Attachment 1 | |||||||||||||||
Eaton Vance Corp. | |||||||||||||||
Consolidated Ending Assets under Management and Net Flows by Investment Mandate | |||||||||||||||
(in millions) | |||||||||||||||
Three Months Ended | Fiscal Year Ended | ||||||||||||||
January 31, | April 30, | July 31, | October 31, | October 31, | |||||||||||
2019 | 2019 | 2019 | 2019 | 2019 | |||||||||||
Equity assets – beginning of period(1) | $ | 115,772 | $ | 116,990 | $ | 125,869 | $ | 128,996 | $ | 115,772 | |||||
Sales and other inflows | 6,220 | 5,050 | 6,749 | 6,833 | 24,852 | ||||||||||
Redemptions/outflows | (5,461) | (4,570) | (5,130) | (4,861) | (20,022) | ||||||||||
Net flows | 759 | 480 | 1,619 | 1,972 | 4,830 | ||||||||||
Exchanges | (108) | 150 | (43) | (9) | (10) | ||||||||||
Market value change | 567 | 8,249 | 1,551 | 936 | 11,303 | ||||||||||
Equity assets–end of period | $ | 116,990 | $ | 125,869 | $ | 128,996 | $ | 131,895 | $ | 131,895 | |||||
Fixed income assets – beginning of period(2) | 54,339 | 56,910 | 58,531 | 60,968 | 54,339 | ||||||||||
Sales and other inflows | 6,545 | 5,237 | 5,237 | 5,334 | 22,353 | ||||||||||
Redemptions/outflows | (4,866) | (4,452) | (3,495) | (4,193) | (17,006) | ||||||||||
Net flows | 1,679 | 785 | 1,742 | 1,141 | 5,347 | ||||||||||
Exchanges | 326 | 71 | 69 | 161 | 627 | ||||||||||
Market value change | 566 | 765 | 626 | 108 | 2,065 | ||||||||||
Fixed income assets–end of period | $ | 56,910 | $ | 58,531 | $ | 60,968 | $ | 62,378 | $ | 62,378 | |||||
Floating-rate income assets – beginning of period | 44,837 | 40,943 | 39,750 | 38,339 | 44,837 | ||||||||||
Sales and other inflows | 3,566 | 2,079 | 1,772 | 1,289 | 8,706 | ||||||||||
Redemptions/outflows | (6,478) | (3,657) | (2,963) | (3,890) | (16,988) | ||||||||||
Net flows | (2,912) | (1,578) | (1,191) | (2,601) | (8,282) | ||||||||||
Exchanges | (266) | (57) | (38) | (67) | (428) | ||||||||||
Market value change | (716) | 442 | (182) | (568) | (1,024) | ||||||||||
Floating-rate income assets – end of period | $ | 40,943 | $ | 39,750 | $ | 38,339 | $ | 35,103 | $ | 35,103 | |||||
Alternative assets – beginning of period(3) | 12,139 | 9,991 | 9,409 | 9,031 | 12,139 | ||||||||||
Sales and other inflows | 1,044 | 802 | 466 | 405 | 2,717 | ||||||||||
Redemptions/outflows | (3,264) | (1,275) | (1,109) | (970) | (6,618) | ||||||||||
Net flows | (2,220) | (473) | (643) | (565) | (3,901) | ||||||||||
Exchanges | (27) | (149) | 9 | (88) | (255) | ||||||||||
Market value change | 99 | 40 | 256 | (6) | 389 | ||||||||||
Alternative assets – end of period | $ | 9,991 | $ | 9,409 | $ | 9,031 | $ | 8,372 | $ | 8,372 | |||||
Parametric custom portfolios assets – beginning of period(4) | 134,345 | 141,050 | 153,604 | 159,067 | 134,345 | ||||||||||
Sales and other inflows | 10,164 | 9,099 | 9,236 | 8,358 | 36,857 | ||||||||||
Redemptions/outflows | (5,300) | (5,696) | (5,449) | (5,496) | (21,941) | ||||||||||
Net flows | 4,864 | 3,403 | 3,787 | 2,862 | 14,916 | ||||||||||
Exchanges | 75 | (22) | 3 | 2 | 58 | ||||||||||
Market value change | 1,766 | 9,173 | 1,673 | 2,964 | 15,576 | ||||||||||
Parametric custom portfolios assets–end of period | $ | 141,050 | $ | 153,604 | $ | 159,067 | $ | 164,895 | $ | 164,895 | |||||
Parametric overlay services assets – beginning of period(5) | 77,871 | 78,768 | 82,775 | 86,379 | 77,871 | ||||||||||
Sales and other inflows | 17,122 | 14,559 | 17,307 | 24,388 | 73,376 | ||||||||||
Redemptions/outflows | (17,808) | (12,544) | (14,611) | (17,400) | (62,363) | ||||||||||
Net flows | (686) | 2,015 | 2,696 | 6,988 | 11,013 | ||||||||||
Market value change | 1,583 | 1,992 | 908 | 1,422 | 5,905 | ||||||||||
Parametric overlay services assets – end of period | $ | 78,768 | $ | 82,775 | $ | 86,379 | $ | 94,789 | $ | 94,789 | |||||
Total assets under management – beginning of period | 439,303 | 444,652 | 469,938 | 482,780 | 439,303 | ||||||||||
