CEMAX — Calvert Emerging Markets Focused Growth Fund
Data updated: 2026-05-29
CEMAX — Calvert Emerging Markets Focused Growth Fund. Emerging Markets Large Cap Growth Financials Equity. Holdings, fees, performance and SEC filings.
CEMAX Fund Overview
CEMAX — Calvert Emerging Markets Focused Growth Fund is a US mutual fund managed by Calvert Management Series, categorised as Emerging Markets Large Cap Growth Financials Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Calvert Management Series
- Category: Emerging Markets Large Cap Growth Financials Equity
- Assets under management: $6.75M
- 1-year return: 21.4%
- Ticker: CEMAX
- SEC CIK: 0000319676
- SEC series ID: S000079266
- Share class ID: C000240250
CEMAX Investment Objective and Strategy
Calvert Emerging Markets Focused Growth Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Calvert Management Series.
Investment objective
The Funds investment objective is total return.
Principal investment strategy
Under normal market conditions, at least 80% of the Funds assets (plus any borrowings for investment purposes) will be invested in equity securities of companies located in emerging market countries. The Fund is sub-advised by Morgan Stanley Investment Management Company (the Sub-Adviser). The Sub-Adviser seeks to construct a focused portfolio of approximately 30 to 50 equity securities designed to take advantage of thematic opportunities in emerging markets. The Sub-Adviser seeks to invest in companies that it believes have the potential to outperform emerging markets generally over the long-term and which meet the responsible investing criteria described below. The Sub-Adviser considers an issuer to be located in an emerging market country if (i) its principal securities trading market is in an emerging market country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging market countries or has at least 50% of its assets, core business operations and/or employees in emerging markets countries; or (iii) it is organized under the laws of, or has a principal office in, an emerging market country.
By applying this test, it is possible that a particular issuer could be deemed to be located in more than one country. Emerging market or developing countries are countries that major international financial institutions generally consider to be less economically mature than developed nations, such as the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe (such as the United Kingdom and France) or are countries included in the Funds benchmark, ?MSCI Emerging Markets Index. The specific countries that comprise emerging markets or developing countries may change from time to time. The Fund may invest in all types of equity securities, including common and preferred stocks, convertible securities, rights, warrants, depositary receipts, limited partnership interests and other specialty securities having equity features.
The Fund may hold or have exposure to equity securities of companies of any size, including small and medium capitalization companies, and to companies in any industry or sector. At times, the Funds investments may be focused in one or more sectors. The Fund also may invest in American Depositary Receipts (ADRs), which are either sponsored or unsponsored, Global Depositary Receipts (GDRs) and other types of depositary receipts with respect to companies located in emerging market countries, and such investments will represent equity securities of companies located in emerging market countries for purposes of maintaining exposure of at least 80% of the Funds assets to such securities. The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management or portfolio management.
The Funds use of derivatives may involve the purchase and sale of derivative instruments such as options, futures, swaps, contracts for difference (CFDs), structured investments and other related instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. The Fund may lend securities. The Fund may also seek to gain exposure to common stocks through the use of equity-linked securities (such as participation notes (p-notes)). The Fund expects to use p-notes to invest indirectly in certain stocks that trade in a market that restricts foreign investors, such as the Fund, from investing directly in the market.
The Sub-Adviser generally uses a fundamental bottom-up stock selection process informed by macro thematic research on overall emerging markets. The Sub-Adviser will employ this consistent and targeted approach seeking companies they expect to become leading companies in emerging markets as well as developed country domiciled companies where a large portion of the companies growth is taking place in emerging market countries. The Fund is non-diversified, which means it may invest a greater percentage of its assets in the securities of a single issuer than a fund that is diversified. Responsible Investing. The portfolio manager seeks to invest in companies that manage environmental, social and governance (ESG) risk exposures adequately and that are not exposed to excessive ESG risk through their principal business activities.
Companies are analyzed by the investment advisers ESG analysts utilizing The Calvert Principles for Responsible Investment (Principles), a framework for considering ESG factors (a copy of which is included as an appendix to the Funds Prospectus). Each company is evaluated relative to an appropriate peer group based on material ESG factors as determined by the investment adviser. Pursuant to the Principles, the investment adviser seeks to identify companies and other issuers that operate in a manner that is consistent with or promotes environmental sustainability and resource efficiency, equitable societies and respect for human rights, and accountable governance and transparency.
CEMAX Holdings
Top 10 holdings of Calvert Emerging Markets Focused Growth Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 12.70% |
| Grupo Financiero Banorte SAB de CV | 5.86% |
| Banco BTG Pactual SA | 5.62% |
| eMemory Technology Inc | 3.85% |
| Tencent Holdings Ltd | 3.78% |
| Contemporary Amperex Technology Co Ltd | 3.64% |
| Bharti Airtel Ltd | 3.44% |
| Itau Unibanco Holding SA | 3.38% |
| Delta Electronics Inc | 3.30% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3.18% |
CEMAX Portfolio Allocation
Asset-class allocation of Calvert Emerging Markets Focused Growth Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.0% |
| Cash & Equivalents | 1.7% |
CEMAX Performance
Total returns for CEMAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | -0.4% |
| 1 year | 21.4% |
| 3 years (annualised) | 10.5% |
CEMAX Risk Information
Risk metrics for CEMAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 17.7%
CEMAX Costs and Fees
CEMAX costs about $124 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.24%
- Gross expense ratio: 4.25%
- Portfolio turnover: 76%
- Brokerage commissions: 13.52 bps of average net assets (SEC N-CEN)
CEMAX Cashflows
Over the 12 months to 2026-03, Calvert Emerging Markets Focused Growth Fund had net inflows of $640.27K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-03 | −$55.19K |
| 2026-02 | $61.95K |
| 2026-01 | $40.88K |
| 2025-12 | $573.04K |
| 2025-11 | $762 |
| 2025-10 | $5.93K |
CEMAX Debt Constituents
No individual debt constituents are reported in Calvert Emerging Markets Focused Growth Fund's latest SEC N-PORT filing.
CEMAX Prospectus and SEC Filings
Official Calvert Emerging Markets Focused Growth Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-28
- Prospectus (485BPOS) — filed 2025-04-28
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-05-29
- Portfolio holdings (N-PORT) — filed 2026-02-24
- Portfolio holdings (N-PORT) — filed 2025-11-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-13
Related Funds
Other Emerging Markets Large Cap Growth Financials Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.