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Emerging Market Fixed Income strategy
A high-conviction, contrarian approach with ESG integration
Diversification across a broad range of countries, sectors and issuers
An experienced team with access to 13 local emerging market investment centres
First, we consider all trades in the context of two assumptions: investors have perfect information; and the recent environment of illiquidity should be viewed as permanent.
Second, four key principles guide how we invest:
We determine inflection points in the market; we are not momentum-driven traders
We avoid crowded positions and favour trades with positive technicals
We identify trades that are not well understood or that are mispriced by markets to unlock compelling, risk-adjusted return outcomes
We actively invest across the broad emerging-market universe, including in smaller and less well-researched markets
Our Emerging Market Fixed Income strategy follows a comprehensive five-step process:
Bond underlay: the core component of the portfolio where we replicate benchmark risk factors (and thereby beta)
Alpha overlay: alpha trades are taken from the model portfolios created by our alpha specialists and implemented in the most liquid form available
Macro risk management: set risk targets based on the macro environment
Alpha trade ESG tilting: rank sovereign and corporate bonds using dedicated ESG processes
Portfolio construction and risk management
Team and resources
Our Emerging Market Fixed Income team is based in London, Hong Kong, Singapore and Kuala Lumpur. Jean-Charles Sambor, who has more than 17 years of industry experience, leads the team.
The team consists of portfolio managers and research analysts with expertise across different sectors and countries. They benefit from access to 13 local emerging market investment centres, as well as our global trading and risk management platform, Sustainability Centre, Quantitative Research Group and Macro Research team.
Investments are subject to market fluctuations and the risks inherent in investments in securities. The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial investment. There is no guarantee that the performance objective will be achieved.
In the U.S., this material is for Institutional use only – not for public distribution. This material is provided for educational purposes only and is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be and should not be interpreted as recommendations. Reliance upon information in this material is at the sole risk and discretion of the reader. The material was prepared without regard to specific objectives, financial situation or needs of any investor.
These documents and video clips may also include information obtained from affiliated investment management companies within BNP Paribas Asset Management, the brand name of the BNP Paribas group’s asset management services. The documents and video clips are produced for informational purposes only and do not constitute: 1. an offer to buy nor a solicitation to sell, nor shall they form the basis of or be relied upon in connection with any contract or commitment whatsoever or 2. investment advice. Any opinions included in these documents and video clips constitute the judgment of the author/ presenter at the time specified and may be subject to change without notice.
This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and estimates of yields or returns. No representation is made that any performance presented will be achieved by any funds, or that every assumption made in achieving, calculating or presenting either the forward-looking information or any historical performance information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a material impact on the investment returns that are presented herein. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
The information and opinions contained in this material are derived from proprietary and nonproprietary sources deemed by BNP PARIBAS ASSET MANAGEMENT USA, Inc. to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy.
The information provided here is neither tax nor legal advice. Investors should speak to their tax professional for specific information regarding their tax situation. Investment involves risk including possible loss of principal. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation, and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are often heightened for investments in emerging/developing markets or smaller capital markets.
FOR INSTITUTIONAL AND FINANCIAL PROFESSIONAL INVESTOR USE ONLY. THIS MATERIAL IS NOT TO BE REPRODUCED OR DISTRIBUTED TO PERSONS OTHER THAN THE RECIPIENT.
BNP Paribas Asset Management seeks to integrate environmental, social and governance (“ESG”) factors into all of our portfolios as a means to mitigate certain short, medium and long-term financial risks, identify better long-term investments, and encourage more responsible corporate behavior. We will never subordinate our client’s interests to unrelated objectives. Certain issuers and industries are excluded from our actively managed portfolios based upon our view of their ESG performance and risk profile. As a result, we may pass up certain opportunities when these excluded issuers or industries are in favor. Due to significant gaps in disclosure regimes around the world, we may need to rely upon voluntary disclosures by issuers, which are often not audited. We therefore may not have consistent access to complete, accurate or comparable information about the ESG performance of our holdings. Please consult the applicable offering document for more information about the specific ESG strategy employed by each investment strategy since a given strategy may not have specific ESG guidelines, and investments are not limited to securities that are ESG compatible.