Fund Evaluator:

Calvert Moderate Allocation I Overview

Calvert Moderate Allocation I (CLAIX) is an actively managed Allocation Global Moderate Allocation fund. Calvert Research and Management launched the fund in 2016.

The investment seeks long-term capital appreciation and growth of income, with current income a secondary objective. The fund is a "fund of funds" that seeks to achieve its investment objectives by primarily allocating its assets among underlying Calvert income and equity funds meeting its investment criteria, including the responsible investing criteria. It typically invests 50%-80% of its net assets in funds that invest primarily in equity securities and 20% to 50% of its net assets in funds that invest primarily in income securities. The fund may also invest 0% to 10% of its net assets in cash and short-term money market instruments.

About Calvert Moderate Allocation I (CLAIX)

There are 2 members of the management team with an average tenure of 3.61 years: Jim Caron (2024), Schuyler Hooper (2021). Management tenure is more important for actively managed funds than passive index funds.

The fund has 4 primary benchmarks: Russell 3000 TR USD index with a weighting of 100%, MSCI ACWI Ex USA IMI NR USD index with a weighting of 20%, Bloomberg US Agg Bond TR USD index with a weighting of 35% and Russell 3000 TR USD index with a weighting of 45%. Calvert Moderate Allocation I has 22 securities in its portfolio. The top 10 holdings constitute 86.9% 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 Moderate Allocation I is part of the Allocation global asset class and is within the Allocation fund group. Calvert Moderate Allocation I has 20.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 47.1%. There is 17.8% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 29.7% (26.7% domestic bond, 3.0% foreign bond and 0.1% convertible bond). Calvert Moderate Allocation I has 5.1% of the portfolio in cash.

Assets Under Management

The fund has $81 million in total assets, which is below the $947 million average for the Global Moderate Allocation 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.

CLAIX 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 Moderate Allocation I expense ratio is above average compared to funds in the Global Moderate Allocation category. Calvert Moderate Allocation I has an expense ratio of 0.72%, which is 31% lower than its category average, making the fund expense ratio grade a B. 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 Moderate Allocation I has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.

Recently, in the month of July 2026, Calvert Moderate Allocation I returned -1.1%, which earned it a grade of F, as the Global Moderate Allocation category had an average return of 0.3%. 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 Moderate Allocation I has a trailing yield of 2.44%, which is below the 2.61% category average. The fund normally distributes its income quarterly 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 Moderate Allocation I Grades

Year to date, the fund has returned 7.3%, 0.9 percentage points worse than the category, which translates into a grade of C. The fund has returned 14.3% over the past year (grade of D), 11.3% over the past three years (grade of D) and 5.6% per year over the past five years (grade of C) and 8.5% per year over the past 10 years (grade of A).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Calvert Moderate Allocation I, including its riskiness, submit your email to unlock the rest of the article.