Leveraged Credit: A Market Leader Since 1982

After helping shape the growth of the high-yield bond and floating-rate loan sectors for almost 40 years, Eaton Vance has built a reputation as a premier manager of leveraged credit, with more than 50 experienced specialists.

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$50+ Billion in leveraged credit AUM*

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Attractive risk-adjusted returns through the cycle

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A strong culture of loss-avoidance

The Eaton Vance edge

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Expertise in Sub-Investment Grade Debt

Our floating-rate loan and high-yield bond portfolios are managed by experienced, long-tenured investment teams – qualities especially important for managing sub-investment grade debt.

OUR TEAM
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Andrew Sveen, CFA

Co-Director, Floating Rate Loans Group

Full bio
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Craig Russ

Co-Director, Floating Rate Loans Group

Full bio
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Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Full bio
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John P. Redding

Portfolio Manager, Floating Rate Loans Group

Full bio
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Justin H. Bourgette, CFA

Portfolio Manager, Global Income Group

Full bio
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Michael Kinahan, CFA

Head of Structured Products, Portfolio Manager

Full bio
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Ralph Hinckley, CFA

Portfolio Manager, Senior Research Analyst

Full bio
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Stephen Concannon, CFA

Co-Director and Portfolio Manager, High Yield Group

Full bio
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Kelley Baccei

Portfolio Manager

Full bio
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Our Team’s Key Attributes

50 long-tenured professionals with extensive experience*

  • Diverse backgrounds and skill sets
  • 25 CFA Charterholders

A consistent philosophy & repeatable process

  • Fundamentals & Valuations over
    Technicals & Momentum
  • A strong culture of downside risk management

Globally integrated resources & perspectives

  • Ability to leverage expertise of 190+ colleagues around the world
  • Integration of sophisticated, proprietary ESG analysis

* Eaton Vance’s leveraged credit investment professionals have, on average, 16 years of industry experience. Source: Eaton Vance as at June 30, 2020.

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ESG Integration

Our portfolios benefit from proprietary ESG research from Eaton Vance subsidiary Calvert Research and Management ("Calvert"), a global specialist in Responsible Investing.

Our ESG Research

The focus on sustainable business practices has raised the potential for embedded environmental, social and governance (ESG) risk premia in markets. All other things being equal, we believe companies with strong or improving ESG practices can enjoy a low or falling cost of capital and vice-versa. And if we can identify the potential for company’s success (or failure) in addressing specific ESG issues, we will be able to assess improving (or deteriorating) credits over the long term. So, as part of our traditional fundamental research, we also integrate ESG risk factor considerations into our credit analysis.

Walking the Talk

While many investment firms talk about “ESG integration”, in reality, many struggle to truly leverage ESG insights, either because of a lack of experience understanding which specific ESG issues are most material to a given company or an over-reliance on limited data sets.

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So how is Eaton Vance different?

 

A Group Wholly Dedicated to ESG: With access to a dedicated team of ESG researchers via subsidiary company Calvert – we’re able to tap into the expertise of some of the most knowledgeable investment experts in the field.

Our proprietary Calvert Research System: This research model is designed specifically to deal with common ESG analytics challenges, such as inconsistent company reporting, absent information, and difficulty determining which specific ESG factors are most material to each sector of the market.

Peer Group Models: Our time-tested, yet ever-evolving, models help quantify ESG risk and, ultimately, price risk across the market to allow for relevant comparisons between credits within specified peer groups. If we cannot quantify and price risk appropriately for a particular company, we will not invest in it.

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Primary tools for ESG-inclusive credit analysis:

 

An ESG Sector Thesis Breakdown: A detailed explanation of the financially material ESG factors for each specific sector. It is a helpful first step for Eaton Vance credit analysts seeking to understand the most relevant prevailing ESG risks in each segment of their investment universe.

