| Eric Fine, portfolio manager at VanEck, joins us this week to break down the emerging market bond landscape in a wide-ranging conversation covering geopolitics, currencies, and why EM bonds may be one of the most compelling trades of the decade. Eric explains how recent Middle East events created clear winners among oil-exporting emerging markets, why the dollar will slowly share its reserve status, and how 13 years of data supports the case that EM bonds offer roughly double the yield of developed market bonds at lower volatility. The conversation also dives into the structural advantages EM countries hold and why these fundamentals are drawing attention from institutional investors and central banks alike. Eric also shares the story behind VanEck’s actively managed EM bond ETF, the firm’s roots dating back to 1955, and why Europe and Asia represent major growth markets. Find out more about Eric Fine here: https://www.vaneck.com/us/en/news-and-insights/thought-leaders/eric-fine/?p=1 Follow Eric Fine on LinkedIn: https://www.linkedin.com/in/eric-fine-a395552b Sign up for Ed D’Agostino’s free newsletter here: https://www.mauldineconomics.com/global-macro-update?utm_source=SYTB&utm_medium=GM&utm_campaign=jm-563&utm_term=260306-eric-fine&utm_content=JM563GM400102 Follow Ed D’Agostino on LinkedIn: https://www.linkedin.com/in/ed-d-agostino-415475296/ Follow Ed D’Agostino on X: https://x.com/EdDAgostino _____________ Time stamps: 0:00 – Introduction 0:30 – Middle East impact on EM portfolios 1:35 – Energy’s role in the investment process 5:04 – Currency shifts & future reserve assets 7:20 – 13-year trend: low-debt EMs vs. indebted DMs 9:50 – De-dollarization: what it actually means 12:21 – Dollar will share its status, not lose it 14:30 – CNY as a rising reserve currency 17:23 – Are EM bonds still cheap after 2025? 21:55 – The carry case: 6%+ yield, lower vol 25:34 – Why EM fundamentals beat DM 34:30 – VanEck’s actively managed EM bond ETF |
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