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Eaton Vance Municipal Income Closed Fund (EVN)
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Upturn Advisory Summary
01/08/2026: EVN (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 24.19% | Avg. Invested days 85 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  5.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 01/08/2026 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 406.59M USD | Price to earnings Ratio 11.02 | 1Y Target Price - |
Price to earnings Ratio 11.02 | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 0.6 | 52 Weeks Range 9.59 - 11.31 | Updated Date 06/29/2025 |
52 Weeks Range 9.59 - 11.31 | Updated Date 06/29/2025 | ||
Dividends yield (FY) 6.01% | Basic EPS (TTM) 0.93 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 128.84% | Operating Margin (TTM) 85.13% |
Management Effectiveness
Return on Assets (TTM) 2.4% | Return on Equity (TTM) 8.21% |
Valuation
Trailing PE 11.02 | Forward PE - | Enterprise Value 586141568 | Price to Sales(TTM) 14.24 |
Enterprise Value 586141568 | Price to Sales(TTM) 14.24 | ||
Enterprise Value to Revenue 15.2 | Enterprise Value to EBITDA - | Shares Outstanding 39667200 | Shares Floating - |
Shares Outstanding 39667200 | Shares Floating - | ||
Percent Insiders - | Percent Institutions 20.57 |
Upturn AI SWOT
Eaton Vance Municipal Income Closed Fund
Company Overview
History and Background
The Eaton Vance Municipal Income Closed Fund (EVN) is a closed-end investment fund that invests in municipal securities. Established in 1987, the fund aims to provide current income that is exempt from federal income tax. Over its history, EVN has navigated various market cycles and interest rate environments, adapting its portfolio strategies to seek to preserve capital and enhance tax-exempt income for its shareholders. It is managed by Eaton Vance Investment Counsel.
Core Business Areas
- Municipal Bond Investment: The primary business of Eaton Vance Municipal Income Closed Fund is to invest in a diversified portfolio of municipal bonds. These bonds are issued by state and local governments and their agencies to finance public projects. The fund's objective is to generate income that is exempt from federal income tax.
Leadership and Structure
The Eaton Vance Municipal Income Closed Fund is overseen by a Board of Trustees. Day-to-day management and investment decisions are handled by Eaton Vance Investment Counsel, which acts as the investment advisor. Specific portfolio managers are responsible for the selection and management of the fund's securities.
Top Products and Market Share
Key Offerings
- Municipal Bond Fund: The fund's primary offering is its portfolio of municipal bonds, aiming to provide tax-exempt income. Market share data for individual closed-end funds is not typically reported in the same way as for open-end mutual funds or ETFs. However, the municipal bond market is large and competitive, with many other closed-end funds and open-end funds offering similar investment strategies. Competitors include other closed-end municipal bond funds from firms like BlackRock, Invesco, and Nuveen, as well as a vast universe of open-end municipal bond funds and ETFs.
Market Dynamics
Industry Overview
The municipal bond market is a significant sector of the fixed-income landscape, driven by the need for states and municipalities to finance infrastructure and public services. The market is influenced by interest rate movements, inflation expectations, and fiscal policies of various governmental entities. Tax-exempt income remains a key attraction for investors in higher tax brackets. The closed-end fund structure offers a fixed capital base, allowing managers to invest without concerns about daily inflows and outflows, but can lead to trading at premiums or discounts to net asset value (NAV).
Positioning
Eaton Vance Municipal Income Closed Fund is positioned as a provider of tax-exempt income within the municipal bond market. Its competitive advantage lies in the expertise of its investment advisor, Eaton Vance Investment Counsel, and its long-standing presence in the industry. However, it competes with a multitude of other municipal bond funds, both closed-end and open-end, as well as direct bond investments. The fund's ability to trade at a premium or discount to its NAV is a key characteristic of its market positioning.
Total Addressable Market (TAM)
The TAM for municipal bonds is substantial, with hundreds of billions of dollars in outstanding municipal debt. The TAM for tax-exempt income investments is also large, serving a significant base of individual and institutional investors seeking to reduce their tax liabilities. Eaton Vance Municipal Income Closed Fund, as a single closed-end fund, captures a small fraction of this broad market. Its positioning is within the specific segment of diversified, actively managed municipal bond portfolios offered through a closed-end structure.
