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Standard Life Investments Emerging Market Debt

Elite Rated by FundCalibre

This is a macroeconomic-driven fund that aims to generate returns through high conviction country selection. Although the fund is relatively new, having been launched in late 2012, manager Richard House ran a similar mandate successfully for more than four years at Columbia Threadneedle.

Company Description

Standard Life Investments (SLI) was launched as an investment management company in 1998. It has offices around the world in locations such as London, Boston, Sydney and Hong Kong, and also maintains close relationships with domestic partners in Asia. SLI covers a range of asset classes including equities, fixed income and real estate.

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Fund Manager

Richard House began his career in 1994 as an emerging market economist with Lombard Odier Asset Management. Richard was previously at Columbia Threadneedle, where he ran its Emerging Market Bond and Emerging Market Local funds. He left to set up Standard Life Investment’s emerging market fixed income proposition in 2012.

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Country selection is driven by a combination of fundamental, relative value and structural analysis. Our unique models distinguish us from peers. We are benchmark-aware but not benchmark-constrained.

Richard House - Fund Manager

The Investment Process

The team start with an evaluation of the global macroeconomic environment. Richard predominantly invests in external sovereign debt, denominated in US dollars. They use economic models to estimate the external financing needs of emerging markets’ sovereign debt issuers and then conduct stress tests under different scenarios. Richard makes regular trips to emerging market countries and contacts local policy makers to ascertain the potential political risks. He also attends annual International Monetary Fund (IMF) meetings. The fund has no benchmark constraints and will often avoid entire countries.

Risk

Sophisticated risk modelling is integral to the portfolio construction process. The fund produces daily risk analytics and dedicated independent risk managers regularly assess the portfolio. Investing in the debt of emerging market governments is more risky than investing in the debt of developed market governments.

Our Opinion

This is an active, high conviction fund run by an experienced manager. We like that Richard attends annual IMF meetings and that he travels to many of the countries where he invests. This gives him valuable insights, which many of his competitors don’t have.

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