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Eaton Vance Emerging Markets Debt Opportunities Fund

mutual fund
EELDX
Payout Change
Pending
Price as of:
$7.82 +0.01 +0.13%
primary theme
Emerging Markets Bond
EELDX (Mutual Fund)

Eaton Vance Emerging Markets Debt Opportunities Fund

Payout Change
Pending
Price as of:
$7.82 +0.01 +0.13%
primary theme
Emerging Markets Bond
EELDX (Mutual Fund)

Eaton Vance Emerging Markets Debt Opportunities Fund

Payout Change
Pending
Price as of:
$7.82 +0.01 +0.13%
primary theme
Emerging Markets Bond

Name

As of 06/21/2024

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

$7.82

$1.68 B

8.65%

$0.68

0.78%

Vitals

YTD Return

8.0%

1 yr return

13.7%

3 Yr Avg Return

4.1%

5 Yr Avg Return

6.0%

Net Assets

$1.68 B

Holdings in Top 10

25.7%

52 WEEK LOW AND HIGH

$7.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.78%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 87.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/21/2024

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

$7.82

$1.68 B

8.65%

$0.68

0.78%

EELDX - Profile

Distributions

  • YTD Total Return 8.0%
  • 3 Yr Annualized Total Return 4.1%
  • 5 Yr Annualized Total Return 6.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 6.34%
DIVIDENDS
  • Dividend Yield 8.7%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Eaton Vance Emerging Markets Debt Opportunities Fund
  • Fund Family Name
    EATONVANCE
  • Inception Date
    Feb 04, 2013
  • Shares Outstanding
    34965701
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    John Baur

Fund Description

The Fund normally seeks its investment objective of total return by investing in securities (including income instruments), derivatives and other instruments to establish long and short investment exposures to emerging markets. Total return is defined as income plus capital appreciation. Under normal conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in (i) income instruments issued by emerging market entities or sovereign nations, and/or (ii) derivative instruments denominated in or based on the currencies, interest rates or issues of emerging market countries (the “80% Policy”). Except as noted below, the Fund’s short investment exposures to emerging markets will not exceed 20% of net assets and its short exposures to the euro will not exceed 30% of net assets (after netting corresponding long positions). The Fund expects to hold U.S. Treasury, government agency and agency mortgage-backed securities (“MBS”) (and derivatives thereon), and stripped securities to use as collateral for its derivative positions and to help manage duration. The limitations on short exposures do not apply to positions intended to manage exposure to duration. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a “diversified” fund..

The Fund seeks to outperform its benchmark, the J.P. Morgan Emerging Markets Bond (JEMB) Hard Currency/Local Currency 50-50 (the “Index”), however there can be no assurance that it will do so. Under normal market conditions, the investment adviser seeks to meet the Target Ranges to its Index set forth below for each specified Category over a full market cycle (typically 5-7 years); however, the Fund’s actual or realized results may be materially higher or lower depending on market conditions and results over shorter or longer market cycles may differ. The following Target Ranges are included to illustrate the targeted Category characteristics of the Fund.

Category

Target Ranges

Excess Return

Index + 2.5%

Tracking Error

3% to 6%

Information Ratio

>0.5

Beta

0.7 to 1.1

Volatility

5% to 8%

Interest-Rate Duration

1 to 8 years

Credit-Spread Duration

0 to 6 years

The Fund seeks to generate return/alpha through its country selection, currency management, trading/execution, security selection and duration decisions (listed in anticipated order of contribution, but results may differ).  

The Fund will have significant exposure to foreign currencies and duration and its investments in a particular geographic region or country also may be significant.  The Fund’s investment adviser has broad discretion to identify and invest in countries that it considers to qualify as emerging markets.  An emerging market country is any country determined by the Fund’s investment adviser to have an emerging market economy, considering factors such as the country’s political and economic stability, and the development of its financial and capital markets.  Emerging market countries include so-called frontier market countries, which generally are considered by the portfolio managers to be emerging market countries that: (i) are not included in the Index, or (ii) represent 2% or less of the Index.  An emerging market entity is an entity that is located in, or issues securities or other investments denominated in the currency of, an emerging market country or has significant economic exposure to an emerging market, including but not limited to corporate, national and local governments, and quasi-government entities.  The Fund may invest in developed countries for purposes such as: (i) hedging; (ii) gaining exposure to fixed-income securities denominated in currencies of emerging market countries; and (iii) investments (including through derivative investments) in U.S. Treasuries, U.S. government agency securities, and agency mortgage-backed securities.  The investment adviser currently considers the following countries to be developed: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and United States.

The Fund invests in fixed-income securities of any credit rating or that are unrated, including without limit those rated below investment grade (often referred to as junk bonds) and other debt instruments and may purchase and sell a wide variety of derivative instruments. The Fund expects to achieve certain exposures primarily through derivative transactions, including (but not limited to) forward foreign currency exchange contracts; futures on securities, indices, currencies, swaps and other investments; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may create economic leverage in the Fund. Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives. The Fund’s use of derivatives is expected to be extensive. The Fund may engage in derivative transactions to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or

currency exchange rates, to change the effective duration of its portfolio, to manage certain investment risks, for speculation purposes to gain certain types of exposures and/or as a substitute for the purchase or sale of securities or currencies. The Fund may use derivatives to implement various systematic investment processes, including taking long and short interest rate positions across various emerging markets to seek to enhance total return. The Fund may engage in repurchase agreements, reverse repurchase agreements and forward commitments.

