Investment Overview

Strategy primarily invests in the local debt markets of developing countries with complementary investments in sovereign and corporate credit.
Investment universe consists of nearly 80 countries
Exposure via local, external, corporate and loan asset classes
Positions expressed via both cash and derivative instruments
Target excess return: 200 basis points
Tracking error range: 150-350 basis points
Information ratio target: 0.6-1.3

Portfolio Construction

Investment team of 40+ professionals perform macroeconomic and political research of individual countries and analysis of associated risk factors: currency, interest rate duration, and credit spread duration
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 (U.S. and German) and currency risk (EUR/USD exchange rate) are hedged for active risk positions

Investment Team

Michael Cirami, CFA
Co-Director of Global Income Group, Portfolio Manager (Central and Eastern Europe, Middle East, Africa)
16 years of industry experience
13 years with Eaton Vance
BS, Mary Washington College
MBA, University of Rochester
Eric Stein, CFA
Co-Director of Global Income Group, Portfolio Manager (Asia)
14 years of industry experience
11 years with Eaton Vance
BS, Boston University
MBA, University of Chicago
John Baur
Director of Global Portfolio Analysis, Portfolio Manager (Latin America)
11 years of industry experience
11 years with Eaton Vance
BS, Massachusetts Institute of Technology
MBA, Cornell University
Michael O'Brien, CFA
Director of Global Trading
16 years of industry experience
11 years with Eaton Vance
BA, Colby College
MS, Boston College

Benchmark

JPMorgan Government Bond Index: Emerging Markets (JPM GBI-EM) Global Diversified