Overview
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| Annualized | |||||||
| 1 Mo. | 3 Mos. | YTD | 1 Yr. | 3 Yrs. | 5 Yrs. | Life of Fund | |
| 04/30/2023 | |||||||
|---|---|---|---|---|---|---|---|
| Fund at NAV | 0.91 | 1.22 | 4.25 | 1.92 | 5.33 | 3.40 | 4.13 |
| 50% ICE BofA Developed Markets High Yield ex Subordinated Financial Index - Hedged USD; 50% S&P/LSTA Leveraged Loan Index | 0.96 | 1.21 | 4.47 | 2.36 | 6.04 | 3.45 | 4.53 |
| 03/31/2023 | |||||||
| Fund at NAV | 0.92 | 3.31 | 3.31 | -0.53 | 6.64 | 3.34 | 4.04 |
| 50% ICE BofA Developed Markets High Yield ex Subordinated Financial Index - Hedged USD; 50% S&P/LSTA Leveraged Loan Index | 0.41 | 3.48 | 3.48 | -0.21 | 7.23 | 3.36 | 4.44 |
| Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Source: Eaton Vance and RIMES. | |||||||
| Class I2$ Inception | 05/23/2016 |
| Investment Objective | High current income |
| Total Net Assets | $83.8M |
| Minimum Investment | $5000000 |
| CUSIP | G29207217 |
| ISIN | IE00BYY9CZ95 |
| SEDOL | BYY9CZ9 |
| Valor Number | N/A |
| Wertpapierkennnummer | N/A |
| Jeffrey D. Mueller | Managed Fund since inception | ||
| Justin H. Bourgette, CFA | Managed Fund since inception | ||
| Daniel P. McElaney, CFA | Managed Fund since 2023 |
The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.
The Eaton Vance (Ireland) Multi-Asset Credit Fund (the "Fund") is a sub-fund of Eaton Vance Institutional Funds PLC (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund (QIAIF). As a QIAIF the Company may apply for recognition by other EU Member States.
This overview does not constitute an offer or solicitation to invest in the Fund nor in any other Eaton Vance Funds and is directed at professional investors only. Forecasts may not be attained. Past performance is not a guide to future returns.
This section may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.
The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.
The Fund mentioned herein an actively managed fund with reference to 50% ICE® BofA® Developed Markets High Yield ex Subordinated Financial Index - Hedged USD (HYDF) and 50% S&P/LSTA Leveraged Loan Index (the "Blended Benchmark"). The Sub-Fund seeks to outperform this Blended Benchmark over a full market cycle. This is a target and not a forecast and there can be no guarantee or assurance that the Sub-Fund will achieve a return which meets or exceeds the Blended Benchmark.
The fund seeks to generate a total return through investment in debt, income securities and related derivatives. The Sub-Fund shall seek to achieve its objective by investing primarily in a portfolio of Debt Securities of issuers worldwide, including in Emerging Market Countries, and cash. The Sub-Fund will invest primarily in below Investment Grade Debt Securities. The Sub-Fund shall not purchase equity securities.