Upturn SWOT Analysis
Strengths
- Experienced Investment Advisor: Eaton Vance Investment Counsel has a long history of managing fixed-income portfolios.
- Diversified Portfolio: Invests in a wide range of municipal securities to mitigate risk.
- Tax-Exempt Income Objective: Appeals to investors seeking to reduce their tax burden.
- Closed-End Structure: Allows for stable capital for long-term investment strategies.
Weaknesses
- Potential for Premium/Discount Volatility: The market price of closed-end funds can deviate significantly from NAV.
- Interest Rate Sensitivity: Like all bond funds, EVN is susceptible to interest rate fluctuations.
- Limited Liquidity for Fund Shares: Compared to open-end funds or ETFs, trading volume can be lower.
- Reliance on Advisor Expertise: Performance is heavily tied to the investment team's decisions.
Opportunities
- Favorable Tax Environment: Continued demand for tax-exempt investments, especially with potential changes in tax laws.
- Infrastructure Spending: Increased municipal bond issuance to fund public infrastructure projects.
- Economic Recovery: Potential for improving credit quality of municipal issuers.
- Market Volatility: Opportunities for skilled managers to identify undervalued securities.
Threats
- Rising Interest Rates: Can decrease the value of existing bond holdings and increase borrowing costs.
- Credit Deterioration: Risk of defaults or downgrades by municipal issuers.
- Changes in Tax Policy: Reductions in marginal tax rates could decrease the attractiveness of tax-exempt income.
- Increased Competition: Proliferation of other investment vehicles offering similar exposure.
Competitors and Market Share
Key Competitors
- Nuveen Municipal Value Fund (NUV)
- BlackRock Municipal Bond Trust (BBF)
- Invesco Municipal Bond ETF (VGM)
- PIMCO High Income Fund (PHK)
Competitive Landscape
Eaton Vance Municipal Income Closed Fund faces intense competition in the municipal bond market. Its advantages include established management expertise and a focus on tax-exempt income. However, it contends with other closed-end funds that may offer different investment mandates or fee structures, as well as a vast array of open-end municipal bond funds and ETFs that often have lower expense ratios and greater liquidity. The ability to manage discounts/premiums to NAV is a key differentiator for closed-end funds.
Growth Trajectory and Initiatives
Historical Growth: The 'growth' of a closed-end fund is primarily measured by the change in its Net Asset Value (NAV) and its ability to sustain or grow distributions over time. Historical performance would show periods of NAV appreciation and depreciation, influenced by market conditions.
Future Projections: Future projections for a closed-end fund like EVN are not typically made by analysts in the same way as for operating companies. Instead, investors assess the outlook for the municipal bond market, interest rate trends, and the fund's management strategy to gauge potential future performance.
Recent Initiatives: Information on recent specific strategic initiatives by EVN would be found in its shareholder reports and company announcements. These might include adjustments to portfolio duration, credit quality focus, or tactical asset allocation within the municipal bond sector.
Summary
Eaton Vance Municipal Income Closed Fund is a long-standing player in the tax-exempt municipal bond market. Its strengths lie in its experienced management and diversified portfolio, appealing to income-focused, tax-sensitive investors. However, it faces significant competition and the inherent risks of the bond market, including interest rate sensitivity and potential credit deterioration. Managing its trading price relative to NAV is crucial for shareholder returns, and attention to tax policy and municipal credit quality will be key moving forward.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Eaton Vance Municipal Income Closed Fund official filings (SEC)
- Financial data providers (e.g., Morningstar, FactSet)
- Reputable financial news outlets
Disclaimers:
This analysis is based on publicly available information and is for informational purposes only. It does not constitute investment advice. Past performance is not indicative of future results. Investors should conduct their own due diligence and consult with a financial advisor before making any investment decisions.
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 Municipal Income Closed Fund
Exchange NYSE | Headquaters Boston, MA, United States | ||
IPO Launch date 1999-01-27 | CEO - | ||
Sector Financial Services | Industry Asset Management | Full time employees - | |
Full time employees - | |||
Eaton Vance Municipal Income Trust is a close ended fixed income mutual fund launched and managed by Eaton Vance Management. It invests in the fixed income markets. The fund invests primarily in investment grade municipal obligations of various sectors, such as cogeneration, education, electric utilities, general obligations, healthcare, hospital, housing, transportation, and nursing home. Eaton Vance Municipal Income Trust was formed in 1998 and is domiciled in United States.
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