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Seven EMD managers you need to know

From champions in EM corporates to a rising star making waves in emerging Europe, Citywire Selector uncovers this month's ratings-worthy managers.

Market Overview

This month there were 84 managers who received a Citywire rating within the emerging market bonds asset class, in which a total of 9 AAA, 13 AA, 29 A and 33 + ratings were awarded.

Read on to uncover the top talent making waves by posting ratings-worthy performances in this hotly sought-after asset class.

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Market Overview

This month there were 84 managers who received a Citywire rating within the emerging market bonds asset class, in which a total of 9 AAA, 13 AA, 29 A and 33 + ratings were awarded.

Read on to uncover the top talent making waves by posting ratings-worthy performances in this hotly sought-after asset class.

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Highest New Entrant

Fund Manager: Eduardo Alhadeff, JP Morgan Asset Management

Rating: + rated in Bonds - Emerging Markets Global Corporates

Overview

Eduardo Alhadeff entered our analysis as the highest new entrant in the emerging markets asset class with the award of a Citywire + rating this month.

Over the last three years, Alhadeff has returned 17.04% while the average manager in the Bonds - Emerging Markets Global Corporates sector returned 12.34% in US dollar terms. The funds contributing to his positive risk-adjusted performance were the JPMorgan Emerging Markets Corporate Debt Fd;Select and JPM Emerging Markets Corporate Bond A Acc USD funds.

The JPM Emerging Markets Corporate Bond A Acc USD fund invests primarily in EM corporate debt, using financial derivative instruments where appropriate. The fund’s largest exposure is Brazil, which accounts for 34.25% of overall allocations and is nearly five percentage points higher than the benchmark.

The largest single holding is state-controlled Brazilian multinational corporation Petrobras. Two separate bonds feature in the top holdings, accounting for 2.5% and 1.3% of the portfolio with maturities of May 2026 and January 2021, respectively.

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Comeback Star

Fund Manager: Zara Kazaryan, Columbia Threadneedle Investments

Rating: + rated in Bonds - Emerging Markets Global Corporates

Overview

The comeback star for this month is Citywire + rated Zara Kazaryan, who received her last rating in November 2014. Her performance in the sector is drawn from the Threadneedle (Lux)-Emerging Market Corp Bond P fund, which has been under her stewardship since January 2012.

During the last three years, she returned 16.58% while the average manager in the Bonds - Emerging Markets Global Corporates sector returned 12.34% in US dollar terms.

The Threadneedle (Lux)-Emerging Market Corp Bond fund invests predominantly in US dollar-denominated debt and, through its bottom-up and fundamental investment approach, is currently finding most investment opportunities in energy companies. These account for 20.9% of the fund’s assets and is 4.3% overweight against the benchmark allocation.

The fund’s largest holding is Morocco-based OCP Group, which is one of leading global fertilizer companies and makes up 3.2% of the fund’s portfolio. The fund’s relevant index only has 0.2% exposure to BBB-rated OCP Group.

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One to Watch

Fund Manager: Ronald Schneider, Raiffeisen Capital Management

Rating: AA rated in Bonds - Emerging Markets Europe

Overview

The manager to watch this month is AA-rated Ronald Schneider, who has been consistently rated by Citywire since December 2014. Schneider returned 26.4% over the past five years, while the average manager returned 23.8% in US dollar terms.

The main contributor to his performance in the sector was the Raiffeisen-Osteuropa-Rent R A fund, which he has managed since August 2009.

The Raiffeisen-Osteuropa-Rent fund invests mainly in bonds issued in Central and Eastern Europe, with the fund’s largest country allocation being Turkey, which accounts for 27.3% of the portfolio. Schneider is also currently sees opportunities in Russia, where he currently invests 16.1% of the fund’s assets.

Commenting on one of the largest oil suppliers in the world, Schneider said Russia is benefiting from its current oil price stabilisation and any further recover in prices would support export countries.

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Rising Stars

Fund Managers: Phillip Blackwood, Jens Erik Boesen, Thomas Brund, Rune Juel Hansen

Rating: A-rated in Bonds - Emerging Markets Global Hard Currency

Moving up the ratings this month are co-managers Phillip Blackwood, Jens Erik Boesen, Thomas Brund and Rune Juel Hansen, who have risen from a Citywire + rating to A-rated this month. Their performance is drawn from the Sydinvest Hojrentelande A DKK Akkumulerende KL fund.

The three year numbers have seen the managers return 17.6%, while the average manager in the Bonds - Emerging Markets Global Hard Currency sector returned 12.4% in US dollar terms over the same time period.

The Sydinvest Hojrentelande A DKK Akkumulerende KL EUR fund invests mainly in high yield government bonds issued in dollars or euros from emerging markets across the world. The fund’s portfolio is diversified across different maturities with 5-10 years being its focal point accounting for 33.4% of the fund’s holdings. Latest data shows that Mexico, Turkey and Brazil are the three largest country exposures.

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Related Fund Managers

Eduardo Alhadeff
Eduardo Alhadeff
51/86 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 11.01%
Zara Kazaryan
Zara Kazaryan
34/86 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 12.83%
Alejandro Arevalo
Alejandro Arevalo
22/86 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 13.28%
Phillip Blackwood
Phillip Blackwood
143/172 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 5.89%
Jens Erik Boesen
Jens Erik Boesen
140/172 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 5.89%
Thomas Brund
Thomas Brund
142/172 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 5.89%
Rune Juel Hansen
Rune Juel Hansen
141/172 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 5.89%
Ronald Schneider
Ronald Schneider
10/15 in Bonds - Emerging Markets Europe (Performance over 3 years) Average Total Return: -1.03%
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