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 25, 2026
The TCW Emerging Markets Income Fund returned 6.00% net in Q2 2026, outperforming its benchmark by 137bps, driven primarily by security selection in high yield and overweight positioning in Ukraine, Egypt, and Argentina. The managers maintain a constructive outlook on EM debt, emphasizing that the asset class benefits from stronger macroeconomic fundamentals than Developed Markets, including healthier fiscal trajectories, lower public debt burdens, and more disciplined monetary policy frameworks. Real yields across EM remain meaningfully above those in Developed Markets, providing attractive income and historically strong return drivers. The fund increased its high yield overweight to +14.58% and added exposure to Egypt, Indonesia, Ivory Coast, Mexico, Lebanon, India, and Saudi Arabia. Key risks include geopolitical uncertainty, dollar strength, and political volatility in select markets like Senegal. The managers view the US dollar as structurally overvalued and expect gradual weakness over the medium term, which would support local currency debt returns. They believe elevated real yields, improving fundamentals, and increasing country-level dispersion create a favorable environment for active management across both hard and local currency markets.
Emerging markets debt offers a compelling structural allocation opportunity driven by superior fundamentals relative to Developed Markets, elevated real yields, and meaningful dispersion across countries creating alpha opportunities for active managers.
The managers remain constructive on the outlook for EM debt. Elevated real yields, improving sovereign fundamentals, attractive income levels, and increasing dispersion across countries and issuers continue to create a favorable backdrop for active investors. While geopolitical developments and policy uncertainty may contribute to periodic volatility, they believe both hard and local currency debt remain well positioned to benefit from resilient EM fundamentals, attractive valuations, and a gradually more supportive global macroeconomic environment. They continue to see a compelling opportunity set in local currency debt driven by elevated real yields, improving macroeconomic fundamentals, and the potential for further US dollar weakness over the medium term.
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