Fund Evaluator:
Parametric Commodity Strategy A (EAPCX)
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Best Performing in Commodities Broad Basket Over the Last Year
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Fund Details
Parametric Commodity Strategy A Overview
Parametric Commodity Strategy A (EAPCX) is an actively managed Commodities Commodities Broad Basket fund. Eaton Vance launched the fund in 2012.
The investment seeks total return. The fund invests primarily in commodity-linked derivative instruments backed by a portfolio of fixed-income securities. The fund's portfolio of fixed-income securities is generally comprised of U.S. Treasury securities and money market instruments. The average portfolio duration of the fund's fixed-income portfolio will vary and under normal market conditions is not expected to exceed one year. Commodity-linked derivative instruments include commodity index-linked swap agreements, futures, and commodity linked notes.
About Parametric Commodity Strategy A (EAPCX)
There are 2 members of the management team with an average tenure of 5.09 years: Gregory Liebl (2018), Adam Swinney (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. Parametric Commodity Strategy A has 100 securities in its portfolio. The top 10 holdings constitute 81.3% 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 Commodity Strategy A is part of the Real Assets global asset class and is within the Commodities fund group. Parametric Commodity Strategy A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 58.4% (58.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Parametric Commodity Strategy A has -58.4% of the portfolio in cash.
Assets Under Management
The fund has $138 million in total assets, which is below the $476 million average for the Commodities Broad Basket 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.
EAPCX 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 Commodity Strategy A expense ratio is high compared to funds in the Commodities Broad Basket category. Parametric Commodity Strategy A has an expense ratio of 0.94%, which is 15% lower than its category average, making the fund expense ratio grade a C. 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 Commodity Strategy A has a portfolio turnover rate of 17%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 78% for the Commodities Broad Basket category.
Recently, in the month of June 2026, Parametric Commodity Strategy A returned -6.3%, which earned it a grade of A, as the Commodities Broad Basket category had an average return of -8.1%. 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 Commodity Strategy A has a trailing yield of 11.69%, which is above the 9.25% 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 Commodity Strategy A Grades
Year to date, the fund has returned 13.1%, 1.3 percentage points worse than the category, which translates into a grade of C. The fund has returned 28.6% over the past year (grade of B), 15.0% over the past three years (grade of A) and 12.6% per year over the past five years (grade of A) and 9.6% per year over the past 10 years (grade of A).
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EAPCX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EAPCX Return (NAV) | -6.3% | -3.5% | 28.6% | 15.0% | 12.6% | 9.6% |
| EAPCX Grade | A | A | B | A | A | A |
| +/- Category | 1.8% | 2.5% | 2.7% | 3.0% | 3.0% | 3.1% |
| Commodities Broad Basket Avg | -8.1% | -6.0% | 26.0% | 12.0% | 9.6% | 6.5% |
| EAPCX Tax Cost Ratio | na | na | 4.9% | 2.8% | 3.8% | 2.6% |
EAPCX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EAPCX Return (NAV) | 13.1% | 22.1% | 9.7% | -4.9% | 17.1% | 29.6% | 7.7% | 9.2% | -9.6% | 6.7% | 13.8% |
| EAPCX Grade | C | A | A | B | B | C | A | C | A | B | B |
| +/- Category | -1.3% | 6.2% | 4.7% | 1.2% | 2.6% | -1.0% | 10.4% | -0.8% | 3.6% | 2.1% | 0.2% |
| Commodities Broad Basket Avg | 14.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 10.8% |
| Total Risk Index: | 0.89 - Average |
| Category Risk Index: | 0.85 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.76 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 11.7% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $2924 Mil |
| Fund Total Assets: | $ 139 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 17% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.2 years | |||
| Average Tenure: 5.1 years | |||
| Managers (Year): Liebl Gregory (2018), Swinney Adam (2024) | |||
Portfolio Composition (as of 12/31/25)
| # of Holdings: | 100 |
| % in Top 10 Holdings: | 81.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 58.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | -58.4% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-260-0761 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | January 3, 2012 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.25% |
| Deferred Charge Maximum: | 0.75% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.94% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | Parametric Commodity Strategy I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