Sales and other inflows | 44,661 | 36,826 | 40,767 | 46,607 | 168,861 | ||||||||||
Redemptions/outflows | (43,177) | (32,194) | (32,757) | (36,810) | (144,938) | ||||||||||
Net flows | 1,484 | 4,632 | 8,010 | 9,797 | 23,923 | ||||||||||
Exchanges | - | (7) | - | (1) | (8) | ||||||||||
Market value change | 3,865 | 20,661 | 4,832 | 4,856 | 34,214 | ||||||||||
Total assets under management–end of period | $ | 444,652 | $ | 469,938 | $ | 482,780 | $ | 497,432 | $ | 497,432 | |||||
(1) Includes balanced and other multi-asset mandates. Excludes equity mandates reported as Parametric custom portfolios. | |||||||||||||||
(2) Includes cash management mandates. Excludes benchmark-based fixed income separate accounts reported as Parametric custom portfolios. Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | |||||||||||||||
(3) Consists of absolute return, commodity and currency mandates. | |||||||||||||||
(4) Equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature; other Parametric strategies may also be customized. Formerly “portfolio implementation.” Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | |||||||||||||||
(5) Formerly "exposure management." |
Attachment 2 | ||||||||||||
Eaton Vance Corp. | ||||||||||||
Consolidated Ending Assets under Management by Investment Mandate | ||||||||||||
(in millions) | ||||||||||||
January 31, | April 30, | July 31, | October 31, | |||||||||
2019 | 2019 | 2019 | 2019 | |||||||||
Equity(1) | $ | 116,990 | $ | 125,869 | $ | 128,996 | $ | 131,895 | ||||
Fixed income(2) | 56,910 | 58,531 | 60,968 | 62,378 | ||||||||
Floating-rate income | 40,943 | 39,750 | 38,339 | 35,103 | ||||||||
Alternative(3) | 9,991 | 9,409 | 9,031 | 8,372 | ||||||||
Parametric custom portfolios(4) | 141,050 | 153,604 | 159,067 | 164,895 | ||||||||
Parametric overlay services(5) | 78,768 | 82,775 | 86,379 | 94,789 | ||||||||
Total | $ | 444,652 | $ | 469,938 | $ | 482,780 | $ | 497,432 | ||||
(1) Includes balanced and other multi-asset mandates. Excludes equity mandates reported as Parametric custom portfolios. | ||||||||||||
(2) Includes cash management mandates. Excludes benchmark-based fixed income separate accounts reported as Parametric custom portfolios. Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | ||||||||||||
(3) Consists of absolute return, commodity and currency mandates. | ||||||||||||
(4) Equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature; other Parametric strategies may also be customized. Formerly “portfolio implementation.” Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | ||||||||||||
(5) Formerly "exposure management." | ||||||||||||
Attachment 3 | ||||||||||||
Eaton Vance Corp. | ||||||||||||
Consolidated Ending Assets under Management by Investment Affiliate(1) | ||||||||||||
(in millions) | ||||||||||||
January 31, | April 30, | July 31, | October 31, | |||||||||
2019 | 2019 | 2019 | 2019 | |||||||||
Eaton Vance Management(2)(3) | $ | 143,473 | $ | 147,602 | $ | 148,379 | $ | 146,628 | ||||
Parametric(3) | 264,945 | 282,169 | 292,212 | 306,907 | ||||||||
Atlanta Capital(4) | 20,833 | 23,019 | 23,978 | 24,100 | ||||||||
Calvert(5) | 15,401 | 17,148 | 18,211 | 19,797 | ||||||||
Total | $ | 444,652 | $ | 469,938 | $ | 482,780 | $ | 497,432 | ||||
(1) In the first quarter of fiscal 2020, the Company changed its policy for reporting managed assets of investment portfolios overseen by multiple Eaton Vance affiliates to base classification on the strategy's primary identity. In conjunction with this change, managed assets of $2.4 billion, $2.7 billion, $3.0 billion and $3.5 billion as of January 31, 2019, April 30, 2019, July 31, 2019 and October 31, 2019, respectively, were reclassified from Atlanta Capital to Calvert and managed assets of $2.6 billion as of January 31, 2019 and $2.8 billion as of each period ended April 30, 2019, July 31, 2019 and October 31, 2019 were reclassified from Parametric to Eaton Vance Management. | ||||||||||||
