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Trending ETFs

Eaton Vance Multi-Asset Credit Fund

mutual fund
ERAMX
Payout Change
Pending
Price as of:
$9.86 -0.02 -0.2%
primary theme
High Yield Bond
ERAMX (Mutual Fund)

Eaton Vance Multi-Asset Credit Fund

Payout Change
Pending
Price as of:
$9.86 -0.02 -0.2%
primary theme
High Yield Bond
ERAMX (Mutual Fund)

Eaton Vance Multi-Asset Credit Fund

Payout Change
Pending
Price as of:
$9.86 -0.02 -0.2%
primary theme
High Yield Bond

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

$9.86

$495 M

7.51%

$0.74

0.65%

Vitals

YTD Return

4.0%

1 yr return

10.5%

3 Yr Avg Return

3.3%

5 Yr Avg Return

N/A

Net Assets

$495 M

Holdings in Top 10

9.9%

52 WEEK LOW AND HIGH

$9.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.65%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 76.00%

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 06/14/2024

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

$9.86

$495 M

7.51%

$0.74

0.65%

ERAMX - Profile

Distributions

  • YTD Total Return 4.0%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.90%
DIVIDENDS
  • Dividend Yield 7.5%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    Eaton Vance Multi-Asset Credit Fund
  • Fund Family Name
    EatonVance
  • Inception Date
    Sep 03, 2019
  • Shares Outstanding
    13681500
  • Share Class
    R6
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Justin Bourgette

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in credit-related investments (the “80% Policy”). For purposes of this 80% Policy, “credit-related investments” are fixed income, variable rate, and floating-rate debt investments as well as derivatives that provide exposure to such investments. The Fund expects to invest at least 60% of its net assets in corporate credit instruments (high yield bonds and floating-rate loans) rated below investment grade (i.e., rated lower than BBB by S&P Global Ratings (“S&P”) or by Fitch Ratings (“Fitch”) or lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”)) or unrated and of comparable quality as determined by the investment adviser as well as derivatives that provide exposure to such investments. Securities and other instruments rated below investment grade are also known as “junk”. The Fund may invest no more than 25% of its total assets in securities or instruments rated lower than B- by S&P or lower than B3 by Moody’s or by Fitch. For purposes of rating restrictions, the average of S&P, Moody’s and Fitch is used.

The Fund may invest in debt instruments of U.S. and non-U.S. issuers (including those located in emerging markets), including corporate bonds and other fixed or floating-rate securities, senior and junior loans, U.S. Government securities, commercial paper, money market instruments, mortgage-related securities (including commercial mortgage-backed securities, mortgage dollar rolls and collateralized mortgage obligations) and other asset-backed securities (including collateralized loan and debt obligations), zero-coupon securities, when-issued securities, forward commitments, repurchase agreements, reverse repurchase agreements, foreign debt securities, sovereign debt, obligations of supranational entities, structured notes, municipal obligations, private placements, inflation-indexed bonds and convertible securities and other hybrid securities.  The Fund intends to seek to hedge the currency risk associated with its investments in foreign securities.  The Fund may invest in debt instruments of any maturity. The Fund may invest in preferred stock and may own other equity securities that are part of a financial restructuring of a Fund investment.

The Fund may invest in exchange traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors.  The Fund may invest in certain ETFs beyond the limits under the Investment Company Act of 1940 (the “1940 Act”), subject to certain terms and conditions.

The Fund may use derivatives to seek to enhance total return; 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; and/or as a substitute for the purchase or sale of securities or currencies.  The Fund may engage in futures, options, forward foreign currency exchange contracts, interest rate swaps, credit default swaps and total return swaps.  Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes. The Fund expects to invest in derivatives primarily to seek to hedge currency exposure through the use of forward foreign currency exchange contracts and futures contracts.  The Fund may also use derivative instruments for cash management purposes or to gain long exposure to single issuers or the broader market.

