Emerging Markets Debt Opportunities

Strategy Overview

The Emerging Markets Debt Opportunities strategy seeks emerging market bond investments offering the best combination of high real yield, attractive fundamentals, and relative value across emerging market bond assets given our macroeconomic outlook. This value-based strategy maintains a primary focus on the broad emerging markets debt universe of local and hard currency sovereigns as well as emerging market corporate bonds with a goal of unlocking the potential benefits of mean-reversion tendencies in interest rates and currency valuations. To counter the inefficiencies of broad emerging markets bond benchmarks, the team takes a benchmark-agnostic approach that looks across all emerging market sectors in the pursuit of value and will meaningfully overweight sectors and countries where it sees the most attractive opportunities while underweighting the more overvalued sectors and countries. For over two decades, the Global Fixed Income team has achieved its risk-adjusted returns by implementing a process of country, quality, and sector rotation through the broad global fixed income universe.