RISK CONSIDERATIONS
An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of non-payment, or that collateral can be readily liquidated. The ability to realise the benefits of any collateral may be delayed or limited. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below the investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to pre-payment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. Where it is proposed that the Sub-Fund enter into a total return swap, the Investment Manager intends to minimise counterparty performance risk by only selecting counterparties with a good credit rating and by monitoring any changes in those counterparties' ratings. Additionally, any such transactions will only be concluded on the basis of standardised framework agreements (for example, ISDA with Credit Support Annex). Where the Sub-Fund receives collateral as a result of entering into a total return swap, there is a risk that the collateral held by the Sub-Fund may decline in value or become illiquid and this risk will be borne by the Sub-Fund. There can also be no assurance that the liquidation of any collateral securing a total return swap would satisfy the counterparty's obligation in the event of non-payment of the counterparty's obligations, or that such collateral could be readily liquidated. To the extent that collateral is utilised by the Sub-Fund, the terms of hedging arrangements and other derivative transactions entered into by the Sub-Fund may provide that collateral given to, or received by, the Sub-Fund may be pledged, lent, re-hypothecated or otherwise re-used by the collateral taker for its own purposes. If collateral received by the Sub-Fund is re-invested or otherwise re-used, the Sub-Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Sub-Fund will have less protection if the counterparty defaults. Similarly, if the counterparty re-invests or otherwise re-uses collateral received from the Sub-Fund and suffers a loss as a result, it may not be in a position to return that collateral to the Sub-Fund should the relevant transaction complete, be unwound or otherwise terminate and the Sub-Fund is exposed to the risk of loss of the amount of collateral provided to the counterparty. No Fund is a complete investment programme and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description. Please contact us if you require a copy (see the Contact Us sections.)
Performance
| 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
| Fund at NAV | — | — | — | — | 5.32 | 0.27 | 11.70 | 4.59 | 4.24 | -6.13 |
| 50% ICE BofA Developed Markets High Yield ex Subordinated Financial Index - Hedged USD; 50% S&P/LSTA Leveraged Loan Index | — | — | — | — | 5.84 | -0.73 | 11.45 | 4.37 | 5.13 | -5.62 |
| Class I2$ Inception | 05/23/2016 |
| Date | NAV | NAV Change |
| May 25, 2023 | $13.11 | -$0.01 |
| May 24, 2023 | $13.12 | -$0.03 |
| May 23, 2023 | $13.15 | -$0.01 |
| May 22, 2023 | $13.16 | $0.01 |
| May 19, 2023 | $13.15 | $0.01 |
| May 18, 2023 | $13.14 | -$0.01 |
| May 17, 2023 | $13.15 | $0.00 |
| May 16, 2023 | $13.15 | -$0.02 |
| May 15, 2023 | $13.17 | $0.00 |
| May 12, 2023 | $13.17 | $0.00 |
| Ex-Date | Distribution | Reinvest NAV |
| No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years. Fund prospectus |
The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.
The use of leverage increases risks, such that a relatively small movement in the value of an investment may result in a disproportionately large movement, unfavorable as well as favorable, in the value of that investment and, in turn, the value of the Fund.
The Fund mentioned herein an actively managed fund with reference to 50% ICE® BofA® Developed Markets High Yield ex Subordinated Financial Index - Hedged USD (HYDF) and 50% S&P/LSTA Leveraged Loan Index (the "Blended Benchmark"). The Sub-Fund seeks to outperform this Blended Benchmark over a full market cycle. This is a target and not a forecast and there can be no guarantee or assurance that the Sub-Fund will achieve a return which meets or exceeds the Blended Benchmark.
The fund seeks to generate a total return through investment in debt, income securities and related derivatives. The Sub-Fund shall seek to achieve its objective by investing primarily in a portfolio of Debt Securities of issuers worldwide, including in Emerging Market Countries, and cash. The Sub-Fund will invest primarily in below Investment Grade Debt Securities. The Sub-Fund shall not purchase equity securities.
The Eaton Vance (Ireland) Multi-Asset Credit Fund (the "Fund") is a sub-fund of Eaton Vance Institutional Funds PLC (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund (QIAIF). As a QIAIF the Company may apply for recognition by other EU Member States.
This overview does not constitute an offer or solicitation to invest in the Fund nor in any other Eaton Vance Funds and is directed at professional investors only. Forecasts may not be attained. Past performance is not a guide to future returns.
This section may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.
