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We believe that our “Core-Satellite“ approach to emerging market (EM) debt, comprised of beta (benchmark replication) and excess return generating investments, can capture more of the asset class risk premia without taking excessive US duration risk.
The strategy expects to generate its excess returns 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 short-duration emerging market bonds and tactical positions, we believe our strategy can capture attractive risk-adjusted returns.
We selected our chosen benchmark for its history of lower drawdown risk and realized volatility relative to other major emerging market debt benchmarks with comparable returns. Additionally, it offers a broader investment universe of sovereign, quasi-sovereign, and corporate issues. The core portion of the portfolio focuses on EM hard currency credits which offer attractive risk-adjusted premia.
The strategy expects to generate its excess returns from the tactical allocation of the portfolio by focusing on three distinct sources: 1.) Technical 2.) Relative Value, and 3.) Special Situations.
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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