Capital at risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
- Focus primarily on sovereign debt denominated in the currencies of the respective emerging countries.
- Integrate proprietary credit research and relative value analysis.
- Establish independent credit rating by country.
- Add value through active country, currency and individual security selection decisions.
- Limit risk through diversification.
- Employ long-term investment horizon combined with low portfolio turnover.
- Higher concentration portfolio structure: typically 100-150 securities
- Duration bands: managed within +/- 2 years of the benchmark
- Average Credit Quality: BBB
- Country exposure maximum 30% per country
- Target tracking error: 200-400 bps
Past performance does not predict future returns.