A look at emerging markets

Alan Kohler speaks with Arif Joshi, the Managing Director of Emerging Markets at Lazard Asset Management, who manages US$15 billion worth of emerging market debt.

This week's fund manager interview is with Arif Joshi, the Managing Director of Emerging Markets at Lazard Asset Management in New York.

He runs a US$15 billion worth of emerging market debt, that is to say bonds issued by emerging market countries, obviously. I thought it'd be interesting because of what's going on in the world at the moment and also emerging markets are providing a yield premium over bonds elsewhere. So as we know, bonds in Australia, the 10 year bond yield is under 1 per cent. In the US, 1.5 per cent or so, and there’s US$16 trillion worth of negative yielding bonds. But emerging markets are providing yields of 5 per cent or more. And the emerging markets funds, the debt funds, including the one that Arif Joshi's running, have been performing very well this year. So I thought it'd be worth just having a look at this as a possible portfolio allocation to provide some sort of interesting diversification and something that maybe investors should have a look at.

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