--- title: Emerging Markets Debt Team --- [Skip to content](https://info.loomissayles.com/emerging-markets-debt-team#main-content) [![loomis sayles logo](https://info.loomissayles.com/hs-fs/hubfs/logo2_blog-1.png?width=227&height=56&name=logo2_blog-1.png)](https://www.loomissayles.com) - EM Teams Show submenu for EM Teams - [Emerging Markets Debt](https://info.loomissayles.com/emerging-markets-debt-team) - [Global Emerging Markets Equities](https://info.loomissayles.com/global-emerging-markets-equities-team) - [Emerging Markets Blended Debt Total Return](https://info.loomissayles.com/emerging-markets-blended-debt-total-return) - [Blog](https://blog.loomissayles.com) Open main navigation Close main navigation - EM Teams Show submenu for EM Teams - [Emerging Markets Debt](https://info.loomissayles.com/emerging-markets-debt-team) - [Global Emerging Markets Equities](https://info.loomissayles.com/global-emerging-markets-equities-team) - [Emerging Markets Blended Debt Total Return](https://info.loomissayles.com/emerging-markets-blended-debt-total-return) - [Blog](https://blog.loomissayles.com) **Who We Are** # Emerging Markets Debt Team ## Why Loomis Sayles for Emerging Markets Debt? ### A Dedicated Approach with a Global Perspective With a **15+ year** Emerging Markets Debt (EMD) track record, our tenured portfolio managers have experience investing through multiple cycles and evolving market regimes.  Idea generation is supported by dedicated EM sovereign and corporate analysts. We embrace a global view with analysts located in Boston, London, and Singapore. Distinct perspectives and a collaborative approach are core to the investment process.  ### Fundamentally Focused & Quantitatively Driven As value investors, we employ a research oriented, bottom up investment philosophy. Our aim is to deliver the long-term premium potential offered by emerging markets.  Complex decision criteria across multiple vectors—region, country, and sector require a bespoke valuation and portfolio construction tool.  The quantitative toolkit, powered by proprietary, fundamental research, helps to drive the relative value and valuation process.  ### Elevating ESG We see considerable opportunities for investments which align with ESG objectives, especially as it relates to the climate transition.  The incorporation of ESG factors is a natural extension of our research driven investment process.  The team's deep ESG capabilities helps to empower our development of green and responsible investment solutions for clients. ## Our Philosophy Historically, generating alpha in emerging markets could be accomplished through a country rotation approach. As emerging markets have evolved, alpha generation has become more complex, requiring investors to have a deep understanding of the issuer and sector-specific opportunities that are as diverse as the countries in which they exist. We primarily focus on issuer selection as the key to unlocking alpha in emerging markets. ## At a Glance - **Understanding the risk and return objectives of our clients allows us to deliver bespoke portfolios comprised of EM sovereign, corporate and local currency investments across the credit ratings spectrum.** - **We have experience in helping clients achieve their distinct ESG goals. We offer Article 8-aligned products as well as custom mandates focused on carbon reduction and investments in green, sustainable and sustainable-linked bonds.** - **The team has expertise in implementing distinct portfolio constraints including quality, duration and yield. For book-yield oriented clients, we partner with our in-house Insurance team to deliver custom solutions.** ![Line work for web-01](https://info.loomissayles.com/hubfs/Line%20work%20for%20web-01.png) ## Team Insights Below are the recent market outlook and insights published by the members of the team.   ![danil-shostak-TsZIXIXfOGU-unsplash](https://info.loomissayles.com/hs-fs/hubfs/danil-shostak-TsZIXIXfOGU-unsplash.jpeg?width=2000&name=danil-shostak-TsZIXIXfOGU-unsplash.jpeg) ### Emerging Markets “Golden Era” Underpins Growth Story Many core EM economies are in the early innings of a multi-year virtuous economic cycle that could accelerate investor demand for EM debt, in our view.   [Read more](https://blog.loomissayles.com/emerging-markets-golden-era-underpins-growth-story) ![Sector Outlook Series 2025-01](https://info.loomissayles.com/hs-fs/hubfs/Sector%20Outlook%20Series%202025-01.png?width=2000&name=Sector%20Outlook%20Series%202025-01.png) ### EM Debt Outlook: Anticipated Durability Despite the Unknowns Within the emerging market debt sector, portfolio manager Elisabeth Colleran points to ratings upgrades and demonstrated resilience as factors contributing to her favorable view of value in that space.  [Read more](https://blog.loomissayles.com/em-debt-outlook-anticipated-durability-despite-the-unknowns) ![Untitled design (1)](https://info.loomissayles.com/hs-fs/hubfs/Untitled%20design%20(1).jpeg?width=715&height=375&name=Untitled%20design%20(1).jpeg) ### Put Away the Broad Brush: Recognize EM Debt Distinctions We believe blanket statements about the EMD debt universe should be a thing of the past. Here is why:  [Read more](https://blog.loomissayles.com/put-away-the-broad-brush-recognize-em-debt-distinctions) ![1ahusen-siraaj-BiHfBK0vhg0-unsplash](https://info.loomissayles.com/hs-fs/hubfs/1ahusen-siraaj-BiHfBK0vhg0-unsplash.jpeg?width=2000&name=1ahusen-siraaj-BiHfBK0vhg0-unsplash.jpeg) ### Emerging Market Corporate Opportunity Set: Favorable Ratings Trend Persists into 2024 We believe that resilient emerging market corporate fundamentals, experienced company management and a more supportive macro backdrop should continue to support an improving ratings trajectory in the sector. [Read more](https://blog.loomissayles.com/emerging-market-corporate-opportunity-set-favorable-ratings-trend-persists-into-2024) ![SurprisesFromTheFirstHalf2024\_Thumbnail-2](https://info.loomissayles.com/hubfs/SurprisesFromTheFirstHalf2024_Thumbnail-2.png) ### Surprises from the First Half of 2024 Several of our fixed income portfolio managers share unexpected developments that have shaped their view of the credit markets.  [Watch](https://youtu.be/lBYs4p4Q1Ow) ![MarketMispricing\_Thumbnail-2](https://info.loomissayles.com/hubfs/MarketMispricing_Thumbnail-2.png) ### What is the Market Mispricing? Markets sometimes move away from fundamentals. Our investors key in on areas that may be overemphasized or underappreciated.  [Watch](https://youtu.be/ycBtm7tYB_M) ![1dejan-cabrilo-lcO1gfAG0vU-unsplash](https://info.loomissayles.com/hs-fs/hubfs/1dejan-cabrilo-lcO1gfAG0vU-unsplash.jpeg?width=2000&name=1dejan-cabrilo-lcO1gfAG0vU-unsplash.jpeg) ### Rethinking the EM Corporate Bond Asset Class: Insights for Insurers Looking into 2024, we believe the market’s expectation of a global easing in liquidity could be an incremental tailwind to EM debt’s 2023 resilience—over and above the persistent spread premium we see in EM corporate debt. [Read more](https://blog.loomissayles.com/rethinking-the-em-corporate-bond-asset-class-insights-for-insurers) ![ShortDuration\_EMCorporates\_Thumbnail-1](https://info.loomissayles.com/hubfs/ShortDuration_EMCorporates_Thumbnail-1.png) ELISABETH COLLERAN, CFA, PORTFOLIO MANAGER ### Why Short Duration EM Corporates Now? The outlook for interest rates may be lower, but short-duration emerging market corporates can still add value to a portfolio in our view. Watch as EM Debt Portfolio Manager Elisabeth Colleran explains why we believe this strategy makes sense in this environment.  [Watch](https://youtu.be/MFYtwYHABM4?si=5ExL6pO77-8TGXWY) ![SectorOutlookThumbnail2024-v2-1](https://info.loomissayles.com/hs-fs/hubfs/SectorOutlookThumbnail2024-v2-1.png?width=750&height=393&name=SectorOutlookThumbnail2024-v2-1.png) ### EM Debt Outlook: Growth Drivers Persist EM credits could benefit from the tamer inflation outlook and persistent growth drivers in a variety of industries.  [Read more](https://blog.loomissayles.com/em-debt-outlook-growth-drivers-persist) ![colleran-v2-1](https://info.loomissayles.com/hubfs/colleran-v2-1.png) ELISABETH COLLERAN, CFA, PORTFOLIO MANAGER ### EM Debt Flips the Script EM has shown it's more than just an export or China story, in our view. We think this trend can continue in 2024.  [Watch](https://youtu.be/YOVueK415vs?si=rnjVCsP4nGEutJs6) ![yunus-tug-gkb3WauEAG4-unsplash-1](https://info.loomissayles.com/hs-fs/hubfs/yunus-tug-gkb3WauEAG4-unsplash-1.jpeg?width=2000&name=yunus-tug-gkb3WauEAG4-unsplash-1.jpeg) ### EM Corporates & ESG: A Surprisingly Strong Opportunity Set Senior Investment Analyst Ashley Fritz addresses three major misconceptions around ESG investing in the EM corporate space. [Read more](https://blog.loomissayles.com/em-corporates-esg-a-surprisingly-strong-opportunity-set) ![1jd-photography-Eu3GvI-v1zU-unsplash](https://info.loomissayles.com/hs-fs/hubfs/1jd-photography-Eu3GvI-v1zU-unsplash.jpeg?width=2000&name=1jd-photography-Eu3GvI-v1zU-unsplash.jpeg) ### Broad Resilience Among EM Economies Can Contribute to a Constructive Outlook Investment Strategist Jackie Lafferty currently sees potential opportunity in emerging market debt thanks in part to a resilient growth backdrop. [Watch](https://www.youtube.com/watch?v=LahFzKXzTAU) ![1ishan-seefromthesky-8qEuawM\_txg-unsplash-1](https://info.loomissayles.com/hs-fs/hubfs/1ishan-seefromthesky-8qEuawM_txg-unsplash-1.jpeg?width=2000&name=1ishan-seefromthesky-8qEuawM_txg-unsplash-1.jpeg) ### EM Corporates with Elisabeth Colleran of Loomis Sayles Elisabeth Colleran joined Stewart Foley from the InsuranceAUM.com podcast to discuss EMD and EM corporates. [Listen](https://insuranceaum.com/em-corporates-with-elisabeth-colleran-of-loomis-sayles/) ![EM-Debt-LoomisSayles-noLogo-1](https://info.loomissayles.com/hs-fs/hubfs/EM-Debt-LoomisSayles-noLogo-1.png?width=573&height=300&name=EM-Debt-LoomisSayles-noLogo-1.png) ### Is There Really an Emerging Market Debt “Playbook” Anymore? Emerging market debt can be dogged by misperceptions. But EMD has shown relative resilience in a tough environment, and EMD portfolios can be customized to meet a range of distinct requirements for insurers.  [Read more](https://www.loomissayles.com/internet/internet.nsf/leavinglssite?readform&targetdb=&targetsite=https://www.insuranceassetrisk.com/content/partnered-content/spotlight/is-there-really-an-emerging-market-debt-playbook-anymore.html) ![daniele-levis-pelusi-88q5y8oHQto-unsplash](https://info.loomissayles.com/hs-fs/hubfs/daniele-levis-pelusi-88q5y8oHQto-unsplash.jpeg?width=2000&name=daniele-levis-pelusi-88q5y8oHQto-unsplash.jpeg) ### Considerations for Insurers: Weighing an EM Corporate Debt Allocation Are insurers missing an opportunity when it comes to their limited allocation to emerging market corporate debt? We think so. [Read more](https://info.loomissayles.com/considerations-for-insurers-weighing-an-em-corporate-debt-allocation) ![china](https://info.loomissayles.com/hs-fs/hubfs/china.jpeg?width=2000&name=china.jpeg) ### EM Debt Outlook: China Takes Center Stage While the developed market-led slowdown will likely weigh on global demand, we see China’s reopening providing a strong tailwind to emerging markets, especially within the Asia region.  [Read more](https://blog.loomissayles.com/em-debt-outlook-china-takes-center-stage) ![inflation](https://info.loomissayles.com/hs-fs/hubfs/inflation.jpeg?width=2000&name=inflation.jpeg) ### The EM Inflation Story: A Surprisingly Effective Response EM central banks’ response to inflation was swift and strong, and appears to have helped these countries stay ahead of the Fed. [Watch](https://www.youtube.com/watch?v=7vr2bxutlqI) ![shutterstock\_547167826](https://info.loomissayles.com/hs-fs/hubfs/shutterstock_547167826.jpeg?width=2000&name=shutterstock_547167826.jpeg) ### The Ripple Effects from China’s Reopening China’s reopening has the potential to be a rising tide that lifts all boats. [Watch](https://www.youtube.com/watch?v=q579WeYDyi8) ## Meet the Team Collegial Culture. Methodical Approach. ![ElisabethColleran-3](https://info.loomissayles.com/hubfs/ElisabethColleran-3.jpg) ### Elisabeth Colleran, CFA #### Portfolio Manager ![ElisabethColleran-3](https://info.loomissayles.com/hubfs/ElisabethColleran-3.jpg) ### Elisabeth Colleran, CFA #### Portfolio Manager Elisabeth Colleran is a Portfolio Manager and Co-Head of the Emerging Markets Debt Team at Loomis, Sayles & Company, where she co-manages the suite of emerging markets debt portfolios. Since 2012, she has been a Senior EM Credit Strategist, identifying and implementing themes in the EMD product suite. Elisabeth joined Loomis Sayles in 2003 as a Senior Credit Analyst, following the telecom sector on a global basis, with a specialized focus on emerging market corporates in Asia. She started her career at DRI/McGraw Hill (now S&P Global Market Intelligence), where she applied analytical tools to a wide set of customer issues including competitor analysis, demand forecasting, pricing strategy and asset valuation. Elisabeth has also served as an investment officer for Sun Capital and fixed income research analyst at Back Bay Advisors. She earned a BA in Economics from the University of Rochester and an MBA from the University of New Hampshire. Elisabeth is a CFA® charterholder. ![DilawerFarazi](https://info.loomissayles.com/hubfs/DilawerFarazi.jpg) ### Dilawer Farazi, ACA #### Portfolio Manager ![DilawerFarazi](https://info.loomissayles.com/hubfs/DilawerFarazi.jpg) ### Dilawer Farazi, ACA #### Portfolio Manager Dilawer Farazi is a Portfolio Manager and Co-Head of the Emerging Markets Debt Team at Loomis Sayles Investments Limited, Loomis Sayles’ London-based entity, where he co-manages the suite of emerging markets debt portfolios. He joined Loomis Sayles in 2018 and was a Senior Credit Research Analyst covering emerging market corporate credit in the CEEMEA region before joining Royal London Asset Management as an emerging markets portfolio manager in 2020. Dilawer returned to Loomis Sayles in 2025. Previously, he was an emerging market analyst and portfolio manager at ARI and Abu Dhabi Investment Company. He began his investment career at GIB Asset Management, initially as a US and European high yield analyst and later focusing on emerging markets credit. Dilawer earned a BA in Law and Economics from Queen Mary’s College, University of London, and an MSc in Emerging Economies and International Development from King's College, University of London. He is a Fellow of the Institute of Chartered Accountants in England and Wales and an Executive Fellow of the Emerging Markets Investor Alliance. ![EddySternberg](https://info.loomissayles.com/hubfs/EddySternberg.jpg) ### Eddy Sternberg #### Portfolio Manager ![EddySternberg](https://info.loomissayles.com/hubfs/EddySternberg.jpg) ### Eddy Sternberg #### Portfolio Manager Eddy Sternberg is a Co-Portfolio Manager of emerging markets debt portfolios at Loomis, Sayles & Company. He has 39 years of investment industry experience as a Fixed Income Analyst and Portfolio Manager. Before joining Loomis Sayles in 2005, Eddy was a senior analyst and portfolio manager at Evergreen Investments. He also worked as an investment officer for the Inter-American Investment Corporation and a development program associate at BASF. He began his career as a credit analyst with Banco Ganadero Argentino in Buenos Aires, Argentina. Eddy attended the Facultad de Ingenieria, Universidad de Buenos Aires where he received his engineering degree and earned his MBA from the Sloan School of