Stephen Baines, co-manager of the recently launched Kames Short Dated High Yield Global Bond fund, said one of the reasons he is avoiding emerging market debt (EMD) is credit ratings agencies struggle to capture qualitative risks such as political and legal issues.
Speaking to Investment Week after the launch of the fund, Baines said when companies in emerging markets default, it is not always guaranteed one could get investments back when taking the firm to court....
The US dollar is close to peaking and the risks now seem to be on the downside.
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