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
WEDIX
View Fund:
https://im.williamblair.com/investments/mutual-funds/wedix-emerging-markets-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
View Strategy:
https://im.williamblair.com/investments/separate-accounts/emerging-markets-debt-hard-currency
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 10/31/25 | AVERAGE ANNUAL RETURNS: As of 10/31/25 | ||||||||||
| Ticker and Fund Name | Share Class | Month ▼ | YTD ▼ | 1-YR ▼ | 3-YR ▼ | 5-YR ▼ | 10-YR ▼ | Since Inception ▼ | Gross Expense Ratio ▼ | Net Expense Ratio ▼ | Fact Sheet |
|---|---|---|---|---|---|---|---|---|---|---|---|
WEDIX | I | 2.52% | 14.51% | 14.73% | 15.85% | - | - | 3.40%Since05/25/21 | 1.12% | 0.70% | |
JPMorgan EMBI Global Diversified – Net Return | - | 2.13% | 13.02% | 12.76% | 13.02% | - | - | 2.12% | - | - | - |
| Prices: As of 11/11/25 | ||||||||
| Ticker and Fund Name | Share Class | Closing Price ▼ | Daily Change ▼ | Daily % Change ▼ | Distribution Yield ▼ | 30-Day SEC Yield (Subsidized) ▼ | 30-Day SEC Yield (Unsubsidized) ▼ | Fact Sheet |
|---|---|---|---|---|---|---|---|---|
WEDIX | I | $8.70 | - | - | 6.30% | 5.94% | 5.47% | |
| Ticker and Fund Name | Share Class | Category ▼ | Overall Rating ▼ | 3-YR ▼ | 5-YR ▼ | 10-YR ▼ | Fact Sheet |
|---|---|---|---|---|---|---|---|
WEDIX Emerging Markets Debt Fund | I | Emerging Markets Bond | Out of 220 funds | Out of 220 funds | - | - |
The Morningstar Rating for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange- traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10 year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
©2025 Morningstar, Inc. All rights reserved.
Ratings and rankings are one measure of performance. Ratings may vary among share classes. Ratings reflect expense limitations in effect during the period, without such limitations returns would be lower. Past performance does not guarantee future results.
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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