Nuveen has launched a new Global Emerging Market Debt strategy, aimed at investors in Europe and Asia Pacific.
The fund focuses on hard currency debt from emerging market governments, quasi-sovereigns, and corporates. It aims to outperform its benchmark through selective country and bond picks.
It’s managed by Katherine Renfrew and John Espinosa, supported by a 17-person team within Nuveen’s wider fixed income division. The firm already manages over $12bn in emerging market debt.
The launch follows Nuveen’s October 2024 debut of a Global Impact Strategy and is part of its broader expansion across Europe and Asia. The asset manager runs $588bn in fixed income overall.
Nuveen head of EM corporates and Quasi sovereigns Katherine Renfrew says: “Emerging markets are heterogeneous, complex and dynamic. Driving optimal country-level exposure is critical to delivering consistent, incremental alpha. Furthermore, we believe that complementing sovereigns with a diverse selections of emerging market corporates is key to enhancing risk-adjusted returns.
“The first quarter of 2025 has undoubtedly been noisy across global fixed income markets. The backdrop for EM sovereigns remains healthy with no obvious defaults on the horizon and a more positive skew to credit quality with upgrades outweighing downgrades in comparison to the tough years the market faced from 2021 to 2023.
“EM sovereign and corporate issuance remains strong and since we expect capital markets to remain open and US rates to stay rangebound, experienced international investors can navigate the challenges of rising tariff policies and evolving geopolitical developments. Many EM corporates, particularly those in stable or reforming markets, continue to thrive, offering attractive and competitive spreads and returns relative to investment grade and high yield names in the US.”
