Investment Overview

A local emerging markets debt strategy investing significantly beyond the confines of the benchmark.
Investment team of 40+ professionals focus on country-level analysis in conjunction with associated risk factors.
Investment universe of greater than 100 countries.
Country-pickers approach with focus on local, sovereign exposure and flexibility to gain limited external exposure.
Target excess return: 200 basis points
Tracking error range: 150-350 basis points
Information ratio target: 0.6-1.3

Portfolio Construction

Bottom-up portfolio construction by country and risk factor in conjunction with top-down risk measurement
Individual positions assessed through analysis of country fundamentals, risk factor valuation, portfolio fit, and expected liquidity
Developed market interest-rate risk (U.S. and German) and currency risk (EUR/USD exchange rate) are hedged

Investment Team

Marshall Stocker, PhD, CFA

Co-Director of Emerging Markets

22 years of industry experience

8 years at Eaton Vance

PhD, Universidad Francisco Marroquin

MBA, Cornell University

BS, Cornell University

John Baur

Co-Director of Emerging Markets, Portfolio Manager

17 years of industry experience

17 years at Eaton Vance

MBA, Cornell University

B.S., Massachusetts Institute of Technology

Brian Shaw, CFA

Portfolio Manager

14 years of industry experience

11 years at Eaton Vance

MBA, University of Chicago

BA, Vanderbilt University



Benchmark: J.P. Morgan Government Bond Index: Emerging Market (JPM GBI-EM) Global Diversified