Fund description
The Fund offers broad, diversified exposure to emerging debt markets through an active and disciplined investment process that spans hard currency sovereign, hard currency corporates and local currency investments.
Investment process
- Global Macro Analysis: Emerging markets debt opportunities are considered in relation to global economic, political and market conditions, including conditions within developed countries.
- Investability Analysis: Examine overall country risk to assess investable universe beyond the hard currency sovereign debt, which also helps determine the out-of-benchmark policy.
- Fundamental Analysis: Bottom-up fundamental analysis performed on all segments: hard currency sovereigns, hard currency corporates and local market debt.
- Relative Value Analysis: Relative value analysis provides an in-depth qualitative assessment of incremental yield versus incremental risk.
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Past performance is not a reliable guide to future performance. Fund returns include the reinvestment of dividends, interest, and other earnings and the deduction of Fund operating expenses and management fees. Returns do not reflect the deduction of taxes and/or redemption fees.
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An investment in the Fund is subject, among other risks, to market risk or the risk that stocks in the portfolio will decline in response to such factors as adverse company news or industry developments or a general economic decline. Concentration in specific sectors such as infrastructure-related securities may involve greater risk and volatility than more diversified investments including greater exposure to adverse economic regulatory, political, legal and other changes affecting such securities. Dividends are not guaranteed. Securities investments in certain markets present additional risks, including currency fluctuation, political and economic instability, lack of liquidity, and differing legal and accounting standards. These risks are magnified in emerging markets. Stocks of small- and mid-cap companies often experience sharper fluctuations than stocks of large-cap companies. The potential use of derivatives involves a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested. There is no guarantee that the Fund will meet its investment objective. Past performance is not a reliable guide to future performance.