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By PWM Editor

“We moved out of Ashmore Emerging Markets Liquid Investment Portfolio based on an asset allocation shift out of emerging market debt and into higher quality government bonds. Despite the improving health of emerging economies, we are concerned about the risk that rising US rates will lead to an unwinding of the emerging markets carry trade. The spreads offered by emerging market bonds can no longer justify the additional risk. In equities, we are further reducing our exposure to US managers and increasing Europe, Asia and emerging markets.”

 

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