HSBC Global Viewpoint Perspectives: Emerging Markets – new dynamics
Jul 23, 2025
Polina Kurdyavko, Head of BlueBay Emerging Markets, shares her expertise in navigating the complexities of emerging market investments. She highlights the unique risks and opportunities investors should consider. The discussion covers the impact of oil price volatility on different regions, contrasting Argentina’s promising outlook with Venezuela’s decline. Kurdyavko also delves into investment strategies that address market volatility and the importance of central bank policies, offering insights for those looking to diversify their portfolios in these dynamic markets.
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Polina's Unusual EM Career Path
- Polina Kurdyavko shared her unconventional path to emerging markets, from washing dishes in California to asset management in Austria and London.
- Her journey was driven by a desire to prevent financial crises after family losses in the Soviet Union.
EM Return Strategies Explained
- Emerging markets offer returns via discounted entry points and by capitalizing on volatility.
- Both approaches have delivered nearly 20% annualized returns over the past five years.
EM Outlook and Key Themes
- EM default rates are expected to be very low in 2025 but this cycle may be short due to liquidity withdrawal by US and China.
- Geopolitical tensions will steepen yield curves and Asian central banks may cut rates while the Fed remains cautious.