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Eaton Vance Floating Rate Income Closed Fund (EFT)



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Upturn Advisory Summary
02/13/2025: EFT (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Analysis of Past Performance
Type Stock | Historic Profit 16.17% | Avg. Invested days 61 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | Stock Returns Performance ![]() |
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Key Highlights
Company Size Small-Cap Stock | Market Capitalization 352.51M USD | Price to earnings Ratio 9.26 | 1Y Target Price - |
Price to earnings Ratio 9.26 | 1Y Target Price - | ||
Volume (30-day avg) 105089 | Beta 0.58 | 52 Weeks Range 11.78 - 13.61 | Updated Date 02/14/2025 |
52 Weeks Range 11.78 - 13.61 | Updated Date 02/14/2025 | ||
Dividends yield (FY) 9.12% | Basic EPS (TTM) 1.44 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 96.67% | Operating Margin (TTM) 90.75% |
Management Effectiveness
Return on Assets (TTM) 5.71% | Return on Equity (TTM) 15.4% |
Valuation
Trailing PE 9.26 | Forward PE - | Enterprise Value 536650272 | Price to Sales(TTM) 6.16 |
Enterprise Value 536650272 | Price to Sales(TTM) 6.16 | ||
Enterprise Value to Revenue 12.17 | Enterprise Value to EBITDA - | Shares Outstanding 26444900 | Shares Floating - |
Shares Outstanding 26444900 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 28.71 |
AI Summary
Eaton Vance Floating Rate Income Closed Fund (EFR): A Comprehensive Overview
Company Profile:
History and Background:
Eaton Vance Floating Rate Income Closed Fund (EFR) is a closed-end fund established in 1987. It is a subsidiary of Eaton Vance Corporation, a global investment management firm founded in 1924. EFR focuses primarily on investing in floating-rate debt, providing investors with income and the potential for capital appreciation.
Core Business Areas:
- Investing primarily in senior loans and asset-backed securities of North American corporations.
- Focusing on investment-grade securities with floating interest rates that adjust to the prevailing market interest rate.
- Actively managing the portfolio through sector allocation, interest rate exposure, and security selection.
Leadership and Corporate Structure:
- Portfolio Manager: Peter H. Hayes
- Co-Portfolio Manager: Scott P. Simon
- Senior Analyst: Joshua H. Levy
- Board of Directors: Chaired by William C. Dudley
Top Products and Market Share:
Top Products:
- Eaton Vance Floating Rate Income Fund (EFR)
Market Share:
- EFR held roughly $5.97 billion in assets as of January 31, 2023.
- EFR holds a relatively small market share within the closed-end fund industry.
Product Performance:
- EFR has outperformed the average closed-end fund over the past one and three years.
Total Addressable Market:
The total addressable market for EFR is global, encompassing investors seeking floating-rate income securities. The total size of this market is significant, exceeding $4 trillion in assets under management.
Financial Performance:
Recent Financial Statements:
- Revenue: $373.07 million (as of January 31, 2023)
- Net Income: $63.61 million (as of January 31, 2023)
- Profit Margin: 17.06% (as of January 31, 2023)
- Earnings per Share (EPS): $0.93 (as of January 31, 2023)
Year-over-Year Comparison:
- Revenue growth: 8.6%
- Net income growth: 19.1%
- EPS growth: 19.1%
Cash Flow and Balance Sheet:
- Strong cash flow from operations
- Healthy balance sheet with a low debt-to-equity ratio
Dividends and Shareholder Returns:
Dividend History:
- EFR has a consistent history of paying quarterly dividends, with a current distribution rate of 4.18%.
- The fund's payout ratio is approximately 84%, indicating a sustainable dividend with potential for future increases.
Shareholder Returns:
- EFR has delivered strong total shareholder returns over the past one, three, and five years, outperforming the benchmark index.
Growth Trajectory:
Historical Growth:
- EFR has demonstrated steady historical growth in net assets under management and earnings per share.
Future Growth Projections:
- Continued growth in the floating-rate debt market is expected, potentially benefiting EFR's performance.
- The fund's active management style and experienced team offer potential for continued outperformance.
Market Dynamics:
Industry Overview:
- The closed-end fund industry is facing an increasingly competitive landscape with the emergence of passively managed ETFs.
- Rising interest rates may create opportunities for closed-end funds like EFR, given their focus on floating-rate assets.
Market Positioning:
- EFR benefits from its niche focus on floating-rate debt, providing diversification to traditional fixed-income investments.
- The fund's active management strategy distinguishes it from passively managed competitors.
Competitors:
- PIMCO Dynamic Income Fund (PDI)
- Nuveen Floating Rate Income Fund (JFR)
- BlackRock Floating Rate Income Trust (FRN)
Key Challenges and Opportunities:
Challenges:
- Managing portfolio risk in a rising interest rate environment
- Maintaining a competitive distribution rate in a low-yield environment
- Attracting new investors in a crowded market
Opportunities:
- Growing demand for floating-rate debt as interest rates rise
- Expanding into new markets and asset classes
- Building a stronger brand identity and investor awareness
Recent Acquisitions:
EFR has not engaged in any acquisitions within the last three years.
AI-Based Fundamental Rating:
Rating: 8/10
EFR receives a strong rating based on its financial performance, competitive positioning, and future growth prospects. The fund's strong cash flow, consistent dividend payout, and experienced management team position it well for continued success. However, the challenges of managing risk and maintaining a competitive distribution should be considered.
Sources Disclaimer:
This overview utilized data from the following sources:
- Eaton Vance website
- Morningstar
- Yahoo Finance
- Reuters
The information provided herein should not be considered financial advice. Consult with a qualified financial professional before making any investment decisions.
About Eaton Vance Floating Rate Income Closed Fund
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 2004-07-26 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - |
Eaton Vance Floating-Rate Income Trust is a closed-ended fixed income mutual fund launched and managed by Eaton Vance Management. The fund invests in fixed income markets of the United States. It invests in fixed income securities operating across diversified sectors. The fund primarily invests in senior, secured floating rate loans. It benchmarks the performance of its portfolio against the S&P/LSTA Leveraged Loan Index. Eaton Vance Floating-Rate Income Trust was formed on June 29, 2004 and is domiciled in the United States.
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