In this Q&A Polina Kurdyavko, Managing Director, Senior Portfolio Manager and Head of Emerging Markets, BlueBay Fixed Income, RBC Global Asset Management, discusses the philosophy behind the BlueBay Emerging Market Unconstrained (EMU) Bond Strategy, the team's approach to opportunity and risk, and what to watch in 2026.
Can you us a quick overview of the strategy?
EMU is an actively managed fund where we're focused on generating strong returns while keeping risk management front and centre. The strategy invests in our best ideas across the EM universe and is not tied to a benchmark. This gives us flexibility to invest across the emerging markets (EM) debt asset classes, including government and corporate bonds in both hard and local currencies, interest rates and FX – wherever we see the best opportunities.
This flexibility is a key characteristic. We're able to pivot between different markets and instruments to capitalise on opportunities and manage risk efficiently.
We understand the perceived heightened risk associated with emerging market debt –and with some justification. These markets can be volatile. But what we've built with EMU is a flexible solution that can deliver attractive returns across the market cycle. When markets get choppy, we're able to adjust our positions quickly to provide better downside protection than you might get with benchmark-relative strategies. And we believe our track record speaks for itself.
Read more of the article in our Focus guide with RBC Bluebay Asset Management.
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