The Emerging Markets Debt Corporate strategy is an actively managed solution designed to deliver alpha through rigorous fundamental analysis of emerging market corporate issuers across diverse sectors and geographies.
Experienced team
Dedicated nine-person EMD team with 19 years' average industry experience
Research driven
Rigorous fundamental analysis filters expansive issuer universe in pursuit of alpha generation
Disciplined process
Investment process incorporates both top-down and bottom-up inputs to build a risk-managed portfolio
Emerging markets debt (EMD) is a heterogeneous, semi-efficient market with multiple sources of mispricing.
Detailed analysis across asset classes, countries, currencies, issuers and securities is conducted to help identify and seek to exploit investment opportunities.
A wide net is cast to identify attractive risk-adjusted returns. Sustainable EMD outperformance requires the alignment of global macro conditions, sovereign fundamentals, and corporate credit quality.
Methodical process filters global macro environment, sovereign risk, and corporate fundamentals to seek to construct diversified portfolios.
Analysis starts with developed market assessment (DM spreads, USD, Treasury yields), proceeds to sovereign evaluation, then rigorous corporate research reduces 750+ issuers to 100-150 high-conviction holdings.
Bottom-up selection emphasizes diversification while avoiding correlated clusters and unintended concentration risks.
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Risk Disclosures
Investing involves risk, including the possible loss of principal.
International investing (particularly in emerging markets) may be adversely affected by political instability; changes in currency exchange rates; inefficient markets and higher transaction costs; foreign economic conditions; the imposition of economic or trade sanctions; or inadequate or different regulatory and accounting standards. Investing in emerging markets involves greater risk than investing in more developed foreign markets because, among other things, emerging markets may have less stable political and economic environments, information about issuers may be less available or of a lesser quality, and securities markets may be smaller, less liquid, and subject to greater price volatility.
Investments in derivatives may involve additional expenses and are subject to significant loss if they perform differently than anticipated. Derivatives are also subject to the risk that the counterparty may fail to perform its obligations.
Fixed income securities can lose value, including the possible loss of principal. Fixed income securities are subject to credit risk and interest rate risk. Credit risk is the risk that an issuer of a fixed income security may be unable to make interest payments and/or repay principal in a timely manner. Interest rate risk is the risk that prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes.
High yield securities (“junk bonds”) are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than higher-rated securities.
Mortgage-backed securities (MBS) and asset-backed securities (ABS) are subject to credit risk and interest rate risk and may also be subject to prepayment risk and extension risk. In addition, MBS and ABS may decline in value, become more volatile, face difficulties in valuation, or experience reduced liquidity due to changes in interest rates or general economic conditions. Certain MBS, such as collateralized mortgage obligations, real estate mortgage investment conduits, and stripped MBS may be more susceptible to these risks than other MBS.
Forward foreign currency contracts may substantially change a fund’s exposure to currency exchange rates and could result in losses to a fund if currencies do not perform as expected.
Diversification may not protect against market risk.
The principal on a fixed income security may be prepaid prior to maturity, which may require reinvestment at a lower interest rate.
Longer-duration debt securities are more likely to decline in price than shorter duration debt securities in a rising interest rate environment.
The value of an investment will decline if there is a default by or a deterioration in the credit quality of the issuer or a provider of a credit enhancement or demand feature.
Liquidity risk is the possibility that securities cannot be readily sold within seven calendar days at approximately the price at which a portfolio has valued them. To the extent that a portfolio holds fixed income securities in smaller “odd lot” sizes, such positions may be less liquid and harder to sell. Odd lots may trade at lower prices than institutional round lot sizes, which may affect a portfolio’s ability to accurately value its investments.
Investments in collateralized loan obligations (CLOs) are subject to liquidity risk, interest rate risk, credit risk, prepayment risk, valuation risk, and the risk of default of the underlying asset, among others. The degree of such risk will generally correspond to the specific tranche in which an investment is made, with lower-rated CLO tranches often subordinate to higher-rated tranches in terms of payment priority and therefore subject to relatively greater risk.
Interest payments on inflation-indexed debt securities will vary as the principal and/or interest is adjusted for inflation.
A foreign government or government-related issuer may be unable to make timely payments on its external debt obligations.
Fluctuations in exchange rates between currencies may cause the value of an investment to decline. Some currencies may have low liquidity which may prevent the Strategy from effecting positions at favorable rates, thus subjecting the Strategy to substantial losses.
Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.
All third-party marks cited are the property of their respective owners.
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Investing involves risk including the possible loss of principal. The investment capabilities described in this website involve risks due, among other things, to the nature of the underlying investments. All examples herein are for illustrative purposes only and there can be no assurance that any particular investment objective will be realized or any investment strategy seeking to achieve such objective will be successful. Past performance is not a reliable indication of future performance.
Before acting on any information, you should consider the appropriateness of it having regard to your particular objectives, financial situation and needs and seek advice.