Overview

Historical Returns (%)

Past performance is no guarantee of future results.

as of Jun 30, 2022

 

Fund Facts as of May 31, 2022

Class I Acc USD Inception 04/27/2017
Investment Objective Current income and total return
Total Net Assets $18.1M
Minimum Investment $5000000

Fund Codes

CUSIP G29202424
ISIN IE00BF2CM462
SEDOL BF2CM46
Valor Number 36260880
Wertpapierkennnummer A2DN62
 

Top 10 Issuers (%)2 as of May 31, 2022

Centene Corp. 2.09
Ford Motor Company 2.00
Sprint Corp. 1.86
Charter Communications 1.54
Grifols SA 1.47
Clarios 1.35
GFL Environmental 1.32
Drax Finco 1.13
Sirius XM Radio Inc. 1.13
Gems Menasa 1.11
Total 15.00
 

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.

The Investment Adviser intends that while the Fund will not seek to replicate an index, the performance of the Fund will be measured against the BofA Developed Markets High Yield Index Excluding Subordinated Financial Index (the "Index"). In addition, with respect to the Index: (i) The Investment Adviser has generally set a target outperformance against the Index of 0.50% to 1.50% over a full market cycle; and (ii) The Investment Adviser applies a tracking error guideline of 1% to 3% relative to the Index. The above guidelines outlined at (i) and (ii) above are not hard limits but rather are guidelines applied by the Investment Adviser in its active management of the Fund and may not be followed at all times or may be changed without notice to Shareholders. To the extent that these guidelines are followed this may limit the extent to which the Fund can outperform the Index.
The investment objective of the Fund is to generate current income and total return. The Fund is actively managed and seeks to achieve its investment objective by investing primarily in a diversified portfolio of high yielding, fixed-income debt securities, and/or floating rate debt securities from corporate issuers listed or traded on Recognised Markets. These fixed income debt securities and/or floating rate debt securities will be in the lowest investment grade and lower rated obligations, i.e. debt securities which are rated Baa3 or lower by Moody’' Investors Service, Inc. ("Moody's"), BBB- or lower by Standard & Poor’s Ratings Group ("S&P"), BBB or lower by Fitch’' Investors Service, Inc. or given an equivalent credit rating by an equivalent rating agency. The Fund will also utilise financial derivative instruments. The fixed-income and floating rate transferable debt securities in which the Fund may invest include all types of debt obligations such as bonds, debentures, loan notes (including promissory notes listed or traded on Recognised Markets), commercial paper, and obligations. In addition to the investment in corporate debt securities set out herein, the Fund may also invest in fixed-income and floating rate transferable debt securities.
This Fund is classified as an Article 9 product under the Sustainable Finance Disclosure Regulation. Article 9 products are those which have a sustainable investment objective and which integrate sustainability into the investment process in a binding manner.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below the investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses) and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honour its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment programme and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Historical Returns (%)

Past performance is no guarantee of future results.

as of Jun 30, 2022

 

Calendar Year Returns (%)

Past performance is no guarantee of future results.

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Fund at NAV -1.63 14.45 4.44 5.39
ICE BofA Developed Markets High Yield Ex-Subordinated Financial Index (Hedged) 16.57 7.63 2.82 -3.60 16.57 7.59 -1.90 14.29 5.61 5.05
 

Fund Facts

Class I Acc USD Inception 04/27/2017
 

NAV History

Date NAV NAV Change
Jul 05, 2022 $11.33 $0.01
Jul 01, 2022 $11.32 $0.02
Jun 30, 2022 $11.30 -$0.06
Jun 29, 2022 $11.36 -$0.05
Jun 28, 2022 $11.41 -$0.06
Jun 27, 2022 $11.47 $0.00
Jun 24, 2022 $11.47 $0.03
Jun 23, 2022 $11.44 $0.00
Jun 22, 2022 $11.44 -$0.03
Jun 21, 2022 $11.47 $0.03

The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.

The Investment Adviser intends that while the Fund will not seek to replicate an index, the performance of the Fund will be measured against the BofA Developed Markets High Yield Index Excluding Subordinated Financial Index (the "Index"). In addition, with respect to the Index: (i) The Investment Adviser has generally set a target outperformance against the Index of 0.50% to 1.50% over a full market cycle; and (ii) The Investment Adviser applies a tracking error guideline of 1% to 3% relative to the Index. The above guidelines outlined at (i) and (ii) above are not hard limits but rather are guidelines applied by the Investment Adviser in its active management of the Fund and may not be followed at all times or may be changed without notice to Shareholders. To the extent that these guidelines are followed this may limit the extent to which the Fund can outperform the Index.
The investment objective of the Fund is to generate current income and total return. The Fund is actively managed and seeks to achieve its investment objective by investing primarily in a diversified portfolio of high yielding, fixed-income debt securities, and/or floating rate debt securities from corporate issuers listed or traded on Recognised Markets. These fixed income debt securities and/or floating rate debt securities will be in the lowest investment grade and lower rated obligations, i.e. debt securities which are rated Baa3 or lower by Moody’' Investors Service, Inc. ("Moody's"), BBB- or lower by Standard & Poor’s Ratings Group ("S&P"), BBB or lower by Fitch’' Investors Service, Inc. or given an equivalent credit rating by an equivalent rating agency. The Fund will also utilise financial derivative instruments. The fixed-income and floating rate transferable debt securities in which the Fund may invest include all types of debt obligations such as bonds, debentures, loan notes (including promissory notes listed or traded on Recognised Markets), commercial paper, and obligations. In addition to the investment in corporate debt securities set out herein, the Fund may also invest in fixed-income and floating rate transferable debt securities.
This Fund is classified as an Article 9 product under the Sustainable Finance Disclosure Regulation. Article 9 products are those which have a sustainable investment objective and which integrate sustainability into the investment process in a binding manner.

