Die besten Schwellenländer Anleihenfonds - Seite 2

Hans Christian Backman, Portfolio manager and Emerging Markets strategist, "ISI Emerging Market Local Currency Bonds" (14.09.2011): "Debt/GDP, Budget surplus to GDP, Financing needs, Political enviroment (stability, reform progress, External Accounts, GDP growth, inflations and etc."

e-fundresearch: "What is your assessment of the current emerging markets bond spreads?"

Sébastien Unger, Senior Product Specialist for Fixed Income and Balanced Products, "Pictet-Emerging Local Currency Debt-P USD" (20.09.2011): "Given the current negative risk backdrop and the high political uncertainties, we became more neutral in terms of portfolio positioning and use some proxy developed trades to increase the liquidity of assets.
The recent move wider in spreads will at some point present an interesting opportunity in this asset class given that we think in a less volatile but low rates environment, spread products such as emerging usd bonds should do well."

Ernesto Bettoni, Investment Spezialist Emerging Markets, "BNP Paribas L1 Bond World Emerging Local C C" (20.09.2011): "They are extremely attractive at current levels, as they are suffering from collateral damage from the developed world. They will continue to compress over the long run to reflect the big gap in fundamentals between EM economies and the developed world. Just today we saw Italy being downgraded and Turkey being upgraded (20 Sep 2011)."

Jacob Elbækgaard Jensen, Portfolio Manager, "Jyske Invest Emerging Local Market Bonds" (20.09.2011): "The Fund Emerging Local Market Bonds is in local currency only and therefore we do not have same type of spread measurements as in credit markets. But of course we compare the yield difference between the local Emerging Markets and the developed markets to evaluate the level of attractiveness for investors to be involved.

Currently we see the yield difference as attractive compared to US treasuries, but also compared to BBB credits for instance. Emerging Markets fundamentals are strong with low debt to GDP, manageable inflation and high potential growth."

David Dowsett, Portfolio Manager, "BlueBay Emerging Market Local Curr Bd USD Base" (21.09.2011): "We are remaining cautious in the short term on continued uncertainty surrounding the situation in the eurozone periphery and broader macroeconomic weakness. However, over the medium term, we believe emerging market growth prospects remain healthy and these countries should not be hit by problems in the developed world. We will look to take advantage of market weakness and believe the investment environment in the sovereign hard currency space looks attractive at a spread level of 375-400bps (as represented by the JP Morgan EMBI Global Diversified Index). While we expect continued volatility in the short term, we expect spreads could move tighter as the year progresses. In our view, there is no real change in the positive structural growth story of the asset class."