A 3,000 Company Research Database: Housing Calvert’s proprietary research on roughly 60% of companies in the global high-yield bond universe. This database allows Eaton Vance analysts to see the ESG ratings assigned to a particular company as well as how it compares to its peer group.

Bespoke research: If a company is not covered in the Calvert database, one of our Leveraged Credit analysts will work directly with a Calvert analyst to conduct ESG-focused research on that particular company.

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Custom Solutions

We also cater to institutions’ specific needs, managing a range of complex, custom portfolios for large clients.

Our heritage in Leveraged Credit

High Yield

Our line-up of high-yield offerings employ rigorous fundamental credit research and market-factor analysis to capitalize on inefficiencies in the high-yield bond market. Via an opportunistic, value-driven approach, we seek to deliver consistent risk-adjusted performance with high information ratios and a favorably skewed up/down market capture.

 

High Yield Bond-Institutional Composite annualized results (%) as of 6/30/2020

 

  • US High Yield
  • Global High Yield
  • European High Yield
    • Investment Team
  • Short Duration High Income
    • Investment Team
  • US
    • SDHI Strategy
    • SDHI Fact sheet
    • SDHI TEAM
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Past performance is no guarantee of future results. The information is based upon the total assets of all fee-paying discretionary accounts in the Composite for the periods shown. Gross returns for the Composite are calculated in U.S. dollars, include the reinvestment of distributions, and are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses. Such fees and expenses would reduce the results shown. Click here for Composite’s GIPS® presentation

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  • US
    • US Strategy
    • Strategy Profile
    • Investment Team
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • 5Y
  • 10
  • SI
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  • Global High Yield
    • Global Strategy
    • Strategy Profile
    • Investment Team
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • 5Y
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  • EU High Yield
    • EU Strategy
    • Strategy Profile
    • Investment Team
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • 5Y
  • SI
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  • Short Duration High Income
    • Investment Team
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • 5Y
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Floating-Rate Loans

This strategy provides “intelligent exposure” to the floating-rate loan market, thoughtfully diversifying while assuming a higher-quality bias that seeks lower volatility and better risk-adjusted performance over time.

 

Institutional Senior Loan Composite annualized results (%) as of 6/30/2020

 

  • Floating-Rate Loan
    • Floating Rate Strategy
    • Strategy Profile
    • Investment Team
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Past performance is no guarantee of future results. The information is based upon the total assets of all fee-paying discretionary accounts in the Composite for the periods shown. Gross returns for the Composite are calculated in U.S. dollars, include the reinvestment of distributions, and are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses. Such fees and expenses would reduce the results shown. Click here for Composite’s GIPS® presentation

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  • Floating-Rate Loan
    • Floating Rate Strategy
    • Strategy Profile
    • Investment Team
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • 5Y
  • 10Y
  • SI
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table

Multi-Asset Credit

Aimed at investors who want seasoned professionals to take charge of asset allocation and security selection across the higher yielding credit and risk spectrum, our offering is typically used as a complement to a client’s “core” fixed income exposures. The Multi-Asset Credit strategy is designed to capture credit risk premiums across different income sectors and corporate capital structures, with a strong focus on downside protection and the avoidance of permanent capital impairment. Our MAC portfolio benefits from Eaton Vance’s world-class capability in high yield, floating-rate loans, securitized credit and emerging-markets debt.

 

Multi-Asset Credit Composite annualized results as of 6/30/2020

 

  • Floating-Rate Loan
    • Floating Rate Strategy
    • Strategy Profile
    • Investment Team
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Past performance is no guarantee of future results. The information is based upon the total assets of all fee-paying discretionary accounts in the Composite for the periods shown. Gross returns for the Composite are calculated in U.S. dollars, include the reinvestment of distributions, and are after transaction costs, any foreign withholding taxes and other direct expenses, but before management fees, custody charges and other indirect expenses. Such fees and expenses would reduce the results shown. Click here for Composite’s GIPS® presentation

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  • Multi-Asset Credit
    • MAC Strategy
    • Strategy Profile
    • Investment Team
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • SI
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table
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  • 3M
  • YTD
  • 1Y
  • 3Y
  • SI
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More Information

Our Approach
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Discipline Beats Short-Term Thinking

At Eaton Vance, we evaluate a wide range of issuers and select only those we believe offer the greatest risk-adjusted return potential. The decision to not invest can often take more discipline than going along with the crowd. Our experience and track record demonstrate our ability to generate consistent excess returns in a risk-controlled way.

