Eaton Vance Floating-Rate & Hi Inc Inst
EIFHX
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- Eaton Vance Floating-Rate & Hi Inc Inst (EIFHX) is an open-end mutual fund that provides a high level of current income through investments primarily in income-producing floating rate loans and other floating rate debt securities; senior floating rate loans of domestic and foreign borrowers secured by collateral; high yield, high risk fixed-income debt obligations; junior loans such as unsecured subordinated loans, second lien loans, and subordinated bridge loans; and money market instruments including those with remaining maturities under 60 days deemed floating rate debt. Under normal circumstances, the fund allocates at least 80% of its total assets to these floating rate instruments, with up to 35% in foreign senior loans denominated in U.S. dollars, targeting institutional investors with a minimum initial investment of $1,000,000. It operates within the bank loan category, offering broad exposure to the floating rate loan market through in-depth, bottom-up credit research and diversification across sectors like business equipment, software, and healthcare. The fund, launched on September 15, 2000, is managed by Eaton Vance Management, headquartered at Two International Place, Boston, Massachusetts, and now part of Morgan Stanley Investment Management following Morgan Stanley's acquisition of Eaton Vance Corp. in March 2021 for approximately $7 billion, which integrated Eaton Vance's platforms into a leading global asset management franchise. With total net assets of around $729 million and share class assets of $551 million as of recent data, it maintains a net expense ratio of 0.82%, low turnover of 4%, and a diversified portfolio where U.S. bonds comprise 76%, non-U.S. bonds 16%, and cash 6%. Recent developments include ongoing adaptations to the phase-out of LIBOR benchmarks, completed by June 2023, transitioning floating-rate instruments to alternative reference rates amid potential market volatility. The fund continues to emphasize higher-quality loans (e.g., BB/B ratings) over lower-rated or defaulted issues for relative performance, as evidenced in periodic reviews through 2024 showing outperformance in stable sectors like drugs and food products during economic slowdowns. No major acquisitions, new product launches, or strategic reorganizations specific to EIFHX have been reported in the last 1-2 years, with focus remaining on its core leveraged credit strategy under Morgan Stanley's oversight.