Parametric Tax-Managed Emerging Markets Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.6%
1 yr return
7.0%
3 Yr Avg Return
-1.0%
5 Yr Avg Return
2.0%
Net Assets
$481 M
Holdings in Top 10
8.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.96%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 19.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/23/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
EITEX - Profile
Distributions
- YTD Total Return 0.6%
- 3 Yr Annualized Total Return -1.0%
- 5 Yr Annualized Total Return 2.0%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 1.79%
- Dividend Yield 3.7%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameParametric Tax-Managed Emerging Markets Fund
-
Fund Family NameEatonVance
-
Inception DateFeb 18, 2004
-
Shares Outstanding13668058
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerThomas Seto
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in emerging market countries (the “80% Policy”). The Fund invests in equity securities of such companies generally consisting of common stock, but may also include company’s stock trading in the form of a depositary receipt (including American Depositary Receipts sponsored or unsponsored and Global Depositary Receipts). A company will be considered to be located in an emerging market country if it is domiciled in and tied economically to one or more emerging market countries. Emerging market countries are generally countries not considered to be developed market countries, and therefore not included in the MSCI World Index. The Fund intends to invest primarily in securities issued by companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. The MSCI Emerging Markets Index is an unmanaged index of common stocks of issuers in emerging markets countries. The MSCI Frontier Markets Index is an unmanaged index of common stocks of issuers in countries that have less-developed economies and financial markets than more established emerging markets. Frontier markets often have more restrictions on foreign stock ownership. Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include securities traded in markets outside these countries. The Fund may invest in securities issued by companies with a broad range of market capitalizations, including those of smaller, less seasoned companies. More than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in publicly traded real estate investment trusts (“REITs”) and may also lend its securities.
In managing the Fund, the portfolio managers seek to balance investment considerations and tax considerations, taking into account the taxes payable by shareholders in connection with distributions of investment income and net realized gains. The Fund seeks to minimize income distributions and distributions of realized short-term gains that are taxed as ordinary income, as well as distributions of realized long-term gains (taxed as long-term capital gains). The Fund seeks to employ a top-down, disciplined and systematic investment process that emphasizes broad exposure and diversification among emerging market countries, economic sectors and issuers. This rules-based strategy utilizes targeted allocation and systematic rebalancing to take advantage of certain quantitative and behavioral characteristics of emerging markets identified by the portfolio managers. The investment process is periodically re-evaluated and may be adjusted to ensure that the process is consistent with the Fund’s investment objective and strategies. The portfolio managers select and allocate across countries based on factors such as size, liquidity, level of economic development, local economic diversification, and perceived risk and potential for growth. The Fund maintains a bias to broad inclusion; that is, the Fund intends to allocate its portfolio holdings to more emerging market countries rather than fewer emerging market countries. Relative to capitalization-weighted country indexes, individual country allocation targets emphasize the less represented emerging market countries and attempt to reduce concentration risks relative to a capitalization-weighted index. The Fund’s country allocations are rebalanced to their target weights if they exceed a certain pre-determined overweight or fall below a certain pre-determined underweight. Rebalancing has the effect of reducing exposure to countries with strong relative performance and increasing exposure to countries which have underperformed. The frequency of rebalancing depends on the volatility and trading costs of the individual country. At the portfolio level and within each country, the Fund seeks to maintain exposure across key economic sectors. Relative to capitalization-weighted country indexes, the portfolio managers target weights to these sectors to emphasize the less represented sectors. The portfolio managers use a quantitative model to select individual securities as representatives of their economic sectors and generally weight them by their relative capitalization within that sector.
