Emerging Markets Debt Strategy

The Emerging Markets (EM) Debt strategy’s investment objective is to outperform the JPMorgan EMBI Global Diversified benchmark by actively managing a diversified portfolio of hard currency emerging market sovereign credit and opportunistically investing in emerging market corporate and local currency debt.

Mainly USD denominated bonds of sovereign, quasi-sovereign, and EM corporates
Competitive performance versus peers and benchmark
Heavy emphasis on evaluating government policy

Emerging Markets Debt Commentary (PDF)

Emerging Markets Debt Fact Sheet (PDF)

Emerging Markets Debt for Insurance Companies - Case Study (PDF)

EM Sovereign Debt / Hard Currency
STYLE

JPM EMBI Global Diversified
BENCHMARK

July 1, 2013
INCEPTION

Philosophy

The team believes government policy is one of the most influential long-term drivers for emerging markets fixed income assets due to its 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 as well as relative value analysis to identify suitable securities within our risk tolerance.

Portfolio Construction

Invests primarily in securities of public and private sector non-U.S. issuers
Debt instruments may include corporate bonds, U.S. Government securities, foreign government securities, asset-based securities, and other obligations to repay borrowed money
Maximum of 10% in any one issuer
Maximum of 10% in any one country allocation
Maximum corporate sector allocation of 20%
Maximum local currency allocation of 10%

Strategy Facts

As of 6/30/2023
Assets Under Management	$245 million
eVestment Universe	Emerging Markets Fixed Income – Hard Currency
Investment Vehicles	Separate Account Commingled Fund Also offered as a private fund