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Fundamentals & Valuations Over Technicals & Momentum

We believe the key driver of long-term returns is starting valuations. As long-term investors, our focus is on valuations, fundamentals and risk factor analysis rather than technicals and momentum.

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A Strong Culture of Managing Downside Risk

We believe true risk is the permanent impairment of capital. Accordingly, we prioritize our focus on avoiding defaults and limiting downside risk, which in turn, we believe, allows us to deliver attractive information ratios and Sharpe ratios over time.

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Global Perspective & Resources

With an integrated resource model, we seek to leverage the time, tools and resources of multiple Eaton Vance investment teams around the world, helping our global portfolios avoid regional biases.

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ESG Risk Factors

We believe environmental, social and governance (ESG) factors can impact asset prices and thus incorporate ESG risk factor analysis into our investment process.

ESG Factor Integration

The focus on sustainable business practices has raised the potential for embedded environmental, social and governance (ESG) risk premia in markets. All other things being equal, we believe companies with strong or improving ESG practices can enjoy a low or falling cost of capital and vice-versa. And if we can identify the potential for company’s success (or failure) in addressing specific ESG issues, we will be able to assess improving (or deteriorating) credits over the long term. So, as part of our traditional fundamental research, we also integrate ESG risk factor considerations into our credit analysis.

Walking the Talk

While many investment firms talk about “ESG integration”, in reality, many struggle to truly leverage ESG insights, either because of a lack of experience understanding which specific ESG issues are most material to a given company or an over-reliance on limited data sets.

image

So how is Eaton Vance different?

 

A Group Wholly Dedicated to ESG: With access to a dedicated team of ESG researchers via subsidiary company Calvert – we’re able to tap into the expertise of some of the most knowledgeable investment experts in the field.

Our proprietary Calvert Research System: This research model is designed specifically to deal with common ESG analytics challenges, such as inconsistent company reporting, absent information, and difficulty determining which specific ESG factors are most material to each sector of the market.

Peer Group Models: Our time-tested, yet ever-evolving, models help quantify ESG risk and, ultimately, price risk across the market to allow for relevant comparisons between credits within specified peer groups. If we cannot quantify and price risk appropriately for a particular company, we will not invest in it.

image

Primary tools for ESG-inclusive credit analysis:

 

An ESG Sector Thesis Breakdown: A detailed explanation of the financially material ESG factors for each specific sector. It is a helpful first step for Eaton Vance credit analysts seeking to understand the most relevant prevailing ESG risks in each segment of their investment universe.

A 3,000 Company Research Database: Housing Calvert’s proprietary research on roughly 60% of companies in the global high-yield bond universe. This database allows Eaton Vance analysts to see the ESG ratings assigned to a particular company as well as how it compares to its peer group.

Bespoke research: If a company is not covered in the Calvert database, one of our Leveraged Credit analysts will work directly with a Calvert analyst to conduct ESG-focused research on that particular company.

