Investment Overview

A flexible approach to investing beyond benchmarks and across the full spectrum of emerging markets debt.
Investment team of 50+ professionals focus on country-level analysis in conjunction with associated risk factors.
Investment universe of greater than 100 countries.
Country-pickers approach with flexibility to invest across local and external, sovereign and corporate exposures.
Target excess return: 200-300 basis points
Tracking error range: 300-600 basis points
Information ratio target: 0.6-1.0
 

Portfolio Construction

Bottom-up portfolio construction by country and risk factor in conjunction with top-down risk measurement.
Individual positions assessed through analysis of country fundamentals, risk factor valuation, portfolio fit, and expected liquidity.
Developed market interest-rate risk (U.S. and German) and currency risk (EUR/USD exchange rate) are hedged.

Investment Team

Michael Cirami, CFA

Co-Director of Global Income Group, Portfolio Manager (Central and Eastern Europe, Middle East, Africa)

19 years of industry experience

16 years with Eaton Vance

BS, Mary Washington College

MBA, University of Rochester


Eric Stein, CFA

Co-Director of Global Income Group, Portfolio Manager (Asia)

17 years of industry experience

13 years with Eaton Vance

BS, Boston University

MBA, University of Chicago


John Baur

Director of Global Portfolio Analysis, Portfolio Manager (Latin America)

15 years of industry experience

14 years with Eaton Vance

BS, Massachusetts Institute of Technology

MBA, Cornell University


Michael O'Brien, CFA

Director of Global Trading

19 years of industry experience

14 years with Eaton Vance

BA, Colby College

MS, Boston College


 

Benchmark

Blended benchmark
50% J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified
25% J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified
25% J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified