Overview

Historical Returns (%)

Past performance is no guarantee of future results.

as of Jun 30, 2022

 

Fund Facts as of Aug 31, 2022

Class A Acc EUR (H) Inception 09/15/2004
Investment Objective High current income
Total Net Assets $28.5M
Minimum Investment2 $1000

Fund Codes

CUSIP G2918R332
ISIN IE0031519501
SEDOL 3151950
Valor Number 1550611
Wertpapierkennnummer 345247
 

Top 10 Issuers (%)3 as of Aug 31, 2022

Ford Motor Company 3.24
Centene Corp. 2.48
Sprint Corp. 2.48
Charter Communications 2.14
GFL Environmental Inc. 1.82
Clarios 1.80
Inspire Brands 1.68
Sirius XM Radio Inc 1.66
T-Mobile USA 1.38
Greystar Real Estate Partners 1.27
Total 19.95
 

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

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 U.S. High Yield Index (the "Index"). The Index is unmanaged and tracks the performance of below-investment-grade USD denominated corporate bonds publicly issued in the U.S. domestic market. Any change in the use of the Index will be disclosed to Shareholders via the Accounts. In addition, with respect to the Index: (i) The Investment Adviser has generally set a target outperformance for the Fund against the Index of 0.50% to 1.50% over a full market cycle; (ii) The Investment Adviser applies a tracking error guideline for the Fund of 1% to 3% relative to the Index; and (iii) The Investment Adviser applies a duration deviation guideline for the Fund of +/- 0.75 years relative to the Index. The above guidelines outlined at (i) to (iii) are not hard limits but rather are guidelines applied by the Investment Adviser in its active management of the Portfolio and may not be followed at all times or may be changed by the Investment Adviser 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 achieve a high level of current income. The Fund is actively managed and seeks to achieve its investment objective by investing at all times at least two-thirds of its total assets in a diversified portfolio of high yielding, fixed-income debt securities, and/or floating rate debt securities from issuers that are domiciled in or which derive more than 50% of their revenues or profits from the U.S. 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 Baa or lower by Moody's Investors Service, Inc. 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 issued or guaranteed by the U.S. Government, any state or territory of the United States, any non-U.S. government or any of their respective political subdivisions, agencies or instrumentalities. Debt securities may bear fixed, fixed and contingent, or variable rates of interest.
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.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 investment grade (sometimes referred to as "junk") are typically 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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 honor 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 program 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 12.49 5.04 2.21 -3.13 10.68 3.03 -5.93 9.61 1.85 4.15
ICE BofAML U.S. High Yield Index (EUR) 15.02 7.09 2.26 -5.13 15.69 5.35 -5.00 11.02 4.31 4.45
 

Fund Facts

Class A Acc EUR (H) Inception 09/15/2004
 

NAV History

Date NAV NAV Change
Sep 23, 2022 $17.18 -$0.16
Sep 22, 2022 $17.34 -$0.16
Sep 21, 2022 $17.50 $0.02
Sep 20, 2022 $17.48 -$0.05
Sep 19, 2022 $17.53 $0.08
Sep 16, 2022 $17.45 -$0.16
Sep 15, 2022 $17.61 -$0.07
Sep 14, 2022 $17.68 -$0.05
Sep 13, 2022 $17.73 -$0.19
Sep 12, 2022 $17.92 $0.06
 

Distribution History4

Ex-Date Distribution Reinvest NAV
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