In managing the Fund, the investment adviser adjusts investments in an effort to take advantage of differences in countries, currencies, interest rates and credits based on its global macroeconomic and political analysis. The investment adviser seeks to identify countries and currencies it believes have potential to outperform investments in other countries and currencies, and to anticipate changes in global economies, markets, political conditions and other factors for this purpose. The investment adviser considers the relative risk/return characteristics of prospective investments (whether securities, currencies, derivatives or other instruments) in determining the most efficient means for achieving desired exposures. When deemed by the investment adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the investment adviser considers environmental, social and/or governance issues (referred to as ESG) which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Fund’s portfolio. These considerations may be taken into account alongside other fundamental research in the investment selection process.

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EELDX - Performance

Return Ranking - Trailing

Period EELDX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.0% -5.8% 9.5% 2.35%
1 Yr 13.7% -6.4% 20.6% 7.38%
3 Yr 4.1%* -14.4% 4.1% 0.35%
5 Yr 6.0%* -9.7% 6.0% 0.37%
10 Yr 4.9%* -6.2% 4.9% 0.58%

* Annualized

Return Ranking - Calendar

Period EELDX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -10.6% 17.8% 91.61%
2022 -14.3% -29.1% -2.4% 17.36%
2021 -5.9% -24.0% 2.7% 30.63%
2020 -1.0% -14.0% 9.7% 77.09%
2019 9.1% -6.4% 13.0% 29.15%

Total Return Ranking - Trailing

Period EELDX Return Category Return Low Category Return High Rank in Category (%)
YTD 8.0% -5.8% 9.5% 2.35%
1 Yr 13.7% -6.4% 20.6% 7.38%
3 Yr 4.1%* -14.4% 4.1% 0.35%
5 Yr 6.0%* -9.7% 6.0% 0.37%
10 Yr 4.9%* -6.2% 4.9% 0.58%

* Annualized

Total Return Ranking - Calendar

Period EELDX Return Category Return Low Category Return High Rank in Category (%)
2023 11.5% -0.6% 20.0% 60.07%
2022 -6.2% -27.6% -1.7% 4.17%
2021 1.5% -18.5% 7.4% 4.23%
2020 7.4% -7.8% 18.0% 18.55%
2019 17.7% -3.0% 23.0% 2.95%

NAV & Total Return History


EELDX - Holdings

Concentration Analysis

EELDX Category Low Category High EELDX % Rank
Net Assets 1.68 B 565 K 14.8 B 12.42%
Number of Holdings 539 4 1779 23.15%
Net Assets in Top 10 456 M -134 M 1.25 B 9.40%
Weighting of Top 10 25.69% 5.1% 102.0% 29.83%

Top 10 Holdings

  1. Peru Government Bond 6.27%
  2. India Government Bond 2.60%
  3. Indonesia Treasury Bond 2.57%
  4. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 2.52%
  5. Suriname Government International Bond 2.15%
  6. Serbia Treasury Bonds 2.05%
  7. India Government Bond 1.94%
  8. Serbia Treasury Bonds 1.92%
  9. Albania Government International Bond 1.84%
  10. BB MEXICO BORROW BB REPO 1.83%

Asset Allocation

Weighting Return Low Return High EELDX % Rank
Bonds
88.48% 0.00% 105.14% 83.89%
Cash
9.90% 0.00% 23.05% 16.44%
Other
1.62% -10.19% 87.32% 12.42%
Convertible Bonds
1.53% 0.00% 8.47% 14.24%
Stocks
0.00% -0.01% 95.82% 70.81%
Preferred Stocks
0.00% 0.00% 3.04% 53.69%

Bond Sector Breakdown

Weighting Return Low Return High EELDX % Rank
Government
50.55% 0.00% 99.79% 70.51%
Corporate
28.44% 0.00% 91.26% 29.49%
Cash & Equivalents
3.68% 0.00% 23.23% 42.28%
Securitized
0.00% 0.00% 2.41% 58.64%
Municipal
0.00% 0.00% 0.00% 52.20%
Derivative
-0.21% -5.25% 8.09% 90.94%

Bond Geographic Breakdown

Weighting Return Low Return High EELDX % Rank
Non US
44.59% 0.00% 132.49% 34.90%
US
43.89% -42.31% 100.14% 66.78%

EELDX - Expenses

Operational Fees

EELDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.78% 0.02% 32.92% 81.48%
Management Fee 0.63% 0.00% 1.10% 27.85%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.65% N/A

Sales Fees

EELDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

EELDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.75% 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.

EELDX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 87.00% 0.00% 218.00% 78.16%

EELDX - Distributions

Dividend Yield Analysis

EELDX Category Low Category High EELDX % Rank
Dividend Yield 8.65% 0.00% 22.22% 9.06%

Dividend Distribution Analysis

EELDX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

EELDX Category Low Category High EELDX % Rank
Net Income Ratio 6.34% -2.28% 8.00% 4.47%

Capital Gain Distribution Analysis

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

Distributions History

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EELDX - Fund Manager Analysis

Managers

John Baur


Start Date

Tenure

Tenure Rank

Feb 04, 2013

9.32

9.3%

John is a vice president since 2007 and a portfolio manager since 2008 at Eaton Vance. He covers Latin America and joined Eaton Vance in 2004. He has previously been employed at Applied Materials, Inc. in California, Taiwan and Singapore. John earned his M.B.A with honors from the Johnson Graduate School of Management at Cornell University, and his B.S. in Mechanical Engineering from MIT.

Akbar Causer


Start Date

Tenure

Tenure Rank

Jun 30, 2021

0.92

0.9%

Mr. Causer has managed the Fund since June 2021. He is a Vice President of Eaton Vance and has been employed by Eaton Vance since 2017. Prior to joining Eaton Vance, Mr. Causer worked as a Senior Analyst at DDJ Capital Management from 2013-2017.

Brian Shaw


Start Date

Tenure

Tenure Rank

Sep 08, 2021

0.73

0.7%

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 23.87 6.48 6.11