The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 22, 2026
The Invesco Emerging Markets Local Debt Fund outperformed its benchmark in Q2 2026, with interest rate positioning and foreign currency exposure driving relative returns. Top contributors included positioning in the Hungarian forint (83 bps) and interest rate positioning in Hungary (35 bps) and Mexico (29 bps), while detractors included the Turkish lira (-13 bps) and rate positioning in Brazil and India (-14 bps each). The quarter was marked by the ongoing Iran conflict affecting energy prices and currencies, and a less accommodative Federal Reserve tone that rattled markets. Emerging market central banks delivered increasingly divergent monetary policy responses, moving away from synchronized easing toward country-specific policies shaped by currency pressures, energy shocks, and inflation credibility. The managers believe emerging markets are better equipped than ever to manage external shocks, with stronger monetary policy frameworks and more individualized fundamentals. They maintain a favorable outlook supported by narrowing growth differentials, a stable-to-weak dollar, and attractive valuations, while acknowledging the landscape has shifted toward greater dispersion and idiosyncratic return drivers requiring active country selection.
Emerging market local debt offers an attractive opportunity to invest in a high-yielding asset class with low correlation to US stocks and bonds, supported by narrowing growth differentials, a stable-to-weak dollar environment, and attractive valuations following recent dislocations.
The fund maintains a favorable outlook for emerging market local debt, supported by narrowing growth differentials, a stable-to-weak US dollar environment, and attractive valuations. The managers believe emerging markets are better equipped than ever to manage external shocks, with stronger monetary policy frameworks and more individualized country fundamentals. However, they acknowledge the investment landscape has transitioned toward greater dispersion, higher uncertainty, and more idiosyncratic return drivers, making country-level differentiation and careful risk calibration increasingly important. While geopolitical uncertainty and tighter policy may keep volatility elevated, the managers view recent dislocations as creating improved entry points for select opportunities.
Neutral / Balanced
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