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Trending ETFs

Eaton Vance Floating-Rate Advantage Fund

mutual fund
EAFAX
Payout Change
Pending
Price as of:
$10.04 -0.02 -0.2%
primary theme
Bank Loan
EAFAX (Mutual Fund)

Eaton Vance Floating-Rate Advantage Fund

Payout Change
Pending
Price as of:
$10.04 -0.02 -0.2%
primary theme
Bank Loan
EAFAX (Mutual Fund)

Eaton Vance Floating-Rate Advantage Fund

Payout Change
Pending
Price as of:
$10.04 -0.02 -0.2%
primary theme
Bank Loan

Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.04

$5.63 B

8.90%

$0.90

2.82%

Vitals

YTD Return

4.7%

1 yr return

12.0%

3 Yr Avg Return

5.3%

5 Yr Avg Return

4.6%

Net Assets

$5.63 B

Holdings in Top 10

5.7%

52 WEEK LOW AND HIGH

$10.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.82%

SALES FEES

Front Load 3.25%

Deferred Load N/A

TRADING FEES

Turnover 28.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/14/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.04

$5.63 B

8.90%

$0.90

2.82%

EAFAX - Profile

Distributions

  • YTD Total Return 4.7%
  • 3 Yr Annualized Total Return 5.3%
  • 5 Yr Annualized Total Return 4.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.80%
DIVIDENDS
  • Dividend Yield 8.9%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Eaton Vance Floating-Rate Advantage Fund
  • Fund Family Name
    EatonVance
  • Inception Date
    Apr 10, 2008
  • Shares Outstanding
    137203846
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Craig Russ

Fund Description

Under normal circumstances, the Fund invests at least 80% of its total assets in income producing floating rate loans and other floating rate debt securities. The Fund invests primarily in senior floating rate loans of domestic and foreign borrowers (“Senior Loans”). Senior Loans typically are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to subordinated debtholders and stockholders of the borrower. Loans usually are of below investment grade quality and have below investment grade credit ratings, such ratings are associated with securities having high risk, speculative characteristics (sometimes referred to as “junk”). The Fund currently borrows for the purpose of acquiring additional income-producing investments (referred to as “leverage”).  

The Fund may also invest in secured and unsecured subordinated loans, second lien loans and subordinated bridge loans (collectively, “Junior Loans”), other floating rate debt securities, fixed-income debt obligations and money market instruments. Other floating rate debt securities, fixed-income debt securities and money market instruments may include: bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities; and commercial paper.  Money market instruments with a remaining maturity of less than 60 days are deemed floating rate debt securities.  Senior Loans and Junior Loans are referred to together herein as “loans.”

The Fund may invest up to 35% of its net assets in foreign Senior Loans.  Foreign Senior Loans must be denominated in U.S. dollars, euros, British pounds, Swiss francs, Canadian dollars, or Australian dollars.  The Fund may engage in derivative transactions (such as futures contracts and options thereon, forward foreign currency exchange contracts and other currency hedging strategies, and interest rate swaps) to seek to hedge against fluctuations in currency exchange rates and interest rates.  Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes.

The investment adviser seeks to maintain broad borrower and industry diversification among the Fund’s loans. When selecting loans, the investment adviser seeks to implement a systematic risk-weighted approach that utilizes fundamental analysis of risk/return characteristics. Loans may be sold, if in the opinion of the investment adviser, the risk-return profile deteriorates or to pursue more attractive investment opportunities. Preservation of capital is considered when consistent with the Fund’s investment objective.  The portfolio managers may also consider financially material environmental, social and governance (“ESG”) factors in evaluating an issuer.  These considerations may be taken into account alongside other fundamental research in the investment selection process.

The Fund currently invests substantially all of its assets in the Portfolio, a separate registered investment company with the same investment objective and policies as the Fund. References to the Fund’s investments include investments held indirectly through the Portfolio in which the Fund invests.

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EAFAX - Performance

Return Ranking - Trailing

Period EAFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -96.4% 6.5% 6.93%
1 Yr 12.0% -96.3% 15.4% 7.66%
3 Yr 5.3%* -67.0% 8.3% 25.67%
5 Yr 4.6%* -47.8% 37.6% 22.27%
10 Yr 4.3%* -2.1% 19.3% 5.98%

* Annualized

Return Ranking - Calendar

Period EAFAX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% -12.0% 11.1% 15.64%
2022 -8.3% -22.9% 5.1% 64.18%
2021 1.2% -12.2% 11.1% 35.25%
2020 -2.8% -14.1% 289.8% 61.20%
2019 3.0% -8.1% 7.5% 45.45%

Total Return Ranking - Trailing

Period EAFAX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.7% -96.4% 6.5% 6.93%
1 Yr 12.0% -96.3% 15.4% 7.66%
3 Yr 5.3%* -67.0% 8.3% 25.67%
5 Yr 4.6%* -47.8% 37.6% 22.27%
10 Yr 4.3%* -2.1% 19.3% 5.98%

* Annualized

Total Return Ranking - Calendar

Period EAFAX Return Category Return Low Category Return High Rank in Category (%)
2023 14.8% -12.0% 22.1% 10.18%
2022 -2.8% -22.9% 5.1% 61.57%
2021 5.5% -10.2% 11.1% 30.65%
2020 2.0% -14.1% 306.9% 42.80%
2019 8.6% -3.6% 10.5% 24.38%

