<!-- Swiftype Variables -->

White Papers

Rapid Evolution - 10 years of Investing in Emerging Markets Local Debt

In the decade since we launched our Emerging Markets Local Currency Bond Strategy, the asset class has evolved at a breathtaking pace.

Our experiences have confirmed our view that the most effective way to invest in emerging markets (EM) local debt is through active management, for three main reasons: (1) to take advantage of non-benchmark opportunities, (2) to benefit from differences in interest rate cycles between countries, and (3) to reduce currency risk.

We believe the factors that have given active management an edge over passive approaches to EM debt over the past decade will persist for the foreseeable future.

Growth dispersion between emerging markets countries looks set to continue, while inflation divergence between nations at different cyclical stages is also likely to remain. As long as this differentiation between EM countries is maintained, opportunities will continue to arise, providing active managers with greater flexibility to generate stronger returns.

  view more white papers

By downloading a white paper, you are agreeing to have your contact information shared with the content sponsor, who may then contact you.

All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

For more information on submitting a white paper, please contact Richard Scanlon at rscanlon@pionline.com or 212-210-0157.