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Eaton Vance offers unique perspectives and original research from portfolio managers and industry experts around the world.

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Emerging Markets Debt

Active vs. Passive in EM debt

Eaton Vance proactive management of emerging markets debt goes beyond the constraints of common active and passive approaches. We outline our process — refined over three decades — for seeking alpha in the sector for clients.
Picture of Matthew F. Murphy, Jr., CFA, CAIA

Article published byMatthew F. Murphy, Jr., CFA, CAIA

Vice President and Institutional Portfolio Manager

Global Income Group

Eaton Vance Management

Picture of Michael A. Cirami, CFA

Article published byMichael A. Cirami, CFA

Director of Global Income

Eaton Vance Management


Experts

Across Eaton Vance, our people are experienced and accessible, bringing their distinct viewpoints and a personal touch to every relationship.

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Michael Cirami, CFA

Director of Global Income

Michael Cirami is a vice president of Eaton Vance Management, director of global income and portfolio manager on Eaton Vance’s global income team. He is responsible for leading the 55-person global income team, as well as for buy and sell decisions, portfolio construction and risk management for the firm’s global income strategies. Michael focuses on emerging Europe, the Middle East and Africa. He joined Eaton Vance in 2003.Download Full Bio
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Jeffrey Mueller

Co-Director High Yield Bonds Portfolio Manager

Jeffrey Mueller is a vice president of Eaton Vance Advisers International Ltd. and a portfolio manager on Eaton Vance’s high-yield team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s high-yield and multi-asset credit strategies. He leads investment management and credit research for all non-U.S. high-yield opportunities. Jeff will become co-director of high-yield investments effective January 1, 2020. He joined Eaton Vance in 2015. Download Full Bio
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Vishal Khanduja, CFA

Director of Investment Grade Fixed-Income Portfolio Management and Trading

Vishal Khanduja is a vice president of Eaton Vance Management and director of investment grade fixedincome (IGFI) portfolio management and trading. He leads the Calvert/Core strategies and is responsible for buy and sell decisions and portfolio construction for those strategies. He joined Eaton Vance in 2016.Download Full Bio
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Andrew Sveen, CFA

Co-Director of Floating-Rate Loans

Andrew Sveen is a vice president of Eaton Vance Management, co-director of bank loans and portfolio manager on Eaton Vance’s floating-rate loan team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s floating-rate loan strategies. He joined Eaton Vance in 1999. Download Full Bio
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Sebastian Vargas, CFA, CAIA

Institutional Portfolio Manager

Sebastian Vargas is a vice president of Eaton Vance Management (International) Limited and an institutional portfolio manager. He is responsible for supporting the development and distribution of the suite of investment solutions from Parametric Portfolio Associates, a wholly owned subsidiary of Eaton Vance Corp., in the UK and European marketplaces. He joined Eaton Vance in 2005.Download Full Bio
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Tjalling Halbertsma

Managing Director

Tjalling (TJ) Halbertsma is a vice president and managing director of Eaton Vance's International companies. He is responsible for overseeing existing and new business development globally for Eaton Vance across Europe, the Middle East and Africa (EMEA), Latin America, Australia and Asia, including Japan. This includes overall management of sales, client service and marketing activities. He works collaboratively with the firm’s London-based investment teams on strategic planning and product development. He joined Eaton Vance in 2016. Download Full Bio

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Markets and Economy

Fed delivers "hawkish surprise" as economy — and inflation risk — grow

Boston - The June 16 meeting of the Federal Open Market Committee delivered a bit of a hawkish surprise, as the consensus projection for new rate hikes moved up to 2023, compared with March when no FOMC members predicted hikes that early.

"There was even some acknowledgment from Fed Chair Jerome Powell that inflation might be too high — not a lot of acknowledgment, but the little that was forthcoming was significant."
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Emerging Markets Debt

Real interest rates suggest value in EM Debt

Boston - One of the key macro indicators of value in emerging markets (EM) debt is the real interest-rate differential with developed-market debt — the spread between EM debt and developed markets, after adjusting for anticipated inflation in respective countries. By that measure, in the wake of first-quarter volatility, we see EM debt as offering a number of value opportunities.

"In our view, the key to capitalizing on EM debt opportunities in this environment will rely heavily on understanding the economic trends within each country and the forces driving real interest-rate differentials. Many EM countries have had more recent experience with elevated inflation levels. That contrasts with developed markets, where inflation is being driven — at least initially — by postpandemic issues, like supply chain constraints and large price jumps compared with year-ago levels."
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