Navigation Search

Select your location and role to view strategy and fund content

United Kingdom
  • Global homepage
  • Australia
  • Belgique
  • Botswana
  • Denmark
  • Deutschland
  • España
  • Finland (Suomi)
  • France
  • Hong Kong (香港)
  • Ireland
  • Italia
  • Luxembourg
  • Namibia
  • Nederland
  • Norway
  • Österreich
  • Portugal
  • Singapore
  • South Africa
  • Sweden (Sverige)
  • Switzerland
  • United Kingdom
  • United States
  • International
Professional Investor
  • Professional Investor
  • Individual Investor

Tailored for investment professionals this site provides information on our products, strategies and services. Please remember capital is at risk and past performance is not a guide to the future. We use cookies to ensure that we give you the best experience on our website. This includes cookies from third parties. Such third party cookies may track your use of our website. By continuing you are confirming that you are happy to receive all cookies on our website. Please refer to our Cookie Policy for further information, including steps to take to disable cookies.

By entering you agree to our Terms & Conditions

Emerging Perspectives

Our expert team examines the dynamic world of emerging market debt

Lebanon: A painful path and challenging times ahead

With Lebanon’s bond market under severe pressure, Roger Mark reflects on the challenges facing the country and what it all means for investors. Read more

Argentina: debt restructure presents the chance to shift to climate-sustainability

How this year’s debt restructure presents an opportunity for Argentina to pursue a climate-sustainable future. Read more

Fate of nations: Why country calls will be key for hard currency debt investors this year

Thys Louw discusses a shift in the driving forces for hard currency debt returns. Read more

Notes from the road: reasons to be cheerful about China

Mark Evans shares some takeaways from a recent trip to Beijing, Xi’An, Chongqing and Shanghai. Read more

Position of strength: Why EMD is an asset class to watch in 2020

Missed our Investment views 2020? Don’t worry – here is a summary that spans EM local currency debt, EM corporate bonds and Chinese bonds. Read more

Argentina: field notes

Antoon de Klerk reflects on a recent trip to Argentina. Read more

Lows and highs: Andean visit reveals opportunities amid the turmoil

Facing social and political upheaval, Chile, Colombia and Peru are at critical junctures. A research trip revealed opportunities and causes for optimism. Read more

Big picture policies: what a shift in IMF focus means for investors

Thys Louw and Grant Webster reflect on developments at the IMF that go beyond just a change in leadership. Read more

A fresh take on local EMD

What a total return approach to investing in emerging market local currency debt can mean for investors. Read more

Argentina – don’t cry; do watch closely

What should fixed income investors make of the outcome of Argentina’s presidential election result? Read more

Turkey: military incursion is a move backwards

Turkey’s military incursion of northern Syria is a big step backwards but it’s not yet too late to turn the ship around, explains Grant Webster. Read more

Off the beaten track in Asia: Mongolia

Mongolia is taking impressive steps towards economic stability. Can it successfully tap into its natural capital to secure a sustainable growth path? Read more

Saudi oil attack: global spill-over?

The unprecedented attack on a major oil facility in Saudi Arabia has sent shock waves around the world. Where does that leave EM debt investors? Read more

A class apart: Asia credit emerges

The dollar-denominated Asian corporate debt market has grown significantly in recent years. Now a key part of the EM fixed income universe, we believe Asia credit has never been more relevant to investors. Read more

All aboard! China bonds enter local debt indices

In the latest step in their integration into the global mainstream, Chinese bonds will join the flagship JP Morgan EM suite of indices early next year. Read more

Amazon fires highlight need for better data

Brazil’s forest fires underscore how environmental factors can have national-level economic impacts. Investors must work together to develop better analytical tools to assess these risks in sovereign debt portfolios. Read more

China’s bond (r)evolution

Chinese onshore bonds are now a key component of a leading global bond index – the move to the mainstream is happening. As part of this trend, we’re changing our All China Bond strategy’s performance comparison index to one that best reflects the opportunity set: Bloomberg Barclays Global Aggregate - Chinese Renminbi Index. Read more

What Argentina’s shock primary result means for bondholders

With a populist government looking set to take power in Argentina later this year, the country’s debt burden may become unsustainable. Portfolio manager Mike Hugman considers the investment implications of the surprise election result. Read more

Can sovereign debt investors help save the planet?

Understanding environmental risks is key to profiling a country’s economic prospects and its ability to repay debt. Peter and Mike examine how geo-spatial research can help investors to assess these risks and encourage governments to adopt long-term fiscal agendas that serve people and the planet. Read more

EM corporate credit: all change among the protein protagonists

Asia’s pain could become Latin America’s gain: with swine flu sweeping China and its neighbours, we consider the implications for the corporate credit market. Read more

EM cycle: on the turn?

