Investment Overview

The Strategy seeks to offer exposure to a broadly diversified portfolio of quality, U.S. small-cap companies judged to be adequately managing their material ESG risks and opportunities.

Investment Philosophy

We focus on three definable inputs: Quality, Valuation, and Time (QVT). Our focus on quality drives a preference for well-entrenched franchises with durable and scalable business models, typically benefitting from either structural growth (compounders) or structural change (improvers). We believe a disciplined combination of quality in a reward-to-risk framework with a long-term mindset can uncover sources of alpha in the broad and inefficient small cap universe

Investment People

Dedicated 6-person investment team drawing on 17 ESG analysts
Supported by the broader Calvert Vance equity group with over 50 investment professionals
Analyst-driven process with collaborative culture
High levels of accountability, with distinct lines of responsibility


Structured to implement our philosophy in a disciplined and repeatable reward-to-risk framework
Seeks to maximize the impact of fundamental bottom-up stock selection
Portfolio exercises ensure team ownership, encourage collaboration, and test biases
Approximately 1000+ company meetings per annum
ESG research informs active engagement efforts

Portfolio Construction

Expected range of 60 - 90 holdings
Quality/core bias
Seek to preserve capital in down markets
Alpha driven by bottom-up stock selection
Clearly defined risk parameters

Investment Team

Griff Noble, CFA

Managing Director, Co-Head of US Small/Mid Cap

Energy, Industrials & Materials

Joined investment management industry in 1996

Joined Calvert in 2016

BS, University of Vermont

MBA, Babson College

Michael D. McLean, CFA

Managing Director, Co-Head of US Small/Mid Cap

Consumer Discretionary & Consumer Staples

Joined investment management industry in 2001

Joined Calvert in 2016

BS, Providence College



Russell 2000® Index


Calvert Research and Management is an SEC registered investment adviser and wholly owned subsidiary of Eaton Vance Management.