PIMCO's October Investment Strategies Report, led by Pramol Dhawan and Michael Story, focuses on the evolving landscape of emerging market (EM) debt. Key insights include:
• EM debt has matured, offering diversification benefits similar to U.S. corporate bonds, but with higher volatility, especially for lower-quality issuers.
• EM debt is best utilized to reduce portfolio risk rather than chase high yields.
• Bottom-up analysis and portfolio construction have outperformed macro-driven strategies in the current political climate.
For a detailed exploration of EM debt strategies and portfolio positioning, read the full report.
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