Following the launch of the Emerging Market Total Return Debt Fund on 29th September, Steve Ellis, Portfolio Manager, will discuss Fidelity’s flexible approach to investing in Emerging Market Debt. Steve will discuss the benefits of a benchmark agnostic strategy while outlining the Fund’s investment process and current positioning. Against an uncertain macro backdrop, Steve will further share his market outlook for next year and highlight where he sees the most compelling opportunities.Read more >
Join Babson's emerging markets fixed income portfolio managers to discuss how the macroeconomic environment is impacting the short-term and long-term trends driving emerging markets debt.
Dr. Ricardo Adrogué, Babson’s Head of Emerging Markets Debt, Cem Karacadag, Emerging Markets Sovereign Debt portfolio manager, and Natalia Krol, a credit analyst with the Emerging Markets Corporate team, will provide insights into their respective asset classes and discuss how Babson is seeking value in today’s markets.
Dr. Ricardo Adrogué is Head of Babson's Emerging Markets Debt Group. He is also lead portfolio manager for the firm's Emerging Markets Local Debt strategy, and co-portfolio manager for the firm's Emerging Markets Sovereign Hard Currency Debt, Blended Total Return Debt Strategy and Short Duration Bond Strategies. Ricardo holds a B.A. in Economics from the Universidad Católica Argentina, an M.A. in Economics and a Ph.D. from the University of California, Los Angeles.
Cem Karacadag is co-manager of Babson’s Emerging Markets Sovereign Debt strategy and backup manager for the firm’s Local Debt strategy. Cem has 20 years of industry experience that has encompassed sovereign credit analysis, macroeconomic policy research and advice, and emerging markets fixed income strategy. Cem holds a B.A. in Economics from Tufts University and an M.A. in International Economics and European Studies from Johns Hopkins University.
Natalia Krol is a credit analyst with Babson’s Emerging Markets Corporate team in London, focusing on CEEMEA and Asia corporates. Prior to joining the firm in 2014, Natalia spent 3 years at Schroders in London, covering resources and capital goods sectors across EM, high yield and investment grade. Between 2002-2010, Natalia was a European high yield analyst at Barclays Capital in London. Natalia holds a MSc in Accounting and Finance from London School of Economics and a BSs in International Economics from Plekhanov Russian Economic Academy.
Please join Steve Ellis in this regular webcast as he looks to explain Fidelity’s Emerging Market Debt team’s views on why, in a low yield world and despite soft fundamentals, emerging market debt continues to offer an attractive income for an acceptable level of risk. The asset class has enjoyed a strong start to the year, with the supply/demand imbalance created by inflows and limited debt issuance leading yields to come in. This has resulted in an approximate 4% return for hard currency debt over the year to date. Local currency sovereign debt currently yields around 6.4%, US dollar-denominated sovereign debt yields 5.7% and US dollar-denominated corporates yield 5.2%. This compares very favorably to yields on offer from various asset classes in the developing world; particularly when considering a significant proportion of this universe is rated investment grade.
Emerging markets can throw up opportunities where one might least expect to find them. Please join Steve Ellis in discovering where the market opportunities lie.
London-based Portfolio Manager Kirstie Spence discusses our approach to Emerging Markets Debt fund and how it has evolved as an asset class.
Capital Group is one of the world’s largest independent investment managers. Throughout our 80-year history, our aim has always been to deliver superior, consistent results for long-term investors. Investment management is our only business. Our video and webcast channel enables UK and European professional investors to hear the latest views from our Portfolio Managers and Investment Specialists on the current investment landscape and stay up-to-date with our fund range.
The last quarter of 2014 saw Emerging Market Debt being buffeted by rapidly evolving news headlines. Falls in the global oil price, slides in the Russian economy and continued speculation over potential Venezuelan and Ukrainian debt defaults all added up as a headwind to EM debt investor sentiment. News headlines surrounding EM drove international investor positioning to recent lows which saw valuations overshoot the team’s fundamental indicators. Steve Ellis looks to discuss with investors on why his team have reversed their fundamental underweight position and become selectively bullish on Emerging Market Debt. Steve will also look to provide his team’s thoughts on why the slide in the global energy markets will likely help support global growth over the medium term.
Finally, much of the news headlines have not all emanated from the EM world. After the ECB announcement of QE and the Swiss National Bank (SNB) cutting rates into negative territory, other Developed Market (DM) economies including Sweden, Denmark and Canada followed suit with dovish rate cuts of their own. Driven by these negative global interest rate wars, Steve looks to provide his thoughts on why this policy action creates further room for the continuation of the longer term “search for yield” theme and why Emerging Market Debt is primed to benefit from this ongoing trend.