Investors were given a wake-up call in February on the challenges posed by normalising monetary policy when strong economic data in the US sparked fears that interest rates would rise faster than expected, causing the global equity correction.
Equity markets subsequently calmed down. But rising rates still present headwinds to fixed income investors. We believe one potential solution for them is Emerging Market Debt (EMD). The support afforded to this asset class by broad-based global growth, undervalued currencies and high real yields all provide good reasons for inclusion in any fixed income portfolio this year.
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