Goldman Sachs Asset Management launches emerging markets portfolio
Goldman Sachs Asset Management (GSAM) has announced the launch of the Goldman Sachs Growth and Emerging Markets Debt (EMD) Blend Portfolio.
The new fund is a long-only portfolio mostly investing in fixed income securities issued by emerging market governments and corporates.
The portfolio seeks to provide clients with access to multiple EMD asset classes in a single solution, including local currency government bonds, US dollar-denominated government bonds, and US dollar-denominated corporate debt.
The aim of the blended fund is to alleviate the need for investors to decide how much to allocate to different EMD strategies by assigning the responsibility for asset allocation to the manager.
The portfolio is managed by GSAM’s Emerging Markets Fixed Income team and represents a complementary addition to GSAM’s existing EMD products which include the GS Growth and Emerging Markets Debt Local Portfolio, the GS Growth and Emerging Markets Debt Portfolio and the GS Growth and Emerging Markets Corporate Bond Portfolio.
Sam Finkelstein, global head of Macro Strategies and CIO of EMD at GSAM, said: “In our view, some of the most compelling investment opportunities in fixed income today are in emerging markets as debt sustainability is currently less of a concern, yields are more elevated and economies looking healthier compared to developed markets.
“In addition, as investor familiarity with EMD increases, we are already seeing investors add local sovereign and corporate debt to their external sovereign mandates. This approach reflects the changing opportunity set within EMD as the asset class continues to evolve.”