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US High Yield Team

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Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton…

READ MORE
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Stephen Concannon, CFA

Co-Director and Portfolio Manager, High Yield Group

Stephen Concannon is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s…

READ MORE
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Kelley Baccei

Portfolio Manager, High Yield Group

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s…

READ MORE

Global High Yield Team

image

Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton…

READ MORE
image

Stephen Concannon, CFA

Co-Director and Portfolio Manager, High Yield Group

Stephen Concannon is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s…

READ MORE
image

Kelley Baccei

Portfolio Manager, High Yield Group

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s…

READ MORE

European High Yield Team

image

Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton…

READ MORE
image

Stephen Concannon, CFA

Co-Director and Portfolio Manager, High Yield Group

Stephen Concannon is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s…

READ MORE
image

Kelley Baccei

Portfolio Manager, High Yield Group

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s…

READ MORE

Short Duration High Income Team

image

Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton…

READ MORE
image

Stephen Concannon, CFA

Co-Director and Portfolio Manager, High Yield Group

Stephen Concannon is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s…

READ MORE
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Kelley Baccei

Portfolio Manager, High Yield Group

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s…

READ MORE

Floating-Rate Loans Team

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Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton…

READ MORE
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Andrew Sveen, CFA

Co-Director, Floating Rate Loans Group

Andrew Sveen is a vice president of Eaton Vance Management, co-director of bank loans and portfolio…

READ MORE
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John P. Redding

Portfolio Manager, Floating Rate Loans Group

John Redding is a vice president of Eaton Vance Management and portfolio manager Eaton Vance’s…

READ MORE
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Michael Kinahan, CFA

Head of Structured Products, Portfolio Manager

Michael Kinahan is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s…

READ MORE
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Ralph Hinckley, CFA

Portfolio Manager, Senior Research Analyst

Ralph Hinckley is a vice president of Eaton Vance Management and portfolio manager and analyst on Eaton…

READ MORE

Multi-Asset Credit Team

image

Jeffrey D. Mueller

Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton…

READ MORE
image

John P. Redding

Portfolio Manager, Floating Rate Loans Group

John Redding is a vice president of Eaton Vance Management and portfolio manager Eaton Vance’s…

READ MORE
image

Justin H. Bourgette, CFA

Portfolio Manager, Global Income Group

Justin Bourgette is a vice president of Eaton Vance Management and director of global income investment…

READ MORE
image

Kelley Baccei

Portfolio Manager, High Yield Group

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s…

READ MORE
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Craig Russ


Co-Director, Floating Rate Loans Group

Craig Russ is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997. Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank. Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant’s Interest Rate Observer and The Wall Street Journal.

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Andrew Sveen, CFA


Co-Director, Floating Rate Loans Group

Andrew Sveen is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1999. Andrew began his career in the investment management industry in 1995. Previously at Eaton Vance, he was director of loan trading and capital markets. Before joining Eaton Vance, he worked as a corporate lending officer at State Street Bank. Andrew earned a B.A. from Dartmouth College and an MBA from the William E. Simon School at the University of Rochester. He is a CFA charterholder. Andrew serves as a member of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Financial Times and Reuters.

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Jeffrey D. Mueller


Co-Director and Portfolio Manager, High Yield Group

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield and multi-asset credit strategies. He leads investment management and credit research for all non-U.S. high-yield opportunities. Jeff will become co-director of high-yield investments effective January 1, 2020. He joined Eaton Vance in 2015. Jeff began his career in the investment management industry in 2004. Before joining Eaton Vance, he was a high-yield portfolio manager with Threadneedle Investments. He was previously affiliated with Centaurus Capital Ltd. and Amaranth Advisors LLC. Jeff earned a B.B.A. from the University of Wisconsin at Madison.

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John P. Redding


Portfolio Manager, Floating Rate Loans Group

John Redding is a vice president of Eaton Vance Management and portfolio manager Eaton Vance’s floatingrate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1998. John began his career in the investment management industry in 1987. Before joining Eaton Vance, he was affiliated with GiroCredit Bank and Creditanstalt-Bankverein. John earned a B.S. from the University at Albany, State University of New York. While in London, he served on the board of directors of the Loan Market Association (LMA) and chaired the LMA’s Insolvency Priority Group. His commentary has appeared in the Financial Times and Bloomberg.

