Inside the ICE House

ETF Central: Portfolio Manager, Active Emerging Markets Debt at VanEck Eric Fine

Nov 12, 2025
Eric Fine, Global Head of Emerging Market Debt at VanEck, brings decades of experience to the discussion. He shares insights on how stronger fiscal discipline and independent central banks are making EM bonds attractive. Fine highlights the resilience of emerging markets and their opportunities in global fixed income. He also addresses misconceptions about EM bond risks and advocates for flexible investment strategies. With a unique blend of international policy and market analysis, he elaborates on incorporating sovereign and corporate EM debt effectively.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ANECDOTE

From Diplomatic Childhood To Markets

  • Eric Fine grew up overseas with diplomat parents which shaped his objective view of countries and policy outcomes.
  • That background led him from public policy work in Russia to sell-side research and then portfolio management at VanEck.
INSIGHT

Fiscal Dominance Explains Bond Risks

  • Fiscal dominance happens when debt forces central banks to compromise on inflation targeting.
  • Countries with low debt and independent central banks avoid that trap and can offer attractive bond opportunities.
INSIGHT

EMs Offer Defensive Yield And FX Tailwinds

  • Many emerging market countries have low debt and high real rates, making them resilient versus developed markets.
  • Currency undervaluation (e.g., CNY) and trade relationships can materially boost EM local bond performance.
Get the Snipd Podcast app to discover more snips from this episode
Get the app