Calvert Moderate Allocation Fund
CMAAX
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- Calvert Moderate Allocation Fund (CMAAX) is an open-end mutual fund managed by Calvert Research and Management that seeks long-term capital appreciation and growth of income, with current income as a secondary objective. Launched on April 29, 2005, and domiciled in the United States, the fund operates as a fund-of-funds, typically allocating 50% to 80% of its assets to underlying Calvert equity funds focused on U.S. large-cap core, growth, and value responsible index strategies, as well as global equities; 20% to 50% to fixed-income funds including bond, core bond, and mortgage access portfolios; and 0% to 10% to cash and money market instruments. Its portfolio emphasizes responsible investing principles, with approximately 44% in U.S. stocks, 28% in U.S. bonds, 21% in non-U.S. stocks, and exposure to sectors such as technology, financial services, and healthcare across regions including North America, Europe, and Asia. The fund, with total net assets of around $387 million and a net expense ratio of 0.97%, is available primarily to U.S. investors through various share classes, including Class A with a 5.25% front-end load and a $1,000 minimum initial investment. Calvert Research and Management, headquartered at 1825 Connecticut Avenue NW, Suite 400, Washington, DC, has roots dating back to 1976 as a pioneer in responsible and ESG investing and now functions as part of Morgan Stanley Investment Management following Eaton Vance's acquisition in 2021. The fund targets individual, advisor, and institutional investors seeking diversified global moderate allocation strategies incorporating environmental, social, and governance factors. Recent developments include portfolio management changes with Schuyler Hooper since November 2021 and Jim Caron joining in February 2024, alongside a strategic shift where Calvert's sustainable model portfolios, including multi-asset funds like CMAAX, are now steered by an established multi-asset team at Morgan Stanley Investment Management. In 2023, Calvert expanded its platform by converting several Eaton Vance equity funds—such as the Global Equity, Global Small Cap Equity, and Small/Mid-Cap Funds—into Calvert-branded strategies with enhanced ESG mandates, aligning with broader integration efforts post-acquisition. Additionally, in July 2024, Calvert announced Morgan Stanley Investment Management's $25,000 contribution to America Needs You in connection with the Calvert US Large-Cap Diversity, Equity and Inclusion Index ETF, underscoring ongoing commitments to diversity initiatives.