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Eaton Vance Senior Income Closed Fund (EVF)
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Upturn Advisory Summary
12/30/2025: EVF (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type Stock | Historic Profit 13.97% | Avg. Invested days 64 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  2.0 |
| Profits based on simulation | Last Close 12/30/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 102.36M USD | Price to earnings Ratio 10.11 | 1Y Target Price - |
Price to earnings Ratio 10.11 | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 0.36 | 52 Weeks Range 4.77 - 6.51 | Updated Date 06/29/2025 |
52 Weeks Range 4.77 - 6.51 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 9.12% | Basic EPS (TTM) 0.56 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 76.51% | Operating Margin (TTM) 86.93% |
Management Effectiveness
Return on Assets (TTM) 5.08% | Return on Equity (TTM) 8.5% |
Valuation
Trailing PE 10.11 | Forward PE - | Enterprise Value 158184512 | Price to Sales(TTM) 6.49 |
Enterprise Value 158184512 | Price to Sales(TTM) 6.49 | ||
Enterprise Value to Revenue 9.46 | Enterprise Value to EBITDA - | Shares Outstanding 18084100 | Shares Floating - |
Shares Outstanding 18084100 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 15.68 |
Upturn AI SWOT
Eaton Vance Senior Income Closed Fund
Company Overview
History and Background
Eaton Vance Senior Income Closed Fund (NYSE: ERI) is a closed-end investment fund managed by Eaton Vance Investment Management. It was established with the primary objective of providing current income and capital appreciation. The fund focuses its investments on senior secured floating-rate loans made to U.S. corporations. Over the years, it has evolved to navigate the complexities of the senior loan market, adapting its strategies to economic conditions and investor demands.
Core Business Areas
- Investment in Senior Secured Floating-Rate Loans: The fund's core business involves investing in a diversified portfolio of senior secured floating-rate loans to U.S. corporations. These loans are typically rated below investment grade and offer variable interest rates, providing a hedge against rising interest rates. The fund aims to generate income from the interest payments on these loans.
Leadership and Structure
The fund is managed by a team of investment professionals at Eaton Vance, overseen by a Board of Trustees. Key portfolio managers are responsible for investment decisions, asset allocation, and risk management. The organizational structure is typical of a closed-end fund, with a focus on portfolio management and investor relations.
Top Products and Market Share
Key Offerings
- Competitors: Other senior loan-focused closed-end funds (e.g., Ares Dynamic Credit Allocation Fund, Golub Capital BDC, Inc. - though BDCs have a different structure), open-end mutual funds specializing in senior loans, and leveraged loan ETFs (e.g., Invesco Senior Loan ETF - BKLN).
- Description: A closed-end fund specializing in senior secured floating-rate loans. The fund aims to provide current income and capital appreciation. Its primary investment strategy focuses on a diversified portfolio of below-investment-grade corporate loans. Competitors include other closed-end funds and open-end mutual funds that invest in senior loans, as well as ETFs tracking senior loan indices.
- Market Share Data: Market share data for individual closed-end funds is not typically reported in a comparable way to open-end funds or ETFs. Its performance is benchmarked against indices like the S&P/LSTA Leveraged Loan Index.
- Product Name: Eaton Vance Senior Income Closed Fund (ERI)
Market Dynamics
Industry Overview
The senior loan market, also known as the leveraged loan market, consists of loans made to companies with below-investment-grade credit ratings. This market is characterized by floating interest rates, which are tied to a benchmark rate (like SOFR), making them attractive in rising-rate environments. The market is influenced by economic growth, corporate credit quality, interest rate policies, and investor demand for yield.
Positioning
Eaton Vance Senior Income Closed Fund is positioned as an income-generating vehicle for investors seeking exposure to the senior loan market. Its closed-end structure allows it to invest in illiquid assets and maintain a stable portfolio, while the floating-rate nature of its holdings offers a degree of protection against interest rate hikes. Its competitive advantage lies in the expertise of its investment management team and its established track record in credit analysis.
Total Addressable Market (TAM)
The TAM for senior secured loans is substantial, running into hundreds of billions of dollars globally, with a significant portion originating from the U.S. Eaton Vance Senior Income Closed Fund, as a specific fund, addresses a segment of this TAM by attracting capital from individual and institutional investors seeking diversified exposure to this asset class. Its positioning is within the actively managed closed-end fund segment of the broader credit market.