EITEX - Performance
Return Ranking - Trailing
Period | EITEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.6% | -11.1% | 9.2% | 52.85% |
1 Yr | 7.0% | -11.1% | 30.5% | 53.46% |
3 Yr | -1.0%* | -24.5% | 7.4% | 15.42% |
5 Yr | 2.0%* | -8.3% | 10.6% | 44.15% |
10 Yr | 1.6%* | -3.2% | 6.1% | 70.45% |
* Annualized
Return Ranking - Calendar
Period | EITEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.1% | -6.5% | 35.5% | 90.09% |
2022 | -20.1% | -50.1% | -2.4% | 18.88% |
2021 | -4.8% | -33.1% | 22.5% | 46.82% |
2020 | 2.7% | -22.1% | 80.1% | 91.19% |
2019 | 9.6% | -0.7% | 42.0% | 93.13% |
Total Return Ranking - Trailing
Period | EITEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.6% | -11.1% | 9.2% | 52.85% |
1 Yr | 7.0% | -11.1% | 30.5% | 53.46% |
3 Yr | -1.0%* | -24.5% | 7.4% | 15.42% |
5 Yr | 2.0%* | -8.3% | 10.6% | 44.15% |
10 Yr | 1.6%* | -3.2% | 6.1% | 70.45% |
* Annualized
Total Return Ranking - Calendar
Period | EITEX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.2% | -2.7% | 42.0% | 57.39% |
2022 | -11.9% | -42.2% | 1.9% | 4.62% |
2021 | 4.5% | -32.5% | 33.1% | 23.04% |
2020 | 4.5% | -20.0% | 81.6% | 92.58% |
2019 | 12.5% | 2.3% | 42.0% | 94.89% |
NAV & Total Return History
EITEX - Holdings
Concentration Analysis
EITEX | Category Low | Category High | EITEX % Rank | |
---|---|---|---|---|
Net Assets | 481 M | 682 K | 103 B | 48.39% |
Number of Holdings | 1385 | 10 | 7049 | 6.17% |
Net Assets in Top 10 | 38.5 M | 118 K | 19.2 B | 70.24% |
Weighting of Top 10 | 7.98% | 0.7% | 122.2% | 98.79% |
Top 10 Holdings
- Tencent Holdings Ltd 1.13%
- Samsung Electronics Co Ltd 1.06%
- Taiwan Semiconductor Manufacturing Co Ltd 1.02%
- Delta Electronics Thailand PCL 0.94%
- State Street Navigator Securities Lending Government Money Market Portfolio 0.75%
- America Movil SAB de CV 0.68%
- MercadoLibre Inc 0.63%
- Turkiye Petrol Rafinerileri AS 0.60%
- Southern Copper Corp 0.58%
- Naspers Ltd 0.58%
Asset Allocation
Weighting | Return Low | Return High | EITEX % Rank | |
---|---|---|---|---|
Stocks | 100.16% | 0.00% | 103.65% | 4.96% |
Preferred Stocks | 0.97% | 0.00% | 10.09% | 44.50% |
Cash | 0.75% | -2.03% | 99.29% | 75.07% |
Other | 0.00% | -1.64% | 50.31% | 90.62% |
Convertible Bonds | 0.00% | 0.00% | 7.40% | 96.22% |
Bonds | 0.00% | 0.00% | 94.30% | 96.38% |
Stock Sector Breakdown
Weighting | Return Low | Return High | EITEX % Rank | |
---|---|---|---|---|
Financial Services | 12.74% | 0.00% | 48.86% | 91.18% |
Industrials | 11.68% | 0.00% | 43.53% | 10.72% |
Basic Materials | 11.02% | 0.00% | 30.03% | 21.17% |
Consumer Cyclical | 9.67% | 0.00% | 48.94% | 80.87% |
Communication Services | 9.46% | 0.00% | 39.29% | 43.15% |
Consumer Defense | 9.43% | 0.00% | 25.90% | 16.55% |
Healthcare | 9.10% | 0.00% | 16.53% | 12.75% |
Energy | 8.56% | 0.00% | 24.80% | 10.04% |
Technology | 8.06% | 0.00% | 47.50% | 97.15% |
Real Estate | 5.43% | 0.00% | 17.15% | 7.87% |
Utilities | 4.85% | 0.00% | 39.12% | 5.43% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | EITEX % Rank | |
---|---|---|---|---|
Non US | 93.97% | 0.00% | 100.18% | 15.42% |
US | 6.19% | 0.00% | 101.58% | 64.75% |
EITEX - Expenses
Operational Fees
EITEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.96% | 0.03% | 24.48% | 78.20% |
Management Fee | 0.45% | 0.00% | 2.00% | 8.59% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.50% | 0.01% | 0.85% | 96.90% |
Sales Fees
EITEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
EITEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | 60.43% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