Management at MIT. ![JackieLafferty-1](https://info.loomissayles.com/hubfs/JackieLafferty-1.jpg) ### Jackie Lafferty #### Investment Strategist ![JackieLafferty-1](https://info.loomissayles.com/hubfs/JackieLafferty-1.jpg) ### Jackie Lafferty #### Investment Strategist Jackie Lafferty is an Investment Strategist for the Emerging Markets Debt Team at Loomis, Sayles & Company. Within the team, she contributes to the portfolio construction and monitoring process, performs market research and supports the build out of the team’s technology solutions. Jackie began her investment industry career in 2009 and joined Loomis Sayles in 2014. Previously, she worked for Bloomberg LP as an account manager for New England investment firms and a fixed income product specialist. Jackie earned a BA in Economics from Bucknell University and a MS in Finance from Boston College. ![BernardoAumond](https://info.loomissayles.com/hubfs/BernardoAumond.jpg) ### Bernardo Aumond, PhD #### Co-Director of the Applied Integrated Quant Team ![BernardoAumond](https://info.loomissayles.com/hubfs/BernardoAumond.jpg) ### Bernardo Aumond, PhD #### Co-Director of the Applied Integrated Quant Team Bernardo Aumond is a Co-Director of the Applied Integrated Quant (Applied IQ) Team at Loomis, Sayles & Company. In this role, he conducts research on risk modeling, portfolio construction, relative value analysis and systematic investment strategies. Bernardo has 18 years of investment industry experience. He joined Loomis Sayles in 2007 and spent seven years as an Analyst on the Applied IQ Team. Bernardo then spent four years at Wellington Management as a global multi-asset analyst, responsible for new product development, portfolio construction, risk awareness, client outreach and proprietary relative value analysis, before returning to Loomis Sayles in 2018 as an Associate Director of the Applied IQ Team. Previously, he was the director of engineering at Bio processors Corporation, as well as a senior mechanical engineer at SurfaceLogix. Bernardo earned an MS in finance from Suffolk University and an MS and PhD in engineering from the Massachusetts Institute of Technology. ![LaurenMurray](https://info.loomissayles.com/hubfs/LaurenMurray.jpg) ### Lauren Murray #### Investment Associate ![LaurenMurray](https://info.loomissayles.com/hubfs/LaurenMurray.jpg) ### Lauren Murray #### Investment Associate Lauren Murray is an Investment Associate on the Emerging Markets Debt Team at Loomis, Sayles & Company. In this role, she supports the team with day-to-day portfolio management, research and analysis, and data organization. Lauren joined Loomis Sayles in 2023 as a participant in the Associate Development Program (ADP), a rotational program designed to attract, retain and develop early career talent by leveraging the pipeline of the firm’s internship programs. She also participated in the Undergraduate Women’s Investment Network (UWIN) program, completing rotations with the Credit Research and Alpha Strategies Teams. Lauren earned a BS in economics at Northeastern University. ![KatyPalmer](https://info.loomissayles.com/hubfs/KatyPalmer.jpg) ### Katy Palmer #### Strategic Marketing Manager ![KatyPalmer](https://info.loomissayles.com/hubfs/KatyPalmer.jpg) ### Katy Palmer #### Strategic Marketing Manager Katy Palmer is a Strategic Marketing Manager at Loomis, Sayles & Company, where she focuses on the global fixed income and emerging markets strategies. She was previously the Investment Director for the Emerging Markets Debt Team. Katy has 25 years of investment industry experience and joined Loomis Sayles in 2009 as a Senior Marketing Analyst. Previously, she was a relationship management associate at Old Mutual Asset Management responsible for the affiliate investment firm relationships. Prior to this, Katy worked in product management and international client service roles at Wellington