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Emerging Markets Debt (EMD)
Corporate Debt
  • Our investment process is founded upon company and instrument-specific analysis, leveraging the deep credit skills of our global research team.
  • The investment process begins with a quantitative screen which utilizes a proprietary credit scoring system of most of the liquid corporate EM universe and plots this against relative spreads to develop a cheap-rich opinion. Spreads are reviewed on both a spread to risk-free rate as well as spread to sovereign basis.
  • The results of this quantitative analysis are then reviewed in light of qualitative elements such as instruments structure, quality of management, and forward looking analysis of the research team.
  • The resulting portfolio is reviewed with respect to concentration limits on a nominal basis as well as in comparison with the index and adjusted per portfolio manager and risk manager input.
  • The strategy will invest in global emerging market corporate bond and will use the CEMBI Broad Diversified (“CEMBI”) as its benchmark index.
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