Investment Overview

The Eaton Vance Small/Mid-Cap Equity Strategy offers exposure to a broadly diversified portfolio of high quality, small- and mid-cap companies.

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, we believe can benefit 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

6 person team with an average of 15 years experience located in Boston
Supported by the broader Eaton Vance equity group with over 501 investment professionals
Analyst-driven process with collaborative culture
High levels of accountability, with disctinct lines of responsibility
1 Portfolio managers, analysts, and traders including US and Global/International Equity team members.


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

Portfolio Construction

60 – 90 holdings2
Quality/core bias
Seek resilience in down markets
Alpha driven by bottom-up stock selection
Clearly defined risk parameters
2The number of securities/holdings indicated is the current range typically associated with this type of account and will vary depending on account size, client parameters and market conditions prevailing at the time of investment.

Investment Team

Michael D. McLean, CFA

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

Joined investment management industry in 2001

Joined Eaton Vance in 2001

BS, Providence College

Griff Noble, CFA

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

Joined investment management industry in 1996

Joined Eaton Vance in 2012

BS, University of Vermont

MBA, Babson College



Benchmark: Russell 2500™ Index


IMPORTANT INFORMATION RISK CONSIDERATIONS There is no assurance that a Portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the Portfolio will decline and may therefore be less than what you paid for them. Market values can change daily due to economic and other events (e.g. natural disasters, health crises, terrorism, conflicts and social unrest) that affect markets, countries, companies or governments. It is difficult to predict the timing, duration, and potential adverse effects (e.g. portfolio liquidity) of events. Accordingly, you can lose money investing in this Portfolio. Please be aware that this Portfolio may be subject to certain additional risks. In general, equities securities' values also fluctuate in response to activities specific to a company. Stocks of small-capitalization companies carry special risks, such as limited product lines, markets and financial resources, and greater market volatility than securities of larger, more established companies. Investors should be aware that this strategy may be subject to additional risks, which should be carefully considered prior to any investment decision.