We believe a combination of bottom-up and top-down expertise deepens our understanding of performance drivers, improving the decision-making process. Watch members of William Blair’s emerging markets debt team—Marcelo Assalin, CFA, head of emerging markets debt; Marco Ruijer, CFA, portfolio manager (hard currency); and Yvette Babb, portfolio manager (hard and local currency)—explain our edge in emerging markets debt.

Watch the video or read the recap below.

Assalin: Investing in emerging market debt is about properly assessing the risks. We’ve seen risks playing out from different perspectives, from geopolitics to idiosyncratic factors in specific countries.

Ruijer: You have of course different investor bases across the globe, and we try to exploit that, but you need that presence in those markets.

Assalin: We have portfolio managers around the globe, which enables us to cover markets around the clock. The team has been working together for many years now.

“We have a bias towards the higher-yielding part of the universe—frontier market debt—because that’s where we believe investors will benefit in the long run.”
Marcelo Assalin, CFA, Head of Emerging Markets Debt

Ruijer: Our team culture is very open. Anyone on the team has a voice because it is important to see every angle.

Babb: It is quite diverse in terms of age as well as gender, and I most certainly think in terms of perspectives.

Ruijer: From an investment perspective we really have an integrated, fundamental, disciplined approach. Our investment process is top-down, but also bottom-up. So we really look first from the global macro perspective, but also the bottom-up to really understand where the price differentials and the relative valuation is between countries, but also within countries, and which instrument you need to select.

We also distinguish the universe between high-, middle-, and low-beta countries because those countries behave differently. Low-beta countries, they have less volatility and they have more mature economic and policy framework. But with the high-beta countries, they are very volatile. You get better insights in your risks because of the different characteristics of those groups.

Assalin: We have a bias towards the higher-yielding part of the universe—frontier market debt—because that’s where we believe investors will benefit in the long run. However, we like to do that in a very diversified way.

Analyzing risks—managing risks properly—is critical in our pursuit to deliver long-term returns and value to our clients.

Investing in foreign denominated and/or domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks. These risks may be enhanced in emerging markets. Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Diversification does not ensure against loss. Past performance is not indicative of future results.

Marco Ruijer, CFA, is a portfolio manager on William Blair’s Emerging Markets Debt team.
Marcelo Assalin, CFA, is a portfolio manager on and head of William Blair’s Emerging Markets Debt team. 

RELATED POSTS

SUBSCRIBE NOW

Gain insights on macro market events, the economy, and investing strategies.
Receive our latest blog posts in your Inbox with headlines like:

SIGN UP

FOLLOW US

twitterfooterlinkedinfooteryoutubefooterfacebookfooter

RSS FEED

Please carefully consider the Funds’ investment objective, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus and summary prospectus, which you may obtain by calling +1 800 742 7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.

Any statements or opinions expressed are those of the author as of the date of publication, are subject to change without notice as economic and markets conditions dictate, and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC or the Investment Management Division of William Blair & Company, L.L.C.

This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.

Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Investments are subject to market risk. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Statements concerning financial market trends are based on current market conditions, which will fluctuate.

William Blair does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax questions and concerns.

Distributed by William Blair & Company, L.L.C., member FINRA/SIPC.

The William Blair Funds are available to U.S. residents only. Non-U.S. residents, please click here.

Copyright © 2020 William Blair & Company, L.L.C. "William Blair” is a registered trademark of William Blair & Company, L.L.C. No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent.

Statement of Financial Condition | NMS Rule 605 & 606 | Business Continuity Plan | UK Stewardship Code
Cookie Policy | Social Media Disclaimer | Privacy & Security | FINRA’s BrokerCheck

FOLLOW US

twitterfooterlinkedinfooteryoutubefooterfacebookfooter

RSS FEED

Please carefully consider the Funds’ investment objective, risks, charges, and expenses before investing. This and other information is contained in the Funds’ prospectus and summary prospectus, which you may obtain by calling +1 800 742 7272. Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.

Any statements or opinions expressed are those of the author as of the date of publication, are subject to change without notice as economic and markets conditions dictate, and may not reflect the opinions of other investment teams within William Blair Investment Management, LLC or the Investment Management Division of William Blair & Company, L.L.C.

This content is for informational and educational purposes only and not intended as investment advice or a recommendation to buy or sell any security. Investment advice and recommendations can be provided only after careful consideration of an investor’s objectives, guidelines, and restrictions.

Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Investments are subject to market risk. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be interpreted as investment advice, as an offer or solicitation, nor as the purchase or sale of any financial instrument. Statements concerning financial market trends are based on current market conditions, which will fluctuate.

William Blair does not provide legal or tax advice. Please consult your tax and/or legal counsel for specific tax questions and concerns.

Distributed by William Blair & Company, L.L.C., member FINRA/SIPC.

The William Blair Funds are available to U.S. residents only. Non-U.S. residents, please click here.

Copyright © 2020 William Blair & Company, L.L.C. "William Blair” is a registered trademark of William Blair & Company, L.L.C. No part of this material may be reproduced in any form, or referred to in any other publication, without express written consent.

Statement of Financial Condition | NMS Rule 605 & 606 | Business Continuity Plan | UK Stewardship Code
Cookie Policy | Social Media Disclaimer | Privacy & Security | FINRA’s BrokerCheck

logo

Subscribe Now

Gain insights on macro market events, the economy, and investing strategies. Receive our latest blog posts in your Inbox with headlines like:

SIGN UP

Send this to friend