Fund Description

The fund seeks to achieve its objective by investing primarily in emerging country sovereign, quasi-sovereign and corporate debt, and in emerging country credit, currency and interest-rate derivatives. It can invest in local and hard currency debt, typically focusing on hard currency and using local currency opportunistically. Portfolio construction uses fundamental analysis for country, issuer, currency, rates, and individual bonds, considering factors including ESG criteria and bond features such as coupon, seniority and yield. It may hold less liquid and lower-quality or defaulted debt, use OTC and exchange-traded derivatives without notional limits, and may short; after hedging, U.S. dollars typically represent at least 75% of currency exposures. Under normal circumstances, at least 80% of assets are tied economically to emerging countries.