Management Company. She earned a BA from Bucknell University and an MBA from the Thunderbird School of Global Management. ## Our Strategies ### Emerging Markets Corporate Debt Strategy Inception  5/10/2006   ### Highlights The Emerging Markets Corporate Debt strategy seeks to outperform the JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified - **Primary Benchmark:** JP Morgan Corporate Emerging Markets Bond Index (CEMBI) Broad Diversified [Learn More](https://www.loomissayles.com/website/institutional/Emerging-Markets-Corporate-Debt) ### Emerging Markets Corporate Debt - IG Plus Strategy Inception  5/22/2015   ### Highlights The Emerging Markets Corporate Debt - Investment Grade Plus strategy seeks to generate attractive risk adjusted returns by combining macro-driven country analysis, with bottom-up security selection to identify potential market inefficiencies and alpha opportunities - **Primary Benchmark:** JP Morgan CEMBI Broad Diversified Investment Grade Index [Learn More](https://www.loomissayles.com/website/institutional/Emerging-Markets-Corporate-Debt---Investment-Grade-Plus) ### Emerging Markets Short Duration Credit Strategy Inception 3/31/2014   ### Highlights The Emerging Markets Short Duration Credit strategy seeks to capture Emerging Market risk premium with an average investment grade rating with a capital preservation focus - **Primary Benchmark:** ICE BofA ML 3 Month US Treasury Bill Index [Learn More](https://www.loomissayles.com/website/institutional/Emerging-Markets-Short-Duration-Credit) ### Asia Bond Plus Unhedged in USD Strategy Inception  12/1/2018   ### Highlights The Asia Bond Plus Unhedged in USD strategy seeks to outperform the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Unhedged in USD   - **Primary Benchmark:** JP Morgan Asia Credit Index (JACI) Non-Investment Grade Unhedged in USD [Learn More](https://www.loomissayles.com/website/institutional/Asia-Bond-Plus-Unhedged-in-USD) **Questions for the team?** ## Let's Connect. ### Katy Palmer Strategic Marketing Manager   [Email](mailto:KPalmer@loomissayles.com) ![Topography Line Work\_grey-02-01](https://info.loomissayles.com/hubfs/Topography%20Line%20Work_grey-02-01.png) ### Disclosure CFA® and Chartered Financial Analyst® are registered trademarks owned by the CFA Institute. This marketing communication is provided for informational purposes only and should not be construed as investment advice. Investment decisions should consider the individual circumstances of the particular investor. Any opinions or forecasts contained herein, reflect the subjective judgments and assumptions of the authors only, and do not necessarily reflect the views of Loomis, Sayles & Company, L.P. Investment recommendations may be inconsistent with these opinions. There is no assurance that developments will transpire as forecasted and actual results will be different. Information, including that obtained from outside sources, is believed to be correct, but we cannot guarantee its accuracy. This information is subject to change at any time without notice. The charts presented above are shown for illustrative purposes only. Some or all of the information on these charts may be dated, and, therefore, should not be the basis to purchase or sell any securities. The information is not intended to represent any actual portfolio.  Commodity, interest and derivative trading involves substantial risk of loss. This is not an offer of, or a solicitation of an offer for, any investment strategy or product. Any investment that has the possibility for profits also has the possibility of losses. There is no guarantee that the investment objective will be realized or that the strategy will generate positive or excess return. Market conditions are extremely fluid and change frequently. Past performance is no guarantee of future results. 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