(2) Includes managed assets of Eaton Vance-sponsored funds and separate accounts managed by Hexavest and unaffiliated third-party advisers under Eaton Vance supervision. | ||||||||||||
(3) In the first quarter of fiscal 2020, management responsibilities for the Company‘s systematically managed fixed income strategies were shifted from Eaton Vance Management to Parametric. Managed assets of the reassigned strategies were $37.4 billion, $39.8 billion, $42.5 billion and $43.9 billion, respectively, as of January 31, 2019, April 30, 2019, July 31, 2019 and October 31, 2019. | ||||||||||||
(4) Excludes managed assets of Calvert Equity Fund, which is sub-advised by Atlanta Capital. Including Calvert Equity Fund, the managed assets of Atlanta Capital were $23.2 billion, $25.8 billion, $27.0 billion and $27.6 billion, respectively, as of January 31, 2019, April 30, 2019, July 31, 2019 and October 31, 2019. | ||||||||||||
(5) Includes managed assets of Calvert Equity Fund, which is sub-advised by Atlanta Capital, and Calvert-sponsored funds managed by unaffiliated third-party advisers under Calvert supervision. |
Attachment 4 | ||||
Eaton Vance Corp. | ||||
Average Annualized Management Fee Rates by Investment Mandate(1) | ||||
(in basis points on average managed assets) | ||||
Three Months Ended | ||||
January 31, | April 30, | July 31, | October 31, | |
2019 | 2019 | 2019 | 2019 | |
Equity(2) | 56.9 | 57.1 | 57.1 | 56.2 |
Fixed income(3) | 41.8 | 41.7 | 41.6 | 41.6 |
Floating-rate income | 50.0 | 50.0 | 49.7 | 49.3 |
Alternative(4) | 58.3 | 59.4 | 66.9 | 62.7 |
Parametric custom portfolios(5) | 14.4 | 14.6 | 15.0 | 14.8 |
Parametric overlay services(6) | 5.2 | 5.3 | 5.2 | 4.9 |
Total | 32.0 | 31.8 | 31.8 | 30.8 |
(1) Excludes performance-based fees, which were $(0.3) million in the three months ended January 31, 2019, $1.8 million in the three months ended April 30, 2019, $0.1 million in the three months ended July 31, 2019 and $0.1 million in the three months ended October 31, 2019. | ||||
(2) Includes balanced and other multi-asset mandates. Excludes equity mandates reported as Parametric custom portfolios. | ||||
(3) Includes cash management mandates. Excludes benchmark-based fixed income separate accounts reported as Parametric custom portfolios. Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | ||||
(4) Consists of absolute return, commodity and currency mandates. | ||||
(5) Includes equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature; other Parametric strategies may also be customized. Formerly “portfolio implementation.” Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | ||||
(6) Formerly "exposure management." |
Attachment 5 | |||||||||||
Eaton Vance Corp. | |||||||||||
Consolidated Average Assets under Management by Investment Mandate | |||||||||||
(in millions) | |||||||||||
Three Months Ended | |||||||||||
January 31, | April 30, | July 31, | October 31, | ||||||||
2019 | 2019 | 2019 | 2019 | ||||||||
Equity(1) | $ | 114,888 | $ | 121,224 | $ | 125,483 | $ | 129,797 | |||
Fixed income(2) | 55,191 | 57,778 | 59,870 | 61,825 | |||||||
Floating-rate income | 42,702 | 40,330 | 39,100 | 36,814 | |||||||
Alternative(3) | 11,013 | 9,733 | 9,111 | 8,615 | |||||||
Parametric custom portfolios(4) | 135,931 | 147,134 | 154,161 | 160,749 | |||||||
Parametric overlay services(5) | 77,685 | 80,011 | 83,289 | 91,148 | |||||||
Total | $ | 437,410 | $ | 456,210 | $ | 471,014 | $ | 488,948 | |||
(1) Includes balanced and other multi-asset mandates. Excludes equity mandates reported as Parametric custom portfolios. | |||||||||||
(2) Includes cash management mandates. Excludes benchmark-based fixed income separate accounts reported as Parametric custom portfolios. Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | |||||||||||
(3) Consists of absolute return, commodity and currency mandates. | |||||||||||
