Emerging Markets Debt

Philosophy

The team believes government policy is an influential driver for emerging markets fixed income assets due to its long-term effects on politics, economics, and markets. Thoroughly evaluating policy direction and its implications allows us to better analyze and forecast fundamental trends over our investment horizon. Fundamental country research is paired with regional and global views, and relative value analysis to identify suitable securities within our risk tolerance. 

Process

The Emerging Markets Debt process begins with assessing global market and economic conditions and their impact on emerging markets fixed income assets. Our global outlook gives context for our views on individual credits and drives portfolio positioning and risk parameters of the portfolio.

Once our global outlook is formed, research of individual sovereign issuers is based on quantitative and qualitative fundamental analysis of the country and is focused on evaluating solvency and liquidity, economic growth, political stability, monetary conditions, and policy continuity. Sovereign securities are compared to their peers to determine relative value. Target buy/sell levels are set and frequently updated and reassessed. 

Objective

The Emerging Markets Debt strategy seeks to outperform the benchmark over a full market cycle using a global macro driven top down asset allocation approach. 

Get Started with Us

Emerging Markets Debt Commentary 

Strategy Snapshot

  • Benchmark: JPM EMBI Global Diversified
  • Lead PM with 20+ years of experience in the global and EM fixed income area 
  • Mainly USD denominated bonds of sovereign, quasi-sovereign, and EM corporates 
  • Heavy emphasis on evaluating government policy

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