Upturn SWOT Analysis
Strengths
- Focus on Senior Secured Loans: Investments are in the most senior tranche of the capital structure, offering greater protection in case of default.
- Floating Interest Rates: Provides protection against rising interest rates, as income adjusts upwards with rate increases.
- Diversified Portfolio: Investment in a broad range of loans mitigates single-issuer risk.
- Experienced Management Team: Eaton Vance is a well-established asset manager with expertise in fixed income.
- Closed-End Structure: Allows for investment in less liquid securities and potentially higher yields than open-end funds.
Weaknesses
- Credit Risk: Investments are in below-investment-grade companies, carrying a higher risk of default compared to investment-grade debt.
- Market Volatility: The senior loan market can be sensitive to economic downturns and changes in credit market sentiment.
- Interest Rate Sensitivity: While floating rates offer some protection, the value of the underlying loans can still be affected by changes in market interest rates and credit spreads.
- Potential for Discounts to NAV: As a closed-end fund, its market price can trade at a discount or premium to its Net Asset Value (NAV).
Opportunities
- Rising Interest Rate Environment: Continued upward movement in interest rates can enhance the fund's income generation.
- Economic Recovery: A strong economic rebound can lead to improved credit quality and reduced default rates in the portfolio.
- Investor Demand for Yield: In a low-yield environment, investors may seek out higher-yielding asset classes like senior loans.
- Active Management Advantages: Skilled portfolio management can identify mispriced opportunities and navigate market complexities.
Threats
- Economic Recession: A significant economic downturn could lead to widespread defaults and a decline in the value of the fund's holdings.
- Increased Defaults: A sharp rise in corporate defaults could negatively impact the fund's income and principal.
- Competitive Pressures: Increased competition from other senior loan funds and ETFs could lead to tighter credit spreads and lower yields.
- Interest Rate Declines: A significant drop in interest rates could reduce the fund's income from its floating-rate assets.
Competitors and Market Share
Key Competitors
- BlackRock Floating Rate Income Trust (BQR)
- Nuveen Floating Rate Income Fund (NFC)
- Apollo Senior Floating Rate Fund (AFR)
- Invesco Senior Loan ETF (BKLN)
- SPDR Blackstone Senior Loan ETF (SRLN)
Competitive Landscape
Eaton Vance Senior Income Closed Fund competes with other closed-end funds and ETFs that offer exposure to senior floating-rate loans. Its competitive advantages include its specific investment strategy, the reputation and expertise of its management team, and its ability to manage credit risk within the senior loan space. Disadvantages can arise from management fees, portfolio concentration, or market perception affecting its discount to NAV.
Growth Trajectory and Initiatives
Historical Growth: The growth trajectory of ERI is intrinsically linked to the performance of the senior loan market and its ability to generate income and capital appreciation. Historical performance would be evaluated by its NAV growth and total returns over time.
Future Projections: Future projections for ERI are dependent on the outlook for the senior loan market, interest rate movements, and corporate credit conditions. Analyst estimates for funds like ERI often focus on expected income generation and potential NAV changes.
Recent Initiatives: Recent initiatives for a closed-end fund like ERI typically involve portfolio adjustments by the investment manager to adapt to changing market conditions, efforts to manage the discount/premium to NAV, and potentially rights offerings or tender offers to influence capital structure and shareholder base.
Summary
Eaton Vance Senior Income Closed Fund (ERI) is a closed-end fund focused on senior secured floating-rate loans, offering income potential and protection in rising rate environments. Its strengths lie in its senior position in the capital structure and floating rates, while weaknesses include credit risk and market volatility. Opportunities exist in rising rates and investor demand for yield, but threats from recession and increased defaults are present. The fund's performance is intrinsically tied to the senior loan market's dynamics.
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Sources and Disclaimers
Data Sources:
- Fund Prospectus and Shareholder Reports
- Eaton Vance Investment Management Website
- Financial Data Providers (e.g., Morningstar, Bloomberg, Refinitiv)
- Industry Analysis Reports
Disclaimers:
This analysis is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Market share data for closed-end funds is complex and not directly comparable to open-end funds or ETFs.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Eaton Vance Senior Income Closed Fund
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 1998-10-28 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - | |||
Eaton Vance Senior Income Trust is a closed-ended fixed income mutual fund launched and managed by Eaton Vance Management. The fund invests in the fixed income markets of the United States. It seeks to invest in the securities of companies operating across the 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 Senior Income Trust was formed on October 30, 1998 and is domiciled in the United States.
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