Emerging Markets Corporate Debt Strategy
Emerging Markets Corporate Debt Strategy

Emerging Markets Corporate Debt Strategy

 
 
 
Summary

The Emerging Markets Corporate Debt Strategy is a value-oriented fixed income strategy that seeks to maximize total return from income and price appreciation by primarily investing across the credit spectrum in the debt securities of emerging market corporate issuers. Investments are mostly denominated in U.S. currency, and include non-U.S. and/or local currencies. To help achieve its objective, the team follows a disciplined investment process that combines top-down country allocation with bottom-up credit analysis to identify undervalued Emerging Markets Corporate Debt securities.

 

1.5-2.5%
Expected Tracking Error
5-5.5 years
Typical Duration
5.5-6.5%
Typical Yield to Maturity
 
 
Investment Approach
Philosophy

The team generally looks to take advantage of investment opportunities across corporate, quasi-sovereign and to a lesser extent sovereign debt securities from Emerging Markets countries experiencing positive fundamental change. EM Corporate Debt seeks to provide investors the opportunity to capitalize on this progress as local companies become leaders in their domestic markets and relevant in the global credit arena. 

The team aims to capture the upside potential of Emerging Market Corporate Debt securities through:

  • Country and Security Analysis
  • Value Orientation
  • Credit Analysis

 

 
Differentiators
CUSTOMIZATION

We deliver our fixed income expertise in a customized, solutions-based approach that seeks to optimize the application of our global resources to the investment objectives of the individual client. Our team is client-centric in all aspects of the relationship.

RIGHT-SIZED

As an agile, mid-sized manager with a collaborative structure based on small teams of sector specialists, we are able to confidently implement differentiated investment themes across portfolios.

EXTENSIVE RESOURCES OF A GLOBAL FIRM

Our culture of collaboration across fixed income teams in New York, London, Singapore and Tokyo enables us to take a truly global approach in identifying opportunities to capture returns in major markets worldwide.

INTENSIVE RISK MANAGEMENT

We have been investing in fixed income assets since 1975 and have developed an intensive risk management framework that includes daily monitoring to ensure compliance with guidelines and to quantify portfolio risk exposures. At the firm level, our risk management team operates independently of business functions, which we believe provides us with a critical system of checks and balances.

 
 
 
Investment Process
1
Macro analysis

The team begins with a top-down analysis of the global macro environment, its impact on EM, and the market’s appetite for risk. The output of the analysis is an overall risk target for all of our portfolios relative to their respective benchmarks.

2
Sovereign analysis

The team’s objective is to analyze credit opportunities in countries identified as those exhibiting positive rates of change using frameworks that meld economic, political, and social assessments. In this process the team extends its analysis to determine how these factors may positively influence the overall business environment and support the credit worthiness of companies.

3
Credit analysis and industry outlook

The team reviews a variety of metrics to evaluate the credit worthiness of specific issuers taking into consideration the team’s sovereign views and additionally, the industry outlook for each issuer.

4
Security selection and portfolio construction

The team’s models provide perspective on market valuations in different cycles and time periods, enabling them to identify potential mispricing and alpha opportunities. Each potential security is analyzed through a variety of credit and valuation metrics. The team uses a Positioning & Sizing framework that takes into consideration the total return potential of investment alternatives, the volatility of returns and correlation of such potential positions to assess risk, and a conviction factor about the return/risk trade-off based on a comprehensive review of event risk (including near-term political factors) and the market technicals such as planned issuance, investors’ positioning, and outlook for asset class flows.

5
Risk management

Risk management is integrated throughout the team’s investment process. An independent team also monitors portfolio adherence to guidelines, overall risk levels, and composition.

EMCD-Investment_Process
 
 
Portfolio Managers  
Warren Mar
Managing Director
25 years industry experience
Eric Baurmeister
Managing Director
26 years industry experience
Sahil Tandon
Executive Director
16 years industry experience
Budi Suharto
Executive Director
12 years industry experience
 
 
 
 

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リスクについて

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受託資産の運用に係る費用について

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