTD 1-YR 3-YR 5-YR 10-YR Since Fund Inception 9/30/2008
Calvert Global Water Fund w/o sales charge 2.41% 2.41% 23.68% 0.33% 8.21% n/a 6.51%
Calvert Global Water Research Spliced Benchmark 2.69% 2.69% 24.92% 9.07% 12.87% n/a 9.10%
S-Network Global Water Index 2.10% 2.10% 24.10% 8.83% 12.72% n/a 9.01%
MSCI All Country World Index 2.73% 2.73% 17.93% 5.49% 8.72% n/a 6.97%
Lipper Global Natural Resources Funds Index 2.06% 2.06% 41.41% -2.21% -0.51% n/a 0.36%
Calvert Global Water Fund w sales charge -2.46% -2.46% 17.81% -1.29% 7.16% n/a 5.89%

Period Ending 12/31/16

  QTD YTD 1-YR 3-YR 5-YR 10-YR Since Fund Inception 9/30/2008
Calvert Global Water Fund w/o sales charge -1.52% 13.99% 13.99% -1.46% 9.39% n/a 6.27%
Calvert Global Water Research Spliced Benchmark -0.60% 19.29% 19.29% 6.83% 13.68% n/a 8.85%
S-Network Global Water Index -1.30% 19.20% 19.20% 6.81% 13.66% n/a 8.84%
MSCI All Country World Index 1.19% 7.86% 7.86% 3.13% 9.36% n/a 6.69%
Lipper Global Natural Resources Funds Index 3.73% 32.86% 32.86% -4.15% 0.37% n/a 0.12%
Calvert Global Water Fund w sales charge -6.19% 8.59% 8.59% -3.05% 8.33% n/a 5.64%

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. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.


Annual Returns

Without Sales Charge


Hypothetical Growth of $10,000

Chart depicts the value of a hypothetical $10,000 investment in the Fund over the past 10 years (or since inception for funds lacking 10-year history). Investment performance assumes the re-investment of dividends and capital gains, but does not reflect any applicable sales charges which, if included, would have reduced these returns.


Historical Pricing


Modern Portfolio Theory Statistics

As of 1/31/17

Fund (A Shares) MSCI All Country World Index
3 yrs 5 yrs 3 yrs 5 yrs
Alpha -5.12% -0.84% - -
Beta 1.10 1.07 1.00 1.00
R-Squared 74.96% 77.64% 100.00% 100.00%
Sharpe Ratio 0.02 0.59 0.49 0.77
Standard Deviation 13.93% 13.64% 11.00% 11.19%
Excess Return -5.16% -0.51% - -
Information Ratio -0.73 -0.08 - -
Tracking Error 7.05% 6.50% - -

Alpha is a measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta.

Beta is a measure of portfolio risk relative to the market or benchmark. A portfolio beta of 1.0 indicates a risk level equal to that of the fund's benchmark.

R Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in its benchmark index.

Sharpe Ratio is used to measure risk-adjusted performance. It is calculated by using standard deviation and return in excess of the benchmark to determine reward per unit of risk.

Standard Deviation is a measure of a fund's risk. A standard deviation of 1 means a fund can be expected to produce an annual return that is +/-1% of its average annual return 66% of the time.

Excess Return is return in excess of the risk-free rate or in excess of a benchmark.

Information Ratio is a measure of the consistency of excess return of a mutual fund as compared to its benchmark.

Tracking Error is the difference in the return earned by a portfolio and the return earned by the benchmark against which the portfolio is constructed.

Fees source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/18. Without the reimbursement, performance would have been lower.


