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.