Overview
|
|
|||||||
| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | Life of Fund | |
| 02/28/2023 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 0.09 | 2.56 | 2.37 | 0.28 | 1.56 | — | 1.88 |
| Morningstar LSTA Leveraged Loan Index (EUR) | 0.40 | 2.95 | 2.82 | 0.19 | 2.31 | 1.56 | 2.56 |
| 12/31/2022 | |||||||
| Fund at NAV | 0.19 | 2.42 | -2.31 | -2.31 | 0.35 | — | 1.36 |
| Morningstar LSTA Leveraged Loan Index (EUR) | 0.13 | 1.87 | -2.81 | -2.81 | 0.97 | 1.15 | 1.96 |
| 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. | |||||||
| Class I2 EUR Inception | 12/21/2018 |
| Investment Objective | High current income |
| Total Net Assets | $48.7M |
| Minimum Investment | $5000000 |
| CUSIP | G29207159 |
| ISIN | IE00BP8XZ663 |
| SEDOL | BP8XZ66 |
| Valor Number | N/A |
| Wertpapierkennnummer | N/A |
| Ultimate Software Group Inc (The) | 1.74 |
| Virgin Media SFA Finance Limited | 1.52 |
| Ziggo B.V. | 1.41 |
| Telenet Financing USD LLC | 1.36 |
| Hyland Software, Inc | 1.28 |
| ICON Luxembourg S.A.R.L. | 1.22 |
| Applied Systems, Inc. | 1.15 |
| Medline Borrower, LP | 1.08 |
| Epicor Software Corporation | 1.08 |
| Gainwell Acquisition Corp. | 1.07 |
| Total | 12.90 |
| John Redding | Managed Fund since inception | ||
| Andrew N. Sveen, CFA | Managed Fund since inception |
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.)
Performance
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Fund at NAV | — | — | — | — | — | — | 4.81 | 0.57 | 2.85 | -2.31 |
| Morningstar LSTA Leveraged Loan Index (EUR) | 5.07 | 1.43 | -1.27 | 8.55 | 2.10 | -2.39 | 5.41 | 1.58 | 4.27 | -2.81 |
| Class I2 EUR Inception | 12/21/2018 |
| Date | NAV | NAV Change |
| Mar 23, 2023 | $10.72 | $0.02 |
| Mar 22, 2023 | $10.70 | $0.01 |
| Mar 21, 2023 | $10.69 | $0.00 |
| Mar 20, 2023 | $10.69 | |
| Mar 15, 2023 | $10.72 | -$0.06 |
| Mar 14, 2023 | $10.78 | $0.02 |
| Mar 13, 2023 | $10.76 | -$0.07 |
| Mar 10, 2023 | $10.83 | -$0.01 |
| Mar 09, 2023 | $10.84 | $0.00 |
| Mar 08, 2023 | $10.84 | $0.00 |
| 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.)
Portfolio
|
|
|
| Floating-Rate Loans | 97.42 |
| Cash & Equivalents | 2.53 |
| Other | 0.00 |
| Equity | 0.05 |
| Total | 100.00 |
| Number of Loans | 252 |
| Number of Industries | 55 |
| Average Coupon | 7.96% |
| Average Maturity | 4.42 yrs. |
| Average Loan Size (% of TNA) | 0.38% |
| Average Loan Size | $18.5M |
| Average Duration | 0.10 yrs. |
| Average Price | $96.47 |
| Software | 15.45 |
| Diversified Telecommunication Services | 6.45 |
| Machinery | 5.46 |
| Hotels, Restaurants & Leisure | 4.81 |
| Chemicals | 4.19 |
| Trading Companies & Distributors | 3.99 |
| Insurance | 3.66 |
| Media | 3.18 |
| IT Services | 3.11 |
| Commercial Services & Supplies | 3.08 |
| View All |
|
|
|
| BBB | 4.10 |
| BB | 28.70 |
| B | 61.20 |
| CCC or Lower | 3.30 |
| 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. |
|
|
|
| Less Than 1 Year | 3.08 |
| 1 To 3 Years | 16.72 |
| 3 To 5 Years | 35.86 |
| 5 To 10 Years | 44.34 |
| 10 To 20 Years | 0.00 |
| 20 To 30 Years | 0.00 |
| More Than 30 Years | 0.00 |
| Total | 100.00 |
| United States | 82.42 |
| United Kingdom | 4.32 |
| Canada | 4.27 |
| Netherlands | 4.01 |
| Luxembourg | 2.02 |
| France | 0.69 |
| Ireland | 0.67 |
| Panama | 0.54 |
| Cayman Islands | 0.37 |
| Sweden | 0.20 |
| View All |
| First Lien | 99.49 |
| Second Lien | 0.51 |
| Holding | Coupon Rate | Maturity Date | % of Net Assets |
| United States Dollar | 6.18% | ||
| Ziggo | 6.96% | 04/30/2028 | 1.42% |
| Telenet | 6.46% | 04/30/2028 | 1.37% |
| Ultimate Software Group Inc | 8.03% | 05/04/2026 | 1.33% |
| Hyland Software, Inc | 8.07% | 07/01/2024 | 1.27% |
| APPLIED SYSTEMS INC 2022 EXTENDED 1ST LIEN TL | 0.00% | 09/18/2026 | 1.14% |
| Medline Industries | 7.82% | 10/23/2028 | 1.08% |
| Gainwell Technologies (Milano) | 8.73% | 10/01/2027 | 1.08% |
| Epicor | 7.82% | 07/30/2027 | 1.07% |
| Altice France (Numericable) | 8.52% | 01/31/2026 | 1.05% |
| 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.
Management
John Redding
Managing Director, Portfolio Manager
Joined Eaton Vance in 1998
Biography
John Redding 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 1998. Morgan Stanley acquired Eaton Vance in March 2021.
John began his career in the investment management industry in 1987. Before joining Eaton Vance, he was affiliated with GiroCredit Bank and Creditanstalt-Bankverein.
John earned a B.S. from the University at Albany, State University of New York. While in London, he served on the board of directors of the Loan Market Association (LMA) and chaired the LMA's Insolvency Priority Group. His commentary has appeared in the Financial Times and Bloomberg.
Education
- B.S. State University of New York at Albany
Experience
- Managed Fund since inception
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
Literature
Please see Important Fund Documents under Resources (above).
