Calvert Group Asset Management hired Acadian Asset Management to subadvise its $531 million Calvert World Values International Equity Fund confirmed Calvert spokeswoman Melinda Lovins. Acadian replaces Grantham, Mayo van Otterloo. Calvert made the change because "Acadian's large universe of stocks and flexible and adaptive investment process is designed in a manner that will work well with Calvert's social screens," according to a statement from Calvert. Ms. Lovins declined to comment beyond the statement.
The World Values fund returned 11.09% for the year ended Feb. 28, underperforming the MSCI EAFE index by 3.51 percentage points, according to Morningstar data. For the three year-period, the fund underperformed the index by 4.23 percentage points, returning 29% over the period.
Tucker Hewes, GMO spokesman, declined to comment.
