Goldman Sachs Asset Management (GSAM) has launched an EMD fund, run by its regional fixed income team, which will actively allocate on government and corporate debt, and across currencies.
The new EMD fund is a Luxembourg-domiciled SICAV, long-only portfolio which also provides access to local and hard currencies.
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With EM debt, GSAM is trying to maximise returns for investors.
According to GSAM, hard currency debt returned 11.2% in the year ended April 2012, versus a loss of 0.3% for local currency debt, but in 2012 both asset classes made double-digit gains of 11.5% and 10.3% respectively.
The fund is benchmarked against three indices, with a 50% weighting towards the JPMorgan GBI EM Global Diversified index, a 25% weighting towards JPMorgan EMBI Global Diversified index, and 25% towards JPMorgan CEMBI broad diversified index.
EMD portfolio manager, Yacov Arnopolin who will run the fund alongside CIO of EMD Sam Finkelstein, said:
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By GlobalData"Increasingly investors have started looking for overall EM debt exposure. For us, the best way to accommodate this demand is in the form of this blended portfolio, which includes local sovereign debt, dollar sovereign debt and corporate debt."
In May, GSAM launched Goldman Sachs Multi-Manager Alternatives Fund, which aims to offer exposure to a range of alternative and non-traditional investment strategies within the convenient structure of a mutual fund.
