LU2666578468
Emerging Markets Debt Hard Currency Fund
Why Consider This Fund?
Approach
- Features a diversified portfolio of debt instruments, primarily denominated in major currencies (mostly U.S. dollars), sourced from sovereign and corporate issuers in developing countries, including frontier markets
- Aims to provide risk-adjusted returns through investments in hard currency denominated debt issued in emerging market countries
- Combines rigorous bottom-up research with top-down analysis to better identify investment opportunities
- The Fund is classified as a financial product under Article 8 of the EU Sustainable Finance Disclosure Regulation. The Fund promotes environmental or social characteristics but does not have a sustainable investment objective
Risk Considerations
- The value of shares and any income from them can increase or decrease and an investor may not get back the amount originally invested
- Where investments are made in currencies other than an investor’s base currency, the value of those investments will be affected (favourably or unfavourably) by movements in exchange rates
- Investing in the bond market is subject to certain risks including market, interest rate, issuer, credit, and inflation risk. These risks may be enhanced in below investment grade securities
- Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries and investments in these countries are subject to greater risks
Fund Facts
OTHER VEHICLES:
| Fund Facts | As of 31.10.2025 |
|---|---|
| Total Net Assets ($Million) | $445 |
| Number of Holdings | 274 |
| Inception Date | 26.10.2023 |
| Ongoing Charge Figure* | 1.10% |
| ISIN | LU2666578468 |
| SEDOL | BRBJ2P3 |
| Bloomberg | WIEMDAI LX |
| Valoren Number | 129026703 |
| WKN Number | A3ETDF |
| Lipper | 68778645 |
| Benchmark** | JPMorgan EMBI Global Diversified - Net Return |
*The ongoing charge figure (OCF), is the charge you’ll pay over a year for as long as you hold your investment. The OCF for a fund is quoted on the 'Key Investor Information' document and relates to the costs of running the fund.
**Reference to the Benchmark is only included for performance comparison purposes and does not have any bearing on how the investment manager invests the fund’s assets. The Benchmark has been selected because it is representative of the type of investments in which the fund is likely to invest.
Performance
RETURN:As of 31.10.2025 | AVERAGE ANNUAL RETURNS: As of 31.10.2025 | ||||
| Fund | Inception | Month | YTD | 1-YR | Since Inception |
|---|---|---|---|---|---|
| Emerging Markets Debt Hard Currency Fund Class AIM (USD) | 26.10.2023 | 2.37% | 13.42% | 13.67% | 17.53% |
| JPMorgan EMBI Global Diversified - Net Return | - | 2.13% | 13.02% | 12.76% | 15.61% |
Past performance is not necessarily a guide to future performance. Returns for periods of one year or more are annualized. All charges and fees, except any entry, exit and switching charge, have been taken into account in calculating the Fund’s performance. Returns for other share classes will differ from those shown above. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Levels and bases for taxation may change.
† Since Fund’s inception on 26.10.2023 through 31.12.2023.
Portfolio Characteristics
As of 31.10.2025
| Portfolio Composition | |
|---|---|
| Average Maturity (years) | 14.8 |
| OAS (BPS) | 390 |
| Current Yield | 5.40% |
| Duration (years) | 7 |
| Yield To Maturity | 7.20% |
| Top 10 Issuers | % of Fund |
|---|---|
| REPUBLICA ARGENTINA | 3.55% |
| JUMHURIYAT MISR AL-ARABIYAH | 3.36% |
| SALTANAT UMAN | 3.04% |
| PARAGUAY, REPUBLIC OF (GOVERNMENT) | 2.56% |
| REPUBLICA DOMINICANA | 2.36% |
| ROMANIA, REPUBLIC OF (GOVERNMENT) | 2.33% |
| REPUBLICA FEDERATIVA DO BRASIL | 2.23% |
| PETROLEOS MEXICANOS | 2.08% |
| HUNGARY | 2.00% |
| REPUBLICA DE COLOMBIA | 1.95% |
| Total | 25.46% |
Top ten holdings are shown as % of total net assets.
