Emerging Markets

The Emerging Market (EM) hard currency corporate debt universe provides investors the opportunity to access the fast-growing and economically diverse story of EM countries. The asset class aims to provide higher yields and a pick-up in spread when compared to similar-rated bonds in developed markets.

Our focus on hard currency corporate bonds enables us to avoid the additional volatility associated with local currency investments. We offer short or regular duration strategies, designed to suit different risk appetites. We also have a dedicated Asian credit strategy, an asset class we believe is under-researched by Western investors which could seek to provide an interesting proposition for investors looking for further diversification.

Our Advantage

Deep Credit Focus – in-depth fundamental credit analysis complemented by sovereign macro expertise
Strong Team – knowledgeable portfolio management team with language skills and regional specialities in the markets in which they invest
Long-Term Track Record – close to a decade of experience in Emerging Market credit

Capital at risk. The value of investments and the income from them may fall as well as rise and is not guaranteed. Investors may not get back the full amount invested. Past performance is not an indication of current or future performance.

Emerging Market Risk: Emerging markets are generally more sensitive to economic, social and political conditions than developed markets. Additionally, there may be insufficient buyers or sellers to allow the Fund to sell or buy investments readily.

“Emerging Market hard currency corporate debt is a multi-asset global opportunity set, providing investors the opportunity to rotate into different regions, sectors and sub-asset classes depending on their global economic outlook and expected rates trajectory”

Warren Hyland, Portfolio Manager

Our Strategies

Emerging Markets – Short Duration

Emerging Markets – Market Duration

Emerging Markets – Asia Credit Opportunities

Insights

May 14, 2026

EM monthly - A safe port in a storm: the resilience of Asian credit

Asian credit is defying a challenging global backdrop, standing out as a source of relative strength. Mel Siew discusses what’s driving resilience in today’s market.

May 11, 2026

The Structural Case for Emerging Market Credit

In the third and final episode of our podcast series exploring the opportunity set across emerging market credit, Warren Hyland, Head of Emerging Markets at Muzinich, concludes the series by examining the structural foundations supporting EM credit, from favourable technicals and attractive spread dynamics to strong corporate fundamentals and diversification benefits.

Apr 21, 2026

Icebreaker

Geopolitical shockwaves from the Iran conflict have exposed the Middle East to a severe stress test. But, beneath the surface, the region’s sovereign balance sheets, investor base and history of coordinated support suggest a resilience that sets it apart, positioning it more as an “icebreaker” than a casualty of tightening financial conditions, argues Warren Hyland.