Werner Gey van Pittius is Co-Chief Investment Officer, Fixed Income at Ninety One. In this role he jointly oversees the firm’s global fixed-income platform, shaping strategy, portfolio management and research across the asset class. He is co-portfolio manager of the Emerging Markets Hard Currency and Local Currency strategies.
Werner has been instrumental in developing Ninety One’s sovereign and foreign exchange platform. Before relocating to London with Ninety One, he worked as a fixed income quantitative analyst in Cape Town, where he also managed the firm’s asset and liability matching book. Prior to joining Ninety One, he played professional rugby alongside his academic studies.
Werner holds a Bachelor of Commerce in Insurance Science from the University of Pretoria, a Bachelor of Commerce (Hons) in Financial Economics from the University of Stellenbosch and a Master of Science in Applied Statistics from the University of Oxford. He also holds the Society of Technical Analysts diploma and is a CFA® Charterholder.
EM debt has become an important component of the global debt market. The transformation has resulted in robust credit quality across a highly diverse opportunity set that’s ripe with alpha-capture potential.
Tailwinds and opportunities in EM hard currency debt
A variety of dynamics point to a stronger investment case and good entry point into the asset class.
Time to take a closer look at EM hard currency debt
The EM hard currency debt market has grown and evolved significantly to become a broad and diversifying opportunity set. With favourable characteristics and supportive structural and cyclical dynamics, we think now is a good time for investors to take a closer look at the asset class.
Compelling valuations and solid foundations
A challenging year for EM debt has seen yields and spreads approach historic highs and valuations reach post-global financial crisis lows. Coupled with generally good macro fundamentals and significant IMF support for more vulnerable economies, this leaves Peter Eerdmans and Werner Gey van Pittius optimistic over the outlook for the asset class.
Deep discounts and heightened diversity provide a rich hunting ground
Fear was a key driving force of investor behaviour in 2022. This resulted in some major dislocations of asset prices relative to fundamentals. Active investors should look to harness these, explain Werner Gey van Pittius, Victoria Harling and Archie Hart.