Fund Evaluator:

Parametric Tax-Managed Emerg Mkt I Overview

Parametric Tax-Managed Emerg Mkt I (EITEX) is an actively managed International Equity Diversified Emerging Mkts fund. Eaton Vance launched the fund in 1998.

The investment seeks long-term, after-tax returns for its shareholders. The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in emerging market countries. Emerging market countries are generally countries not considered to be developed market countries, and therefore not included in the MSCI World Index. It invests primarily in securities issued by companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. More than 25% of the fund's total assets may be denominated in any single currency.

About Parametric Tax-Managed Emerg Mkt I (EITEX)

There are 3 members of the management team with an average tenure of 3.80 years: Jennifer Sireklove (2019), Gregory Liebl (2024), Jennifer Mihara (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: MSCI EM NR USD index with a weighting of 100%. Parametric Tax-Managed Emerg Mkt I has 1477 securities in its portfolio. The top 10 holdings constitute 12.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

Parametric Tax-Managed Emerg Mkt I is part of the Equity global asset class and is within the International Equity fund group. Parametric Tax-Managed Emerg Mkt I has 97.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.6%. There is 97.5% 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). Parametric Tax-Managed Emerg Mkt I has 0.8% of the portfolio in cash.

Assets Under Management

The fund has $584 million in total assets, which is below the $967 million average for the Diversified Emerging Mkts 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.

EITEX 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 Parametric Tax-Managed Emerg Mkt I expense ratio is high compared to funds in the Diversified Emerging Mkts category. Parametric Tax-Managed Emerg Mkt I has an expense ratio of 0.96%, which is 17% 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. Parametric Tax-Managed Emerg Mkt I has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.

Recently, in the month of July 2026, Parametric Tax-Managed Emerg Mkt I returned -0.2%, which earned it a grade of A, as the Diversified Emerging Mkts category had an average return of -4.9%. 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.

Parametric Tax-Managed Emerg Mkt I has a trailing yield of 3.00%, which is above the 1.72% 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.

Parametric Tax-Managed Emerg Mkt I Grades

Year to date, the fund has returned 9.4%, 9.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 21.4% over the past year (grade of F), 13.4% over the past three years (grade of F) and 7.1% per year over the past five years (grade of C) and 6.7% per year over the past 10 years (grade of F).

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 Parametric Tax-Managed Emerg Mkt I, including its riskiness, submit your email to unlock the rest of the article.