Eaton Vance International unveils global high yield fund
Eaton Vance Management (International), a subsidiary of Eaton Vance has launched the Eaton Vance International (Ireland) Global High Yield Bond Fund, a sub-fund of Eaton Vance International (Ireland) Funds Plc.
The Dublin-domiciled Ucits fund is available to investors in the United Kingdom, Ireland, Spain, Netherlands, Sweden and Finland, with forthcoming registrations in Germany, and Switzerland.
The Eaton Vance International (Ireland) Global High Yield Bond fund, seeking income and total return, invests in US and non-US fixed income securities – and primarily in high yield below “investment grade” corporate bonds.
It can therefore purchase secured and unsecured bonds, bank loans, convertible debt, and preferred stock. The fund aims to avoid regional biases, leverage intensive credit research to help identify investment opportunities as value changes in the market, and capitalise on arbitrage opportunities.
Lead portfolio manager Jeffrey Mueller, vice president, global high yield portfolio manager at EVMI, is joined by Michael Weilheimer, vice president, EVM’s director of high yield bond investments and portfolio managers Kelley Baccei, vice president, and Stephen Concannon, vice president.
Eaton Vance’s global leveraged credit assets under management totalled $50.4bn (€46.16bn) as of 31 March 2017.
Weilheimer said: “Equity and broad fixed income markets’ returns are currently impacted by their sensitivity to policy changes and uncertain macroeconomic environments, meaning investors are on the lookout for alternatives. As skilled managers, we have the flexibility to manage a wide opportunity set and aim to take advantage of market dislocations around the globe, while managing risk and focusing on downside protection for investors.”
Established in 1924, Eaton Vance and its affiliates managed $380.9bn (€349bn) in assets as of 31 March 2017.