Investment Overview

We take an opportunistic, value-driven approach to high yield investing, following a process that has been in place for 20 years.
Excess return target: seeks to outperform the benchmark over a full market cycle
Target tracking error range: 100-300 basis points
This strategy invests in all levels of debt across the corporate capital structure, from high yield bank loans to high yield convertible debt to high yield preferreds.
Intensive credit research helps us identify investment opportunities as value changes in the market.
We never turn a blind eye to risk.
The high yield team benefits from multiple sets of eyes on the issuers they consider by drawing on the pooled research of Calvert's more than 100 research analysts.
Our experienced high yield analysts are a cohesive unit and have worked together through market cycles.

Portfolio Construction

Position sizing integrates analysts' recommendations with the portfolio managers' conviction and evaluation of the security's risk/return characteristics.
Portfolio historically 150-200 issuers
Issuer concentration limited to 5% of assets; 3% typical
Focus on broad exposure
Top-10 issuers typically account for approximately 15-20% of assets

Investment Team

Raphael Leeman

Portfolio Manager

16 years of industry experience

3 years managing strategy

BA, Oberlin College

MBA, Harvard University

Stephen Concannon, CFA

Co-Director of High Yield Bonds and Portfolio Manager

26 years of industry experience

3 years managing strategy

BA, Bates College



ICE BofAML U.S. High Yield Index


Calvert Research and Management is an SEC registered investment adviser and wholly owned subsidiary of Eaton Vance Management.