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 U.S. High Yield Index (the "Index"). The Index is unmanaged and tracks the performance of below-investment-grade USD denominated corporate bonds publicly issued in the U.S. domestic market. Any change in the use of the Index will be disclosed to Shareholders via the Accounts. In addition, with respect to the Index: (i) The Investment Adviser has generally set a target outperformance for the Fund against the Index of 0.50% to 1.50% over a full market cycle; (ii) The Investment Adviser applies a tracking error guideline for the Fund of 1% to 3% relative to the Index; and (iii) The Investment Adviser applies a duration deviation guideline for the Fund of +/- 0.75 years relative to the Index. The above guidelines outlined at (i) to (iii) are not hard limits but rather are guidelines applied by the Investment Adviser in its active management of the Portfolio and may not be followed at all times or may be changed by the Investment Adviser 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 achieve a high level of current income. The Fund is actively managed and seeks to achieve its investment objective by investing at all times at least two-thirds of its total assets in a diversified portfolio of high yielding, fixed-income debt securities, and/or floating rate debt securities from issuers that are domiciled in or which derive more than 50% of their revenues or profits from the U.S. 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 Baa or lower by Moody's Investors Service, Inc. 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 issued or guaranteed by the U.S. Government, any state or territory of the United States, any non-U.S. government or any of their respective political subdivisions, agencies or instrumentalities. Debt securities may bear fixed, fixed and contingent, or variable rates of interest.
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.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 investment grade (sometimes referred to as "junk") are typically 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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 honor 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 program 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 (%)3 as of Aug 31, 2022

Portfolio Statistics as of Aug 31, 2022

Number of Issuers 174
Number of Holdings ex cash 246
Average Coupon 5.31%
Average Maturity 5.98 yrs.
Average Effective Maturity 5.76 yrs.
Average Duration 4.43 yrs.
Average Price $87.27
 

Sector Breakdown (%)3 as of Aug 31, 2022

Healthcare 14.17
Services 7.10
Technology 6.93
Automotive & Auto Parts 6.18
Super Retail 5.82
Homebuilders & Real Estate 5.35
Telecommunications 5.22
Utility 3.38
Broadcasting 3.06
Other 5.71
View All

Credit Quality (%) as of Aug 31, 2022

BBB 2.12
BB 49.96
B 34.96
CCC or Lower 11.31
NR 1.66
Cash 0.00
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 Aug 31, 2022

Less Than 1 Year 0.00
1 To 3 Years 8.15
3 To 5 Years 25.13
5 To 10 Years 64.54
10 To 20 Years 0.70
20 To 30 Years 0.12
More Than 30 Years 1.36
Total 100.00
 

Fund Holdings3,5 as of Jul 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 5.31%
Ford Motor Credit Co LLC 4.27% 01/09/2027 1.67%
Centene Corp 3.38% 02/15/2030 1.23%
Ford Motor Co 7.45% 07/16/2031 1.15%
Greystar Real Estate Partners LLC 5.75% 12/01/2025 1.14%
Clarios Global LP / Clarios US Finance Co 8.50% 05/15/2027 1.13%
Virgin Media Finance PLC 5.00% 07/15/2030 1.09%
Tervita Corp 11.00% 12/01/2025 1.09%
Varex Imaging Corp 7.88% 10/15/2027 1.08%
Bread Financial Holdings Inc 4.75% 12/15/2024 1.08%
View All

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. Investments in debt instruments may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment 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 investment grade (sometimes referred to as "junk") are typically 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. The Fund's exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. Derivatives instruments can be highly volatile, result in leverage (which can increase both the risk and return potential of the Fund), 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 honor 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 program 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

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

 
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 2016

 
Kelley Gerrity

Kelley 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 2014

 

Literature

Literature

Fact Sheet (English)

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

Fact Sheet (Spanish)

Download Fact Sheet (Spanish) - Last updated: Aug 31, 2022

Fact Sheet (Italian)

Download Fact Sheet (Italian) - Last updated: Aug 31, 2022

Commentary (English)

Download Commentary (English) - Last updated: Jun 30, 2022

Annual Report (Swiss German)

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

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 (Switzerland - German)

Download Eaton Vance International (Ireland) Funds Full Prospectus (Switzerland - German) - Last updated: Oct 1, 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)

Semiannual Report (Swiss German)

Download Semiannual Report (Swiss German) - Last updated: Jun 30, 2022

Semiannual Report (English)

Download Semiannual Report (English) - Last updated: Jun 30, 2022