The Fed’s latest comments suggest the start of a new emerging markets cycle may be nearer than we thought. Read more

Indian elections: pensive amid the post-election partying

Modi’s Bharatiya Janata Party (BJP) party surpassed all expectations to sweep the board in India’s general election. Paving the way for continued reforms, this gives plenty of cause for optimism in what is already one of the world’s fastest growing economies. But we think it’s too soon for fixed income investors to celebrate. Mark Evans explains. Read more

China’s renminbi: keeping an eye on the prize

The escalation of the US-China trade dispute has weighed on China’s renminbi in recent days, stoking broader fears among emerging market investors. We believe China’s long-term goals will prevent it from allowing significant short-term currency weakness and that these same bold ambitions bode well for the renminbi’s future. Mark Evans explains Read more

Applying lessons from Latin America’s past to Turkey’s future

Some common threads exist in the richly-diverse emerging market tapestry. And these can provide valuable, if rather unexpected, insights for investors. Read more

South Africa cements the foundations for its future

Markets have welcomed the outcome of South Africa’s election. But we think it’s too soon for long-term investors to crack open the Methode Cap Classique* Read more

The global currency shift: A changing investment landscape presents compelling opportunities

The US dollar has dominated financial markets in the post-war period, but countries across the globe are increasingly taking steps to reduce dollar use in trade and finance. While the shift is likely to be gradual, the emergence of a multipolar monetary order will have a profound impact on markets and portfolios. Read more

Takeaways from the World Bank/IMF Spring Meetings

As Washington bids farewell to the many central bankers, finance ministers and other senior officials at this year’s World Bank/IMF Spring Meetings, we consider the key takeaways for emerging market debt investors. Mike Hugman (Portfolio Manager) and Werner Gey van Pittius (Co-Head of Emerging Market Sovereign & FX) were there – read their summary of the pertinent points for investors. Read more

China’s onshore bonds – ready for take-off

China’s onshore bonds have made their debut on a leading bond index, firmly launching them onto the global arena. Our new paper provides an overview of an asset class that is moving to the mainstream and offers potential yield and diversification benefits to investors. Read more

Active versus passive in emerging market debt: the alpha opportunity

Investors face increasing choice across the investment spectrum, with the active versus passive debate extending its reach. Investors in Emerging Market Debt (EMD) who are weighing up the relative merits of passive or active approaches have a range of factors to consider. In a new paper we share some insights. Read more

South Africa clings on to its investment-grade rating

South Africa has made it through another scheduled Moody’s review to retain its local currency investment-grade rating with a stable outlook. Nazmeera Moola and Grant Webster explain. Read more

EM debt in pensions: old age needs a new approach

Pressure continues to mount on pension plans, with monetary policy doing little to help the situation. Fortunately, awareness of the merits of emerging market debt is also rising. Read more

As the dust settles, what next for Mexico?

With the dust starting to settle around Mexico’s new administration and challenges on multiple fronts, investors have much to consider. Antoon de Klerk sifts through the evidence following a recent trip to the country. Read more

Ukraine: serious decisions

With Ukraine’s presidential race heating up, portfolio manager Grant Webster reports from the country and sizes up the investment backdrop. Read more

Nigeria elections: same leadership, different backdrop

In Nigeria’s recent election the incumbent president, Muhammadu Buhari, retained his seat. With a more positive backdrop as Buhari heads into his second term, fixed income portfolio manager Thys Louw considers what the future might hold for Nigeria. Read more

South Africa: Mboweni delivers sober budget

South Africa’s finance minister, Tito Mboweni, delivered some tough messages in his first budget speech. Read more

Venezuela: lessons from history

Recent developments in Venezuela have raised hopes for a desperately needed change in political regime. With some investors weighing the potential gains from a debt restructure, Portfolio Manager Mike Hugman examines the crisis unfolding in the context of similar historical events across emerging markets and urges caution. Read more

What can past market regimes tell us about the next chapter for EM debt?

With the US economy cooling and interest rates approaching a likely peak, a new cycle in emerging markets is drawing near. How should investors approach it? In a new paper, Portfolio Manager Mike Hugman offers this suggestion: abandon your preconceptions. Read more

Bond ambition: China forges ahead

With China’s bond market on track to become second in size only to the US, what do investors need to know? Wilfred Wee recently attended the China Bond Market International Forum in Beijing. Here he shares his key takeaways... Read more

Notes from the road: Serbian fixed income in the spotlight

EMD portfolio manager Michail Diamantopoulos recently visited the capital of Serbia for a series of meetings with key policy makers, local investors and financial institutions including the IMF. Read more

Emerging views on Brazil elections

Vivienne Taberer, Portfolio Manager at Investec Asset Management, talks to Lindsay Williams about the current situation in Brazil and what these elections mean for emerging markets. Read more

Notes from the Road: Poland and Romania. A tale of two cities

Portfolio Manager Michail Diamantopoulos, fresh from travels to central and eastern Europe, explains populist Poland’s low inflation advantage, and reports on Romania’s faltering fiscal trajectory. Read more

Will the renminbi rout continue?

Is this the end of the rout in the renminbi or is there further to go? All China Bond Portfolio Manager Wilfred Wee revisits recent developments and considers how Chinese authorities might react going forward. Read more

Important information

Past performance is not a reliable indicator of future results and all investments carry the risk of capital loss.

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 contains 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.