Fund Evaluator:
Calvert Global Water A (CFWAX)
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Fund Details
Calvert Global Water A Overview
Calvert Global Water A (CFWAX) is a passively managed Sector Equity Natural Resources fund. Calvert Research and Management launched the fund in 2008.
The investment seeks to track the performance of the Calvert Global Water Research Index. The fund normally invests at least 80% of its net assets in equity securities of U.S. and non-U.S. companies whose main business is in the water industry or that are significantly involved in water-related services or technologies. The index is composed of companies that manage water use in a sustainable manner or that are actively engaged in expanding access to water, improving water quality, promoting efficient use of water, or providing solutions that address other global water challenges.
About Calvert Global Water A (CFWAX)
There are 2 members of the management team with an average tenure of 2.08 years: Gordon Wotherspoon (2024), Jennifer Mihara (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Calvert Global Water Research TR USD index with a weighting of 100%. Calvert Global Water A has 142 securities in its portfolio. The top 10 holdings constitute 16.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Calvert Global Water A is part of the Equity global asset class and is within the Sector Equity fund group. Calvert Global Water A has 48.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 51.9%. There is 48.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Calvert Global Water A has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $241 million in total assets, which is above the $233 million average for the Natural Resources category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CFWAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calvert Global Water A expense ratio is high compared to funds in the Natural Resources category. Calvert Global Water A has an expense ratio of 1.24%, which is 8% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calvert Global Water A has a portfolio turnover rate of 24%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 61% for the Natural Resources category.
Recently, in the month of July 2026, Calvert Global Water A returned -0.5%, which earned it a grade of D, as the Natural Resources category had an average return of 1.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Calvert Global Water A has a trailing yield of 0.92%, which is below the 2.18% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calvert Global Water A Grades
Year to date, the fund has returned 6.9%, 6.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 10.9% over the past year (grade of F), 9.3% over the past three years (grade of D) and 5.0% per year over the past five years (grade of D) and 8.4% per year over the past 10 years (grade of C).
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CFWAX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CFWAX Return (NAV) | -0.5% | 1.1% | 10.9% | 9.3% | 5.0% | 8.4% |
| CFWAX Grade | D | A | F | D | D | C |
| +/- Category | -2.4% | 6.1% | -22.7% | -2.2% | -6.6% | -1.0% |
| Natural Resources Avg | 1.9% | -5.0% | 33.6% | 11.4% | 11.6% | 9.5% |
| CFWAX Tax Cost Ratio | na | na | 1.3% | 1.5% | 1.1% | 0.7% |
CFWAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CFWAX Return (NAV) | 6.9% | 14.4% | 3.9% | 18.3% | -19.6% | 22.6% | 14.8% | 28.0% | -13.6% | 18.9% | 14.0% |
| CFWAX Grade | F | D | A | A | F | F | C | A | A | B | F |
| +/- Category | -6.8% | -14.2% | 4.4% | 14.9% | -27.7% | -8.2% | 5.2% | 13.2% | 6.9% | 5.8% | -14.6% |
| Natural Resources Avg | 13.7% | 28.6% | -0.5% | 3.4% | 8.0% | 30.8% | 9.6% | 14.8% | -20.5% | 13.1% | 28.6% |
| Risk Measures | |
| Standard Deviation: | 15.3% |
| Total Risk Index: | 1.25 - Above Average |
| Category Risk Index: | 0.87 - Low |
| Category Risk Grade: | A (10% Rank) |
| Beta: | 0.95 |
| R-Squared: | 61% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 0.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $558 Mil |
| Fund Total Assets: | $ 242 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 24% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 2.1 years | |||
| Managers (Year): Wotherspoon Gordon (2024), Mihara Jennifer (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 142 |
| % in Top 10 Holdings: | 16.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 48.0% |
Portfolio Allocation |
|
| Domestic Stock: | 51.9% |
| Foreign Stock: | 48.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Calvert Research and Management |
| Phone Number: | 800-368-2745 |
| Website: | www.calvert.com |
| Status: | Open |
| Inception Date: | September 30, 2008 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.24% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.15% |
| Share Class: | Calvert Global Water A |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
