Eaton Vance

At the one-year milestone for the nadir of the pandemic-induced financial crisis, the present serves as a useful vantage point to look back and examine COVID-19’s profound impact on credit markets and what it implies for credit investors ahead.

Eaton Vance proactive management of emerging markets debt goes beyond the constraints of common active and passive approaches. We outline our process — refined over three decades — for seeking alpha in the sector for clients.

The team running EM debt portfolios at Eaton Vance has taken a unusually bullish stance on the asset class. Across all risk factors – EM FX, EM local rates, EM sovereign credit and EM corporate debt – the team has constructive views. A key reason here is the supportive macro environment for the asset class and the belief that this supportive environment will continue. On a one-year view, EM local-currency-denominated debt is the team’s top pick.

While collateralised loan obligations (CLO) are attracting ever more attention, their complex securitisation structure has left them poorly understood. In this white paper, Eaton Vance explain the basics of CLO securitisation, how securitisation acts as an anchor to stability and what the potential advantages of CLO investing include.

COVID-19 has changed the landscape for emerging markets (EM) debt, injecting a new dimension of pandemic-related economic uncertainty. In this report, the Eaton Vance EM debt team outlines our view that strong fundamental analysis and country selection is more important than ever.

Morgan Stanley has agreed to buy Eaton Vance for $7bn (£5.4bn) – a move that will nearly double the size of its investment management business.

This research paper, by Eaton Vance, picks up on the empirically documented relationship between economic policy and asset prices, and seeks to identify key determinants of economic policy change.

In this Q&A, Brad Godfrey, CFA, institutional portfolio manager and director of alternative & asset allocation strategies, discusses the recent performance and outlook for emerging-market debt (EMD), paying particular attention to how the pandemic has affected the asset class and where the EMD team sees opportunity across the market.

In this paper, the Eaton Vance Multi-Asset Credit team looks at how recent price dislocations have affected the outlook for longer-term value across credit markets.

In this Q&A, Mike O’Brien, Director of Global Trading, offers his insights into how the trading desk seeks to add alpha to the investment process.