Local Currency Bond Strategy

Our analysis shows that much of the alpha generated by our global emerging market equity strategies comes from our top down analysis. Our fixed income proposition aims to leverage this expertise.

We differ from other managers in that we do not position portfolios from a global perspective but rather look for relative value between individual markets. We believe this approach allows us to outperform in many different market conditions.

Country selection is the key to our process. We seek to add value through scenario analysis that identifies countries with strong and improving positions, mispriced opportunities and potential investment risks. In an asset class where economies, markets and the political environment are inefficient, we believe we can add value through our fundamental active management.

• We aim to add value at country, yield curve and duration levels.
• Asset allocation is set at a monthly meeting with input from our fixed income and county specialists.
• Our experience in generating alpha through fundamental analysis is proven.
• We invest with conviction, allowing each holding to make a contribution to performance.