Overview

Historical Returns (%) as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
11/30/2017
Fund at NAV 0.18 1.10 3.11 4.06 3.46 3.31
S&P/LSTA Leveraged Loan Index1 0.12 1.11 3.71 4.91 3.86 4.11 3.91
09/30/2017
Fund at NAV 0.41 1.00 2.41 4.01 3.26
S&P/LSTA Leveraged Loan Index1 0.39 1.04 2.97 5.30 3.87 4.09 3.88
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Source: Eaton Vance and RIMES.
 

Fund Facts as of Nov 30, 2017

Class I2$ Inception 11/04/2014
Investment Objective High current income
Total Net Assets $30.5M
Minimum Investment $1000000
CUSIP G29207118

Top 10 Issuers (%)2 as of Nov 30, 2017

Transdigm Inc.
Virgin Media Investment Holdings Limited
Reynolds Group Holdings Inc.
Bright Horizons Family Solutions Inc.
Corporate Capital Trust Inc.
Albertsons LLC
Asurion LLC
Univision Communications Inc.
Hilton Worldwide Finance LLC
ServiceMaster Company
Total 12.95
 

Portfolio profile 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.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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 income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally 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. Bank 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

Historical Returns (%) as of Sep 30, 2017

Annualized
1 Mo. 3 Mos. YTD 1 Yr. 3 Yrs. 5 Yrs. Life of Fund
11/30/2017
Fund at NAV 0.18 1.10 3.11 4.06 3.46 3.31
S&P/LSTA Leveraged Loan Index1 0.12 1.11 3.71 4.91 3.86 4.11 3.91
09/30/2017
Fund at NAV 0.41 1.00 2.41 4.01 3.26
S&P/LSTA Leveraged Loan Index1 0.39 1.04 2.97 5.30 3.87 4.09 3.88
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than or equal to one year is cumulative. Source: Eaton Vance and RIMES.
 

Fund Facts

Class I2$ Inception 11/04/2014

NAV History

Date NAV NAV Change
Dec 13, 2017 $11.06
Dec 12, 2017 $11.07 -$0.00
Dec 08, 2017 $11.07 $0.00
Dec 07, 2017 $11.06 $0.00
Dec 06, 2017 $11.06 $0.00
Dec 05, 2017 $11.06 $0.00
Dec 04, 2017 $11.06 $0.00
Dec 01, 2017 $11.06 $0.00
Nov 30, 2017 $11.05 $0.00
Nov 29, 2017 $11.05 $0.00
 

Distribution History3

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

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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 income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally 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. Bank 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.


Portfolio

Asset Mix (%)2 as of Nov 30, 2017

Floating-Rate Loans 96.74
Cash & Equivalents 2.85
Equity 0.41
Total 100.00

Portfolio Statistics as of Nov 30, 2017

Number of Loans 217
Number of Industries 34
Average Coupon 4.42%
Average Maturity 5.36 yrs.
Average Loan Size (% of TNA) 0.45%
Average Loan Size $0.14M
Average Duration 0.09 yrs.
Average Price $99.91

Sector Breakdown (%)2 as of Nov 30, 2017

Health Care 10.80
Business Equipment & Services 7.94
Electronics/Electrical 7.75
Chemicals & Plastics 5.27
Leisure Goods/Activities/Movies 5.18
Lodging & Casinos 4.64
Food Products 4.60
Cable & Satellite Television 4.37
Containers & Glass Products 4.30
Financial Intermediaries 3.54
View All
 

Credit Quality (%)4 as of Nov 30, 2017

BBB 8.95
BB 41.45
B 44.41
CCC or Lower 2.04
Not Rated 3.15
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 higher 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 (%)4 as of Nov 30, 2017

Less Than 1 Year 3.17
1 To 3 Years 7.40
3 To 5 Years 25.11
5 To 10 Years 64.32
10 To 20 Years 0.00
20 To 30 Years 0.00
More Than 30 Years 0.00
Total 100.00
 

Assets by Country (%)2 as of Nov 30, 2017

United States 87.87
Luxembourg 3.44
Canada 3.36
Netherlands 2.45
United Kingdom 2.39
Ireland 0.25
France 0.16
Bermuda 0.08

Loan Type (%)2,5,6 as of Nov 30, 2017

First Lien 95.81
Second Lien 0.93
 

Fund Holdings2,7,8 as of Oct 31, 2017

Holding Coupon Rate Maturity Date % of Net Assets
United States Dollar 7.58%
Virgin Media 3.99% 01/31/2025 1.32%
Reynolds Consumer Products 3.99% 02/05/2023 1.32%
Bright Horizons Family Solutions, Inc. 3.49% 11/07/2023 1.29%
Corporate Capital Trust 4.63% 05/20/2019 1.28%
Asurion 4.24% 11/03/2023 1.28%
Univision Communications Inc. 3.99% 03/15/2024 1.27%
Transdigm, Inc. 4.26% 08/22/2024 1.23%
Hilton Worldwide Finance, LLC 3.24% 10/25/2023 1.16%
ServiceMaster Company 3.74% 11/08/2023 1.15%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding.

About Risk: 

An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. 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 income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of nonpayment 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 (typically referred to as "junk") are generally 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. Bank 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

Scott H. Page, CFA

Scott H. Page, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 1989

Biography

Scott Page 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 1989.

Scott began his career in the investment management industry in 1981. Before joining Eaton Vance, he was affiliated with the Dartmouth College Investment Office, as well as Citicorp and Chase Manhattan Bank in corporate finance/lending and credit review.

Scott earned a B.A. from Williams College and an MBA from the Amos Tuck School at Dartmouth College. He has served as a member of the board of directors of the LSTA (Loan Syndications and Trading Association). He is a CFA charterholder.

Scott co-authored "An Overview of the Loan Market" in the Handbook of Loan Syndications and Trading (2007). His commentary has appeared in Bloomberg, Business Week, Dow Jones Investment Advisor, Forbes, Investor's Business Daily, SmartMoney, Kiplinger's, USA Today and The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Williams College
  • M.B.A. Amos Tuck School of Business Administration, Dartmouth College

Experience
  • Managed Fund since inception

 
Craig P. Russ

Craig P. Russ

Vice President, Eaton Vance Management
Joined Eaton Vance 1997

Biography

Craig Russ 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 and portfolio construction for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1997.

Craig began his career in the investment management industry in 1985. Before joining Eaton Vance, he worked in commercial lending at State Street Bank.

Craig earned a B.A., cum laude, from Middlebury College and studied at the London School of Economics. He previously served as chairman of the board of directors of the Loan Syndications and Trading Association (LSTA). His commentary has appeared in Bloomberg, Grant’s Interest Rate Observer and The Wall Street Journal.

Education
  • B.A. Middlebury College

Experience
  • Managed Fund since inception

 
John Redding

John Redding

Vice President, Eaton Vance Management
Joined Eaton Vance 1998

Biography

John Redding is a vice president of Eaton Vance Management 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. John is also a named portfolio manager on Eaton Vance's Multi-Asset Credit Strategy. 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.

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

Experience
  • Managed Fund since inception

 

Literature

Literature

Eaton Vance Institutional Funds PLC Prospectus (English)

Download - Last updated: May 20, 2016

EV (IRL) Floating-Rate Income Fund Supplement (English)

Download - Last updated: May 20, 2016