Eaton Vance Tax-Managed Diversified Equity Income Fund of Beneficial Interest
Find Ratings Reports- Last Ratings Update:02/29/2024
- Price as of 02/29/2024 :$13.03
- Net Assets:$1,835.91 Million
- NAV:$13.9
- Premium-6.26%
- Peer Rank:80 of 397
- Investment Rating:A-
- Performance:B
- RiskC+
We rate Eaton Vance Tax Mgd Div Eqty Inc at A-. Positive factors that influence this rating include a well above average total return, low price volatility and low expense structure. The fund invests approximately 100% of its assets in stocks and may be considered for investors seeking an Equity Income strategy.
Total return ranks very high in comparison with peers over the last three years. The Eaton Vance Tax Mgd Div Eqty Inc has returned an annual rate of 7.73% since inception. More recently, the fund has generated a total return of 12.79% in the last five years, 10.30% in the last three years, and 20.03% in the last year. How does that compare to other equity funds? In the last five years, it has outperformed 87% of them. It has also outpaced 84% of its competitors on a three year basis and 78% of them over the last year for the period ending 2/29/2024. On a year to date basis, ETY has returned 9.50%.
Downside risk has been below average. ETY has a draw down risk of -27.84%, which is the largest price decline experienced over the last three years. This fund has a three year standard deviation of 20.5%. This fund has experienced a high level of volatility in its monthly performance over the last 36 months.
High expense ratio hinders performance. On total assets of $1.84 billion, ETY maintains a high expense ratio compared to its Equity Income peers of 1.07% to cover all operating costs. Brokerage costs for the fund to buy and sell shares are not included in the expense ratio. As ETY is a closed end fund, it has no front end or back end load.
Manager lacks tenure and performance record lags managerial peers. Substandard fund managers tend to be replaced, so a long tenure is usually a good sign that a fund is achieving its objectives. The Eaton Vance Tax Mgd Div Eqty Inc has been managed by Charles B. Gaffney for only 1 year. Over that period, the manager was able to capture more actual gains in excess of the expected return than just 47% of other fund managers.