Although the majority of investors have stayed clear of emerging markets, debt investors in these countries have reaped impressive rewards over the past year. How much further can this class run and who will win in the long term?
It is an interesting time to be an emerging debt manager when the asset class has come under such scrutiny from global investors. In recent years, it has felt like pleading the case of an unruly child who has some excellent qualities that have been undermined by recent behaviour but deserves another chance. With few opportunities offered by low global interest rates and re-pricing equity markets, there has been a renewed examination of the outperformance and merits of emerging debt over the past 10 years. While the performance is impressive, it remains surprising to those with memories ...
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