Investment Overview

The High Yield team takes an opportunistic, value-driven approach to investing, combining tactical geographic allocation with an investment process that has been in place for 20 years.
Seeks to outperform benchmark by 50-150 basis points over full market cycle.
Targets tracking error between 100-300 basis points.
Invests in all levels of debt across the corporate capital structure of high yield issuers including: secured and unsecured bonds, bank loans, convertible debt, and preferreds.
Leverages intensive credit research to help identify investment opportunities as value changes in the market.
Utilizes a team-based approach to credit research by drawing on the pooled research of Eaton Vance's approximately 200 investment professionals in the US, Europe, and Asia.
The High Yield Team always considers the impact of risk in the decision making process and has a consistent record of generating attractive risk-adjusted returns across its portfolios.

Portfolio Construction

Position sizing integrates analysts' recommendations with the portfolio managers' conviction and evaluation of the security's risk/return characteristics.
Portfolio typically holds 150-250 issuers.
Max 5%, typically less than 3%
Focus on broad exposure
Top 10 issuers typically account for approximately 15-20% of assets
Fully hedge currency exposure to USD

Investment Team

Jeffrey Mueller, Lead Portfolio Manager
12 years of industry experience
2 years at Eaton Vance
BA, University of Wisconsin
Michael W. Weilheimer, CFA, Director of High Yield Bonds, Co-Portfolio Manager
29 years of industry experience
26 years at Eaton Vance
BS, State University of New York at Albany
MBA, University of Chicago
Steven Concannon, CFA, Co-Portfolio Manager
23 years of industry experience
16 years at Eaton Vance
BA, Bates College
Kelley Baccei, Co-Portfolio Manager
16 years of industry experience
12 years at Eaton Vance
BA, Boston College

Benchmark

BofA Merrill Lynch Developed Markets High Yield Excluding Subordinated Financials Index (Hedged to USD)