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Neidert: There are passive products for hard currency and local currency. There is one main index pro- vider for the asset class and they address this market capitalisation issue by offering diversified indices that iron out the differences in outstanding debt. Yet there is the issue common to passive investing in credit where there is less liquidity than equities. As a result, it’s a challenge for passive investors to match the benchmark. Historically, there is a consistent under-performance that is relatively light, but means that they struggled to make up for their fees and for the transaction cost of replicating the benchmark. There is tremendous potential for out-performance within emerging markets as it is such a diverse asset class. Collins: The discussion on passive is important. It is more difficult to do passive in emerging market debt than in many other fixed income spaces. In particular, in local currency you have a tax drag of up to 20


June–July 2019 portfolio institutional roundtable: Emerging market debt 15


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