Aperture Investors, the $4bn New York-based hedge fund firm founded by Peter Kraus, has launched the Aperture Emerging Debt Opportunity Fund, which will employ a value-oriented fixed-income strategy and invest in corporate, sovereign, and quasi-sovereign debt securities of selected emerging markets.
A portion of the fund was seeded by Generali and is available to investors in certain countries within the European Union.
According to Aperture, the objective of the fund is to generate returns in excess of the JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified Index) by investing, either directly or indirectly, in different financial asset classes such as cash and derivatives in debt, FX, indices, and interest rates, with a focus on emerging markets.
Aperture says the long duration strategy aims to capitalise on opportunities generated by the approaching end of the rate hike cycle and the normalisation of the US yield curve, which has shifted dramatically over the past 18 months. Additionally, the total return for emerging markets external debt over the last three decades has exceeded that of US Treasuries and US High Yield bonds.
The fund is managed by Peter Marber, Aperture’s Head of Emerging Markets and Portfolio Manager. In addition to the Emerging Debt Opportunities Fund, Aperture’s Global Emerging Markets Team also manages the New World Opportunities Fund and is supported by firmwide resources.