Fund Evaluator:
Eaton Vance Floating-Rate & Hi Inc Inst (EIFHX)
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Best Performing in Bank Loan Over the Last Year
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| 4.9% | Aristotle Floating Rate Income I-2 (PLFDX) |
| 4.7% | American Beacon DoubleLine Fltng Rt C (ADLCX) |
Fund Details
Eaton Vance Floating-Rate & Hi Inc Inst Overview
Eaton Vance Floating-Rate & Hi Inc Inst (EIFHX) is an actively managed Taxable Bond Bank Loan fund. Eaton Vance launched the fund in 2000.
The investment seeks to provide a high level of current income. Under normal circumstances, the fund invests at least 80% of its total assets in a combination of income producing floating rate loans and other floating rate debt securities and high yield corporate bonds. It may not invest more than 20% of its total assets in unsecured high yield corporate bonds. The fund invests primarily in senior floating rate loans of domestic and foreign borrowers ("Senior Loans"). It secondarily invests in high yield, high risk corporate bonds.
About Eaton Vance Floating-Rate & Hi Inc Inst (EIFHX)
There are 4 members of the management team with an average tenure of 6.25 years: Ralph Hinckley (2021), Peter Campo (2025), Stephen Concannon (2014), Jeffrey Mueller (2019). 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 Morningstar LSTA US LL TR USD index with a weighting of 100%. Eaton Vance Floating-Rate & Hi Inc Inst has 1031 securities in its portfolio. The top 10 holdings constitute 10.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Eaton Vance Floating-Rate & Hi Inc Inst is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Eaton Vance Floating-Rate & Hi Inc Inst has 14.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.5%. There is 0.1% allocated to foreign stock, and 0.3% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 86.6% (72.0% domestic bond, 14.6% foreign bond and 0.3% convertible bond). Eaton Vance Floating-Rate & Hi Inc Inst has 11.1% of the portfolio in cash.
Assets Under Management
The fund has $428 million in total assets, which is above the $344 million average for the Bank Loan 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.
EIFHX 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 Eaton Vance Floating-Rate & Hi Inc Inst expense ratio is high compared to funds in the Bank Loan category. Eaton Vance Floating-Rate & Hi Inc Inst has an expense ratio of 0.83%, which is 21% lower than its category average, making the fund expense ratio grade a C. 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. Eaton Vance Floating-Rate & Hi Inc Inst has a portfolio turnover rate of 5%, indicating that holds its assets around 0.2 years. By way of comparison, the average portfolio turnover is 62% for the Bank Loan category.
Recently, in the month of July 2026, Eaton Vance Floating-Rate & Hi Inc Inst returned 0.4%, which earned it a grade of F, as the Bank Loan category had an average return of 0.6%. 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.
Eaton Vance Floating-Rate & Hi Inc Inst has a trailing yield of 6.80%, which is above the 6.73% 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.
Eaton Vance Floating-Rate & Hi Inc Inst Grades
Year to date, the fund has returned 1.3%, 0.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 3.0% over the past year (grade of D), 6.1% over the past three years (grade of D) and 4.7% per year over the past five years (grade of D) and 4.7% per year over the past 10 years (grade of B).
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EIFHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| EIFHX Return (NAV) | 0.4% | 0.9% | 3.0% | 6.1% | 4.7% | 4.7% |
| EIFHX Grade | F | D | D | D | D | B |
| +/- Category | -0.2% | -0.2% | -0.8% | -0.5% | -0.5% | 0.2% |
| Bank Loan Avg | 0.6% | 1.2% | 3.8% | 6.6% | 5.2% | 4.4% |
| EIFHX Tax Cost Ratio | na | na | 2.7% | 3.0% | 2.7% | 2.2% |
EIFHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| EIFHX Return (NAV) | 1.3% | 4.5% | 7.9% | 12.2% | -3.1% | 4.7% | 2.7% | 8.2% | 0.2% | 4.6% | 11.6% |
| EIFHX Grade | F | D | D | C | D | C | A | B | B | A | A |
| +/- Category | -0.6% | -0.5% | -0.3% | 0.1% | -0.8% | 0.1% | 1.4% | 0.6% | 0.6% | 1.0% | 2.3% |
| Bank Loan Avg | 1.9% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 2.0% |
| Total Risk Index: | 0.16 - Low |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (65% Rank) |
| Beta: | 0.16 |
| R-Squared: | 20% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | Low Quality Limited Sensitivity |
| Yield: | 6.8% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $574 Mil |
| Fund Total Assets: | $ 428 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 5% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 11.7 years | |||
| Average Tenure: 6.2 years | |||
| Managers (Year): Concannon Stephen (2014), Mueller Jeffrey (2019), Hinckley Ralph (2021), Campo Peter (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 1031 |
| % in Top 10 Holdings: | 10.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.7% |
Portfolio Allocation |
|
| Domestic Stock: | 1.5% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.3% |
| Domestic Bond: | 72.0% |
| Foreign Bond: | 14.6% |
| Convertible Bond: | 0.3% |
| Other: | 0.1% |
| Cash: | 11.1% |
Purchase Information
| Fund Family: | Eaton Vance |
| Phone Number: | 800-262-1122 |
| Website: | www.eatonvance.com |
| Status: | Open |
| Inception Date: | September 15, 2000 |
| Min. Initial Purchase: | $1,000,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.83% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Eaton Vance Floating-Rate & Hi Inc C |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
