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Key documents
Overview
Strategy seeks to invest primarily in senior secured performing hard currency loan and bond instruments of global emerging markets corporates, with an allocation to select stressed and performing special situation opportunities that seek to offer a favorable risk reward profile, featuring relatively low leverage ratios and strong documentation, combined with environmental, social and governance (ESG) criteria.1
Sustainability-related disclosure
Pre-contractual SFDR disclosure
Fund specific risks
For further terms related to the objective, investment policy and overall risk and reward profile please refer to the key investor information document.
- Nature of Investments: The Fund may invest both on the long and short side in fixed income securities of Emerging Market Corporate Issuers denominated in both Hard Currencies and Local Currencies, as well as other investments across global markets.
- Short Selling: Short selling allows the investor to profit from a decline in the price of a particular security. A short sale creates the risk of an unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Fund of buying those securities to cover the short position. There can be no assurance that the security necessary to cover the short position will be available for purchase. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss.
- Fixed Income Securities Risk: The Master Fund may invest in bonds or other fixed income securities, including without limitation, commercial paper and “higher yielding”(including non-Investment Grade and, therefore, higher risk) debt securities. The Master Fund will, therefore, be subject to credit, liquidity and interest rate risks. Higher-yielding debt securities are generally unsecured and may be subordinated to certain other outstanding securities and obligations of the issuer, which may be secured on substantially all of the issuer’s assets.
- Convertible Securities Risk: Investments in convertible bonds may, in addition to normal risks associated with bonds, be subject to fluctuations in response to numerous factors, including but not limited to: variations in the periodic operating results of the issuer; changes in investor perceptions of the issuer; the depth and liquidity of the market for convertible bonds; and changes in actual or forecasted global or regional economic conditions. In addition, the global bond markets have from time to time experienced extreme price and volume fluctuations.
- Unlisted Securities: The Fund may invest in unlisted securities. Because of the absence of any trading market for these investments, it may take longer, or may not be possible, to liquidate these positions.
For share class information, please contact marketing@bluebay.com
1. Certain investment strategies, asset classes, exposure and security types do not integrate ESG factors, including but not limited to money market, buy-and maintain, passive, and certain third-party sub-advised strategies or certain currency or derivative instruments. Different strategies that integrate ESG factors will be at varying stages of implementation. Please read a fund's prospectus or offering memorandum for further details.
ESG investing: our approach
RBC BlueBay believes that ESG factors can potentially have a material impact on an issuer’s long-term financial performance. Given the limited upside (and potentially significant downside) of fixed income investments, the focus of our ESG analysis is on understanding downside risks.
Investment philosophy
One investment team, built around a single investment process
Investment process structured to deliver solutions for clients
Proprietary technology supports high touch investment process
Proprietary risk management is central to our approach and is essential to delivering successful outcomes
Polina Kurdyavko
Head of BlueBay Emerging Markets, Emerging Markets
Polina is Head of BlueBay Emerging Markets and BlueBay Senior Portfolio Manager. In addition to oversight of investments across all EM strategies, Polina is also a lead portfolio manager for several flagship funds in EM sovereign, credit and local markets, including long only and alternative products. Polina started her career in emerging markets after the Russian financial crisis in 1998 and has, since then, gained expertise across a broad range of emerging market financial assets.
Polina joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in July 2005 from UBS where she was a credit analyst in EM corporate research. Her role encompassed coverage of EM issuers as well as research support for primary issuance of corporate debt. Prior to this, Polina was with Alliance Capital where she was an emerging markets equity analyst and then moved on to pioneer emerging markets quantitative research at the firm. She started her career in a macro research boutique in Russia. Polina holds an MSc (Hons) in Finance from the People's Friendship University of Russia, Moscow and is a CFA charterholder.
Mihai Florian
BlueBay Senior Portfolio Manager, Emerging Markets
Mihai is a BlueBay Senior Portfolio Manager within the Emerging Markets Team. He joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in January 2020 and his primary portfolio management responsibilities include the illiquid strategy covering loans, illiquid instruments, special situations and distressed. Prior to joining BlueBay, Mihai was a Founding Partner for the credit strategies at Helios Investment Partners. Mihai has 23 years' experience including on the sell-side where his last role was heading the emerging markets structuring team across fixed income, currencies and commodities. Mihai holds a Master's Degree (MSc) in Economics and Finance from Warwick University and a BA in Economics from Nottingham Trent University as well as an undergraduate degree in Finance and Insurance from University of the West, Romania.
Illya Zyskind
BlueBay Senior Portfolio Manager, Emerging Markets
Illya is a BlueBay Senior Portfolio Manager within the Emerging Markets Team. Illya joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in February 2020 and his primary portfolio management responsibilities include the EM distressed and illiquid credit strategies, special situations and private credit. Prior to joining BlueBay, Illya worked at Bank of America Merrill Lynch, where he helped building their emerging markets effort last serving as head strategist for CEEMEA distressed debt and special situations group. Illya started his career in the Fixed Income Research team at BNP Paribas Group in Kiev, focussing on CIS debt markets. He holds an M.B.A. from Chicago Booth School of Business and MSc (Hons) in Finance from Kiev National University.