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below the investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses) and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honour its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment programme and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)2 as of May 31, 2022

Corporate Bonds 94.94
Preferred Stock 0.38
Floating Rate Loans 0.21
Other 0.05
Cash 4.42

Portfolio Statistics as of May 31, 2022

Number of Issuers 202
Number of Holdings ex cash 278
Average Coupon 5.03%
Average Maturity 5.93 yrs.
Average Effective Maturity 5.03 yrs.
Average Duration 3.93 yrs.
Average Price $93.35
 

Sector Breakdown (%)2 as of May 31, 2022

Healthcare 13.14
Services 8.17
Telecommunications 7.15
Homebuilders & Real Estate 5.48
Super Retail 4.82
Automotive & Auto Parts 4.64
Technology 4.49
Containers 3.84
Diversified Financial Services 3.18
Other 5.74
View All

Credit Quality (%) as of May 31, 2022

BBB 0.77
BB 45.04
B 41.68
CCC or Lower 10.41
NR 2.11
Ratings are based on the average of ratings from S&P, Moody’s and Fitch. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.
 

Maturity Distribution (%)3 as of May 31, 2022

Less Than 1 Year 0.00
1 To 3 Years 11.81
3 To 5 Years 32.72
5 To 10 Years 51.99
10 To 20 Years 0.75
20 To 30 Years 0.77
More Than 30 Years 1.97
Total 100.00

Assets by Country (%)2 as of May 31, 2022

United States 62.06
Germany 4.82
United Kingdom 4.31
Luxembourg 3.68
France 3.38
Canada 3.27
Multinational 3.16
Netherlands 2.86
Spain 2.59
Italy 2.26
View All
 

Fund Holdings2,4 as of Apr 30, 2022

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 6.01%
Drax Finco PLC 6.63% 11/01/2025 1.14%
GEMS MENASA Cayman Ltd / GEMS Education Delaware LLC 7.13% 07/31/2026 1.11%
Compass Minerals International Inc 6.75% 12/01/2027 1.04%
Greystar Real Estate Partners LLC 5.75% 12/01/2025 1.03%
Infrabuild Australia Pty Ltd 12.00% 10/01/2024 1.02%
Varex Imaging Corp 7.88% 10/15/2027 0.97%
Sprint Corp 7.88% 09/15/2023 0.93%
PrestigeBidCo GmbH 6.25% 12/15/2023 0.89%
Grifols Escrow Issuer SA 3.88% 10/15/2028 0.87%
View All

About Risk 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below the investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Derivative instruments can be used to take both long and short positions, be highly volatile, result in economic leverage (which can magnify losses) and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. If a counterparty is unable to honour its commitments, the value of Fund shares may decline and/or the Fund could experience delays in the return of collateral or other assets held by the counterparty. No fund is a complete investment programme and you may lose money investing in a fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Jeffrey D. Mueller

Jeffrey D. Mueller

Managing Director, Co-Head of High Yield
Joined Eaton Vance in 2015

Biography

Jeffrey Mueller is the Co-Head of High Yield and a portfolio manager on the High Yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield and multi-asset credit strategies. He joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.

Jeff began his career in the investment management industry in 2004. Before joining Eaton Vance, he was a high-yield portfolio manager with Threadneedle Investments. He was previously affiliated with Centaurus Capital Ltd. and Amaranth Advisors LLC.

Jeff earned a B.B.A. from the University of Wisconsin at Madison.

Education
  • B.B.A. University of Wisconsin at Madison

Experience
  • Managed Fund since inception

 
Stephen C. Concannon, CFA

Stephen C. Concannon, CFA

Managing Director, Co-Head of High Yield
Joined Eaton Vance in 2000

Biography

Stephen Concannon is the Co-Head of High Yield and a portfolio manager on the high yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield strategies. He joined Eaton Vance in 2000; Morgan Stanley acquired Eaton Vance in March 2021.

Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management.

Steve earned a B.A. from Bates College. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.A. Bates College

Experience
  • Managed Fund since 2019

 
Kelley Baccei Gerrity

Kelley Baccei Gerrity

Managing Director, Portfolio Manager
Joined Eaton Vance in 2005

Biography

Kelley Gerrity is a portfolio manager on the High Yield team. She is responsible for buy and sell decisions, portfolio construction and risk management for the firm's high yield strategies. She joined Eaton Vance in 2005. Morgan Stanley acquired Eaton Vance in March 2021.

Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc.

Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

Education
  • B.A. Boston College

Experience
  • Managed Fund since inception

 

Literature

Literature

Fund Fact Sheet (English)

Download Fund Fact Sheet (English) - Last updated: May 31, 2022

Fact Sheet (English)

Download Fact Sheet (English) - Last updated: May 31, 2022

Annual Report (English)

Download Annual Report (English) - Last updated: Dec 31, 2021

High Yield Restriction Screening and ESG Policy

Download High Yield Restriction Screening and ESG Policy - Last updated: Mar 31, 2022

Eaton Vance International (Ireland) Funds Full Prospectus (English)

Download Eaton Vance International (Ireland) Funds Full Prospectus (English) - Last updated: Dec 13, 2021

Eaton Vance Global Advisors Limited Privacy Statement

Download Eaton Vance Global Advisors Limited Privacy Statement - Last updated: Apr 17, 2018

Important Documents including Key Investor Information Documents (KIID)

Download Important Documents including Key Investor Information Documents (KIID)

Prospectus Supplement (English)

Download Prospectus Supplement (English) - Last updated: Dec 13, 2021

Semiannual Report (English)

Download Semiannual Report (English) - Last updated: Jun 30, 2021