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The views expressed are those of the author at the time of writing. Other teams may hold different views and make different investment decisions. The value of your investment may become worth more or less than at the time of original investment. While any third-party data used is considered reliable, its accuracy is not guaranteed. For professional, institutional, or accredited investors only.
First caught in the crosshairs of the COVID-19 crisis, then roiled by the Russia/Ukraine conflict and the onset of global monetary tightening, emerging markets (EMs) have experienced their share of challenges and volatility over the past few years. Despite the recent turmoil (or in some cases, because of it), we think now is an interesting and opportune time to consider investing in emerging local debt (ELD) markets. As we survey today’s ELD landscape, we see potentially positive trends across fundamentals, valuations, and technicals that we believe are likely to be supportive of these markets going forward.
ELD markets have two primary sources of investment returns: interest rates and currencies. Let’s look at both and how they factor into our current outlook for these markets.
At the asset class level, our views on the fundamental, valuation, and technical outlooks for ELD markets are generally positive. The market headwinds posed by today’s geopolitical and macroeconomic risks, while potentially formidable, do not by themselves detract from our conviction that some investors may benefit from having some portfolio exposure to both EM interest rates and currencies.
1Sources: JPMorgan, EM central banks, Wellington Management. | 2Source: JPMorgan.
February Fed meeting: Chair Powell strikes a more optimistic toneContinue reading
Why global investors should watch the Bank of JapanContinue reading
Financial Market Review — Fourth quarter 2022Continue reading
Monthly Market Snapshot — December 2022Continue reading
Spread the risk: Our top three fixed income diversifiers for 2023Continue reading
CLOs: Poised to outperform in 2023?Continue reading
Can US bank loans “carry” investors through 2023?Continue reading
February Fed meeting: Chair Powell strikes a more optimistic tone
The Fed just might still be able to engineer the hoped-for "soft landing" but it's not going to be easy, says Fixed Income Analyst Caroline Casavant.
Why global investors should watch the Bank of Japan
Macro Strategist John Butler explores why global investors should watch the Bank of Japan and what is likely to happen next.
Financial Market Review — Fourth quarter 2022
A quarterly update on equity, fixed income, currency, and commodity markets.
Monthly Market Snapshot — December 2022
A monthly update on equity, fixed income, currency, and commodity markets.
Spread the risk: Our top three fixed income diversifiers for 2023
Fixed Income Strategist Amar Reganti highlights three types of strategies that may be well positioned to provide fixed income portfolio diversification going forward.
CLOs: Poised to outperform in 2023?
Collateralized loan obligations (CLOs) have been sparking investor interest lately — and with good reason, say Investment Director Andrew Bayerl and Investment Specialist Celene Klimas.
Can US bank loans “carry” investors through 2023?
Fixed Income Portfolios managers Jeffrey Heuer, CFA and David Marshak and Investment Director Nick Leichtman describe what they see as the most prudent approach to the bank loans asset class in 2023 and why.
Take credit: Our five best credit market ideas for 2023
Fixed Income Strategist Amar Reganti highlights credit market opportunities that he expects to arise over the course of 2023, against a backdrop of slowing growth.
US recession risk: No longer if, but when and how bad
Portfolio Managers Brij Khurana, Brian Garvey, and Nick Petrucelli believe many observers are underestimating the severity of a potential US recession this year.
LDI in 2023: Ten questions corporate plan sponsors are asking
Members of our LDI Team address a range of topics that US corporate plans will be thinking about in the coming year, from the investment implications of pension accounting changes to the role of alternatives in a return-seeking portfolio.
Picture this: Our 2023 economic forecast in five charts
We explain the shifts the market is undergoing, analyze the implications for different asset classes, and identify potential risks and opportunities in a series of visuals.