{"id":565098,"date":"2021-03-17T14:06:24","date_gmt":"2021-03-17T14:06:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/passive-investors-arent-checking-for-ems-right-now\/"},"modified":"2021-03-17T14:06:24","modified_gmt":"2021-03-17T14:06:24","slug":"passive-investors-arent-checking-for-ems-right-now","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/passive-investors-arent-checking-for-ems-right-now\/","title":{"rendered":"Passive investors aren\u2019t checking for EMs right now"},"content":{"rendered":"

<\/a> Emerging market bonds are suffering a crisis of visibility<\/strong>, leaving potential passive investors in the dark and intensifying outflow risk by concentrating investment in a small portion of available equities, according to the Financial Times<\/a>. Despite the fact that asset managers have been unanimous in their praise<\/a> and bullish outlook on EM equities, only 13% of EM sovereign and corporate bonds are included in major indices, meaning that the majority of EM equities remain off the radar for passive investors and exchange traded funds, a report<\/a>by EM-focused research house Ashmore found.<\/p>\n

Local currency corporate EM bonds are a particular blind spot<\/strong>, with only 2% of the estimated USD 12.5 tn in issuances in 2019 included in the ICE BofA Diversified Local EM Non-Sovereign Index. Local currency government bonds fared slightly better, with 11% inclusion on JPMorgan\u2019s GBI EM Global Diversified index. Egypt could potentially be joining JPMorgan\u2019s index soon<\/strong> along with Ukraine, India, Nigeria, and Serbia.<\/p>\n

This funneling of investments is creating a double edged risk:<\/strong> A lack of diversification could leave EM investors with portfolios susceptible to sudden shifts, while a concentration of investments into a narrow segment of the market leaves those markets vulnerable to potential outflows<\/a> knocking out their economy. (Remember the emerging markets zombie apocalypse of 2018? Or the rush of outflows from emerging markets at the outset of the pandemic last year?)<\/p>\n

The (sort of) good news:<\/strong> Overall inclusion is up to 13% in 2020 from 9% in 2018, though that jump is mostly attributable to China\u2019s inclusion<\/a> in the major fixed income EM indices. And while the main indices are not entirely inclusive of their representation, they do cover more than 200 individual markets, resulting in a geographically spread out representation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Emerging market bonds are suffering a crisis of visibility, leaving potential passive investors in the dark and intensifying outflow risk by concentrating investment in a small portion of available equities, according to the Financial Times. Despite the fact that asset managers have been unanimous in their praise and bullish outlook on EM equities, only 13% […]<\/p>\n","protected":false},"author":1,"featured_media":565099,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[1112,115,633,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-corporate-bonds","tag-emerging-markets","tag-enterprisepm","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"e8195750-f047-4ca8-ba97-65f779ce754f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/500.jpg","photo_position":"above","related_issue":[565086],"teaser":"","voice_url":""},"yoast_head":"\nPassive investors aren\u2019t checking for EMs right now - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/passive-investors-arent-checking-for-ems-right-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Passive investors aren\u2019t checking for EMs right now\" \/>\n<meta property=\"og:description\" content=\"Emerging market bonds are suffering a crisis of visibility, leaving potential passive investors in the dark and intensifying outflow risk by concentrating investment in a small portion of available equities, according to the Financial Times. 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