An investment director at GAM, Paul McNamara, is the lead manager on emerging market bond and currency long only and hedge fund strategies. He began his career as a lecturer at the University of Warsaw and began investing in emerging markets nearly 15 years ago. In this feature he shares his thoughts on emerging market debt investment opportunities...
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Q1 - In the context of allocating to the GAM Emerging Market Rates Hedge Fund- which countries qualify as „emerging market“ -and what are the criteria used? Can you share some examples of such “emerging” markets.
Q2 - Given that countries like Brazil and Mexico have just a few days ago, already sold their bonds at record low yields … the fact that borrowing costs are falling - where do you see the opportunities?
How investable is the proposition?
Q3 - How are you hedging out the risk that emanates from the developed world?
Q4 - How are you looking to manage „inflation“ related risk?
Potentially escalating oil prices and their impact on emerging market debt?
Q5 - Have you considered/or have you already allocated to (Chinese) Yuan denominated corporate bonds?
Q6 - What are the expected yields and durations you are looking at?