Calvert Global Water Fund
CFWAX
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- Calvert Global Water Fund (CFWAX) is an open-end equity mutual fund that seeks to track the performance of the Calvert Global Water Research Index by investing primarily in the common stocks of companies significantly involved in water-related business activities consistent with the Calvert Principles for Responsible Investment. The fund replicates the index through a method that holds each constituent company in proportions similar to the index, with the index universe comprising companies meeting minimum market capitalization and liquidity thresholds across four core categories: water utilities, which provide clean drinkable water and wastewater management services; water infrastructure providers, offering products and services for the construction, planning, design, engineering, rehabilitation, and expansion of water systems to enhance efficiency and delivery; water technology providers, developing, manufacturing, distributing, and installing equipment for water treatment, separation, purification, conservation, and efficient use; and water solutions providers, including water use leaders and water innovators addressing global water challenges such as scarcity, infrastructure needs, and access to safe affordable water, sanitation, and hygiene. Class A shares (CFWAX) carry a net expense ratio of 1.24%, with a minimum initial investment of $1,000, while Class I shares (CFWIX) have a net expense ratio of 0.99% and require a $1,000,000 minimum; other share classes such as Class C (CFWCX) are also available. The fund maintains a diversified portfolio of approximately 111 holdings, with top allocations including Ecolab Inc. (1.75%), Veolia Environnement SA (1.70%), Xylem Inc. (1.65%), American Water Works Co. Inc. (1.61%), and Cia de Saneamento Basico do Estado de Sao Paulo SABESP (1.58%), representing about 8.37% of total net assets; category weightings are balanced across water use leaders/water innovators (25.79%), water technology providers (24.78%), water utilities (24.66%), and water infrastructure providers (24.59%), with cash at 0.18%. Geographically, the fund operates globally with roughly 50% U.S. stocks, complemented by non-U.S. equities from regions including the United Kingdom (8.16%), Japan (6.64%), China (4.63%), Switzerland (4.49%), Brazil (4.34%), France (2.74%), Italy (2.05%), South Korea (1.97%), and Canada (1.70%). It targets institutional and retail investors seeking exposure to the natural resources sector, particularly sustainable water management, with total net assets of approximately $546 million as of June 30, 2025. Calvert Global Water Fund was incepted for Class A shares on September 30, 2008, and managed by Calvert Research and Management, a subsidiary of Morgan Stanley Investment Management headquartered in Washington, DC; the firm, established in 1976, pioneered responsible investing in the United States. A major strategic shift occurred on April 11, 2016, when the fund changed its investment objective from active management to passively tracking the Calvert Global Water Research Index, adopting the Calvert Principles for Responsible Investment, with the secondary benchmark shifting from the S-Network Global Water Index; performance prior to this date reflects the prior active strategy. More recently, as of July 1, 2024, the investment team transitioned to co-managers Gordon Wotherspoon (joined firm 2004, 21 years industry experience) and Jennifer Mihara (joined 2005, 25 years industry experience), overseeing the fund's quarterly rebalancing and annual reconstitution aligned with evolving water sector opportunities.