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The five best EMD managers revealed

While managers are having a hard time differentiating themselves from the benchmark, one high-conviction EMD expert is blazing a trail.

Despite uncertainty over how a new, more protectionist US administration will impact emerging markets, EMD is where Latin American investors have said they will continue to allocate their assets.

In a recent poll at our Citywire Miami event, 42% of the 140 investors present said they would be increasing their bond exposure to EMD in 2017.

While the sector took a hit after Donald Trump’s win, it’s had a decent recovery since and is still much better off than it was about a year ago.

Looking at hard currency EMD specifically, investor’s main factors to watch are dollar strength and the continuing recovery of emerging market economies.

In our latest analysis of the sector, Citywire Americas discovered there was one French manager leaving his EMD rivals in his wake, which is exceptional considering even some of the best performing are hugging the benchmark.

Click through to see the top five EMD hard currency managers in the Citywire database who beat their 88 peers for performance over a five year period ending in December 2016.

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5. Michael J. Conelius

T Rowe Emerging Markets Bond

Kicking off the list is Citywire A-rated Michael Conelius, who has just about beat the benchmark over five years. Conelius, who’s been with T. Rowe Price since 1988, has managed the firm’s $6.4 billion emerging market debt strategy since its inception in 1994. Nearly half the fund is invested in Latin America, with Brazil and Venezuela the top overweights. The fund’s assets are also nearly 70% in high yield bonds.

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4. Yerlan Syzdykov

Pioneer Funds Emerging Markets Bond, Pioneer Funds Em Short-term A Nd USD Markets

Head of emerging markets for Pioneer Investments, Yerlan Syzdykov joined the group in 2000. The Citywire-A rated manager leads Pioneer’s $3.7 billion emerging markets debt fund, which invests in corporate debt in the region. As of the end of December the fund had 431 holdings in 240 corporations, such as Latin American oil companies Petroleos de Venezuela and Petroleos Mexicanos.

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3. Bart Van Der Made

Neuberger Berman Em Debt Hard Currency USD A Acc

Norwegian-born, Netherlands-based Bart van der Made joined Neuberger Berman in March 2013 after a decade with ING Investment Management. His top country allocation going into 2017 is Argentina, making up 6.57% of the Neuberger Berman EM Debt Hard Currency fund, which he’s been running since its launch in May 2013 alongside Rob Drijkoningen and Gorky Urquieta.

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2. Luc D’Hooge

Vontobel Fund Emerging Markets Debt B (USD)

The second manager on our list started out as a geologist in Brussels before taking up a career in investment in 1993. Citywire A-rated Luc D’Hooge joined Swiss asset manager Vontobel in 2013. He focuses on low-risk trades while also taking advantage of abnormalities caused in the sector by non-dedicated investors who all too often react disproportionately to news. His biggest bets at the moment are Indonesia and Mexico.

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1. Jean-Jacques Durand

Edmond De Rothschild Fund-Emerging Bonds A USD H

Our runaway leader is Jean-Jacques Durand, who has been managing Edmond de Rothschild’s emerging market bonds strategy since September 2011. Durand acknowledged his outperformance in his latest commentary, but cautioned that his fund is only for investors who can take short-term pain. Nearly a quarter of his portfolio is in Venezuelan debt, more than nine times the benchmark’s 2.54%.

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Related Fund Managers

Michael J. Conelius
Michael J. Conelius
4/108 in Bonds - Emerging Markets Global Hard Currency (Performance over 3 years) Average Total Return: 23.14%
Events
  • Citywire Latin America 2017

    Citywire Latin America 2017

  • Citywire Miami 2017

    Citywire Miami 2017

  • Citywire Santiago 2017

    Citywire Santiago 2017

  • Citywire Mexico 2017

    Citywire Mexico 2017

  • Citywire Miami 2017

    Citywire Miami 2017

  • Citywire New York 2016

    Citywire New York 2016

  • Citywire New York 2016

    Citywire New York 2016

  • Citywire Mexico 2016

    Citywire Mexico 2016

  • Citywire Mexico 2016

    Citywire Mexico 2016

  • Citywire Panama 2016

    Citywire Panama 2016

  • Citywire Latin America 2016

    Citywire Latin America 2016

  • Citywire Latin America 2016

    Citywire Latin America 2016

  • Citywire Miami 2016

    Citywire Miami 2016

  • Citywire Miami 2016

    Citywire Miami 2016

  • Citywire Panama 2016

    Citywire Panama 2016

  • Citywire New York 2015

    Citywire New York 2015

  • Citywire New York 2015

    Citywire New York 2015

  • Citywire New York 2015

    Citywire New York 2015