FICC Focus Ninety One’s Kent on Blurring Lines Between EM and DM: EM Lens
Jul 18, 2025
Peter Kent, co-head of Emerging Market Fixed Income at Ninety One, brings his 25 years of experience to the table in a conversation with Damian Sassower. They dive into the shifting dynamics between emerging and developed markets, exploring how U.S. monetary policy and tariffs influence investment strategies. Kent emphasizes the resilience of South Africa's economy and its investment potential. The duo also discusses the challenges of managing currency risk and the evolving role of the U.S. dollar in global markets.
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Peter Kent's EM Fixed Income Experience
- Peter Kent shared his 25-year experience transitioning from developed markets to emerging markets.
- He manages a blended EM debt strategy combining local and hard currency both sovereigns and corporates.
US Labor Market and Fed Cuts
- US labor market is balanced on a knife’s edge and tariffs add uncertainty.
- This dynamic likely makes Fed cuts more probable if growth weakens and inflation cools.
Navigating EM Currency Risk Today
- You can still find cyclical or defensive currency exposures in emerging markets despite dollar volatility.
- Some low-carry Asian currencies behaved defensively through recent market stress.