Overview

Historical Returns (%)

Past performance is no guarantee of future results.

 as of Mar 31, 2023

04/30/202303/31/2023
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Source: Eaton Vance and RIMES.
 

Fund Facts as of Apr 30, 2023

Class I2$ Inception 11/04/2014
Investment Objective High current income
Total Net Assets $49.9M
Minimum Investment $1000000

Fund Codes

CUSIP G29207118
ISIN IE00BP8XZ226
SEDOL BP8XZ22
Valor Number N/A
Wertpapierkennnummer N/A
 

Top 10 Issuers (%)2 as of Apr 30, 2023

Ultimate Software Group Inc (The) 1.68
Virgin Media Bristol LLC 1.48
Ziggo B.V. 1.38
Telenet Financing USD LLC 1.32
Hyland Software Inc. 1.24
Transdigm Inc 1.17
Applied Systems Inc. 1.12
ICON Luxembourg S.A.R.L. 1.12
Medline Borrower LP 1.06
Epicor Software Corporation 1.06
Total 12.62
 

Portfolio Management

Andrew N. Sveen, CFA Managed Fund since inception
Ralph Hinckley, CFA Managed Fund since 2023
Heath Christensen, CFA Managed Fund since 2023

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

The Eaton Vance (Ireland) Floating-Rate Income Fund (the "Fund") is a sub-fund of Eaton Vance Institutional Funds PLC (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund (QIAIF). As a QIAIF the Company may apply for recognition by other EU Member States.

This overview does not constitute an offer or solicitation to invest in the Fund nor in any other Eaton Vance Funds and is directed at professional investors only. Forecasts may not be attained. Past performance is not a guide to future returns.

This section may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.

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 Fund mentioned herein an actively managed fund with reference to the Morningstar LSTA US Leveraged Loan TR USD Index (the "Benchmark"). The Sub-Fund seeks to outperform this Benchmark over a full market cycle. This is a target and not a forecast and there can be no guarantee or assurance that the Sub-Fund will achieve a return which meets or exceeds the Benchmark.
The aim of the Sub-Fund is to provide as high a level of current income as is consistent with the preservation of capital, by investing in a portfolio primarily of Senior Loans. The issuers of the Senior Loans in which the Sub-Fund will invest shall be companies in any industry sector and the Investment Manager seeks to maintain broad borrower and industry diversification.

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. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. 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. Loans are subject to prepayment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. 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. Please contact us if you require a copy (see contact us sections.)


1. Morningstar LSTA US Leveraged Loan TR USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
2. Per cent of total net assets.

Performance

Calendar Year Returns (%)

Past performance is no guarantee of future results.

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Fund at NAV — — 1.08 7.13 3.45 0.45 8.17 2.66 3.64 -0.47
Morningstar® LSTA® US Leveraged Loan Index1 5.29 1.60 -0.69 10.16 4.12 0.44 8.64 3.12 5.20 -0.77
 

Fund Facts

Class I2$ Inception 11/04/2014
 

NAV History

Date NAV NAV Change
May 31, 2023 $13.19 $0.00
May 30, 2023 $13.19 $0.00
May 26, 2023 $13.19 $0.01
May 25, 2023 $13.18 -$0.01
May 24, 2023 $13.19 -$0.02
May 23, 2023 $13.21 $0.00
May 22, 2023 $13.21 $0.00
May 19, 2023 $13.21 $0.01
May 18, 2023 $13.20 $0.00
May 17, 2023 $13.20 -$0.01
 

Distribution History3

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 Fund mentioned herein an actively managed fund with reference to the Morningstar LSTA US Leveraged Loan TR USD Index (the "Benchmark"). The Sub-Fund seeks to outperform this Benchmark over a full market cycle. This is a target and not a forecast and there can be no guarantee or assurance that the Sub-Fund will achieve a return which meets or exceeds the Benchmark.
The aim of the Sub-Fund is to provide as high a level of current income as is consistent with the preservation of capital, by investing in a portfolio primarily of Senior Loans. The issuers of the Senior Loans in which the Sub-Fund will invest shall be companies in any industry sector and the Investment Manager seeks to maintain broad borrower and industry diversification.

The Eaton Vance (Ireland) Floating-Rate Income Fund (the "Fund") is a sub-fund of Eaton Vance Institutional Funds PLC (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund (QIAIF). As a QIAIF the Company may apply for recognition by other EU Member States.

This overview does not constitute an offer or solicitation to invest in the Fund nor in any other Eaton Vance Funds and is directed at professional investors only. Forecasts may not be attained. Past performance is not a guide to future returns.

This section may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.

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. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. 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. Loans are subject to prepayment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. 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. Please contact us if you require a copy (see contact us sections.)


1. Morningstar LSTA US Leveraged Loan TR USD Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund.
3. A portion of the Fund's returns may be comprised of return of capital or short-term capital gains. The Fund will determine the tax characteristics of all Fund distributions after the end of the calendar year and will provide shareholders with such information at that time. Please consult your tax advisor for further information.

