Overview

Historical Returns (%) as of Mar 31, 2019

05/31/201903/31/2019
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Fund Facts as of May 31, 2019

Class I Inception 06/03/2003
Performance Inception 10/31/1994
Investment Objective Long-term capital appreciation
Total Net Assets $248.3M
Minimum Investment $250000
Expense Ratio (Gross)2 1.03%
Expense Ratio (Net)2,3 0.93%
CUSIP 131649709

Top 10 Holdings (%)4,5 as of Mar 31, 2019

Xcel Energy Inc 2.48
CMS Energy Corp 2.38
AvalonBay Communities Inc 2.17
National Retail Properties Inc 2.16
Fiserv Inc 2.13
Sempra Energy 2.09
Extra Space Storage Inc 2.09
Ball Corp 2.06
Equity Residential 1.89
Grand Canyon Education Inc 1.87
Total 21.32
 

Morningstar Rating™ as of May 31, 2019

Time Period Rating Funds in
Mid-Cap Blend
Category
Overall 373
3 Years 373
5 Years 324
10 Years 234
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

Portfolio Management

Charles Gaffney Managed Fund since 2016

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 3 securities in Calvert's High Impact Investments program, which represented 1.325% of the portfolio as of 03/31/2019. High Social Impact Investments are investments that, in the Adviser’s opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/20. Without the reimbursement, if applicable, performance would have been lower.
4. Top 10 Holdings excludes cash and equivalents.
5. Percent of total net assets.

Performance

Historical Returns (%) as of Mar 31, 2019

05/31/201903/31/2019
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Performance prior to December 31, 2016 reflects the performance of the Fund’s former adviser, Calvert Investment Management, Inc. The share class has no sales charge.
 

Calendar Year Returns (%)

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Fund at NAV 31.71 31.15 2.89 16.60 29.62 8.09 -3.19 6.83 12.14 -4.01
Russell Midcap® Index1 40.48 25.48 -1.55 17.28 34.76 13.22 -2.44 13.80 18.52 -9.06
 

Fund Facts

Expense Ratio (Gross)2 1.03%
Expense Ratio (Net)2,3 0.93%
Class I Inception 06/03/2003
Performance Inception 10/31/1994
Distribution Frequency Annually

Risk Measures (3 Year)7 as of May 31, 2019

Alpha (%) 0.66
Beta 0.87
Information Ratio -0.18
R-Squared (%) 94.69
Standard Deviation (%) 11.57
Sharpe Ratio 0.69
Tracking Error 3.
 

Morningstar Rating™ as of May 31, 2019

Time Period Rating Funds in
Mid-Cap Blend
Category
Overall 373
3 Years 373
5 Years 324
10 Years 234
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds and exchange-traded funds) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.

The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Star ratings do not reflect the effect of any applicable sales load.

©2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
 

NAV History

Date NAV NAV Change
Jun 18, 2019 $40.09 $0.32
Jun 17, 2019 $39.77 $0.01
Jun 14, 2019 $39.76 -$0.03
Jun 13, 2019 $39.79 $0.18
Jun 12, 2019 $39.61 -$0.03
Jun 11, 2019 $39.64 -$0.08
Jun 10, 2019 $39.72 $0.15
Jun 07, 2019 $39.57 $0.22
Jun 06, 2019 $39.35 $0.10
Jun 05, 2019 $39.25 $0.40
View All
 

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 07, 2018 $0.15720 $35.43
Dec 12, 2017 $0.14830 $36.62
Dec 27, 2016 $0.30466 $36.33
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus
 

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 07, 2018 $1.02440 $0.99050 $35.43
Dec 12, 2017 $1.34720 $1.82960 $36.62
Dec 07, 2016 $0.00724 $36.52
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 3 securities in Calvert's High Impact Investments program, which represented 1.325% of the portfolio as of 03/31/2019. High Social Impact Investments are investments that, in the Adviser’s opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Source: Fund prospectus.
3. Net expense ratio reflects a contractual expense reimbursement that continues through 1/31/20. Without the reimbursement, if applicable, performance would have been lower.
6. The Morningstar Mid-Cap Blend Category includes funds that invest primarily in U.S. mid-cap companies where neither strong growth or value characteristics predominate.
7. Alpha measures risk-adjusted performance, showing excess return delivered at the same risk level as the benchmark. Beta measures the volatility of a fund relative to the overall market. R-Squared represents the percentage of the portfolio's movement that can be explained by the general movement of the market. Standard deviation measures the historic volatility of a fund. Sharpe Ratio uses standard deviation and excess return to determine reward per unit of risk.
8. A portion of the Fund's returns may be comprised of return of capital or short term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)5 as of Mar 31, 2019

Portfolio Statistics as of Mar 31, 2019

Number of Holdings 79
 

GICS Sector Breakdown (%)5 as of Mar 31, 2019

Assets by Country (%)5 as of Mar 31, 2019

United States 94.84
Canada 2.83
Netherlands 1.15
United Kingdom 0.73
Cash & Other Assets 0.46
Total 100.00
 

Fund Holdings (%)5,9 as of Apr 30, 2019

Holding % of Net Assets
Xcel Energy Inc 2.28%
Extra Space Storage Inc 2.19%
National Retail Properties Inc 2.11%
AvalonBay Communities Inc 2.02%
Ball Corp 2.00%
CMS Energy Corp 1.96%
Sempra Energy 1.95%
Equity Residential 1.79%
Fidelity National Information Services Inc 1.76%
United States Dollar 1.76%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Portfolio characteristics exclude 3 securities in Calvert's High Impact Investments program, which represented 1.325% of the portfolio as of 03/31/2019. High Social Impact Investments are investments that, in the Adviser’s opinion, offer the opportunity for significant sustainability and social impact. These investments are generally illiquid and involve high risks. See the Fund's prospectus for details and calvert.com for a complete list of Fund holdings.

About Risk: 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, more established companies. 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. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. No fund is a complete investment program and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


1. Russell Midcap® Index is an unmanaged index of U.S. mid-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
5. Percent of total net assets.
9. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of trade date. Due to rounding, holdings of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management.

Management

Charles Gaffney

Charles Gaffney

Vice President, Calvert Research and Management
Joined Calvert Research and Management 2016

Biography

Charles Gaffney is a vice president and portfolio manager for Calvert Research and Management, a wholly owned subsidiary of Eaton Vance Management specializing in responsible and sustainable investing across global capital markets. He joined Calvert Research and Management in 2016.

Charlie began his career in the investment management industry in 1996. He has been affiliated with the Eaton Vance organization since 2003. Before joining the Eaton Vance organization, he was affiliated with Brown Brothers Harriman as a sector portfolio manager and Morgan Stanley Dean Witter as a senior equity analyst.

Charlie earned a B.A. from Bowdoin College in 1995 and an MBA from Fordham University.

Education
  • B.A. Bowdoin College
  • M.B.A. Graduate School of Business, Fordham University

Experience
  • Managed Fund since 2016

 

Literature

Literature

Fact Sheet

Download - Last updated: Mar 31, 2019

Commentary

Download - Last updated: Mar 31, 2019

Attribution

Download - Last updated: Mar 31, 2019

Annual Report

Download - Last updated: Sep 30, 2018

Full Prospectus

Download - Last updated: Feb 1, 2019

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Download

SAI

Download - Last updated: Feb 1, 2019

Semi-Annual Report

Download - Last updated: Mar 31, 2019

Summary Prospectus

Download - Last updated: Feb 1, 2019

XBRL

Download - Last updated: Feb 20, 2019