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 250-300 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

32 years of industry experience

28 years at Eaton Vance

BS, State University of New York at Albany

MBA, University of Chicago

Stephen Concannon, CFA, Portfolio Manager

25 years of industry experience

18 years at Eaton Vance

BA, Bates College

Kelley Baccei, Portfolio Manager

18 years of industry experience

14 years at Eaton Vance

BA, Boston College



ICE BofAML U.S. High Yield Index