Income-Covered Closed-End Fund Report, April 2026: EFR And EFT Remain Attractive
The April 2026 Income-Covered Closed-End Fund Report highlights that Eaton Vance Senior Floating-Rate Trust (EFR) and Eaton Vance Floating-Rate Income Trust (EFT) remain attractive investment options despite declining distributions. Both funds have seen widening discounts due to falling floating rates, presenting potential contrarian opportunities. The report notes strong income coverage and yields, with EFR offering a 7.79% yield, 104% coverage, and a significant discount.
- ▪Eaton Vance Senior Floating-Rate Trust (EFR) offers a 7.79% yield, trades at an -11.49% discount, and has 104% income coverage.
- ▪Both EFR and EFT are floating-rate closed-end funds that have experienced distribution declines due to lower interest rates.
- ▪The widening discounts on EFR and EFT are creating potential contrarian buying opportunities for investors expecting a shift in the rate cycle.
- ▪EFR currently has a -1.5 z-score, indicating it is trading at a historically wide discount relative to its past valuation range.
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