Investment Overview

We take an opportunistic, value-driven approach to high yield investing, following a process that has been in place for 20 years.
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

Executive Director, Portfolio Manager

Joined investment management industry in 2003

Managed strategy since 2016

BA, Oberlin College

MBA, Harvard University

Stephen Concannon, CFA

Managing Director, Co-Head of High Yield

Joined investment management industry in 1993

Managed strategy since 2019

BA, Bates College

Effective December 1, 2023, Raphael (Rafe) Leeman is retiring and will no longer serve as Portfolio Manager, and Kelley Gerrity and Jack Cimarosa will be added as Portfolio Managers.



ICE BofA U.S. High Yield Index


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