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March 29, 2018

Fund Manager Chat: Global Emerging Market Debt – Penelope Foley, TCW Funds

by Jake Moeller.

Lipper data reveals robust flows into Emerging Market (EM) debt funds. In 2017, the asset class saw some U$50 billion of net inflows with total AUM increasing (in hard currency funds) by 46% since 2013.

In this podcast, Penelope Foley, fund manager of the TCW Emerging Markets Income Fund and the TCW Emerging Markets Local Currency Income Fund explains why she has a reasonably sanguine outlook for the asset class in 2018.

She discusses what is attracting investors to EM debt, the durability of supportive structural changes in EM markets, yield expectations and the potential consequences to this asset class by central bank tightening.

Running Order

Run Time Topic
00:20 Why are EM bonds currently so appealing to investors?
03:18 The market periodically falls in love with EM. Why is this time different?
05:05 How is your portfolio currently regionally allocated?
07:10 What yield expectations do have for the asset class?
08:40 What is the outlook for EM debt in light of central bank tightening?


Ms. Foley is chatting with Jake Moeller, Head of Lipper UK and Ireland Research, at Refinitiv in London, on March 16, 2018.

How do you intend to manage your EM debt exposure in 2018?

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About Penelope Foley

Penelope Foley, TCW Funds. Photo with permission.

Ms. Foley is a Portfolio Manager for the TCW Emerging Markets and Interna­tional Equities Groups. Prior to joining TCW in 1990, Ms. Foley was a Senior Vice President of Drexel Burnham Lambert where she was involved in the management of DBL Americas Development Association, L.P. and in the provision of investment and merchant banking services in Latin America.

Before Drexel, she was a Vice President in Citicorp’s Investment Bank and was responsible for Eurosecurities, project finance and private placements in Latin America and Canada. Previously, she was an Associate in the Corporate Finance Department at Lehman Brothers. Ms. Foley attended Northwestern University and holds a BA from Hollins College.

Lipper delivers data on more than 265,000 collective investments in 61 countries. Find out more.

This material is provided for as market commentary and for educational purposes only and does not constitute investment research or advice. We cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. Please consult with a qualified professional for financial advice. The author does not own shares in this investment.

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