Eaton Vance Management (International) Limited (EVMI), has launched the Eaton Vance International (Ireland) Emerging Markets Local Income Fund, a sub-fund of Eaton Vance International (Ireland) Funds Plc.
The Fund is an Irish registered UCITS fund, subject to regulation by the Central Bank of Ireland.
The Fund’s portfolio managers are Michael Cirami, CFA, Co-Director of Global Income, Eric Stein, CFA, Co-Director of Global Income, John Baur, CFA, Director of Global Portfolio Analysis and Danat Abdrakhmanov, Portfolio Manager.
The Fund seeks to generate total return by investing in fixed income securities denominated in currencies of emerging market (EM) countries and/or issued by emerging market sovereigns or corporates. It may also invest in derivative instruments based on currencies, interest rates or issuers of EM countries.
The Fund will use this wide range of fixed income and derivative instruments to exploit opportunities in some of the world’s fastest-growing economies and to express a view on country-level currency, interest rates and credit spreads. While it is benchmark aware, it will have significant non-benchmark exposure for an expanded opportunity set, greater diversification and duration and currency flexibility.
According to Cirami: “Contrary to the great majority of emerging markets local currency strategies largely confined to a limited number of emerging markets countries, our Fund’s unique approach seeks to capitalise on the full potential of the emerging markets sector. The breadth of its investment universe – consisting of more than 80 countries (compared to the benchmark’s 18 countries) – combined with Eaton Vance’s fundamental, bottom-up research and the strong capabilities of our Global Income team, we believe will appeal to investors wishing to get further exposure to emerging markets.”
“We are excited to offer our international clients our emerging markets local debt investment capabilities intended to provide attractive potential returns in a backdrop of low yields and low spreads across many other sectors in the fixed income markets globally,” says Stein.