In managing the Fund, the portfolio managers will employ top-down asset allocation based risk factor analysis, coupled with a bottom-up research driven approach. This top-down analysis includes macro-economic, fundamental and valuation analysis to determine the regional, asset, sector and duration positioning that the portfolio management team believes offers strong forward looking risk adjusted returns over a market cycle. This includes analyzing not just a base case but potential upside and downside skew in an investment. The bottom-up security selection emphasizes the financial strength of issuers, current interest rates, current valuations, the interest rate sensitivity of investments and the portfolio managers’ interest rate expectations, the stability and volatility of a country’s bond markets, and expectations regarding general trends in global economies and currencies. Investments are selected on the basis of the investment adviser's and/or sub-adviser’s internal research and ongoing credit analysis. The portfolio managers monitor the credit quality and price of the securities and other eligible investments for the Fund. Although the investment adviser and sub-adviser consider ratings when making investment decisions, they generally perform their own credit and investment analysis and do not rely primarily on the ratings assigned by the rating services. In evaluating the quality of particular securities, whether rated or unrated, the portfolio managers will normally take into consideration, among other things, the issuer’s financial resources and operating history, its sensitivity to economic conditions and trends, the ability of its management, its debt maturity schedules and borrowing requirements, and relative values based on anticipated cash flow, interest and asset coverage, and earnings prospects. The portfolio managers generally select individual securities with an investment horizon of two to ten years.  The portfolio managers will also consider how purchasing or selling an investment would impact the overall portfolio’s risk profile (for example, its sensitivity to currency risk, interest rate risk and sector-specific risk) and potential return (income and capital gains).  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.

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ERAMX - Performance

Return Ranking - Trailing

Period ERAMX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -6.6% 8.3% 9.64%
1 Yr 10.5% -5.6% 19.5% 22.98%
3 Yr 3.3%* -16.2% 20.1% 8.91%
5 Yr N/A* -11.7% 37.1% 51.71%
10 Yr N/A* -5.2% 19.5% 89.42%

* Annualized

Return Ranking - Calendar

Period ERAMX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% -4.7% 14.3% 78.13%
2022 -11.1% -33.4% 3.6% 9.76%
2021 0.3% -8.4% 8.2% 40.33%
2020 -2.7% -13.2% 302.7% 90.22%
2019 N/A -4.4% 13.3% N/A

Total Return Ranking - Trailing

Period ERAMX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.0% -6.6% 8.3% 9.64%
1 Yr 10.5% -5.6% 19.5% 22.98%
3 Yr 3.3%* -16.2% 20.1% 8.91%
5 Yr N/A* -11.7% 37.1% 47.56%
10 Yr N/A* -5.2% 19.5% 87.11%

* Annualized

Total Return Ranking - Calendar

Period ERAMX Return Category Return Low Category Return High Rank in Category (%)
2023 12.7% -4.7% 18.7% 33.44%
2022 -5.8% -33.4% 47.8% 9.76%
2021 4.9% -8.4% 12.4% 52.83%
2020 2.3% -9.6% 325.6% 89.54%
2019 N/A -3.8% 19.4% N/A

NAV & Total Return History


ERAMX - Holdings

Concentration Analysis

ERAMX Category Low Category High ERAMX % Rank
Net Assets 495 M 1.45 M 23.6 B 50.24%
Number of Holdings 701 2 2888 16.67%
Net Assets in Top 10 49 M -492 M 5.26 B 65.08%
Weighting of Top 10 9.85% 4.2% 164.1% 81.59%

Top 10 Holdings

  1. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 5.89%
  2. Virgin Media Vendor Financing Notes III DAC 0.69%
  3. Carlyle Global Market Strategies CLO 2014-3-R Ltd 0.53%
  4. Robertshaw US Holding Corp 2023 PIK First Out Incremental Term Loan 0.41%
  5. Golub Capital Partners CLO 60B Ltd 0.40%
  6. Carlyle Global Market Strategies CLO 2014-4-R Ltd 0.39%
  7. VMC Finance 2021-HT1 LLC 0.39%
  8. Grifols SA 0.39%
  9. GEMS MENASA Cayman Ltd / GEMS Education Delaware LLC 0.39%
  10. TransDigm Inc 2023 Term Loan I 0.38%

