According to a Calvert news release, the three offerings are the result of a September 16, 2008, announcement by UNIFI, Calvert’s parent firm that it is consolidating the operations of its two affiliated mutual fund companies. That transaction was completed Monday, according to the announcement.
The new offerings include:
- Calvert Large Cap Value Fund (CLVAX)—formerly known as Summit Everest Fund. The fund seeks long-term growth of capital by investing in large cap company equity securities that the portfolio manager believes are undervalued. Lead portfolio manager James R. McGlynn and assistant portfolio manager Yvonne M. Bishop joined CAMCO’s (the investment adviser to the Calvert Funds) in-house equity team from Summit Investment Partners, Inc. to provide continuity in the Fund’s portfolio management.
- Calvert High Yield Bond Fund (SFHIX). Under the leadership of Greg Habeeb, Senior Vice President and Head of the Taxable Fixed Income investment team, the fund will follow the same research-intensive, relative-value approach employed successfully in Calvert Income Fund and Calvert Social Investment Fund Bond Portfolio. Assistant portfolio managers Kevin Aug and Sam Cooper recently joined the team from Summit Investment Partners to help manage Calvert High Yield Bond Fund.
- Calvert Short-Term Government Fund (SFSTX). Another addition to the taxable fund line-up and managed by Greg Habeeb and his team, Short-Term Government invests in U.S. government securities and will maintain a dollar-weighted, average effective maturity of less than three years. The fund will actively manage duration and yield curve positions to maximize current income while preserving capital.
“We are pleased to offer a large cap value option to our shareholders,” said Natalie Trunow, Senior Vice President and Head of Equities at Calvert, in the news release. “Using our new SAGE investment approach, we will be able to give investors who are interested in sustainable investing the opportunity to have exposure to the large cap value asset class and also the opportunity to influence corporate responsibility in a broader universe of companies.”
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