(4) Equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature; other Parametric strategies may also be customized. Formerly “portfolio implementation.” Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | |||||||||||
(5) Formerly "exposure management." |
Attachment 6 | |||||
Eaton Vance Corp. | |||||
Average Management Fee Rates by Investment Mandate(1) | |||||
(in basis points on average managed assets) | |||||
Fiscal Year Ended | |||||
October 31, | October 31, | October 31, | October 31, | October 31, | |
2015(2) | 2016(2) | 2017 | 2018 | 2019 | |
Equity(3) | 64.0 | 62.5 | 61.2 | 58.9 | 56.9 |
Fixed income(4) | 45.3 | 44.1 | 43.8 | 42.5 | 41.7 |
Floating-rate income | 53.2 | 51.8 | 51.6 | 50.6 | 49.7 |
Alternative(5) | 60.1 | 61.3 | 62.3 | 64.8 | 61.4 |
Parametric custom portfolios(6) | 15.5 | 14.9 | 14.7 | 14.6 | 14.8 |
Parametric overlay services(7) | 5.4 | 5.1 | 5.2 | 5.2 | 5.1 |
Total | 39.1 | 35.6 | 34.2 | 33.0 | 31.6 |
(1) Excludes performance-based fees, which were $3.7 million, $3.4 million, $0.4 million, $(1.7) million and $1.7 million in the fiscal years ended October 31, 2015, 2016, 2017, 2018 and 2019, respectively. | |||||
(2) The change in rates from those previously disclosed is due to the Company’s retrospective adoption of ASU 2014-09 on November 1, 2018. Fund subsidies previously included as a component of fund-related expenses are now presented as a contra-revenue component of management fees. | |||||
(3) Includes balanced and other multi-asset mandates. Excludes equity mandates reported as Parametric custom portfolios. | |||||
(4) Includes cash management mandates. Excludes benchmark-based fixed income separate accounts reported as Parametric custom portfolios. Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | |||||
(5) Consists of absolute return, commodity and currency mandates. | |||||
(6) Includes equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature; other Parametric strategies may also be customized. Formerly “portfolio implementation.” Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | |||||
(7) Formerly "exposure management." |
Attachment 7 | ||||||||||||||
Eaton Vance Corp. | ||||||||||||||
Consolidated Average Assets under Management by Investment Mandate | ||||||||||||||
(in millions) | ||||||||||||||
Fiscal Year Ended | ||||||||||||||
October 31, | October 31, | October 31, | October 31, | October 31, | ||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||
Equity(1) | $ | 93,264 | $ | 88,711 | $ | 103,660 | $ | 119,147 | $ | 122,593 | ||||
Fixed income(2) | 44,619 | 47,777 | 52,143 | 53,885 | 58,634 | |||||||||
Floating-rate income | 38,151 | 32,759 | 36,107 | 41,677 | 39,750 | |||||||||
Alternative(3) | 10,722 | 10,105 | 11,419 | 13,129 | 9,651 | |||||||||
Parametric custom portfolios(4) | 57,445 | 74,328 | 100,519 | 129,742 | 149,091 | |||||||||
Parametric overlay services(5) | 59,569 | 67,180 | 78,544 | 84,808 | 83,124 | |||||||||
Total | $ | 303,770 | $ | 320,860 | $ | 382,392 | $ | 442,388 | $ | 462,843 | ||||
(1) Includes balanced and other multi-asset mandates. Excludes equity mandates reported as Parametric custom portfolios. | ||||||||||||||
(2) Includes cash management mandates. Excludes benchmark-based fixed income separate accounts reported as Parametric custom portfolios. Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | ||||||||||||||
(3) Consists of absolute return, commodity and currency mandates. | ||||||||||||||
(4) Equity, fixed income and multi-asset separate accounts managed by Parametric for which customization is a primary feature; other Parametric strategies may also be customized. Formerly “portfolio implementation.” Amounts have been revised to reflect the reclassification of benchmark-based fixed income separate accounts from fixed income to Parametric custom portfolios. | ||||||||||||||
(5) Formerly "exposure management." |