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.

  • Lead Portfolio Manager with 20+ years of experience in EM sovereign debt investing
  • Mainly USD denominated bonds of sovereign, quasi-sovereign, and EM corporates 
  • Competitive performance versus peers and benchmark
  • Heavy emphasis on evaluating government policy
Investment Style
EM Sovereign Debt / Hard Currency
STYLE
Benchmark
JPM EMBI Global Diversified
BENCHMARK
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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. 

Strategy Facts

As of 9/30/2018

 Assets Under Management (AUM)  $1.6 billion
 eVestment Universe  Emerging Markets Fixed Income – Hard Currency
 Investment Vehicles  Separate Account
 Commingled Fund
 Also offered as a private fund

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%

Management

Zulfi Ali

S. Zulfi Ali

Vice President, Senior Portfolio Manager

Career Summary
SGH Macro Advisors
IGI Funds Ltd
Prudential Financial

Education 
BA - Brown University
MBA - Oxford University

Meet Zulfi Ali

Insights

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Emerging Markets: Looking for Opportunity Beyond the Headlines

Risks facing emerging markets have dominated recent financial headlines. However, this can present opportunities for active managers as explained by our Emerging Markets Debt team.

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