Emerging Markets Hard Currency Debt Strategy

A diversified portfolio comprising our best ideas from across the broad and diverse hard currency debt market.

A diversified portfolio comprising our best investment ideas

The Strategy aims to provide income and generate long-term capital gains by selectively investing in debt issued by emerging market borrowers and denominated in the world’s major currencies.
Key Features
  • Our well-resourced team of experts spans all emerging market regions, including frontier markets. This helps us to harness the fullest range of opportunities from this diverse and expanding investment universe.
  • We focus on bottom-up investment decisions based on the relative strengths of individual countries. We believe this approach leads to a more consistent performance path than top-down investment decisions.
  • Although we invest with conviction, we never compromise on diversification: the portfolio comprises our best ideas from across the investment universe.
This investment universe is richly diverse, with much to offer discerning investors. Broad and deep expertise is vital for success.
Werner Gey van Pittius
Thys Louw

Investment approach


Our best-in-class sovereign credit toolkit – ranging from detailed debt sustainability analysis tools and budget tracking to quant models that harness big data sets – helps our specialists pinpoint the best investment ideas.


In-line with our ‘compelling forces’ framework, we place a strong emphasis on peer-reviewed credit fundamentals, complimented by the analysis of valuations and market behaviour dynamics.


While always ensuring portfolio diversification, we are not afraid to invest where we have conviction. Equally, if we do not think a country’s bonds will outperform, we do not own them.

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General risks. The value of investments, and any income generated from them, can fall as well as rise. Costs and charges will reduce the current and future value of investments. Past performance does not predict future returns. Investment objectives may not necessarily be achieved; losses may be made. Target returns are hypothetical returns and do not represent actual performance. Actual returns may differ significantly. Environmental, social or governance related risk events or factors, if they occur, could cause a negative impact on the value of investments.

Specific risks. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise. Emerging market (inc. China): These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

Important information
This communication is provided for general information only should not be construed as advice.

All the information in is believed to be reliable but may be inaccurate or incomplete. The views are those of the contributor at the time of publication and do not necessary reflect those of Ninety One.

Any opinions stated are honestly held but are not guaranteed and should not be relied upon.

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