NAV & Total Return History


EAFAX - Holdings

Concentration Analysis

EAFAX Category Low Category High EAFAX % Rank
Net Assets 5.63 B 29.9 M 13.5 B 3.02%
Number of Holdings 990 2 1848 2.62%
Net Assets in Top 10 682 M -191 M 2.48 B 13.11%
Weighting of Top 10 5.72% 5.2% 100.8% 96.62%

Top 10 Holdings

  1. Reynolds Group Holdings Inc. 0.85%
  2. PPD 0.83%
  3. AmWINS Group, Inc. 0.72%
  4. Envision Healthcare 0.72%
  5. Mallinckrodt International Finance S.A. 0.66%
  6. Epicor 0.65%
  7. Solera LLC 0.64%
  8. Carnival Corporation 4% 0.62%
  9. Gainwell Technologies (Milano) 0.61%
  10. Formula One 0.61%

Asset Allocation

Weighting Return Low Return High EAFAX % Rank
Bonds
97.08% 0.00% 161.82% 27.34%
Cash
2.18% -61.90% 20.29% 63.30%
Other
0.31% -52.39% 26.58% 34.46%
Stocks
0.26% 0.00% 100.78% 74.16%
Convertible Bonds
0.12% 0.00% 5.51% 26.42%
Preferred Stocks
0.05% -3.99% 6.22% 24.72%

Stock Sector Breakdown

Weighting Return Low Return High EAFAX % Rank
Energy
43.31% 0.00% 100.00% 26.96%
Communication Services
31.08% 0.00% 100.00% 34.78%
Consumer Defense
17.53% 0.00% 100.00% 6.96%
Consumer Cyclical
5.18% 0.00% 97.66% 22.61%
Industrials
2.90% 0.00% 100.00% 21.74%
Utilities
0.00% 0.00% 100.00% 24.35%
Technology
0.00% 0.00% 100.00% 24.35%
Real Estate
0.00% 0.00% 48.61% 10.43%
Healthcare
0.00% 0.00% 100.00% 10.43%
Financial Services
0.00% 0.00% 89.61% 12.17%
Basic Materials
0.00% 0.00% 1.36% 8.70%

Stock Geographic Breakdown

Weighting Return Low Return High EAFAX % Rank
US
0.25% -0.01% 100.78% 71.91%
Non US
0.01% 0.00% 0.68% 17.98%

Bond Sector Breakdown

Weighting Return Low Return High EAFAX % Rank
Corporate
95.22% 0.00% 99.80% 23.77%
Securitized
2.59% 0.00% 91.68% 20.38%
Cash & Equivalents
2.19% 0.00% 25.03% 63.30%
Derivative
0.00% -11.50% 1.00% 48.69%
Municipal
0.00% 0.00% 0.47% 15.47%
Government
0.00% 0.00% 3.18% 31.32%

Bond Geographic Breakdown

Weighting Return Low Return High EAFAX % Rank
US
77.74% 0.00% 143.64% 83.52%
Non US
19.34% 0.00% 63.23% 7.12%

EAFAX - Expenses

Operational Fees

EAFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.82% 0.03% 12.26% 7.30%
Management Fee 0.64% 0.00% 1.89% 50.00%
12b-1 Fee 0.25% 0.00% 1.00% 22.79%
Administrative Fee 0.10% 0.02% 0.27% 37.78%

Sales Fees

EAFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.25% 1.00% 5.75% 28.57%
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

EAFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

EAFAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 28.00% 4.00% 180.00% 10.71%

EAFAX - Distributions

Dividend Yield Analysis

EAFAX Category Low Category High EAFAX % Rank
Dividend Yield 8.90% 0.00% 11.13% 12.73%

Dividend Distribution Analysis

EAFAX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

EAFAX Category Low Category High EAFAX % Rank
Net Income Ratio 3.80% 1.77% 9.82% 38.93%

Capital Gain Distribution Analysis

EAFAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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EAFAX - Fund Manager Analysis

Managers

Craig Russ


Start Date

Tenure

Tenure Rank

Nov 07, 2007

14.57

14.6%

Craig Russ is vice president of CRM. Craig earned a B.A., cum laude, from Middlebury College in 1985 and studied at the London School of Economics and Political Science. He is a member of the board of directors of the Loan Syndications and Trading Association (LSTA).

Andrew Sveen


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

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.

Ralph Hinckley


Start Date

Tenure

Tenure Rank

Jun 30, 2021

0.92

0.9%

Ralph Hinckley is a vice president of Eaton Vance Management and senior analyst/portfolio manger. Ralph, a CFA charterholder, has been a member of the Eaton Vance Bank Loan team since joining Eaton Vance in August 2003. He focuses on credit analysis within the media/telecom and real estate industries. He previously held the position of vice president at Citizens Bank with prior positions and credit training at State Street Corporation. Ralph earned his M.B.A., with honors, from Boston University Graduate School of Management in 1997. He graduated from Bates College in 1993 with a B.A. in political science.

Jake Lemle


Start Date

Tenure

Tenure Rank

Jun 30, 2021

0.92

0.9%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.03 3.25