MAB-Quarterly-Review-Q2-2025-Cautious - Flipbook - Page 12
Manager
spotlight
Morgan Stanley Emerging
Market Local Income Fund
(“MS Local Income EMD”)
The Morgan Stanley Emerging Markets Local Income Fund aims to
earn income and potential capital gains by investing in bonds issued
by governments in emerging markets. For example, countries like
Brazil, South Africa, or Indonesia. Importantly, the fund invests in local
currency bonds, meaning it holds debt in the currency of the issuing
country rather than in US dollars.
Team:
Last manager meeting:
Brian Shaw CFA, who is an Interest Rates
Strategist working across regions
January 2025
Patrick Campbell CFA, who has a particular
focus on Latam nations
Asset class:
They are supported by an extensive team
of other Portfolio Managers and Research
Analysts across their various geographic
specialties (often on the ground in a range
of far-昀氀ung geographies).
Sub-asset class:
Team experience:
A major reason this fund has
outperformed its peers is its dedicated
team of 8 global traders and 8 trading
assistants, all with deep knowledge
of local markets. This has allowed the
team to 昀椀nd buyers and sellers even in
dif昀椀cult conditions, when other managers
struggled to trade. Around one-third of
the fund’s outperformance comes from
these trading capabilities, not just from
investment decisions. In other words,
they’re not just picking good countries
and currencies - they’re executing trades
better than others can.
Fixed Income
Emerging Market Local Debt
Fund inception date:
1st February 2018 for the Fund in which we
are invested, however the strategy has been
running in other wrappers since June 2007
Fund size:
£711 million
Added to your portfolio:
July 2019 (MAB Funds & Active MPS)
Source: Re昀椀nitiv/ YOU Asset Management
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