EITEX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 19.00% | 0.00% | 189.00% | 14.31% |
EITEX - Distributions
Dividend Yield Analysis
EITEX | Category Low | Category High | EITEX % Rank | |
---|---|---|---|---|
Dividend Yield | 3.70% | 0.00% | 10.34% | 3.22% |
Dividend Distribution Analysis
EITEX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Annual | Annual |
Net Income Ratio Analysis
EITEX | Category Low | Category High | EITEX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.79% | -1.98% | 17.62% | 20.86% |
Capital Gain Distribution Analysis
EITEX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Quarterly | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 29, 2023 | $2.315 | OrdinaryDividend |
Dec 30, 2022 | $3.933 | OrdinaryDividend |
Dec 30, 2021 | $4.621 | OrdinaryDividend |
Dec 30, 2020 | $0.893 | OrdinaryDividend |
Dec 30, 2019 | $1.279 | OrdinaryDividend |
Dec 28, 2018 | $1.002 | OrdinaryDividend |
Dec 28, 2017 | $0.939 | OrdinaryDividend |
Dec 29, 2016 | $0.699 | OrdinaryDividend |
Dec 30, 2015 | $0.802 | OrdinaryDividend |
Dec 30, 2014 | $0.981 | OrdinaryDividend |
Dec 27, 2013 | $0.854 | OrdinaryDividend |
Dec 28, 2012 | $0.941 | OrdinaryDividend |
Dec 29, 2011 | $0.631 | OrdinaryDividend |
Dec 30, 2010 | $0.896 | OrdinaryDividend |
Dec 31, 2009 | $0.425 | OrdinaryDividend |
Dec 31, 2008 | $0.747 | OrdinaryDividend |
Dec 26, 2007 | $0.835 | OrdinaryDividend |
Dec 26, 2006 | $0.746 | OrdinaryDividend |
Dec 28, 2004 | $0.275 | OrdinaryDividend |
EITEX - Fund Manager Analysis
Managers
Thomas Seto
Start Date
Tenure
Tenure Rank
Mar 01, 2007
15.26
15.3%
Thomas is responsible for all portfolio management and trading related to our equity strategies. Prior to joining Parametric in 1998, Thomas served as the head of US Equity Index investments at Barclays Global Investors. He earned an MBA in finance from the University of Chicago Booth School of Business and a BS in electrical engineering from the University of Washington.
Jennifer Sireklove
Start Date
Tenure
Tenure Rank
May 01, 2019
3.08
3.1%
Jennifer leads the Investment Strategy Team at Parametric, which is responsible for all aspects of Parametric’s equity-based investment strategies. In addition, she has direct investment responsibility for Parametric’s Emerging Markets and International Equity Strategies and chairs Parametric’s Stewardship Committee. Previously she helped build Parametric’s active ownership and custom ESG portfolio construction practices. Prior to joining Parametric in 2013, she worked in equity research, primarily covering the energy, utility, and industrial sectors at firms including D.A. Davidson and McAdams Wright Ragen. Jennifer earned an MBA in finance and accounting from the University of Chicago and a BA in economics from Reed College. A CFA charterholder since 2006, Jennifer is a member of the CFA Society of Seattle.
Paul Bouchey
Start Date
Tenure
Tenure Rank
May 01, 2019
3.08
3.1%
Paul leads Parametric’s research and development activities across all strategies. He has authored numerous academic and practitioner articles in publications such as the Journal of Portfolio Management, the Journal of Wealth Management, and the Journal of Index Investing. Paul earned a BA in mathematics and physics from Whitman College and an MS in computational finance and risk management from the University of Washington. A CFA charterholder, he is a member of the CFA Society of Seattle.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 33.71 | 6.54 | 13.42 |