| Top 10 Countries by Active Spread Duration | Fund |
|---|---|
| PARAGUAY | 0.16 |
| BRAZIL | 0.15 |
| UNITED ARAB EMIRATES | 0.13 |
| MEXICO | 0.12 |
| OMAN | 0.10 |
| UKRAINE | 0.07 |
| TRINIDAD AND TOBAGO | 0.07 |
| SURINAME | 0.05 |
| BERMUDA | 0.05 |
| HUNGARY | 0.05 |
| Total | 0.95 |
| Top 10 Country Fund Allocations | % of Fund |
|---|---|
| MEXICO | 4.85% |
| BRAZIL | 4.36% |
| UNITED ARAB EMIRATES | 4.15% |
| INDONESIA | 3.90% |
| ARGENTINA | 3.90% |
| OMAN | 3.35% |
| EGYPT | 3.33% |
| COLOMBIA | 3.00% |
| TURKEY | 2.98% |
| SAUDI ARABIA | 2.97% |
| Total | 36.79% |
Portfolio Allocations
| Sector | % of Fund | % Benchmark |
|---|---|---|
| EM Mkt Sovereign | 66.9% | 81.2% |
| EM Mkt Corporate | 16.0% | 0.0% |
| EM Mkt Quasi-Sovereign | 9.1% | 18.8% |
| Cash & Equivalents | 7.2% | 0.0% |
| EM Mkt Sub Sovereign | 0.5% | 0.0% |
| Em Mkt Supranational | 0.3% | 0.0% |
| Total | 100.0% |
| Duration | % of Fund |
|---|---|
| Less than 1 year | 6.5% |
| 1 - 3 years | 14.3% |
| 3 - 5 years | 20.3% |
| 5 - 7 years | 17.6% |
| 7 - 10 years | 12.5% |
| 10 - 15 years | 20.3% |
| 15+ years | 8.5% |
| Total | 100.0% |
| Credit Quality | % of Fund | % Benchmark |
|---|---|---|
| AA | 3.2% | 4.2% |
| A | 4.6% | 14.3% |
| BBB | 21.5% | 31.5% |
| BB | 25.7% | 24.0% |
| B | 12.5% | 10.8% |
| CCC | 17.1% | 11.3% |
| CC | 1.6% | 1.3% |
| D | 1.4% | 0.5% |
| NR | 5.2% | 2.1% |
| Cash & Equivalents | 7.2% | |
| Total | 100.0% |
Management
Head of the Emerging Markets Debt Team, Portfolio Manager
Tenure with William Blair:Since
2020
Fund Literature
Any investment or strategy mentioned herein may not be appropriate for every investor. There can be no assurance that investment objectives will be met. Products and services listed are available only to residents of this jurisdiction and may only be available to certain categories of investors. The information on this website does not constitute an offer for products or services, or a solicitation of an offer to any persons outside of this jurisdiction who are prohibited from receiving such information under applicable laws and regulations. Nothing on this webpage should be construed as advice and is therefore not a recommendation to buy or sell shares.
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The JP Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks the total return of U.S.-dollar denominated debt instruments issued by sovereign and quasi-sovereign entities. It is not possible to directly invest in an unmanaged index. Information has been obtained from sources believed to be reliable but JP Morgan does not warrant its completeness or accuracy. The index is used with permission. The index may not be copied, used, or distributed without JP Morgan’s prior written approval. Copyright JPMorgan Chase & Co. All rights reserved.
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The William Blair SICAV is a Luxembourg investment company with variable capital registered with the Commission de Surveillance du Secteur Financier (“CSSF”) which qualifies as an undertaking for collective investment in transferable securities (“UCITS”). The Management Company of the SICAV has appointed William Blair Investment Management, LLC as the investment manager for the fund. Additional information can be found under the Terms of Use.
Issued in the European Economic Area (EEA) by William Blair B.V., authorized and supervised by the Dutch Authority for the Financial Markets (AFM) under license number 14006134 and also supervised by the Dutch Central Bank (DNB), registered at the Dutch Chamber of Commerce under number 82375682 and has its statutory seat in Amsterdam, the Netherlands. This material is only intended for eligible counterparties and professional clients.