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We recently travelled to Sub-Saharan Africa to undertake bottom-up research on a number of high yield sovereign credits, namely: Kenya, Zambia and Angola. Research trips, such as these, form a vital part of our investment process; particularly for countries where idiosyncrasies are the dominant d...
Persistent trade-related uncertainty and unrest in Hong Kong clouded the outlook for Asian growth in 2019. Bond yields were under downward pressure for much of the year and, in turn, fixed income markets in the region performed well.
In this Q2 2019 Quarterly Update we review the increasingly dovish attitudes adopted by central banks and the “whatever it takes” commitment to monetary stimulus, the general high yield market, our portfolio positioning and the top contributors and detractors from our five High Yield Fixed Income...
Risky assets (equities, commodities) across the board were weak in the fourth quarter and emerging market (EM) debt (JPM EMBI global diversified in US$) lost 1.25% in the quarter as the EM risk premium (spread) rose from 3.35% to 4.15%.
Asia is projected to become the oldest region in the world – by the 2030s, it will be home to around 60% of the world’s elderly. Jamie Grant, Head of Emerging Markets Debt and Asian Fixed Income at First State Investments, explains why these demographic shifts are expected to have a significant i...
2018 was a challenging year for all Emerging Markets (EM) assets and EM hard-currency debt was no exception: losses from higher US Treasury yields and higher EM risk premia outweighed the running yield and resulted in negative returns for the asset class.
The third quarter of the year was a highly eventful one during which the trade war between the US and China took a turn for the worse.
Emerging market (EM) debt (JPM EMBI global diversified in US$) markets experienced a volatile third quarter but delivered a positive return of 2.3% over the period as the EM risk premium (spread) fell from 3.69% to 3.35%.
The emerging market (EM) investment grade (IG) corporate bond market (USD) generated a 0.77% loss in the second quarter of 2018 based on the most widely tracked index, the JP Morgan CEMBI Broad Diversified IG index.
Emerging market (EM) debt (JPM EMBI global diversified in US$) recorded a 3.5% loss in the second quarter as the global environment became more challenging for EM countries.
There have been times, over the last couple of years, when we have felt like a complete muggle. Darker forces (QE and the rise of the machines), have clearly been in the ascendancy.
Government fiscal and debt metrics are strong but pro-growth fiscal policy risks deterioration. At the point they are forced into using fiscal buffers, the market will have repriced the risk sharply.
Global credit markets have been challenged in 2018 and spreads have widened. Asian issuers have not been immune from this volatility. Following another default by a Chinese issuer, we take stock of where markets are currently, what opportunities (if any) are present in the region, and outline how...
Access the benefits of diverse sources of growth in emerging markets and Asian fixed income.
Our actively managed, disciplined investment process combines top-down and bottom-up research. Our strategies aim to generate returns and preserve capital over a market cycle.
Emerging markets in fixed income offer a variety of sub-asset classes that can be invested in a standalone or a combined way, including sovereigns or corporate bonds, local or hard currency (USD), investment grade or high yield bonds and foreign exchange.
The quarter started with an upbeat tone amid synchronised global growth, however that dissipated very quickly.
Emerging market (EM) debt returned positively in the third quarter, with EM high yield (HY) continuing to outperform EM investment grade.
In 2017, Emerging Markets (EM) hard currency debt (JPMorgan EMBI Global Diversified) delivered a 10.3% return.
It was an eventful quarter, though most factors were negative which lead to continuous spread widening for almost the entire period. Some of the notable events which kept the market jittery were, tighter monetary conditions in US and Europe, relentless emerging markets outflows amid the stronger ...
Emerging markets debt and Asian fixed income is not just about the asset class, but the experience of the people investing in the asset class. Being on the ground in Asia since 1999, we believe we can deliver a more in-depth view of the many complexities of the region.