Emerging Markets Fixed Income

Rigour finds the hidden gems

EM bonds managed firmwide

USD 34 B

Countries rated by our fixed income analysts

80

Number of dedicated EM debt investors

33

Overview

Our emerging markets fixed income approaches are built on a combination of expertise and collaboration. A long history of investing in emerging markets and a culture of sharing ideas across our deep investment platform give us an edge when evaluating emerging sovereign and corporate debt opportunities.

Broad and deep research
Global lens
Collaboration
Broad and deep research

Our experienced team of dedicated emerging markets fixed income investors and credit analysts generates ratings on over 80 emerging countries and covers nearly 400 emerging corporate issuers.

Global lens

We believe that taking a global perspective is critical when investing in emerging markets. Strong connections between emerging and developed markets mean that outside events can often be big drivers of emerging markets’ performance.

Collaboration

Collaboration between colleagues specialising in equities, fixed income, commodities, currencies, macroeconomics and ESG provides global context and helps our investors build a well-rounded picture of the emerging markets fixed income landscape. To form a holistic view of emerging markets issuers, our credit and equity analysts often have joint meetings with company management teams and key policymakers.

Our Heritage

  • 1999

    We launch our first dedicated emerging markets debt approach, which forms the foundation of our emerging markets fixed income platform

  • 2006

    We develop an opportunistic approach to give clients added flexibility and help them take advantage of opportunities across emerging markets sectors

  • 2007

    Continuing to grow with the market, we expand into emerging local debt, offering our clients exposure to both interest rates and currencies

  • 2009

    We establish an emerging markets blended approach to suit clients wishing to delegate sector allocation to a dedicated specialist

  • 2011

    We launch a dedicated emerging markets corporate debt approach, offering our clients greater diversity within their emerging markets allocations

  • 2015

    For investors looking to take a more strategic approach to emerging local debt with a focus on risk-adjusted returns, we create our first emerging markets advanced beta strategy

  • Today

    We offer a full range of strategies across the emerging markets landscape to meet investors' needs, including hard currency, local currency and corporate emerging debt

Our fixed income funds seek out the hidden gems



Emerging Local Debt Fund

Combining a quantitative framework with fundamental analysis to uncover opportunities in local interest-rate and currency markets

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Blended Opportunistic Emerging Market Debt Fund

Blending best ideas across the Emerging Markets Debt spectrum to pursue compelling opportunities

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View our suite of emerging markets funds

VIEW FUNDS

Investors should consider the risks that may impact their capital. The value of your investment may become more or less than the amount you initially invested.

EMERGING MARKETS INSIGHTS

Five reasons to be bullish on China’s currency
For Macro Strategist Santiago Millán, a key pillar of his favourable outlook for China, including potential asset-price outperformance, is his directional view on the Chinese yuan: Upward.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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July 2021
Five reasons to be bullish on China’s currency
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Investing implications of a three-speed economy
Multi-Asset Strategist and Portfolio Manager Nick Samouilhan and Investment Directors Andrew Sharp-Paul and Matthew Bullock highlight how key regional differences globally have led to three distinct ”blocks” of the world economy.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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July 2021
Investing implications of a three-speed economy
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Split decision: should investors  separate China from EM equities?
Many investors are contemplating whether to separate China from the rest of their emerging market equity allocation. Members of our Investment Strategy Group argue that the key decision point is not China’s dominance of the emerging market index, but the extent to which a standalone China allocation can be viewed as similar to an EM ex-China allocation. In this paper, they evaluate the similarity of the two allocations using a variety of metrics, from correlations to factors to sector composition.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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July 2021
Split decision: should investors separate China from EM equities?
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What Chinese consumers are saying post-COVID (and why it matters)
Equity Portfolio Manager Liliana Castillo Dearth shares results from (and investment implications of) her second post-COVID-19 survey of Chinese consumers.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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July 2021
What Chinese consumers are saying post-COVID (and why it matters)
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EM inflation has arrived, but will it stick around?
Emerging markets inflation has been top of mind for many investors lately. Macro Strategist Gillian Edgeworth, Equity Portfolio Manager Jamie Rice and Fixed Income Portfolio Manager Michael Henry consider the outlook going forward and potential market implications.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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July 2021
EM inflation has arrived, but will it stick around?
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Africa rising: the hopeful continent
Equity Portfolio Manager Bo Meunier and Equity Research Analyst David Reid believe the time has come for equity investors to take a closer look at the opportunity set in Africa.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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July 2021
Africa rising: the hopeful continent
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China unplugged: investing in the world’s largest decarbonisation effort
China has pledged to target peak emissions by 2030 and net-zero emissions by 2060. This massive environmental initiative could affect almost every production, consumptionChina has pledged to target peak emissions by 2030 and net-zero emissions by 2060. This massive environmental initiative could affect almost every production, consumption and investment decision for the next several decades. We provide a high-level look at how China will approach the path to net zero and what investors should be watching. and investment decision for the next several decades. We provide a high-level look at how China will approach the path to net zero and what investors should be watching.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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June 2021
China unplugged: investing in the world’s largest decarbonisation effort
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<p style="font-size: 13px; margin:7px 0;">FUTURE THEMES | SYSTEMS</p>The “EM-ification” of DMs
Global Investment Strategist Nanette Abuhoff Jacobson believes that many developed market countries are beginning to resemble their emerging market counterparts in certain ways. Here are some of her findings, along with possible paths forward and potential investment implications.
Archived insights remain available on the site. Please consider the publish date while reading these older insights.
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May 2021

FUTURE THEMES | SYSTEMS

The “EM-ification” of DMs
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Past performance is no guarantee of future performance and can be misleading. Funds returns are shown net of fees.
Source: Wellington Management

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