Fund Evaluator:
Calvert High Yield Bond A (CYBAX)
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Fund Details
Calvert High Yield Bond A Overview
Calvert High Yield Bond A (CYBAX) is an actively managed Taxable Bond High Yield Bond fund. Calvert Research and Management launched the fund in 2007.
The investment seeks high current income and capital appreciation, secondarily. Under normal circumstances, the fund invests at least 80% of its net assets (including borrowings for investment purposes) in high-yield, high-risk bonds, also known as "junk" bonds ("80% Policy"). It invests primarily in high-yield, high-risk bonds, with varying maturities, including distressed securities that are in default. The portfolio manager(s) seek to invest in companies that manage environmental, social and governance (“ESG”) risk exposures adequately and that are not exposed to excessive ESG risk through their principal business activities.
About Calvert High Yield Bond A (CYBAX)
There are 3 members of the management team with an average tenure of 3.35 years: Justin Bourgette (2025), Stephen Concannon (2019), Bo Hunt (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and ICE BofA US High Yield TR USD index with a weighting of 100%. Calvert High Yield Bond A has 337 securities in its portfolio. The top 10 holdings constitute 12.0% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is considered to have an ESG focus with its investment selection and management.
Calvert High Yield Bond A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Calvert High Yield Bond A has 10.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.4%. There is 0.0% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.3% (85.2% domestic bond, 10.0% foreign bond and 0.6% convertible bond). Calvert High Yield Bond A has 3.5% of the portfolio in cash.
Assets Under Management
The fund has $70 million in total assets, which is below the $550 million average for the High Yield Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CYBAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Calvert High Yield Bond A expense ratio is high compared to funds in the High Yield Bond category. Calvert High Yield Bond A has an expense ratio of 1.02%, which is 11% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Calvert High Yield Bond A has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the High Yield Bond category.
Recently, in the month of August 2026, Calvert High Yield Bond A returned 1.0%, which earned it a grade of C, as the High Yield Bond category had an average return of 0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Calvert High Yield Bond A has a trailing yield of 5.61%, which is below the 6.24% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Calvert High Yield Bond A Grades
Year to date, the fund has returned 1.6%, 1.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.6% over the past year (grade of F), 7.1% over the past three years (grade of D) and 3.0% per year over the past five years (grade of F) and 3.9% per year over the past 10 years (grade of F).
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CYBAX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CYBAX Return (NAV) | 1.0% | 1.1% | 3.6% | 7.1% | 3.0% | 3.9% |
| CYBAX Grade | C | B | F | D | F | F |
| +/- Category | 0.1% | 0.3% | -1.1% | -0.7% | -0.8% | -0.8% |
| High Yield Bond Avg | 0.9% | 0.8% | 4.6% | 7.8% | 3.8% | 4.7% |
| CYBAX Tax Cost Ratio | na | na | 2.2% | 2.2% | 2.1% | 2.0% |
CYBAX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CYBAX Return (NAV) | 1.6% | 7.7% | 6.9% | 10.8% | -11.0% | 3.4% | 5.1% | 12.5% | -2.8% | 5.8% | 11.7% |
| CYBAX Grade | F | D | D | D | C | F | C | D | C | D | D |
| +/- Category | -1.0% | -0.2% | -0.7% | -1.1% | -1.0% | -1.7% | -0.1% | -0.5% | -0.2% | -0.9% | -1.7% |
| High Yield Bond Avg | 2.5% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.6% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 3.8% |
| Total Risk Index: | 0.31 - Low |
| Category Risk Index: | 0.94 - Low |
| Category Risk Grade: | A (19% Rank) |
| Beta: | 0.57 |
| R-Squared: | 71% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Blend |
| Bond Investment Style: | na |
| Yield: | 5.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $542 Mil |
| Fund Total Assets: | $ 71 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.2 years | |||
| Average Tenure: 3.4 years | |||
| Managers (Year): Concannon Stephen (2019), Hunt Bo (2025), Bourgette Justin (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 337 |
| % in Top 10 Holdings: | 12.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 10.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 85.2% |
| Foreign Bond: | 10.0% |
| Convertible Bond: | 0.6% |
| Other: | 0.0% |
| Cash: | 3.5% |
Purchase Information
| Fund Family: | Calvert Research and Management |
| Phone Number: | 800-368-2745 |
| Website: | www.calvert.com |
| Status: | Open |
| Inception Date: | February 1, 2007 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.25% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.02% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Calvert High Yield Bond I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
