Fidelity unveils FF Emerging Market Local Currency Debt fund

Fidelity Worldwide Investment has launched the FF Emerging Market Local Currency Debt fund.

The fund, managed by Steve Ellis and Eric Wong, will aim to deliver an attractive level of income by investing in local currency emerging market bonds issued predominately by emerging market sovereigns such as Russia, Mexico, South Africa, Turkey, Brazil, Poland, Indonesia and Thailand.

The launch brings Fidelity’s range of EMD funds to four including the FF Emerging Market Corporate Debt Fund, launched last month, FF Emerging Market Debt Fund and FF Emerging Market Inflation-Linked Bond Fund.

Ellis is based in London and already manages over $1bn in dedicated emerging market assets.

He joined Fidelity Worldwide Investment as a portfolio manager in 2012 from Goldman Sachs Asset Management and has over 19 years investment experience. Wong, based in Hong Kong, joined Fidelity in 2012 from BlackRock where he managed over $1bn in emerging market debt and has 10 years experience.

“The super secular growth story of emerging markets has a long way to go. The continued development of local EM markets has taken hold. This dynamic will look to persist for the foreseeable future. The current EM local currency universe presents an increasingly improving and well-balanced investment grade opportunity set. There is a broad and well diversified regional and country exposure,” Ellis said.

The fund is a Luxembourg-domiciled Sicav. The comparative index is the JP Morgan Global Bond Index – EM Global Diversified Index (JPM GBI – EM Global Diversified Index).

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