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Key documents
Objective
The BlueBay Emerging Market Bond Fund (the Fund) is actively managed and invests predominantly in fixed income securities of emerging market (EM) sovereign and quasi issuers denominated in USD. The investment process follows a dynamic approach where fundamental bottom up credit selection is combined with top down macroeconomic views to construct a balanced portfolio. There are no restrictions on the extent to which the Fund's portfolio and performance may deviate from the ones of the benchmark. As part of the investment process, the Investment Manager has full discretion over the composition of the Sub-Fund's portfolio and may take exposure to companies, countries or sectors not included in the benchmark.
Sustainability-related disclosure
The Fund's objective is to achieve a total rate of return in excess of the JP Morgan Emerging Market Bond Index Global Diversified.
Fund specific risks
- At times, the market for emerging market bonds may dry up, which could make it difficult to sell these bonds, or the fund may only be able to sell them at a discount
- There may be cases where an organisation with which we trade assets or derivatives (usually a financial institution such as a bank) may be unable to fulfil its obligations, which could cause losses to the fund
- Investing in emerging market bonds offers you the chance to gain higher returns through growing your capital and generating income. Nevertheless, there is a greater risk that the organization which issued the bond will fail, which would result in a loss of income to the fund along with its initial investment
- Emerging markets may be more volatile and it could be harder to sell or trade these bonds. There may be less government supervision, legal regulation and less well-defined tax laws and procedures than in countries with more developed trading markets. Emerging markets can be particularly sensitive to political instability, which can result in greater volatility and uncertainty, subjecting the fund to the risk of losses
- RBC BlueBay could suffer from a failure of its processes, systems and controls – or from such a failure at an organisation on which we rely in order to deliver our services – which could lead to losses for the fund
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
- High conviction approach comprising of established ideas across the Emerging Markets sovereign universe
- Bottom-up, fundamental, research-driven approach at the country level, albeit with significant macro input
- All investment decisions considered for inclusion in the portfolio are logged in the team’s Alpha Decision tool with a conviction rating score ranging from +3 to -3
Market opportunity
The Fund generates relative value against the JPMorgan EMBI Global diversified index by active positioning across sovereign and quasi sovereign issuers as well as by taking views on yield curve and through limited amount of hedging
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.
Jana Harvey
BlueBay Senior Portfolio Manager, Emerging Markets
Jana is a BlueBay Senior Portfolio Manager within the Emerging Markets Team. Prior to joining BlueBay Asset Management (which is now part of RBC Global Asset Management) in December 2014, Jana was a Partner and Portfolio Manager at Rogge, where she co-led the EM team in London and Singapore and managed EM assets across a range of active global fixed income and currency portfolios. Following experience in banking, she started her Asset Management career at Threadneedle in 2006, where she became a deputy fund manager in the Emerging market fixed income team. She holds a BSc in International Economics from the University of Economics in Prague, an LLM in Finance from J.W. Goethe University in Frankfurt and a Postgraduate Certificate in Complex System Modelling from King’s College, London. Jana is a CFA charterholder, holds the CFA Certificate in ESG Investing and the CFA Certificate in Climate and Investing (CCI).