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Calvert Research and Management

PRI reporting framework 2017

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Basic Information

OO 01. Signatory category and services

01.1. Select the services you offer.

% of assets under management (AUM) in ranges

% of assets under management (AUM) in ranges

01.2. Additional information. [Optional]

On December 30, 2016, substantially all of the assets, business and goodwill of Calvert Investment Management, Inc. (CIM) were acquired by Calvert Research and Management (CRM), a newly-registered investment advisor and subsidiary of Eaton Vance Management (Eaton Vance). Eaton Vance, Inc. (EV) serves as trustee of CRM. Each of CRM, EV and Eaton Vance is a direct or indirect subsidiary of Eaton Vance Corp. (EVC), a Maryland corporation and publicly-held holding company. EVC through its subsidiaries and affiliates engages primarily in investment management, administration and marketing activities.

CRM’s purchase of the assets of Calvert Investments, Inc. included all technology, know-how, intellectual property and the Calvert Research System and processes.  CRM also became the successor investment manager to the registered investment management companies that Calvert Investments, Inc. had been manager of prior to the transaction.  In addition, CRM hired the vast majority of the employees that were part of Calvert Investments, Inc.’s sustainability research department.  As a result, references related to the activity of Calvert Investments, Inc. prior to the purchase of its assets on December 30, 2016, are deemed herein to be the activity of CRM.

Eaton Vance's decision to make CRM the centerpiece of its expansion into responsible investing should place CRM in a strong position to deliver superior long-term performance to clients while positively impacting corporate behavior and society overall. By combining our expertise in sustainability research with Eaton Vance's investment capabilities, distribution strengths, and management resources, CRM will meaningfully become a better and more impactful company.

For the remainder of the reporting period, CIM, an ultimate subsidiary of Ameritas Mutual Holding, functioned as investment advisor for the Calvert Funds. This report reflects the work of CRM, and its predecessor CIM, throughout the 2016 reporting period.

 

 


OO 02. Headquarters and operational countries

02.1. Select the location of your organisation’s headquarters.

United States

02.2. Indicate the number of countries in which you have offices (including your headquarters).

02.3. Indicate the approximate number of staff in your organisation in full-time equivalents (FTE).

92 FTE

02.4. Additional information. [Optional]


OO 03. Subsidiaries that are separate PRI signatories

03.1. Indicate whether you have subsidiaries within your organisation that are also PRI signatories in their own right.

03.3. Additional information. [Optional]


OO 04. Reporting year and AUM

04.1. Indicate the year end date for your reporting year.

31/12/2016

04.2. Indicate your total AUM at the end of your reporting year, excluding subsidiaries you have chosen not to report on.

Total AUM
trillions billions millions thousands hundreds
Currency
Assets in USD
trillions billions millions thousands hundreds

04.4. Additional information. [Optional]


OO 06. How would you like to disclose your asset class mix

New selection options have been added to this indicator. Please review your prefilled responses carefully.

06.1. How you would like to disclose your asset class mix.

Internally managed (%)
Externally managed (%)

 

Listed equity 10-50% 26.94 10-50% 34.51
Fixed income 10-50% 36.61 <10% 1.40
Private equity <10% 0.08 <10% 0.14
Property 0 0 0 0
Infrastructure 0 0 0 0
Commodities 0 0 0 0
Hedge funds 0 0 0 0
Forestry 0 0 0 0
Farmland 0 0 0 0
Inclusive finance <10% 0.06 <10% 0.27
Cash 0 0 0 0
Other (1), specify 0 0 0 0
Other (2), specify 0 0 0 0

06.2. Publish our asset class mix as per attached image [Optional].

06.3. Provide contextual information on your AUM asset class split. [Optional]

Calvert Research and Management (CRM) has only one externally-managed fixed-income fund, the Calvert VP Investment Grade Bond Index Portfolio, for which we serve as the investment advisor and which uses an unaffiliated subadvisor. The Portfolio, which makes up 1.4% of our assets under management, consists of fixed-income corporate, government and other debt securities, and is managed as underlying investment option for insurance companies. CRM became advisor to the Portfolio, along with several other non-responsible, passively managed index portfolios (primarily insurance products referred to as "Calvert VP Portfolios") in December 2016 under an asset purchase agreement pursuant to which CRM, an affiliate of Eaton Vance Management, purchased substantially all of the assets, business and goodwill of Calvert Investment Management, Inc. (CIM). Prior to CRM, CIM served as investment advisor to the Portfolio as part of an internal restructuring of its parent company's investment advisory operations in 2008. The Calvert VP Portfolios were not developed by CRM. All of CRM's other actively–managed mutual funds incorporate ESG issues into the investment decision making process.


OO 07. Fixed income AUM breakdown

07.1. Provide to the nearest 5% the percentage breakdown of your Fixed Income AUM at the end of your reporting year, using the following categories.

Internally managed
15 SSA
20 Corporate (financial)
35 Corporate (non-financial)
30 Securitised
Total 100%
Externally managed
42 SSA
15 Corporate (financial)
14 Corporate (non-financial)
29 Securitised
Total 100%

OO 08. Segregated mandates or pooled funds

New selection options have been added to this indicator. Please review your prefilled responses carefully.

08.1. Provide a breakdown of your organisation’s externally managed assets between segregated mandates and pooled funds.

Asset class breakdown
Segregated mandate(s)
Pooled fund(s)
[a] Listed equity
[b] Fixed income - SSA
[c] Fixed income – Corporate (financial)
[d] Fixed income – Corporate (non-financial)
[e] Fixed income – Securitised
[f] Private equity
[m] Inclusive finance
Total externally managed assets
Please ensure the entire table
(both columns combined)
totals to 100%

08.2. Additional information. [Optional]


OO 09. Breakdown of AUM by market

09.1. Indicate the breakdown of your organisation’s AUM by market.

 

 

Developed Markets

 

 

Emerging, Frontier and Other Markets

Total
100%

09.2. Additional information. [Optional]


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