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        Emerging Market Debt: Enhancing a Global Bond Portfolio

        Michele Anne Barlow
        Head of Strategy & Research, APAC

        Over the last two decades, the emerging market debt (EMD) market has grown significantly. It now accounts for over 28% of the global bond market,* while trading liquidity has improved. We think this makes it too big for global bond investors to ignore.

        In this white paper, we explore why EMD can provide an attractive yield pick-up from investment grade bonds, while its lower correlation and higher growth factor exposure compared to global aggregate bonds can offer diversification benefits. Our analysis, both on a historical and forward-looking basis, shows that incorporating 10% hard currency EMD into a global bond unhedged portfolio could increase the portfolio return without significantly reducing return/risk ratio for a USD investor.

        Download the paper

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