Eaton Vance Management (International) has launched a new fund that targets total return by offering investors exposure to fixed income securities denominated in currencies of emerging market countries and/or issued by emerging market sovereigns or corporates.
The Eaton Vance International (Ireland) Emerging Markets Local Income Fund will also offer exposure to derivative instruments based on currencies, interest rates or issuers of emerging market countries.
It will have significant non-benchmark exposure in order to offer more diversification and currency flexibility.
The Dublin-domiciled UCITS vehicle will be managed by the firm’s co-directors of global income Michael Cirami and Eric Stein; director of global portfolio analysis John Baur; and portfolio manager Danat Abdrakhmanov.
“Contrary to the great majority of emerging markets local currency strategies largely confined to a limited number of emerging markets countries, our Fund’s unique approach seeks to capitalise on the full potential of the emerging markets sector. The breadth of its investment universe – consisting of more than 80 countries (compared to the benchmark’s 18 countries) – combined with Eaton Vance’s fundamental, bottom-up research and the strong capabilities of our Global Income team, we believe will appeal to investors wishing to get further exposure to emerging markets,” Cirami noted.