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: 50-150 basis points
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, and have a consistent record of excellent risk-adjusted returns.
Our experienced high yield analysts have worked together through market cycles and are a cohesive unit.
The high yield team benefits from multiple sets of eyes on the issuers they consider by drawing on the pooled research of Eaton Vance's more than 100 research analysts.
 

Portfolio Construction

Position sizing integrates analysts' recommendations with the portfolio managers' conviction and evaluation of the security's risk/return characteristics.
Portfolio historically 250 to 300 issuers
Issuer concentration limited to 5% of assets; 3% typical
Focus on broad exposure
Top 10 issuers typically account for approximately 20% of assets
 

Investment Team

Michael W. Weilheimer, CFA, Director of High Yield Bonds
30 years of industry experience
27 years at Eaton Vance
BS, State University of New York at Albany
MBA, University of Chicago
Stephen Concannon, CFA, Portfolio Manager
24 years of industry experience
17 years at Eaton Vance
BA, Bates College
Kelley Baccei, Portfolio Manager
17 years of industry experience
13 years at Eaton Vance
BA, Boston College
 

Benchmark

ICE BofAML U.S. High Yield Index