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Investment views

Emerging Market Debt Indicator

20 September 2019

Focus topic:

Summer shake-up: Argentine voters surprise investors.

Positioning highlights

We have recently increased our underweight in Korea to reflect the deterioration in the trade negotiations and Japan’s recent decision to tighten export rules has added further pressure on the Korean won.

As bond yields in Peru continued to fall on low inflation, lower growth forecasts and the expectation of renewed easing by the central bank, we used the opportunity to trim our overweight bond position.

Central European economies have shown remarkable resistance to the slowdown in the Euro area; we maintain our overweight exposure in our high conviction markets including Croatia and Georgia.

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Emerging market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems. Investments carry a risk of capital loss.

Important Information

This material is for informational purposes only and should not be construed as an offer, or solicitation of an offer, to buy or sell securities. All of the views expressed about the markets, securities or companies reflect the personal views of the individual fund manager (or team) named. While opinions stated are honestly held, they are not guarantees and should not be relied on. Investec Asset Management in the normal course of its activities as an international investment manager may already hold or intend to purchase or sell the stocks mentioned on behalf of its clients. The information or opinions provided should not be taken as specific advice on the merits of any investment decision. This content may contain statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, new legislation and regulatory actions, competitive and general economic factors and conditions and the occurrence of unexpected events. Actual results may differ materially from those stated herein. All rights reserved. Issued by Investec Asset Management, issued August 2019.

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