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Justin H. Bourgette, CFA


Portfolio Manager, Global Income Group

Justin Bourgette is a vice president of Eaton Vance Management and director of global income investment strategy on Eaton Vance’s global income team. He is responsible for buy and sell decisions, portfolio construction and risk management. Justin joined Eaton Vance in 2006. Justin began his career in the investment management industry in 2006. Before joining Eaton Vance, he was affiliated with Investors Financial Services as an analyst in corporate finance and with National Grid, where he worked in business planning and engineering. Justin earned a B.S. from Worcester Polytechnic Institute and an M.S., with high honors, from Boston University. He is a CFA charterholder and a member of Eaton Vance’s Asset Allocation Committee.

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Scott Page, CFA


Senior Portfolio Advisor, Portfolio Manager, Floating-Rate Loans Group

Scott Page is a vice president of Eaton Vance Management and senior advisor on Eaton Vance’s floatingrate loan team. He is engaged in initiatives focused on continuing to advance Eaton Vance’s presence as a leading floating-rate loan investment manager for institutions and individuals globally. He joined Eaton Vance in 1989. Scott began his career in the investment management industry in 1981. Before joining Eaton Vance, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review. Scott earned a B.A. from Williams College and an MBA from the Amos Tuck School at Dartmouth College. He has served as a member of the board of directors of the LSTA (Loan Syndications and Trading Association). He is a CFA charterholder. Scott co-authored “An Overview of the Loan Market” in the Handbook of Loan Syndications and Trading (2007). He is a trustee, chair of the investment committee and member of the executive committee of the New England Aquarium. Additionally, he is a board member of AFGlobal as well as Calvert Impact Capital.

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Michael Kinahan, CFA


Head of Structured Products, Portfolio Manager

Michael Kinahan is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for the firm’s CLO management business, CLO investment activities and several institutional separate accounts. He is also occasionally involved in bank loan restructuring. He joined Eaton Vance in 1998. He was manager of financial planning & analysis until 2000 when he joined the bank loan team to develop the CLO business. Mike began his career in the investment management industry in 1994. Before joining Eaton Vance, he was affiliated with Australian Portfolio Managers in Sydney, Australia and at Deloitte & Touche as a manager in the audit department. Mike earned a B.S. from the University of Southern California. He is a CFA charterholder and a member of the CFA Society Boston, CFA Institute and the American Society of CPAs.

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Ralph Hinckley, CFA


Portfolio Manager, Senior Research Analyst

Ralph Hinckley is a vice president of Eaton Vance Management and portfolio manager and analyst on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 2003. Ralph began his career in the investment management industry in 1997. Before joining Eaton Vance, he was a vice president in the communications lending division of Citizens Bank and its credit training program and a lending officer at State Street Bank. Ralph earned a B.A. from Bates College and an MBA, with honors, from Boston University Graduate School of Management. He is a member of the CFA Society Boston and is a CFA charterholder.

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Stephen Concannon, CFA


Co-Director and Portfolio Manager, High Yield Group

Stephen Concannon is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield strategies. He joined Eaton Vance in 2000. Steve began his career in the investment management industry in 1993. Before joining Eaton Vance, he was a research analyst for Wellington Management. Steve earned a B.A. from Bates College. He is a member of the CFA Society Boston and is a CFA charterholder.

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Kelley Baccei


Portfolio Manager

Kelley Baccei is a vice president of Eaton Vance Management and a portfolio manager on Eaton Vance’s high-yield team. She is responsible for buy and sell decisions and portfolio construction. She joined Eaton Vance in 2005. Kelley began her career in the investment management industry in 2000. Before joining Eaton Vance, she was the director of high-yield distressed research at Fieldstone Capital Group. Previously, she was associate director of fixed-income research at Scotia Capital Markets, Inc. Kelley earned a B.A. from Boston College and a certificate in credit analysis from New York University.

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