Bedrijfsoverzicht
Eaton Vance Limited Duration Income Fund is a closed-ended fixed income mutual fund that operates within the United States fixed income markets, primarily focusing on senior, secured floating-rate loans and government agency mortgage-backed securities. This entity functions within the Financial Services sector, specifically under the Asset Management industry, where it manages capital for investors seeking exposure to debt instruments. The company currently holds a market capitalization of $1.10B and generates an annual revenue of $138.41M, while specific employee count data is not available in the provided records. These financial metrics indicate that the fund operates with a substantial asset base relative to its revenue generation, reflecting a business model typical of asset management firms where earnings are derived from management fees and performance-based compensation rather than direct product sales. The scale of the operation, evidenced by its multi-billion dollar market cap, suggests a significant presence in the broader fixed income landscape, allowing the fund to maintain diversified portfolios and navigate various interest rate environments.
Financiële gezondheid
The fund reports a trailing twelve-month revenue of $138.41M and a net income of $78.40M, while EBITDA data is not provided; the substantial gap between these two figures reveals a highly leveraged cost structure where interest expenses and fees consume a large portion of gross revenue before reaching the bottom line. The company generates a free cash flow of $35.11M, which provides a measure of financial flexibility, although the positive cash flow is significantly lower than the net income, indicating that a considerable amount of earnings is absorbed by capital expenditures or working capital requirements. The fund demonstrates exceptional profitability efficiency with a gross margin of 100.0%, an operating margin of 87.6%, and a profit margin of 56.6%, levels that are characteristic of asset management businesses where the primary costs are personnel and operational overhead rather than the cost of goods sold. Despite the high margins, the balance sheet shows a debt level of $573.10M against cash holdings of $15.89M, resulting in a debt-to-equity ratio of 39.72%, which signifies a highly leveraged position typical for closed-end funds but one that requires careful interest rate management. The current ratio stands at 0.17, a figure that indicates the company holds significantly fewer liquid current assets than current liabilities, suggesting a reliance on long-term financing or specific asset liquidity rather than traditional short-term working capital management. Return on Equity is calculated at 5.4% and Return on Assets at 3.4%, metrics that reveal the management's effectiveness in generating returns on the capital provided by shareholders and the total asset base, respectively, within the constraints of the fund's high leverage.
Waarderingsbeoordeling
The valuation metrics show a trailing twelve-month P/E ratio of 13.97, while the forward P/E ratio is not available, implying that analysts may have limited visibility into future earnings growth or that the fund's earnings structure makes forward projections difficult to standardize. The price-to-book ratio is 0.90, indicating that the market values the company at 90% of its book value, which suggests the stock is trading at a discount relative to its net asset value, a common characteristic for closed-end funds trading at a premium or discount to NAV. The price-to-sales ratio is 7.98 and the EV/EBITDA is not available, suggesting that market participants are pricing the asset based on revenue multiples or net asset value rather than traditional earnings or enterprise value multiples which are less relevant for certain fund structures. The 52-week high is recorded at $10.41 and the 52-week low at $8.97, providing a trading range within which the fund's current price must be situated to assess relative momentum and valuation compression. The beta value is 0.69, which indicates that the fund exhibits lower price volatility relative to the broader market, making it a less sensitive instrument to general market swings compared to equity-heavy portfolios.
Growth & Income
Revenue growth year-over-year is recorded at -2.9% and earnings growth is -5.7%, indicating that earnings are shrinking at a faster rate than revenue, a dynamic that may reflect changes in asset flows, fee structures, or the specific performance of the underlying fixed income portfolio. The fund offers a dividend yield of 8.9% with a payout ratio of 130.1%, a situation where the distribution rate exceeds the net income, which implies that the fund is paying out more than its current earnings and must rely on capital returns or reserves to meet its dividend obligations. Given the payout ratio exceeding 100%, the company is effectively distributing capital to shareholders rather than reinvesting earnings into internal growth initiatives, which is a structural feature of many closed-end funds seeking to provide high current income. The overall growth and income profile is defined by negative earnings growth paired with a high-yield distribution, presenting a scenario for investors seeking income who must accept the risk of capital erosion or reliance on future asset appreciation to sustain the payout.