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US firm unveils Ucits version of EM local income fund

US firm unveils Ucits version of EM local income fund

Eaton Vance has expanded its European range of funds with the launch of a Ucits version of its emerging markets local income fund, the group has announced.

The Eaton Vance International (Ireland) Emerging Markets Local Income fund, is managed by co-directors of global income, Citywire A-rated Michael Cirami and + rated Eric Stein, as well as director of global portfolio analysis, A-rated John Baur and portfolio manager Danat Abdrakhmanov.

The Irish registered Ucits fund is a mirror of the Eaton Vance Emerging Markets Local Income strategy, that has been available to investors in the US for more than a decade.

The fund invests in fixed income securities denominated in currencies of EM countries, or issued by EM sovereigns and corporates.  

Commenting on the launch, Cirami said: ‘Contrary to the great majority of emerging markets local currency strategies largely confined to a limited number of emerging markets countries, our fund’s unique approach seeks to capitalise on the full potential of the emerging markets sector.'

Building on fixed income

Last week, Eaton Vance announced the strengthening of its international asset management offering with the creation of a five-strong fixed income team based in Frankfurt.

The newly-formed unit sits within the wider Global Income group, which is co-led by Cirami and Stein.

Over the three years to the end of December 2017, the Eaton Vance Emerging Markets Local Income fund returned 17.69% in US dollar terms. This is while its Citywire-assigned benchmark, the Cust Index JPM GBI-EM Gl Div Tr, returned 12.22% over the same time period.

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