EFR: Reaching Pre-Covid Price Highs (Rating Downgrade) [Seeking Alpha]
Eaton Vance Senior Floating-Rate Fund Common Shares of Beneficial Interest (EFR)
US:NYSE Investor Relations:
funds.eatonvance.com/senior-floating-rate-trust-efr.php
Company Research
Source: Seeking Alpha
Currently, the discount to NAV has disappeared, and the Fed rate cuts are expected later in 2024. Despite the rich valuation, I recommend holding the Fund for its high dividend yield until the Fed cuts impact its holdings. Although defaults in the leveraged loan space are rising slightly, they remain low compared to historical levels. Thesis There is a time to buy and there is a time to hold. We are believers in active management, especially in the leveraged CEF space, and the Eaton Vance Senior Floating-Rate Trust ( NYSE: EFR ) is a perfect example. When we assigned the name a 'Buy' rating six months ago, the market was trading the CEF at a wide discount, all while pricing Fed cuts for the beginning of 2024: Fast-forward to today, and the fund is now trading virtually flat to NAV, all while rate cuts have been moved to mid-2024. Floating rate funds have been huge beneficiaries of the 'higher for longer' mantra, but that has translated into valuations now becoming rich. I
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