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Key documents
Objective
A hedge fund seeking attractive, absolute and risk-adjusted returns by taking long and short exposures in emerging market corporate debt.
Fund specific risks
For further terms related to the objective, investment policy and overall risk and reward profile please refer to the prospectus.
- Nature of Investments Risk: 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. Therefore, the Fund is subject to both credit and market risk. These investments include both Investment Grade, below Investment Grade, and unrated securities. The fact that securities are unrated or are rated below Investment Grade reflects a greater probability that adverse changes in the financial condition of the issuer and/or in general economic conditions may impair the ability of the issuer to make payments of principal and interest.
- Short selling Risk: A short sale creates the risk of an unlimited loss. 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.
- 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 Risk: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.
- Fixed Income Securities Risk:The 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 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.
For share class information, please contact marketing@bluebay.com
Investment approach
- The Fund focuses on the emerging market corporate universe, implementing a non-directional strategy designed to offer appealing returns throughout the credit cycle
- By accessing our full tool-kit of instruments, we implement a range of long and short positions, including relative value, event-driven and restructuring/distressed opportunities, with an emphasis on remaining liquid and nimble
Market opportunity
Our research-intensive, fundamentally-driven investment process enables us to potentially identify pricing anomalies and market inefficiencies on both the long and short side
As one of the larger dedicated investors in the space, we believe we are well-positioned to respond to market developments, as well as the technical backdrop, in an effort to generate returns
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.
Anthony Kettle
BlueBay Senior Portfolio Manager, Emerging Markets
Anthony is a BlueBay Senior Portfolio Manager within the Emerging Markets Team. Anthony joined BlueBay Asset Management (which is now part of RBC Global Asset Management) in March 2006 and his primary portfolio management responsibilities include the EM long-short credit strategy, the EM Unconstrained Bond Fund and the suite of EM Corporate long only funds. Prior to joining BlueBay, he held a management position at National Australia Bank. Anthony holds a Bachelor of Commerce degree from the University of Melbourne, a Graduate Diploma in Applied Finance and Investment from the Australian Securities and Investments Commission, is a CFA charterholder, and holds the CFA Certificate in ESG Investing.
A heritage rooted in alternative investments
For over 20 years we have responded to client demand, building a compelling range of long-only investment strategies enhanced by our expertise in derivatives whilst continuing to deliver the highly specialist long-short capabilities of our boutique beginnings.