Eaton Vance Management (International) has launched the Eaton Vance International (Ireland) Emerging Markets Local Income fund, registered within the firm’s Dublin-domiciled Ucits range Eaton Vance International (Ireland) Funds Plc.
The fund invests in a broad range of fixed income securities denominated in local currencies and/or issued by emerging market sovereigns or corporates. In addition, it could also invest in derivative instruments based on currencies, interest rates or issuers of EM countries.
Portfolio managers appointed on the fund are Eaton Vance’s co-directors of global income Michael Cirami and Eric Stein as well as John Baur, director of global portfolio analysis and Danat Abdrakhmanov, portfolio manager.
It is understood the fund will have significant non-benchmark exposure in order to have an expanded opportunity set, greater diversification and duration and currency flexibility.
“Contrary to the great majority of emerging markets local currency strategies largely confined to a limited number of emerging markets countries, our Fund’s unique approach seeks to capitalise on the full potential of the emerging markets sector.
The breadth of its investment universe – consisting of more than 80 countries (compared to the benchmark’s 18 countries) – combined with Eaton Vance’s fundamental, bottom-up research and the strong capabilities of our global income team, we believe will appeal to investors wishing to get further exposure to emerging markets,” said fund manager Cirami.
The Eaton Vance Emerging Markets Local Income strategy has been available to US investors for over 10 years.
As of 31 December 2017, Eaton Vance’s global income team over $10bn (€8.06bn) in emerging market debt instruments. Total AUM of the manager at that date amounted to $432.2bn (€348.4bn).