Investment Overview

A flexible approach to investing beyond benchmarks and across the full spectrum of emerging markets debt.
Investment team of 40+ 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)
18 years of industry experience
15 years with Eaton Vance
BS, Mary Washington College
MBA, University of Rochester
Eric Stein, CFA
Co-Director of Global Income Group, Portfolio Manager (Asia)
16 years of industry experience
14 years with Eaton Vance
BS, Boston University
MBA, University of Chicago
John Baur
Director of Global Portfolio Analysis, Portfolio Manager (Latin America)
14 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
18 years of industry experience
13 years with Eaton Vance
BA, Colby College
MS, Boston College
 

Benchmark

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