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We believe that our “Core-Satellite“ approach to emerging market (EM) debt, comprising of beta (benchmark replication) and excess return generating investments, can capture more of the asset class risk premia.
The strategy expects to generate its excess return from the tactical allocation of the portfolio by focusing on three distinct sources: 1.) Technical 2.) Relative Value, and 3.) Special Situations.
By owning a mix of long-duration emerging market bonds and tactical positions, we believe our strategy can capture attractive risk-adjusted returns.
The strategy focuses on investing in the best value relative to risk and can utilize local bonds and interest rate derivatives to capture opportunities. The core portion of the portfolio focuses on EM hard currency credits which offer an attractive risk-adjusted premia.
The team uses our proprietary Aperture Country Risk Index (the “ACRI”) to perform analysis on over 75 countries by leveraging statistically significant macroeconomic variables. Our model is highly correlated with credit rating agency methodologies but uses more frequent and forward-looking data to make the output actionable.
Emerging markets are inherently volatile, but our strategy attempts to produce all-weather, idiosyncratic returns with low portfolio volatility while pursuing positive returns.
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