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Emerging Markets Investment Grade Corporate Debt Strategy

Fundamentally driven value investing in the best investment grade EM corporate debt opportunities

Strategy overview

Investment Approach
Rigorous approach to bottom-up selection, driven by views of global sector specialists. Proprietary ESG analysis and process embeds ESG risk management into portfolio construction

Investment Opportunity
To take advantage of mispricing and inefficiency in the EM corporate investment grade debt universe

Investment Universe
Broad and diverse range of investment-grade EM corporate bonds

Victoria Harling

Portfolio Manager

Alan Siow

Portfolio Manager

Strategy overview

Investment Approach

Rigorous approach to bottom-up selection, driven by views of global sector specialists. Proprietary ESG analysis and process embeds ESG risk management into portfolio construction

Investment Opportunity

To take advantage of mispricing and inefficiency in the EM corporate investment grade debt universe

Investment Universe

Broad and diverse range of investment-grade EM corporate bonds

Victoria Harling

Portfolio Manager

Victoria is Chief Investment Officer, Middle East - Fixed Income at Ninety One, and also leads the Emerging Market Corporate Debt team. Victoria has developed one of the largest by AUM and highly respected EM corporate debt capabilities industry-wide including a strong EM Corp Debt insurance solutions business. Within her role, Victoria is responsible for managing our flagship EM Corporate Debt, EM Corporate Investment Grade and EM Transition Debt strategies. Victoria has been acknowledged for her achievements over several years and regularly ranks in the top 5 and top 10 of the Female Alpha Awards. Having worked in the EM Corporate asset class largely since inception, Victoria has established influential relationships with issuers and stakeholders across the universe. Before she joined Ninety One, Victoria worked on the EM debt trading desk at Nomura International and on the capital markets team at Standard Bank. She also had positions at Rand Merchant Bank, Whitebeam Capital and Henderson Global Investors where she managed long-only and hedge fund EM debt strategies. Victoria graduated from Leeds University with a Bachelor of Science degree in Biochemistry with Molecular Biology and has passed Level III of the CFA® Charterholder qualification.

Alan Siow

Portfolio Manager

Alan is co-head of Emerging Markets Corporate Debt and co-portfolio manager of the Emerging Markets Corporate Debt, Emerging Markets Investment Grade Corporate Debt, Emerging Markets Transition Debt, Asian Dynamic Bond and All China Bond strategies. He also serves as an independent member of the European Credit Opportunities Investment Committee. Prior to joining the firm, Alan worked at BlueBay Asset Management where he was a portfolio manager specialising in Emerging Markets. From 2008 to 2011 Alan worked at Alchemy Special Situations as an executive responsible for European distressed debt and special situations investing. Prior to Alchemy, Alan was a vice president in fixed income at Citigroup Salomon Smith Barney. Alan started his career at Deloitte in Australia. Alan graduated with a Bachelor of Commerce, first class honours in Accounting and Finance degree from the University of Western Australia and completed a Masters in Business Administration at INSEAD, France. He also qualified as a Chartered Accountant (Australia and New Zealand).

The role the strategy can play in portfolios

A core fixed income allocation

The higher yield premium and lower duration of the asset class can provide a bigger cushion against rate rises than developed peers

Broad and diversified EM exposure

Provides access to a broad range of opportunities, spanning sectors and regions

A complement to DM credit

Seeks to benefit from EM credit's higher spread and superior risk/return profile for comparable DM credit quality

Access to EM's yield pick up

Aims to provide total returns from both capital appreciation and coupon payment, and harness EM's yield pick up

Investment Philosophy

01

We are fundamentally driven value investors. We take a global sector approach, which we believe, combined with a regional perspective overlay, deepens our analysis

02

A detailed bottom-up analysis of companies is essential to managing the downside risk of investment grade EM corporate debt and assess value

03

Following our Compelling ForcesTM approach can provide a sustainable, repeatable way to invest successfully in this space

04

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

Performance

Trailing Returns

Calendar Year Returns

Portfolio & Holdings

Date as of 30/04/2026

Credit breakdown (%)

Currency positions (%)

Geographic breakdown (%)

Maturity profile (%)

Sector breakdown

Top holdings (%)

Top & bottom sector weightings vs comparative index (%)

Portfolio statistics

Strategy

Index

AAA

11.1

BBB

82.2

0.1

Cash and near cash

4.6

*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.

Credit breakdown (%)

AAA

Strategy: 0%

Index: 0.4%

AA

Strategy: 2%

Index: 9.3%

A

Strategy: 11.1%

Index: 34.7%

BBB

Strategy: 82.2%

Index: 55.6%

C

Strategy: 0.1%

Index: 0%

Cash and near cash

Strategy: 4.6%

Index: 0%

*Bond ratings are Ninety One approximations.

Currency positions (%)

US Dollar

Strategy Duration Contribution: 5.8%

Strategy NAV %: 99.9%

Index NAV %: 100%

Euro

Strategy Duration Contribution: 0%

Strategy NAV %: 0.1%

Index NAV %: 0%

Geographic breakdown (%)

Mexico

Strategy: 11.6%

Index: 4.6%

Latin America

Strategy: 39.2%

Index: 0%

Asia

Strategy: 24.3%

Index: 0%

Saudi Arabia

Strategy: 9.4%

Index: 7.3%

Brazil

Strategy: 8.8%

Index: 3.2%

Chile

Strategy: 8.8%

Index: 4.8%

Africa

Strategy: 5.7%

Index: 0%

Europe

Strategy: 4.6%

Index: 0%

U.A.E.

