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Alternative Market Briefing

Manager expects more inflows into emerging market bonds

Monday, July 11, 2016

Benedicte Gravrand, Opalesque London for New Managers:

According to the managers of an emerging markets (EM) bond fund, Brexit has made EM bonds look more attractive, as central banks in developed countries should implement further monetary easing policies. Furthermore, there is less risk of a US rate hike - at least until the December meeting.

The fund in question is the Clarion Global Emerging Markets Bond Fund, which returned 2.48% in June, 8.76% YTD and 6.09% since its November 2015 inception. The Bloomberg USD Emerging Market Corporate Bond Index is up 10.8% YTD.

"Given the increase of political risk in Europe and the lack of yield in developed markets, we may see a crossover wave of more investment flows into EM triggered by the Brexit results," the investor letter says. "Although the Brexit story has more chapters ahead and we could see continued volatility in the markets, we expect inflow into the asset class as there are many opportunities in the EM bond space on a relative value basis."

The referendum results triggered a global risk off mode across world assets, but when markets realised the effects of Brexit would be tied to the UK and the EU, EM, commodities, and curren......................

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