RISK CONSIDERATIONS
An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of non-payment, or that collateral can be readily liquidated. The ability to realise the benefits of any collateral may be delayed or limited. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below the investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to pre-payment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. Where it is proposed that the Sub-Fund enter into a total return swap, the Investment Manager intends to minimise counterparty performance risk by only selecting counterparties with a good credit rating and by monitoring any changes in those counterparties' ratings. Additionally, any such transactions will only be concluded on the basis of standardised framework agreements (for example, ISDA with Credit Support Annex). Where the Sub-Fund receives collateral as a result of entering into a total return swap, there is a risk that the collateral held by the Sub-Fund may decline in value or become illiquid and this risk will be borne by the Sub-Fund. There can also be no assurance that the liquidation of any collateral securing a total return swap would satisfy the counterparty's obligation in the event of non-payment of the counterparty's obligations, or that such collateral could be readily liquidated. To the extent that collateral is utilised by the Sub-Fund, the terms of hedging arrangements and other derivative transactions entered into by the Sub-Fund may provide that collateral given to, or received by, the Sub-Fund may be pledged, lent, re-hypothecated or otherwise re-used by the collateral taker for its own purposes. If collateral received by the Sub-Fund is re-invested or otherwise re-used, the Sub-Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Sub-Fund will have less protection if the counterparty defaults. Similarly, if the counterparty re-invests or otherwise re-uses collateral received from the Sub-Fund and suffers a loss as a result, it may not be in a position to return that collateral to the Sub-Fund should the relevant transaction complete, be unwound or otherwise terminate and the Sub-Fund is exposed to the risk of loss of the amount of collateral provided to the counterparty. No Fund is a complete investment programme and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description. Please contact us if you require a copy (see the Contact Us sections.)
Portfolio
| Holding | Coupon Rate | Maturity Date | % of Net Assets |
| United States Treasury Bill | 0.00% | 05/18/2023 | 3.34% |
| United States Treasury Bill | 0.00% | 03/30/2023 | 2.73% |
| United States Treasury Bill | 0.00% | 06/29/2023 | 1.54% |
| United States Treasury Bill | 0.00% | 06/22/2023 | 1.31% |
| United States Treasury Bill | 0.00% | 04/06/2023 | 1.22% |
| United States Treasury Bill | 0.00% | 04/04/2023 | 1.14% |
| Benefit Street Partners CLO XVII Ltd | 11.14% | 07/15/2032 | 0.84% |
| Riserva Clo Ltd | 0.00% | 01/18/2034 | 0.79% |
| Neuberger Berman Loan Advisers CLO 39 Ltd | 0.00% | 01/20/2032 | 0.59% |
| AGL CLO 10 LTD | 1.00% | 04/15/2034 | 0.57% |
| View All |
The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.
RISK CONSIDERATIONS
An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of non-payment, or that collateral can be readily liquidated. The ability to realise the benefits of any collateral may be delayed or limited. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer's ability to make principal and interest payments. Investments rated below the investment grade (typically referred to as "junk") are generally subject to greater price volatility and illiquidity than higher-rated investments. As interest rates rise, the value of certain income investments is likely to decline. Bank loans are subject to pre-payment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. Where it is proposed that the Sub-Fund enter into a total return swap, the Investment Manager intends to minimise counterparty performance risk by only selecting counterparties with a good credit rating and by monitoring any changes in those counterparties' ratings. Additionally, any such transactions will only be concluded on the basis of standardised framework agreements (for example, ISDA with Credit Support Annex). Where the Sub-Fund receives collateral as a result of entering into a total return swap, there is a risk that the collateral held by the Sub-Fund may decline in value or become illiquid and this risk will be borne by the Sub-Fund. There can also be no assurance that the liquidation of any collateral securing a total return swap would satisfy the counterparty's obligation in the event of non-payment of the counterparty's obligations, or that such collateral could be readily liquidated. To the extent that collateral is utilised by the Sub-Fund, the terms of hedging arrangements and other derivative transactions entered into by the Sub-Fund may provide that collateral given to, or received by, the Sub-Fund may be pledged, lent, re-hypothecated or otherwise re-used by the collateral taker for its own purposes. If collateral received by the Sub-Fund is re-invested or otherwise re-used, the Sub-Fund is exposed to the risk of loss on that investment. Should such a loss occur, the value of the collateral will be reduced and the Sub-Fund will have less protection if the counterparty defaults. Similarly, if the counterparty re-invests or otherwise re-uses collateral received from the Sub-Fund and suffers a loss as a result, it may not be in a position to return that collateral to the Sub-Fund should the relevant transaction complete, be unwound or otherwise terminate and the Sub-Fund is exposed to the risk of loss of the amount of collateral provided to the counterparty. No Fund is a complete investment programme and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description. Please contact us if you require a copy (see the Contact Us sections.)
