Emerging Market Debt Indicator August 2020

This edition includes:

• Market review
• Top-down views and outlook
• Emerging market debt in the COVID era:
  To assess the ability of EM economies to weather the COVID-19 storm, we consider EM fundamentals from a fixed income investor’s perspective
• Portfolio positioning highlights
  An overview of our positioning in a selection of regions, countries and currencies

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Specific risks

Emerging market: 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.

All investments carry the risk of capital loss. The value of investments, and any income generated from them, can fall as well as rise and will be affected by changes in interest rates, currency fluctuations, general market conditions and other political, social and economic developments, as well as by specific matters relating to the assets in which the investment strategy invests. If any currency differs from the investor’s home currency, returns may increase or decrease as a result of currency fluctuations. Past performance is not a reliable indicator of future results.