Survival and revival: The keys to portfolio management in a crisis

Laying the foundations for a market rebound

Samy Muaddi of T. Rowe Price

Samy Muaddi of T. Rowe Price

Given the heightened volatility environment – with a series of multi-sigma credit spreads spikes since the end of February – the decisions we take over the next three months are likely to disproportionately influence our returns for the next three years.

This is my sixth emerging market (EM) credit cycle - after 2008, 2011, 2013, 2015 and 2018. For the EM community, these cycles seemingly happen every two years - either in specific countries or, as now, for the entire market. However, the good news is this is only the second worst cycle of my career. Recent volatility spikes are reminiscent of the global financial crisis, but the difference is I am not doubting the fabric of financial architecture and counterparty stability today. Covid-19: Who bears the business loss? Nonetheless, we have a plan. It has two coinciding steps. The f...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Emerging markets

European-focused investment grade and high yield credit have highest inflows since April 2020.

Fixed income dominates ETF flows in July

Accounted for $32.5bn

clock 08 August 2022 • 2 min read
Ken Wotton and Brendan Gulston, co-managers of the LF Gresham House UK Multi Cap Income fund

Five rules for resilience amid rocky markets

Barrage of headwinds

Ken Wotton and Brendan Gulston
clock 04 August 2022 • 5 min read
Chris Hutchinson of Unicorn Asset Management

The Big Interview: What I learned after being dropped from Hargreaves Lansdown's Wealth Shortlist

'I’ve no interest in falling out with people'

clock 04 August 2022 • 6 min read