The Eaton Vance (Ireland) Multi-Asset Credit Fund (the "Fund") is a sub-fund of Eaton Vance Institutional Funds PLC (the “Company”), a public limited company with variable capital incorporated in Ireland authorised and regulated by the Central Bank of Ireland as a Qualifying Investor Alternative Investment Fund (QIAIF). As a QIAIF the Company may apply for recognition by other EU Member States.
This overview does not constitute an offer or solicitation to invest in the Fund nor in any other Eaton Vance Funds and is directed at professional investors only. Forecasts may not be attained. Past performance is not a guide to future returns.
This section may contain statements that are not historical facts, referred to as forward-looking statements. The Fund’s future results may differ significantly from those stated in forward-looking statements, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of advisory, administrative and service contracts, and other risks.
Management
Jeffrey D. Mueller
Managing Director, Co-Head of High Yield
Joined Eaton Vance in 2015
Biography
Jeffrey Mueller is the Co-Head of High Yield and a portfolio manager on the 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 joined Eaton Vance in 2015. Morgan Stanley acquired Eaton Vance in March 2021.
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.
Education
- B.B.A. University of Wisconsin at Madison
Experience
- Managed Fund since inception
Justin H. Bourgette, CFA
Managing Director, Portfolio Manager
Joined Eaton Vance in 2006
Biography
Justin Bourgette is a Portfolio Manager for the High Yield team. He is responsible for idea generation, portfolio construction and risk management across a suite of multisector and asset allocation strategies. Justin joined Eaton Vance in 2006. Morgan Stanley acquired Eaton Vance in March 2021.
Justin began his career in the investment management industry in 2006. Before joining Eaton Vance, he was affiliated with Investors Financial Services and National Grid.
Justin earned a B.S. from Worcester Polytechnic Institute and an M.S., with high honors, from Boston University. He is a CFA charterholder.
Education
- B.S. Worcester Polytechnic Institute
- M.S. Investment Management, Boston University
Experience
- Managed Fund since inception
Daniel P. McElaney, CFA
Executive Director, Portfolio Manager
Joined Eaton Vance in 2004
Biography
Daniel McElaney is a portfolio manager and Senior Credit Analyst on the Floating-Rate Loans team. He is responsible for buy and sell decisions, portfolio construction and risk management for the team's floating-rate loan strategies. He also focuses on coverage of the chemicals, business services, building materials and industrial equipment sectors. He joined Eaton Vance in 2004. Morgan Stanley acquired Eaton Vance in March 2021.
Daniel began his career in the investment management industry in 2002. Before joining Eaton Vance, he was affiliated with Investors Bank & Trust.
Daniel earned a B.S. from Babson College. He is a member of the CFA Society Boston and is a CFA charterholder.
Education
- B.S. Babson College
Experience
- Managed Fund since 2023
Literature
Literature
Fact Sheet
Download Fact Sheet - Last updated: Apr 30, 2023
Eaton Vance Institutional Funds PLC Prospectus (English)
Download Eaton Vance Institutional Funds PLC Prospectus (English) - Last updated: Feb 24, 2023
EV (IRL) Multi-Asset Credit Fund Supplement (English)
Download EV (IRL) Multi-Asset Credit Fund Supplement (English) - Last updated: Feb 24, 2023