Asset Allocation

Weighting Return Low Return High ERAMX % Rank
Bonds
94.22% -0.88% 154.38% 62.72%
Cash
5.89% -52.00% 48.07% 28.25%
Other
0.74% -63.70% 100.29% 17.30%
Convertible Bonds
0.62% 0.00% 17.89% 70.16%
Preferred Stocks
0.19% 0.00% 7.88% 28.73%
Stocks
0.08% 0.00% 99.58% 62.09%

Stock Sector Breakdown

Weighting Return Low Return High ERAMX % Rank
Utilities
0.00% 0.00% 100.00% 29.53%
Technology
0.00% 0.00% 33.17% 26.92%
Real Estate
0.00% 0.00% 86.71% 17.76%
Industrials
0.00% 0.00% 93.12% 40.56%
Healthcare
0.00% 0.00% 22.17% 27.85%
Financial Services
0.00% 0.00% 100.00% 37.20%
Energy
0.00% 0.00% 100.00% 16.07%
Communication Services
0.00% 0.00% 99.99% 42.99%
Consumer Defense
0.00% 0.00% 100.00% 19.44%
Consumer Cyclical
0.00% 0.00% 100.00% 36.64%
Basic Materials
0.00% 0.00% 100.00% 39.81%

Stock Geographic Breakdown

Weighting Return Low Return High ERAMX % Rank
US
0.08% 0.00% 99.58% 60.95%
Non US
0.00% -0.01% 0.83% 26.98%

Bond Sector Breakdown

Weighting Return Low Return High ERAMX % Rank
Corporate
86.41% 0.00% 100.00% 86.80%
Securitized
8.01% 0.00% 97.24% 5.09%
Cash & Equivalents
5.89% 0.00% 48.07% 25.56%
Municipal
0.00% 0.00% 1.17% 17.33%
Government
0.00% 0.00% 99.07% 42.45%
Derivative
0.00% -14.70% 42.26% 86.35%

Bond Geographic Breakdown

Weighting Return Low Return High ERAMX % Rank
US
80.57% -0.88% 129.21% 83.02%
Non US
13.66% 0.00% 98.19% 10.95%

ERAMX - Expenses

Operational Fees

ERAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.65% 0.02% 38.33% 80.67%
Management Fee 0.55% 0.00% 1.84% 43.35%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.00% 0.50% N/A

Sales Fees

ERAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.25% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ERAMX 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.

ERAMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 76.00% 1.00% 255.00% 72.66%

ERAMX - Distributions

Dividend Yield Analysis

ERAMX Category Low Category High ERAMX % Rank
Dividend Yield 7.51% 0.00% 11.76% 6.94%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

ERAMX Category Low Category High ERAMX % Rank
Net Income Ratio 3.90% -2.39% 14.30% 73.34%

Capital Gain Distribution Analysis

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

Distributions History

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ERAMX - Fund Manager Analysis

Managers

Justin Bourgette


Start Date

Tenure

Tenure Rank

Oct 31, 2011

10.59

10.6%

Justin Bourgette is a vice president of Eaton Vance Management, director of global income investment strategy and portfolio manager 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.

John Redding


Start Date

Tenure

Tenure Rank

Sep 15, 2018

3.71

3.7%

John Redding is a vice president of Eaton Vance Management and portfolio manager 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 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.

Jeffrey Mueller


Start Date

Tenure

Tenure Rank

Dec 20, 2018

3.45

3.5%

Jeff is a vice president of Eaton Vance Management International and portfolio manager on Eaton Vance’s high yield team. Jeff also provides research coverage on European and other non-US high yield opportunities. Jeff’s experience in the investment management industry dates to 2004. Prior to joining Eaton Vance in 2015, Jeff was a fund manager and research analyst with Threadneedle Investments in London. He earned a B.A. from the University of Wisconsin, and holds the IMC certification. Jeff is based in Eaton Vance’s London office.

Kelley Baccei Gerrity


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.13 37.79 7.17 8.17