Holdings

As of 1/31/17

Holding Percent of fund
Geberit Ag Reg 1.74%
Severn Trent Plc 1.53%
American Water Works Co Inc 1.53%
Hd Supply Holdings Inc 1.52%
United Utilities Group Plc 1.49%
Veolia Environnement 1.48%
Suez 1.47%
Cia Saneamento Minas Gerais 1.44%
Ebara Corp 1.44%
Smith (A.O.) Corp 1.41%

As of 1/31/17

Holding Percent of fund
GEBERIT AG REG 1.74%
SEVERN TRENT PLC 1.53%
AMERICAN WATER WORKS CO INC 1.53%
HD SUPPLY HOLDINGS INC 1.52%
UNITED UTILITIES GROUP PLC 1.49%
VEOLIA ENVIRONNEMENT 1.48%
SUEZ 1.47%
CIA SANEAMENTO MINAS GERAIS 1.44%
EBARA CORP 1.44%
SMITH (A.O.) CORP 1.41%
ECOLAB INC 1.39%
PENNON GROUP PLC 1.38%
CIA SANEAMENTO DO PARANA PRF 1.38%
BEIJING ENTERPRISES WATER GR 1.30%
METRO PACIFIC INVESTMENTS CO 1.30%
MUELLER INDUSTRIES INC 1.29%
VALMONT INDUSTRIES 1.25%
ADVANCED DRAINAGE SYSTEMS IN 1.24%
MUELLER WATER PRODUCTS INC A 1.21%
TOTO LTD 1.19%
PENTAIR PLC 1.19%
KURITA WATER INDUSTRIES LTD 1.18%
CALIFORNIA WATER SERVICE GRP 1.18%
GUANGDONG INVESTMENT LTD 1.18%
XYLEM INC 1.17%
TORO CO 1.16%
MANILA WATER COMPANY 1.15%
ACEA SPA 1.14%
IDEX CORP 1.13%
AMERICAN STATES WATER CO 1.13%
FLOWSERVE CORP 1.12%
ARCADIS NV 1.11%
COWAY CO LTD 1.10%
HITACHI ZOSEN CORP 1.09%
GORMAN RUPP CO 1.08%
REXNORD CORP 1.08%
CHINA LESSO GROUP HOLDINGS L 1.04%
CHINA WATER AFFAIRS GROUP 1.04%
NOVOZYMES A/S B SHARES 1.04%
TETRA TECH INC 1.03%
AEGION CORP 1.01%
ITRON INC 1.00%
CANTEL MEDICAL CORP 0.99%
CONNECTICUT WATER SVC INC 0.99%
SJW GROUP 0.96%
ENERCARE INC 0.96%
KEMIRA OYJ 0.96%
CT ENVIRONMENTAL GROUP LTD 0.96%
WATTS WATER TECHNOLOGIES A 0.95%
LINDSAY CORP 0.95%
ISRAEL CHEMICALS LTD 0.94%
COCA COLA EUROPEAN PARTNERS 0.94%
BADGER METER INC 0.93%
FRANKLIN ELECTRIC CO INC 0.93%
BOSKALIS WESTMINSTER 0.93%
DANAHER CORP 0.93%
AGUAS ANDINAS SA A 0.93%
VA TECH WABAG LTD 0.92%
NOVARTIS AG REG 0.91%
FOMENTO DE CONSTRUC Y CONTRA 0.90%
SIKA AG BR 0.90%
MIDDLESEX WATER CO 0.90%
METAWATER CO LTD 0.89%
LAYNE CHRISTENSEN COMPANY 0.89%
YORK WATER CO 0.89%
HYFLUX LTD 0.88%
CRODA INTERNATIONAL PLC 0.88%
TAIWAN SEMICONDUCTOR MANUFAC 0.88%
HANESBRANDS INC 0.88%
INTEL CORP 0.87%
NIKE INC CL B 0.87%
SEMPRA ENERGY 0.87%
SANOFI 0.87%
UNILEVER PLC 0.86%
OUTOTEC OYJ 0.86%
IDEXX LABORATORIES INC 0.86%
GENERAL MILLS INC 0.86%
PEPSICO INC 0.86%
CHINA STEEL CORP 0.86%
IBERDROLA SA 0.86%
TRIMBLE INC 0.86%
KELLOGG CO 0.85%
POLYPIPE GROUP PLC 0.85%
CLARCOR INC 0.85%
COLGATE PALMOLIVE CO 0.83%
METSA BOARD OYJ 0.82%
JAIN IRRIGATION SYSTEMS LTD 0.82%
HAWKINS INC 0.81%
FORD MOTOR CO 0.80%
GENERAL ELECTRIC CO 0.80%
HENNES + MAURITZ AB B SHS 0.80%
CALGON CARBON CORP 0.79%
CONSOLIDATED WATER CO ORD SH 0.75%
NUCOR CORP 0.74%
NIHON TRIM CO LTD 0.65%
CALVERT SOCIAL FOUNDATION NOTE 0.21%
PURE TECHNOLOGIES LTD 0.12%
IMPACTASSETS INC 0.08%
IMPACTASSETS INC 0.06%

