Fixed income team
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Emerging Markets Hard Currency Debt Strategy

High conviction investing in a diverse opportunity set

Rose quartz

Featured insight

Deliberating EM debt

Our EM debt team tackles the topics that are top of investors’ minds and provides insights for asset allocators currently deliberating EM debt.

Strategy overview

Investment Approach
Bottom-up high-conviction ideas are used to build the portfolio in line with top-down targets. Proprietary ESG analysis and process embeds ESG risk management in portfolio construction

Investment Opportunity
Seeking to tap into the best opportunities across the EM hard currency debt investment universe

Investment Universe
Full EM hard currency debt universe with opportunistic allocations to corporate debt

Werner Gey van Pittius
Co-Chief Investment Officer, Fixed Income
Thys Louw
Portfolio Manager

The role the strategy can play in portfolios

Exposure to EM opportunity set

Exploits the full range of opportunities across the emerging-frontier market spectrum

Access to EM's yield pick-up

Harnesses yield pick-up, which is often accompanied by superior fundamentals for comparable credit quality

Return-enhancing potential

Combines bottom-up selection and risk-unit portfolio construction to target superior risk-adjusted returns

Diversified and diversifying

High conviction investing in a low correlation asset class, never compromising on portfolio diversification

Investment Philosophy

01

We are active managers and believe the large disparity of returns between countries provides opportunities for outperformance

02

A detailed bottom-up analysis of Sovereigns is essential to managing the downside risk and assess value

03

We believe three Compelling ForcesTM are key market drivers: economic fundamentals, valuation and market behaviour

04

The investment team and its structure is as important as the process

Performance

Portfolio & Holdings

Date as of 30/04/2026
Strategy
Index
AA
A
16.6
BBB
25.4
BB
25.8
B
12.7
CCC
13.3
C
0.9
D
1.5
Not Rated
Cash and near cash
3.8
*Bond ratings are Ninety One approximations.
Based on a related portfolio within the strategy with substantially similar objectives, policies and strategies as those of the services being offered. The portfolio may change significantly over a short space of time. This is not a buy, sell or hold recommendation for any particular security. For further information on Indices and Specific Portfolio Names, please reference the sections here.

Why Ninety One for Emerging Markets Hard Currency Debt Strategy

01

Our EM heritage gives us a rich and differentiated perspective on this diverse opportunity set

02

Our holistic approach ensures our top-down asset allocation is optimally expressed through our best bottom-up ideas

03

We aim to stay ahead of an evolving universe through our proprietary innovation to deliver strong client outcomes

04

We are thought leaders in EMD and provide clients with insights on key events and their investment impact, proprietary research and ESG information

Strategy literature

Key facts

  • Asset Subclass

    Sovereign & Credit

  • Currency

    USD

  • Inception date

    01/05/2011

  • Team

    Fixed income team

  • Geographical Focus

    Emerging Markets

  • ESG Classification

    Enhanced Integration

  • Comparative Benchmark

    JPMorgan EMBI Global Diversified

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The content of this website is made available for informational purposes only and should not be construed as an offer, marketing, solicitation or investment advice with respect to any investment products or services. The website has not been reviewed or approved by any regulatory authority and may contain information with respect to investments products that may not be registered in some jurisdictions.

Although we believe any information obtained from external sources to be reliable, we have not independently verified it, and we cannot guarantee its accuracy or completeness (ESG-related data is still at an early stage with considerable variation in estimates and disclosure across companies. Double counting is inherent in all aggregate carbon data).

Any decision to invest in the Strategy described should be made after reviewing the offering document and conducting such investigation as an investor deems necessary and consulting its own legal, accounting and tax advisors in order to make an independent determination of suitability and consequences of such an investment. This material does not purport to be a complete summary of all the risks associated with this Strategy. A description of risks associated with the Strategy can be found in the relevant offering or other disclosure documents where applicable. Copies of such documents are available upon request.

Additional information on our investment strategies not found here (ninetyone.com/-/media/documents/miscellaneous/91-further-information-en.pdf) may be provided on request.

For more information on our Ninety One ESG Classification, please click here