Emerging Markets Debt
Our Emerging Markets Debt Team
Bottom-Up and Top-Down Analysis
What We Believe
We believe our robust, disciplined bottom-up and top-down research helps us better uncover mispricings in inefficient emerging markets debt. Our active approach is based on:
- Rigorous fundamental research
- Global macro analysis
- Diversification discipline
- Valuation focus
- Integrated risk management, including a proprietary beta-bucketing approach
The breadth of our team enables specialization and regional focus, enhancing our ability to identify opportunities and to avoid unattractive risks.
Why This Matters
The historical yield advantage of emerging markets debt over developed markets debt provides the potential for attractive risk-adjusted returns. We believe our disciplined bottom-up and top-down process helps us identify emerging markets debt with an attractive risk/reward profile, enabling us to deliver better outcomes for our portfolios and clients.
Resources
Why Emerging Markets Debt Now?
Emerging markets debt has underperformed as interest rates have increased, but the tide could be changing.
Emerging Markets Corporate Debt Summit Research Platform
Why Consider Frontier Markets Debt?
Featured Funds
LU2093687221
View Fund:
https://im.williamblair.com/investments/sicav-funds/lu2093687221-emerging-markets-debt-hard-currency-fund
LU2879841547
View Fund:
https://im.williamblair.com/investments/sicav-funds/lu2879841547-emerging-markets-frontier-debt-fund
Featured Strategies
View Strategy:
https://im.williamblair.com/investments/separate-accounts/emerging-markets-debt-hard-currency
View Strategy:
https://im.williamblair.com/investments/separate-accounts/emerging-markets-frontier-debt
Emerging Markets Debt Strategies
| Strategy Name | Description |
|---|---|
| Emerging Markets Debt | |
| Emerging Markets Debt | Diversified portfolio of emerging markets debt denominated primarily in major currencies (primarily the U.S. dollar), with up to 20% denominated in local currencies. |
| Emerging Markets Debt Hard Currency | Diversified portfolio of emerging markets debt denominated in major currencies (primarily the U.S. dollar). |
| Emerging Markets Debt Local Currency | Portfolio of local currencies and local interest rates of emerging markets. |
| Emerging Markets Frontier Debt | Diversified portfolio of investments in local- and hard-currency-denominated debt issued in and/or by emerging markets frontier countries. |
Emerging Markets Debt Fund Performance
Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Returns shown assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. Class N shares are available to the general public without a sales load. Class I and Class R6 shares are available only to investors who meet certain eligibility requirements.
| RETURNS: As of 31.10.2025 | AVERAGE ANNUAL RETURNS: As of 31.10.2025 | ||||||||||
| ISIN and Fund Name | Share Class | Month ▼ | YTD ▼ | 1-YR ▼ | 3-YR ▼ | 5-YR ▼ | 10-YR ▼ | Since Inception ▼ | Fact Sheet | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
LU2093691256 | J (USD) | 2.40% | 13.85% | 14.18% | 15.50% | 4.44% | - | 7.86%Since30.03.2020 | |||
JPMorgan EMBI Global Diversified - Net Return | - | 2.13% | 13.02% | 12.76% | 13.02% | 2.71% | - | 5.18% | - | ||
LU2093699408 | J (USD) | 0.48% | 18.21% | 14.52% | 13.14% | 4.27% | - | 4.19%Since24.06.2020 | |||
JPMorgan GBI-EM Global Diversified - Net Return | - | 0.46% | 15.94% | 13.06% | 11.75% | 2.33% | - | 2.19% | - | ||
LU2879845290 | J (USD) | 2.07% | - | - | - | - | - | 14.31%Since24.02.2025 | |||
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Our Emerging Markets Debt Team
Yvette Babb
Yvette Babb
Many of us come from emerging markets, and that has exposed us to some rough conditions. We carry those experiences for life, so we see volatility as an opportunity for emerging markets investors.
Marcelo Assalin, CFA, Partner
Many of us come from emerging markets, and that has exposed us to some rough conditions. We carry those experiences for life, so we see volatility as an opportunity for emerging markets investors.
Marcelo Assalin, CFA, Partner
When a final decision is made, it’s clear to everyone why we got there. There's not someone unilaterally pounding a fist on the table and saying, “It’s going to be this way because I want it that way.”
Mariana Villalba, CFA
PORTFOLIO MANAGER AND CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM
When a final decision is made, it’s clear to everyone why we got there. There's not someone unilaterally pounding a fist on the table and saying, “It’s going to be this way because I want it that way.”
Mariana Villalba, CFA
PORTFOLIO MANAGER AND CORPORATE CREDIT ANALYST, EMERGING MARKETS DEBT TEAM
Risk management is not about not taking risks. It’s about understanding your risks and risk correlations.
Marco Ruijer, CFA, Partner
Risk management is not about not taking risks. It’s about understanding your risks and risk correlations.
Marco Ruijer, CFA, Partner
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