Location
Please select your investor type
We are unable to market if your country is not listed.
You may only access the public pages of our website.
Key documents
Objective
The BlueBay Emerging Market Local Currency Bond Fund (the Fund) invests predominantly in fixed income securities of emerging market sovereign issuers denominated in local currencies. The investment process follows a dynamic approach where fundamental analysis is combined with relative value analysis across FX and local rates. At a top-level the Fund balances our bottom-up convictions in line with the external backdrop to best harness the embedded volatility within local markets.
The Fund is actively managed and its objective is to achieve a total rate of return in excess of the JPM GBI-EM Global Diversified, unhedged in USD. There are no restrictions on the extent to which the Fund's portfolio and performance may deviate from the ones of the benchmark.
This is a marketing communication. There are several risks associated with investing in this product. Please refer to the prospectus of the fund and to the KIID available on this website before making any final investment decisions.
Investment approach
- Independent management of local rates and FX components within the Fund
- Portfolio construction is based on fundamental analysis and relative value trades, with conviction views
- Thorough bottom‐up country analysis while factoring in the macro environment and local market technicals
- Efficient risk management of the aggregate portfolio on multiple levels; by country exposures, factor risks and macroeconomic sensitivities
Market opportunity
Emerging Market local currency benefits from yield premium to developed markets and previous currency depreciations
The number of countries in the benchmark is growing as more emerging market countries rely more heavily on local currency debt to meet their financing requirements
Brent David
Senior Portfolio Manager, EM Currency
Brent joined RBC BlueBay in March 2014 as a Portfolio Manager within the Emerging Markets Team specialising in EM corporate bond portfolios. Brent has been the lead portfolio manager for the EM Local Currency Corporate Debt Strategy from its inception in July 2014. In September 2017, Brent was appointed Senior Portfolio Manager for the EM sovereign local currency portfolios, working closely with the sovereign debt specialists. Prior to joining RBC BlueBay, Brent worked for 12 years on the sell-side, for Credit Suisse, Barclays Capital and Deutsche Bank, in emerging markets as a local currency fixed income, rates and FX trader. He holds a BEng (Industrial Engineering) degree from the University of Pretoria in South Africa.
Gautam Kalani
Portfolio Manager, Emerging Markets
Gautam is a Portfolio Manager within the Emerging Markets Team. He joined RBC BlueBay in July 2018. Prior to joining RBC BlueBay, Gautam worked as an Emerging Markets Strategist at Deutsche Bank (London). He holds a PhD and Master’s degree in Economics from the University of Oxford, and a BA in Mathematics and Economics from Amherst College.