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The EMD managers outperforming Templeton's Hasenstab

Citywire Americas takes a look at the top performing managers in EMD over three years.

Enthusiasm for emerging market debt has not waned despite the US Federal Reserve raising rates and turbulence elsewhere in the market.

The asset class took in $3.43 billion over the course of February 2018 from yield-hungry investors.  

Investors are eyeing the sector as inflation rates in countries like Brazil continue to fall. The fact the US dollar has not strengthened off the back of Fed hikes also helps.

We delved into our data to find the top performing EMD local currency managers out of the 125 bond managers that Citywire tracks in this sector.

Over the past three years the average manager has returned 10.36% and has an average sector experience of 5.8 years.

Renowned EMD star Michael Hasenstab from Franklin Templeton makes the top five but his smaller rivals have led the way.

Click through to see the best performing portfolio managers.

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5. Michael Hasenstab  & Laura Burakreis

Funds: Templeton Emerging Markets Bond/Templeton Emerging Markets Local Currency Bond

As arguably the best-known manager in emerging market debt, Michael Hasenstab’s fund accounts for a significant portion of the assets in the category.

He has long used local and hard currency plays in his strategy and is known for taking high conviction bets. Brazil and Egypt are currently his top two country allocations.

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4. Kristin Ceva, Vladimir Milev & Darren Capeloto

Fund: Payden Global Emerging Markets Bond

Ceva, Milev and Capeloto work for Los Angeles-based Payden & Rygel Investment Management. In the fund’s latest commentary, the trio said that the Fed’s rate rises are ‘not expected to be a significant headwind for emerging market economies.’

Top country allocations in the fund are Brazil, Indonesia and Argentina.

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3. Thomas Delabre

Fund: H2O Multiemerging Debt

Launched in January 2015, the H2O Multiemerging Debt fund has been run by French manager Thomas Delabre since inception.

London-based H2O Asset Management is part of the Natixis brand. The fund aims to outperform its index by 2.5% using off-benchmark bets, investing in both government and corporate debt.

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2. Daniel Moreno

Fund: Mirabaud Global Emerging Market Bond

Daniel Moreno’s track record is mostly from his time at his former group Rubrics Asset Management, which he left in October last year to join Swiss outfit Mirabaud.

His new emerging market bond fund, launched the following month, currently has a low exposure to investment grade bonds and a low duration.

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1. Paul Nash

Fund: Amundi SF Emerging Markets Bond 2019

Paul Nash joined French group Amundi back in 2008 and works alongside Amundi Pioneer’s head of emerging market debt, Yerlan Syzdykov.

The fund was launched in 2014 as a five-year target-dated bond fund. It invests in more than 100 issuers from countries such as Turkey, Nigeria, Argentina and Brazil.

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