Aspectos destacados:
- The hard currency emerging market sovereign universe (EMD HC) is now a mature asset class spanning over 70 countries across the full ratings spectrum, with over 50% rated investment grade. The breadth of countries brings fundamental diversification of risk within an investor’s portfolio.
- EMD HC provides investors with access to the EM ‘risk premium’ combined with the more defensive properties of bonds.
- Investment outcomes can be enhanced through active management due to the complexity of the asset class and prevailing market inefficiencies.
Emerging markets (EMs) as an asset class have been accessible for over two decades, yet misconceptions surrounding them continue to deter some investors. Despite EMs accounting for over 60% of global gross domestic product (GDP)¹ and being home to over 80% of the world’s population,² investors are under allocated to the asset class. EMEA investors have on average a 5% allocation to emerging markets debt (EMD), while Latin American investors on average of 2%.³ Many miss the chance therefore to diversify their portfolios by not incorporating exposure to EMs.
Some of the key attributes of Emerging Markets Debt Hard Currency (EMD HC) are:
- Attractive yields: EMD HC offers yields that are much higher when compared to developed market (DM) debt, with a significant portion of the universe rated investment grade (IG), presenting robust return potential over the long term.
- Resilience and stability: Despite preconceptions, EM countries have demonstrated marked improvement in economic fundamentals, making them more resilient to global economic shifts.
- Diversification: EMD HC provides fundamental diversification of risk by offering exposure to a multifaceted range of countries. It provides access to the EM risk premium combined with the more defensive properties associated with hard currency (HC) bonds.
- Active management opportunities: The complexity and inefficiencies inherent in the asset class necessitate active management strategies to successfully navigate and capitalise on opportunities that, in our view, passive strategies overlook.
¹ Source: IMF, DataMapper March 2026. GDP is in Purchasing Power Parity terms, US dollars.
² Source: United Nations, World Population Prospects, as at 2025.
³ Source: Portfolio Construction and Strategy team analysis on data from Janus Henderson EDGE™ for Europe inc. UK and Latin America from March 2025 to February 2026.
Estas son las opiniones del autor en el momento de la publicación y pueden diferir de las opiniones de otras personas/equipos de Janus Henderson Investors. Las referencias realizadas a valores concretos no constituyen una recomendación para comprar, vender o mantener ningún valor, estrategia de inversión o sector del mercado, y no deben considerarse rentables. Janus Henderson Investors, su asesor afiliado o sus empleados pueden tener una posición en los valores mencionados.
La rentabilidad histórica no predice las rentabilidades futuras. Todas las cifras de rentabilidad incluyen tanto los aumentos de las rentas como las plusvalías y las pérdidas, pero no refleja las comisiones actuales ni otros gastos del fondo.
La información contenida en el presente artículo no constituye una recomendación de inversion.
No hay garantía de que las tendencias pasadas continúen o de que se cumplan las previsiones.
Comunicación Publicitaria.