Total Issues in Portfolio : 99


Industry Market Breakdown

As of 1/31/17

Industry Fund
Cash/Equiv. 0.75%
Leader/Solution Providers 25.96%
Water Infrastructure 24.15%
Water Technology 24.67%
Water Utilities 24.47%

Asset Type Breakdown

As of 1/31/17

Type Fund
Equity 98.92%
Cash & Equivalents 0.73%
Fixed Income 0.35%

Top 10 Countries

As of 1/31/17

Country Fund
UNITED STATES 50.73%
UNITED KINGDOM 7.21%
JAPAN 6.77%
HONG KONG 5.79%
FRANCE 3.99%
SWITZERLAND 3.71%
FINLAND 2.77%
PHILIPPINES 2.55%
NETHERLANDS 2.13%
SPAIN 1.80%

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Sector Descriptions: The Fund is designed to track, as closely as possible, the performance of the Calvert Global Water Research Index (the "Index"). The Index is proprietary to Calvert, and the sectors shown above under Industry Market Breakdown are those used in Index construction. Each of the Water Infrastructure, Water Technologies and Water Utilities sectors are comprised of companies that derive at least 30 percent of their total annual revenue or earnings from business activities in the respective sector, while the Leaders/Solutions Providers sector is comprised of companies that (i) are leaders in water efficiency or water re-use in a water-intensive industry ("Water Use Leaders"), or (ii) that provide solutions that address global water challenges, as outlined by the United Nations Sustainability Development Goals ("Water Innovators"). See the Fund's prospectus for additional information.


Dividend Distribution

For Year
Date Rate Record Date Ex Date Reinvest Date Reinvest Price
No data for selected date range
Date Rate Record Date Ex Date Reinvest Date Reinvest Price
No data for selected date range
Date Rate Record Date Ex Date Reinvest Date Reinvest Price
12/30/15 0.00423 12/28/15 12/29/15 12/29/15 $15.48
12/27/13 0.00562 12/24/13 12/26/13 12/26/13 $19.39
12/28/12 0.00745 12/26/12 12/27/12 12/27/12 $16.21
12/23/11 0.04114 12/21/11 12/22/11 12/22/11 $13.34
12/23/10 0.02017 12/21/10 12/22/10 12/22/10 $16.71
12/24/09 0.02836 12/22/09 12/23/09 12/23/09 $15.23

Capital Gain Distribution

For Year
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
No data for selected date range
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
No data for selected date range
Date Type Rate Record Date Ex Date Reinvest Date Reinvest Price
12/12/14 Short Term Gain 1.08861 12/10/14 12/11/14 12/11/14 $17.20
12/12/14 Long Term Gain 0.17562 12/10/14 12/11/14 12/11/14 $17.20
12/6/13 Short Term Gain 1.2045 12/4/13 12/5/13 12/5/13 $18.45
12/6/13 Long Term Gain 0.13322 12/4/13 12/5/13 12/5/13 $18.45
12/7/12 Short Term Gain 0.80244 12/5/12 12/6/12 12/6/12 $15.73
12/8/11 Short Term Gain 0.75657 12/6/11 12/7/11 12/7/11 $13.68
12/8/11 Long Term Gain 0.82773 12/6/11 12/7/11 12/7/11 $13.68
12/3/10 Short Term Gain 0.17367 12/1/10 12/2/10 12/2/10 $15.88
12/3/10 Long Term Gain 0.29015 12/1/10 12/2/10 12/2/10 $15.88
12/3/09 Short Term Gain 0.22838 12/1/09 12/2/09 12/2/09 $15.07
12/3/09 Long Term Gain 0.00399 12/1/09 12/2/09 12/2/09 $15.07

Calvert Research and Management does not provide tax advice, and nothing on this site should be construed as tax advice. Before acting on any such information, consult your own accountant or tax advisor.


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