Mon, 04/03/2013 - 10:07
Assets under management in Van Eck’s recently introduced Unconstrained Emerging Markets Bond Fund reached USD100m just six months after launch and now stand at USD130m.
The fund, an actively managed, unconstrained emerging market bond mutual fund, is among the first funds mandated to invest in both local currency and hard currency denominated bonds, as well as government, quasi-government and corporate fixed income instruments.
The fund is overseen by a team of emerging market bond specialists with a combined 50 years of experience. Lead portfolio manager Eric Fine (pictured) has more than 20 years of experience analysing and investing in emerging markets globally.
“We’re extremely pleased with investor response to our fund,” says Fine. “The flexibility that we’ve built into the fund’s mandate allows us to pursue the many opportunities around the globe that we now see.”
“Emerging market debt issuers are currently benefiting from improving economic fundamentals, including lower deficits, higher economic growth rates and more independent central banks,” says Fine. “Local currency debt has been, and remains, our top focus as developed currencies struggle under weak balance sheets and poor economic policy.”
Across a universe of over 50 countries, Fine and his team seek out opportunities where bonds and/or currency valuations appear attractive relative to underlying economic and financial fundamentals – thus focusing in on divergences between fundamentals and asset prices. Since inception on 9 July 2012, through 31 January 2013, this process has led to a total return of 14.32 per cent (Class A shares; excluding sales charge), well in excess of the 7.69 per cent return of the JP Morgan Government Bond - Emerging Markets Global Diversified Index (GBI-EM) for the same time period. As of 31 January 2013, the fund allocated to 11 countries, with Nigeria, Mexico, Russia, Indonesia and Uruguay as the top five country exposures, respectively.
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