Strategy: 7.3%

Index: 5.9%

Hong Kong

Strategy: 6.1%

Index: 7.4%

Emerging Markets

Strategy: 0%

Index: 85.3%

Far East ex Japan

Strategy: 0%

Index: 12.6%

Peru

Strategy: 6.1%

Index: 2.3%

Indonesia

Strategy: 5.3%

Index: 3.5%

India

Strategy: 4.7%

Index: 3.7%

South Africa

Strategy: 4.1%

Index: 4.2%

Colombia

Strategy: 3.8%

Index: 0.6%

Kazakhstan

Strategy: 2.5%

Index: 1.8%

Macao

Strategy: 2%

Index: 2.2%

Malaysia

Strategy: 1.7%

Index: 1.9%

South Korea

Strategy: 1.7%

Index: 7.1%

Thailand

Strategy: 1.7%

Index: 3.9%

Kuwait

Strategy: 1.6%

Index: 3.3%

Morocco

Strategy: 1.6%

Index: 1.8%

Poland

Strategy: 1.4%

Index: 0.5%

Oman

Strategy: 1.1%

Index: 0.2%

Other

Strategy: 4.1%

Index: 29.8%

Other

Strategy: 21.6%

Index: 2.1%

Cash and near cash

Strategy: 4.6%

Index: 0%

Cash and near cash

Strategy: 4.6%

Index: 0%

Maturity profile (%)

0 - 1 year

Index: 4.7%

NAV: 4.6%

1 - 3 years

Index: 25.5%

NAV: 0.7%

3 - 5 years

Index: 24.6%

NAV: 28.5%

5 - 10 years

Index: 25.7%

NAV: 39.4%

10 - 20 years

Index: 8.2%

NAV: 13.8%

20 years +

Index: 11.3%

NAV: 13%

Sector breakdown

Financial

DurationContribution: 1.1%

NAV %: 28.2%

Utilities

DurationContribution: 1.3%

NAV %: 21.8%

Metals & Mining

DurationContribution: 0.7%

NAV %: 8.9%

TMT

DurationContribution: 0.5%

NAV %: 7.4%

Consumer

DurationContribution: 0.5%

NAV %: 7.2%

Oil & Gas

DurationContribution: 0.6%

NAV %: 7.1%

Real Estate

DurationContribution: 0.3%

NAV %: 4.8%

Industrial

DurationContribution: 0.4%

NAV %: 4.6%

Infrastructure

DurationContribution: 0.3%

NAV %: 3.6%

Pulp & Paper

DurationContribution: 0.1%

NAV %: 1.8%

Cash

DurationContribution: 0%

NAV %: 4.6%

Top holdings (%)

Adani Electricity Mumbai Ltd 3.949 Feb 12 30

AIA Group Ltd 5.375 Apr 05 34

1.9%

Bank Mandiri Persero Tbk Pt 5.25 Apr 10 31

1.8%

Star Energy Geothermal Darajat Ii / Star Energy Geothermal Salak 4.85 Oct 14 38

1.8%

Aldar Properties Pjsc 6.6227 Apr 15 55

1.7%

Saudi Awwal Bank 5.947 Sep 04 35

1.7%

Sitios Latinoamerica SAB DE CV 5.375 Apr 04 32

1.7%

Sands China Ltd 3.25 Aug 08 31

1.7%

Genm Capital Labuan Ltd 3.882 Apr 19 31

1.7%

Niagara Energy Sac 5.746 Oct 03 34

1.6%

Top & bottom sector weightings vs comparative index (%)

High Yield Corporate

-0.8%

Emerging Market Hard Currency Debt

-1%

Investment Grade Corporate

-80.9%

Portfolio statistics

Average credit rating: BBB

Average maturity (years): 8.40

Number of bond holdings: 114

Modified duration (years): 5.80

Yield to maturity (%): 5.80

Why Ninety One for Emerging Markets Investment Grade Corporate Debt Strategy

01

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

02

Our systematic and disciplined approach identifies a wide range of opportunities and mitigates a number of potential risks

03

We have an experienced professional team dedicated to EM credit

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
Credit
Currency
USD
Inception date
01/06/2013

Team
Fixed income team
Geographical Focus
Emerging Markets
ESG Classification
Enhanced Integration
Comparative Benchmark
JPM CEMBI Broad Diversified Investment Grade

Contact our client service teams.

Get in touch

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

Fixed income team

Emerging Markets Investment Grade Corporate Debt Strategy

Strategy overview

Victoria Harling

Portfolio Manager

Alan Siow

Portfolio Manager

The role the strategy can play in portfolios

A core fixed income allocation

Broad and diversified EM exposure

A complement to DM credit

Access to EM's yield pick up

Investment Philosophy

01

02

03

04

Why Ninety One for Emerging Markets Investment Grade Corporate Debt Strategy

01

02

03

04

Asset Subclass

Currency

Inception date

Team

Geographical Focus

ESG Classification

Comparative Benchmark

Contact our client service teams.