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Pictet-Global Emerging Debt HJ dy GBP

Analyst Report
Morningstar's Take

by Jeroen Siecker
*  This rating and report were issued for a different share class of this fund. The performance and fee structure of this class may vary from that referenced.

After the departure of Simon Lue-Fong, Mary-Therese Barton took the helm in March 2018, leading the 23 investment professionals of Pictet’s Global Emerging Debt team. A further restructuring of the team means it still needs to prove its worth over the longer term, though. We maintain Pictet-Global Emerging Debt's Morningstar Analyst Rating of Neutral.Barton, who has been with the team since 2004, succeeded Lue-Fong as team head in March 2018. To enhance accountability at the portfolio level, she appointed strategy heads for local and hard currencies. These strategy heads determine the positioning in their respective areas of expertise. Guido Chamorro and Philippe Petit, who have been part of the team since 2007, have been appointed provisionally as heads of the hard-currency strategy. Chamorro is responsible for the EMEA and LATAM regions, while Petit decides on Asia. Alper Gocer is the lead on local-currency strategies. Senior investment manager Robert Simpson joined in March 2019 to support both hard- and local-currency debt strategies, focusing for a part on off-benchmark positions. Over the past year, the team had to cope with a higher-than-average staff turnover, huge outflows of both the hard and local strategy, and disappointing returns under its new leadership. While the recent recruitments bring some relief, it is too soon to tell whether they will be sufficient to restore the fund’s appeal. The team has also made some changes to the fund’s investment process. While it continues to derive 70% of its alpha from country and yield-curve selection and 30% from off-benchmark positions (such as local interest rates, local currency, or credit), Barton has sought to increase active bets in the portfolio. The team has made greater use of derivatives such as credit default swaps to tactically manage the fund’s exposures. We will be closely monitoring the impact of these changes on the consistency of returns going forward.

Morningstar Analyst Rating™
To find out how Morningstar rates a fund click here.
Portfolio RoleA supporting player because of the relatively high risk profile of emerging-markets bonds.
Morningstar Pillars
A new era.
There’s a lot to like but also some room for improvement. The Parent Pillar rating remains Neutral.
A greater emphasis on derivatives.
Lagging the benchmark since the new lead took over.
Morningstar Analyst RatingMorningstar evaluates funds based on five key pillars, which it's analysts believe lead to funds that are most likely to outperform over the long term on a risk-adjusted basis.
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