The Emerging Markets Debt Strategy aims to outperform its blended benchmark (50:50 JP Morgan Hard Currency: Local Currency GBI EM GD/EMBI GD) by 1.5% p.a. (gross) and produce a long term positive total return. It is managed by a talented, highly experienced team of five investors and one dedicated trader. The team also leverage TT’s wider ecosystem consisting of twelve EM Equity experts, five traders and sixteen additional investment professionals.
EM Debt as an asset class has grown and matured over the years, with EM economic fundamentals improving markedly. In many cases, fundamentals are akin to – or even better than – those in Developed Markets, meaning the asset class is becoming increasingly mainstream. Against this backdrop, access to information has proliferated and Emerging Markets have become more efficient, meaning outperformance based solely on fundamental analysis is increasingly challenging.
In our view, this new paradigm suits truly active, nimble and contrarian processes that focus on overlooked, mispriced areas of the market. With this shifting backdrop in mind, we built our EM Debt process around a number of key convictions and areas of differentiation:
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TT
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