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Strategies, allocation & performance: Fund performance overview - Emerging as a safer bet.
Financial Times Mandate, February, 2008
Byline: Martin Steward
Institutional investors are gradually getting the message on emerging market (EM) debt. JPMorgan put 2007 inflows into the asset class at just under $40bn, and expects that to be exceeded this year.
The story is compelling: the JPM GBI-EM Global Diversified Index returned 18.1 per cent last year - MSCI World was up 6.5 per cent and the Lehman Aggregate 7 per cent - and the risks that used to put investors off have diminished significantly.
"Most credits will continue to improve," says Claudia Calich, portfolio manager of our top-placed fund at Invesco. "There may be a temporary pause for the next few months, but it's very difficult to see any country wanting to re-leverage again."
Jerome Booth, head of research...
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