Emerging Markets Debt Total Return

The Emerging Markets Debt Total Return Strategy seeks to deliver most of the upside of emerging markets debt, with 50% - 75% of the risk over a full market cycle.

We believe:

• Misunderstood and mispriced risks within emerging markets debt create inefficiencies and anomalies that can be exploited.
• An active, research-driven, bottom-up approach to evaluate countries and companies, combined with robust macro and thematic analysis is the best way to exploit these inefficiencies.
• A disciplined valuation framework focused on relative value is critical in pricing fundamental risks appropriately.
• Focus on rigorous risk budgeting and continuous stress testing are integral to achieving strong and consistent risk-adjusted results.
• Diversified sources of return through active positions in duration, yield curve, country allocation, sector allocation, currency allocation and security selection help generate a more consistent return profile.