Parametric Portfolio Associates® LLC (“Parametric”) is an investment advisor registered with the US Securities and Exchange Commission (CRD #114310). Parametric is also registered as a portfolio manager with the securities regulatory authorities in the provinces of Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, and Québec (National Registration Database No. 42850). Registration does not imply a level of skill or training. Parametric is headquartered in Seattle and has additional offices in Boston, Minneapolis, New York City, and Westport, Connecticut. Parametric is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. For more information regarding Parametric and its investment strategies, download the firm's Form ADV brochure and Client Relationship Summary (Form CRS) or contact us directly at 206 694 5575.
The information on this website is solely to report on investment strategies and opportunities identified by Parametric. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided on this website is reliable, but do not warrant its accuracy or completeness. Information on this website is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. Investing entails risks and there can be no assurance that Parametric (and its affiliates) will achieve profits or avoid incurring losses. Parametric does not provide legal, tax, or accounting advice or services. Investors should consult with their own tax or legal advisor prior to entering into any transaction or strategy described herein.
Charts, graphs, and other visual presentations and text information were derived from internal, proprietary, or service vendor technology sources and may have been extracted from other firm data bases. As a result, the tabulation of certain reports may not precisely match other published data. Data may have originated from various sources. Information obtained is believed to be reliable but its accuracy is not guaranteed.
All investment and trading activities risk the loss of capital and no assurance can be given that the investment activities of a client’s account will achieve the investment objectives of such account or avoid losses. Direct and indirect investing in securities involves risk of loss that clients should be prepared to bear.
There is no assurance that a separately managed account (“SMA”) will achieve its investment objective. SMAs are subject to market risk, which is the possibility that the market values of the securities in an account will decline and that the value of the securities may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in an SMA.
Investment strategies that seek to enhance after-tax performance may be unable to fully realize strategic gains or harvest losses due to various factors. Market conditions may limit the ability to generate tax losses. Tax-loss harvesting involves the risks that the new investment could perform worse than the original investment and that transaction costs could offset the tax benefit. Also, a tax-managed strategy may cause a client portfolio to hold a security in order to achieve more favorable tax treatment or to sell a security in order to create tax losses. Prospective investors should consult with a tax or legal advisor before making any investment decision.
An environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the investor and, as a result, the investor’s portfolio may underperform other investment strategies that do not have an ESG focus. The ESG investment strategy may result in investments in securities or industry sectors that underperform the market as a whole or underperform other strategies which apply ESG standards. An issuer’s ESG performance or the investment adviser’s assessment of such performance may change over time, which could cause the investor to temporarily hold securities that do not comply with the investor’s responsible investment criteria. In evaluating an investment, the investment adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG factors relevant to a particular investment. Successful application of the investor’s responsible investment strategy will depend on the investment adviser’s skill in properly identifying and analyzing material ESG issues.
Global market investing—including developed, emerging, and frontier markets—carries additional risks or costs including but not limited to: political, economic, financial market, currency exchange, liquidity, accounting, and trading capability risks.
Derivatives such as futures, swaps, and other investment strategies have certain disadvantages and risks. Futures require the posting of initial and variation margin. Therefore, a portion of risk capital must be preserved for this purpose rather than being allocated to a manager. Liquid futures may not exist for published benchmarks, which may result in tracking error. Also, some intraperiod mispricing may occur. Swaps require periodic payments, may be less liquid than futures, and may have counterparty credit risk. Some investment strategies require a cash investment equal to the desired amount of exposure.
The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, health, and political, international, and regulatory developments. Economic events and other events, whether real or perceived, can reduce the demand for commodities, which may reduce market prices and cause their value to fall. The use of derivatives can lead to losses or adverse movements in the price or value of the asset, index, rate, or instrument underlying a derivative due to failure of a counterparty or due to tax or regulatory constraints.
Options are not suitable for all investors and carry additional risks. Investors must ensure that they have read and understood the current options risk disclosure document before entering into any options transactions. In addition, investors should consult with a tax, legal, or financial advisor prior to contemplating any derivative transactions. The options risk disclosure document can be accessed here.
Investments in corporate debt obligations are subject to the risk of nonpayment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such nonpayment and defaults may reduce income distributions. The value of a debt obligation also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of income securities may be lowered if there are changes to the financial condition of the party obligated to make payments with respect to such instruments. Credit ratings assigned by rating agencies are based on a number of factors and do not necessarily reflect the issuer’s current financial condition or the volatility or liquidity of the security.
Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the strategy’s investments in such securities. Municipal securities are subject to credit risk, which is the risk that the issuer could default on interest or principal payments. Municipal securities are subject to interest rate risk. Rising interest rates could reduce the value of the bonds in the portfolio, thus adversely affecting the value of the overall investment.
Investment in closed-end funds involves certain risks, including—market, liquidity, interest rate, credit quality, leverage, derivatives, and sector concentration risks.
“Russell®” and all Russell Index names are trademarks or service marks owned or licensed by Frank Russell Company (“Russell”) and London Stock Exchange Group plc (the “LSE Group”).
Russell and Mergent have entered into a strategic alliance with respect to the Russell Dividend Achievers Indexes. Russell and Mergent are the source and joint owners of the trademarks, service marks, and copyrights related to the Russell Dividend Achievers Indexes. Mergent is the owner of the Mergent trademarks, service marks, and copyrights related to the Mergent marks and the Dividend Achievers methodology.
Russell and Research Affiliates LLC have entered into a strategic alliance with respect to the Russell Fundamental Indexes. Subject to Research Affiliates’ intellectual property rights in certain content, Russell is the owner of all copyrights related to the Russell Fundamental Indexes. Russell and Research Affiliates jointly own all trademark and service mark rights in and to the Russell Fundamental Indexes. Research Affiliates is the owner of the trademarks, service marks, patents, and copyrights related to the Fundamental Index and the Fundamental Index methodology.
S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® indexes are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones, and their respective affiliates do not sponsor, endorse, sell, or promote Parametric and its strategies, will not have any liability with respect thereto, and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indexes.
“MSCI” and MSCI Index names are service marks of MSCI Inc. (“MSCI”) or its affiliates.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material or guarantees the accuracy or completeness of any information herein or makes any warranty, express or implied, as to the results to be obtained therefrom, and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
“FTSE&®” is a trademark jointly owned by the London Stock Exchange Group plc and The Financial Times Limited and is used by FTSE International Limited under license. “Research Affiliates” and “Fundamental Index” are trademarks of Research Affiliates LLC (“RA”).
The FTSE Research Affiliates Fundamental Indices are calculated by FTSE International Limited (”FTSE”) in conjunction with Research Affiliates LLC (”RA”).
“Nasdaq” is a registered service/trademark of The Nasdaq Stock Market, Inc.
Russell, S&P DJI , MSCI, Bloomberg, FTSE, The Nasdaq Stock Market, and Research Affiliates as owners of their respective indexes are collectively referred to below as “licensors.”
Parametric investment products are not promoted, sponsored, or endorsed by, nor in any way affiliated with, the licensors. The licensors are not responsible for and have not reviewed Parametric investment products nor any associated literature or publications, and the licensors make no representation or warranty, express or implied, as to their accuracy—or completeness—or otherwise.
The licensors reserve the right, at any time and without notice, to alter, amend, terminate, or in any way change their indexes. The licensors have no obligation to take the needs of any particular fund or its participants or any other product or person into consideration in determining, composing, or calculating any of their indexes.
All copyright in the index values and constituent list vests in the licensors. All rights in and to the methodology used in the calculation of their indexes vests in the licensors. Parametric has obtained licenses from licensors to use their indexes.
LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTY, AND EXPRESSLY DISCLAIM ANY WARRANTY, OF ANY KIND, INCLUDING WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THEIR INDEXES OR ANY DATA OR ANY SECURITY (OR COMBINATION THEREOF) INCLUDED THEREIN.
INFORMATION FOR INVESTORS IN EATON VANCE TRUST COMPANY/PARAMETRIC COMMON AND COLLECTIVE TRUST FUNDS
Eaton Vance Trust Company (“EVTC”) is the trustee and manager of the EVTC common and collective trust funds. Parametric serves as sub-advisor to certain of such funds, subject to EVTC’s supervision, monitoring, and oversight. These funds rely on various exemptions and exceptions from regulation under applicable federal securities law—and, accordingly, are subject to limited availability as more fully explained in the respective governing documents of such funds. Parametric is an indirect, majority-owned subsidiary of Eaton Vance Corp., the parent company of EVTC. Please see the relevant governing documents for additional information about these funds and the respective responsibilities of EVTC and Parametric.
All contents ©2021 Parametric Portfolio Associates® LLC. All rights reserved. Parametric Portfolio Associates®, Parametric with the triangle logo, DeltaShift ®, PIOS®, and Custom Core® are trademarks registered in the US Patent and Trademark Office.