INVESTMENT PROCESS Calvert Equity Portfolio* (CSIEX) Management Team *Portfolio formerly referred to as Calvert Social Investment Fund (CSIF) Equity Portfolio Richard B. England, CFA, A High-Quality Approach lead portfolio manager of Calvert Equity Portfolio as of January 1, 2008 and a Managing Director at Overview Atlanta Capital, has more than 20 years of equity analysis and fund management Calvert Equity Portfolio is a core, large-capitalization stock mutual fund managed experience. After previously working for by Calvert sub-advisor Atlanta Capital Management of Atlanta, Georgia, that uses Aetna Equity Investors, he was a Portfolio a high-quality growth investment process. Manager at Putnam Investments in atlanta capital: Boston before moving to Atlanta Capital n Was founded in 1969. in 2004. At Atlanta Capital, he manages n Features a stable executive management team and direct employee ownership. large-cap growth equity portfolios and n Has a 13-member equity investment team. also supervises the firm’s equity research staff. He has an MBA from the University The investment team analyzes both company fundamentals and the macro- of Pennsylvania’s Wharton School of Busi- economic and secular trends that those companies must navigate to identify high-quality growth stocks that have the potential to outperform their peers. ness and a B.S. in business administration from the University of Florida. William Hackney, III, CFA investment approach and Paul Marshall, CFA Fundamental and top-down analyses to identify high-quality assist in the manage- growth stocks ment of the Portfolio. Mr. Hackney has more than GOal: 35 years of investment The Portfolio’s main objective is growth of capital through investment in stocks of issuers in industries believed to offer opportunities for potential capital apprecia- industry experience and tion and which meet the Portfolio’s investment and social criteria. The Portfolio seeks Mr. Marshall has over to achieve superior performance relative to the Standard & Poor’s 500 Index while 15 years of investment maintaining a risk profile that is low relative to its peer group. industry experience. inVEStMEnt pROcESS: Atlanta Capital’s portfolio management team examines a broad range of factors that might impact a company’s ability to achieve above-average consistency in the growth of earnings, which is the hallmark of its high-quality philosophy. These factors may include company-specific, macroeconomic, and secular shifts. The firm’s investment process involves: n investing only in high-quality companies E n xamining company fundamentals to determine whether the company has sus- tainable earnings growth and reasonable valuations i n dentifying economic or secular factors that may influence some industries or sectors and enable certain companies to achieve above-average earnings growth over the next two to four years High-Quality companies: Atlanta Capital invests in established, high-quality companies that have an above-average record of consistency of growth in earnings and dividends over long periods of time. Companies that consistently report above-average earnings and pay higher-than-average dividends typically have less price volatility and generally outperform during periods of significant market declines. May Lose Value. Not FDIC Insured. Not a Deposit. No Bank Guarantee. Not NCUA/NCUSIF Insured. No Credit Union Guarantee. inVEStMEnt appROacH: RELATIVE VALUE: Fundamental analysis: The team of investment professionals focuses on company- specific research. The analysts evaluate competitive conditions in industries, new “The key component of what products and technology, and company financial statements in order to identify makes up a quality stock is companies with above-average, sustainable growth at attractive valuations. consistency of growth in Macroeconomic and Secular trends: Atlanta Capital examines the macroeconomic earnings and dividends, environment and researches the effects of secular trends to identify sectors or and companies that are high- industries likely to produce accelerating profit growth. The firm distinguishes itself quality by our definition more from Wall Street research by examining and forecasting the impact of these forces often than not are also good over a two- to four-year horizon versus the usual monthly or quarterly projections. companies from a sustain- SEll diSciplinE: ability point of view.” Atlanta Capital will sell a stock when its fundamental prospects decline or it loses its —Portfolio Manager status as a high-quality company, it becomes fully valued, the portfolio managers lose Richard England confidence in the company’s management, or it becomes prudent to take profits. inVEStMEnt RiSk: You could lose money on your investment in the Portfolio, or the Portfolio could under- perform, because of the following risks: the stock market may fall in value, the indi- vidual stocks in the Portfolio may not perform as expected, and/or the Portfolio’s management practices may not achieve the desired result. dOublE diliGEncE®: Calvert’s equity research process has two integral components: a rigorous review of financial performance plus a thorough assessment of corporate integrity. Only when a company meets our standards for both do we invest. Calvert’s Sustainability Research Department evaluates companies for the Portfolio according to criteria in seven broad areas of concern: governance and ethics; envi- ronment; workplace issues; product safety and impact; international operations and human rights; Indigenous Peoples’ rights; and community relations. For more information on any Calvert fund, please call Calvert at 800.368.2748 or visit www.calvert.com for a free prospectus. An institutional investor should call Calvert at 800.327.2109. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The prospectus contains this and other information. Read it carefully before you invest or send money. Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms. Calvert mutual funds are underwritten and distributed by Calvert Distributors Inc., member FINRA and subsidiary of Calvert Group, Ltd.* *Effective 4/30/2011, Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc., and Calvert Group, Ltd. will be renamed Calvert Investments, Inc. IP10919-201101 Printed using low-VOC inks on New Leaf Reincarnation Matte, made with 100% recycled fiber containing 50% post-consumer waste. Processed chlorine free.
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