Portfolio

Asset Mix (%)2 as of Apr 30, 2023

Portfolio Statistics as of Apr 30, 2023

Number of Loans 247
Number of Industries 54
Average Coupon 8.37%
Average Maturity 4.33 yrs.
Average Loan Size (% of TNA) 0.38%
Average Loan Size $18.0 M
Average Duration 0.12 yrs.
Average Price $96.18
 

Sector Breakdown (%)2 as of Apr 30, 2023

Software 15.05
Diversified Telecommunication Services 6.18
Machinery 6.13
Chemicals 4.45
Hotels Restaurants & Leisure 4.06
Insurance 3.91
Trading Companies & Distributors 3.48
Commercial Services & Supplies 3.39
Capital Markets 3.22
Media 2.97
View All

Credit Quality (%)4 as of Apr 30, 2023

BBB 4.30
BB 29.00
B 60.27
CCC or Lower 3.74
Not Rated 2.70
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. 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's 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 (%)4 as of Apr 30, 2023

Less Than 1 Year 3.75
1 To 3 Years 18.32
3 To 5 Years 40.48
5 To 10 Years 37.45
10 To 20 Years 0.00
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)2 as of Apr 30, 2023

United States 84.84
Canada 4.16
Netherlands 3.54
United Kingdom 2.73
Luxembourg 1.87
France 0.65
Ireland 0.65
Panama 0.54
Cayman Islands 0.35
Sweden 0.2
View All
 

Loan Type (%)5,6,7 as of Apr 30, 2023

First Lien 99.5
Second Lien 0.50
 

Fund Holdings2,8,9 as of Apr 30, 2023

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 5.58%
Ziggo 2.63% 04/30/2028 1.38%
Telenet 6.95% 04/30/2028 1.32%
Ultimate Software Group Inc 8.27% 05/04/2026 1.29%
Hyland Software, Inc 8.52% 07/01/2024 1.24%
APPLIED SYSTEMS INC 2022 EXTENDED 1ST LIEN TL 0.00% 09/18/2026 1.12%
Medline Industries 8.27% 10/23/2028 1.06%
Epicor 8.27% 07/30/2027 1.06%
Gainwell Technologies (Milano) 9.00% 10/01/2027 1.05%
Avolon TLB Borrower 1 (US) LLC 7.20% 12/01/2027 0.99%
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. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. 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. Loans are subject to prepayment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. 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. Please contact us if you require a copy (see contact us sections.)

The Eaton Vance (Ireland) Floating-Rate Income Fund (the "Fund") is a sub-fund of Eaton Vance Institutional Funds PLC (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund (QIAIF). As a QIAIF the Company may apply for recognition by other EU Member States.

This overview does not constitute an offer or solicitation to invest in the Fund nor in any other Eaton Vance Funds and is directed at professional investors only. Forecasts may not be attained. Past performance is not a guide to future returns.

This section may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.


2. Per cent of total net assets.
4. Per cent of bond holdings.
5. Per cent of loan holdings.
6. Second lien loans are subordinate to first lien loans and therefore have a lesser claim to collateral. Covenant-lite first lien loans do not require financial maintenance convenants.
7. Includes 90.96% Covenant-Lite Loans.
8. The following list reflects unaudited securities holdings (excluding derivatives positions). Holdings information may differ if presented as of the trade date. Due to rounding, holdings of less than 0.005 % may show as 0.00 %. Portfolio information is subject to change due to active management.
9. The stated interest rate represents the weighted average interest rate of all loans made under senior loan facility and includes commitment fees on unfunded loan commitments, if any, and will vary over time.

Management

Andrew N. Sveen, CFA

Andrew N. Sveen, CFA

Managing Director, Head of Floating-Rate Loans
Joined Eaton Vance in 1999

Biography

Andrew is a managing director of Morgan Stanley Investment Management Fixed Income, Head of Floating-Rate Loans and portfolio manager on the floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating rate loan strategies. He joined Eaton Vance in 1999. Morgan Stanley acquired Eaton Vance in March 2021.

Andrew began his career in the investment management industry in 1995. Before joining Eaton Vance, he worked as a corporate lending officer at State Street Bank.

Andrew earned a B.A. from Dartmouth College and an MBA from the William E. Simon School at the University of Rochester. He is a CFA charterholder. Andrew serves as a member of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Financial Times and Reuters.

Education
  • B.A. Dartmouth College
  • M.B.A. University of Rochester

Experience
  • Managed Fund since inception

 
Ralph Hinckley, CFA

Ralph Hinckley, CFA

Managing Director, Portfolio Manager
Joined Eaton Vance in 2003

Biography

Ralph Hinckley is a portfolio manager on the Floating-Rate Loans team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He joined Eaton Vance in 2003. Morgan Stanley acquired Eaton Vance in March 2021.

Ralph began his career in the investment management industry in 1997. Before joining Eaton Vance, he was a vice president in the communications lending division of Citizens Bank and its credit training programme and a lending officer at State Street Bank.

Ralph earned a B.A. from Bates College and an MBA, with honors, from Boston University Graduate School of Management. He is a member of the CFA Society Boston and is a CFA charterholder.

Education
  • B.A. Bates College
  • M.B.A. Boston University

Experience
  • Managed Fund since 2023

 

Heath Christensen, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance in 2003

Biography

Heath Christensen is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance's floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm's floating-rate loan strategies. He also focuses on coverage of the software/technology, aerospace, and defense and transportation sectors. He joined Eaton Vance in 2003.

Heath began his career in the investment management industry in 1999. Before joining Eaton Vance, he was a call center specialist with PFPC Global Fund Services. He was previously affiliated with H&R Block Financial Advisors.

Heath earned a B.S. from The Pennsylvania State University. He is a member of the CFA Society of Boston and is a CFA charterholder.

Education
  • B.S. The Pennsylvania State University

Experience
  • Managed Fund since 2023

 

Literature

Literature

Fact Sheet

Download Fact Sheet - Last updated: Apr 30, 2023

Eaton Vance Institutional Funds PLC Prospectus (English)

Download Eaton Vance Institutional Funds PLC Prospectus (English) - Last updated: Feb 24, 2023

EV (IRL) Floating-Rate Income Fund Supplement (English)

Download EV (IRL) Floating-Rate Income Fund Supplement (English) - Last updated: Feb 24, 2023