Overview

Fund Facts as of Nov 30, 2022

Class I1 EUR Inception
Investment Objective High current income
Total Net Assets $47.2M
Minimum Investment $5000000

Fund Codes

CUSIP G29207142
ISIN IE00BP8XZ556
SEDOL BP8XZ55
Valor Number N/A
Wertpapierkennnummer N/A
 

Top 10 Issuers (%)1 as of Oct 31, 2022

Ultimate Software Group Inc (The) 1.81
Virgin Media SFA Finance Limited 1.61
Numericable Group SA 1.52
Ziggo B.V. 1.49
Telenet Financing USD LLC 1.43
Transdigm, Inc 1.35
ICON Luxembourg S.A.R.L. 1.35
Hyland Software, Inc 1.33
Applied Systems, Inc. 1.20
Delta 2 (LUX) S.a.r.l. 1.20
Total 14.29
 

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

The Eaton Vance (Ireland) Floating-Rate Income 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 the Morningstar LSTA US Leveraged Loan TR USD Index (the "Benchmark"). The Sub-Fund seeks to outperform this 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 Benchmark.
The aim of the Sub-Fund is to provide as high a level of current income as is consistent with the preservation of capital, by investing in a portfolio primarily of Senior Loans. The issuers of the Senior Loans in which the Sub-Fund will invest shall be companies in any industry sector and the Investment Manager seeks to maintain broad borrower and industry diversification.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Investments in debt instruments 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 investment grade (sometimes referred to as "junk") are typically 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. Loans are subject to prepayment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program 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 contact us sections.)


Performance

Calendar Year Returns (%)

Past performance is no guarantee of future results.

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Morningstar LSTA Leveraged Loan Index (EUR) 9.26 5.07 1.43 -1.27 8.55 2.10 -2.39 5.41 1.58 4.27
 

Fund Facts

Class I1 EUR Inception
 

NAV History

Date NAV NAV Change
 

Distribution History2

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 the Morningstar LSTA US Leveraged Loan TR USD Index (the "Benchmark"). The Sub-Fund seeks to outperform this 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 Benchmark.
The aim of the Sub-Fund is to provide as high a level of current income as is consistent with the preservation of capital, by investing in a portfolio primarily of Senior Loans. The issuers of the Senior Loans in which the Sub-Fund will invest shall be companies in any industry sector and the Investment Manager seeks to maintain broad borrower and industry diversification.

The Eaton Vance (Ireland) Floating-Rate Income 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 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Investments in debt instruments 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 investment grade (sometimes referred to as "junk") are typically 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. Loans are subject to prepayment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program 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 contact us sections.)


Portfolio

Asset Mix (%)1 as of Oct 31, 2022

Portfolio Statistics as of Oct 31, 2022

Number of Loans 250
Number of Industries 56
Average Coupon 6.95%
Average Maturity 4.30 yrs.
Average Loan Size (% of TNA) 0.39%
Average Loan Size $17.9M
Average Duration 0.12 yrs.
Average Price $94.03
 

Sector Breakdown (%)1 as of Oct 31, 2022

Software 15.26
Diversified Telecommunication Services 7.90
Hotels, Restaurants & Leisure 4.72
Machinery 4.55
Insurance 3.67
Media 3.29
Commercial Services & Supplies 3.20
IT Services 3.06
Life Sciences Tools & Services 2.96
Aerospace & Defence 2.85
View All

Credit Quality (%)3 as of Oct 31, 2022

BBB 3.20
BB 28.30
B 63.40
CCC or Lower 2.70
Not Rated 2.40
Total 100.00
Ratings are based on Moody's, S&P or Fitch, as applicable. If securities are rated differently by the ratings agencies, the highest rating is applied. Ratings, which are subject to change, apply to the creditworthiness of the issuers of the underlying securities and not to the Fund or its shares. Credit ratings measure the quality of a bond based on the issuer's creditworthiness, with ratings ranging from AAA, being the highest, to D, being the lowest based on S&P's measures. Ratings of BBB or higher by S&P or Fitch (Baa or higher by Moody's) are considered to be investment-grade quality. Credit ratings are based largely on the ratings agency's analysis at the time of rating. The rating assigned to any particular security is not necessarily a reflection of the issuer's current financial condition and does not necessarily reflect its assessment of the volatility of a security's market value or of the liquidity of an investment in the security. Holdings designated as "Not Rated" are not rated by the national ratings agencies stated above.
 

Maturity Distribution (%)3 as of Oct 31, 2022

Less Than 1 Year 3.42
1 To 3 Years 24.86
3 To 5 Years 28.78
5 To 10 Years 42.94
10 To 20 Years 0.00
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00

Assets by Country (%)1 as of Oct 31, 2022

United States 80.76
Netherlands 4.04
United Kingdom 4.04
Luxembourg 3.81
Canada 3.35
France 1.52
Ireland 0.70
Panama 0.55
Cayman Islands 0.53
Sweden 0.21
View All
 

Loan Type (%)4,5,6 as of Oct 31, 2022

First Lien 99.50
Second Lien 0.50
 

Fund Holdings1,7,8 as of Oct 31, 2022

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 5.87%
Ziggo 5.91% 04/30/2028 1.49%
Telenet 5.41% 04/30/2028 1.43%
Ultimate Software Group Inc 7.00% 05/04/2026 1.40%
Hyland Software, Inc 7.25% 07/01/2024 1.33%
Applied Systems, Inc. 6.67% 09/19/2024 1.20%
Formula One 6.25% 02/01/2024 1.20%
AlliedUniversal 7.50% 05/12/2028 1.17%
Gainwell Technologies (Milano) 7.67% 10/01/2027 1.14%
Nomad Foods 5.16% 05/15/2024 1.12%
View All

The portfolio profile is subject to change due to active management. Percentages may not total 100 % due to rounding.

RISK CONSIDERATIONS 

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of nonpayment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Investments in debt instruments 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 investment grade (sometimes referred to as "junk") are typically 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. Loans are subject to prepayment risk. Changes in the value of investments entered for hedging purposes may not match those of the position being hedged. No fund is a complete investment program 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 contact us sections.)

The Eaton Vance (Ireland) Floating-Rate Income 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

John Redding

Managing Director, Portfolio Manager
Joined Eaton Vance in 1998

Biography

John Redding is a portfolio manager on the Floating-Rate Loans 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. Morgan Stanley acquired Eaton Vance in March 2021.

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.

Education
  • B.S. State University of New York at Albany

Experience
  • Managed Fund since inception

 
Andrew N. Sveen, CFA

Andrew N. Sveen, CFA

Managing Director, Head of Floating-Rate Loans
Joined Eaton Vance in 1999

Biography

Andrew is a managing director of Morgan Stanley Investment Management Fixed Income, Head of Floating-Rate Loans and portfolio manager on the 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. Morgan Stanley acquired Eaton Vance in March 2021.

Andrew began his career in the investment management industry in 1995. 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.

Education
  • B.A. Dartmouth College
  • M.B.A. University of Rochester

Experience
  • Managed Fund since inception

 

Literature

Please see Important Fund Documents under Resources (above).