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Emerging Markets Corporate Debt

Investment Strategy

BankInvest Emerging Markets Corporate Debt is an actively managed strategy investing in corporate bonds from issuers in Emerging Markets

Launched in 2009 as one of the world’s first EM corporate bond funds

Continuously managed by the original Portfolio Managers Søren Bertelsen and Chresten Hagelund with over 40 years of combined EMD experience -  supported by dedicated EM credit analysts & economists 

The strategy combines rigorous country and issuer screening with selective BB/BBB positioning to generate consistent alpha while minimizing downside risk

The strategy is accessible via daily UCITS structures (LUX SICAV) or segregated mandates



The strategy is available in both institutional (I) and retail (R) share classes


Name
 ISIN Prospectus Annual/Semi-annual Report PRIIPs KID* Website Disclosure Strategy Presentation Factsheet
BankInvest Emerging Markets Corporate Debt I (EUR)
LU0253262702
BankInvest Emerging Markets Corporate Debt I (USD)
LU0658686109
BankInvest Emerging Markets Corporate Debt I II (USD)
LU2419433219
BankInvest Emerging Markets Corporate Debt R (EUR)
LU0304976276


* For PRIIPs KIDs in other languages - click here

Strategy background

BankInvest has a long-standing presence in Emerging Markets Debt, with the corporate strategy originating in 2001. Chief Portfolio Manager Søren Bertelsen transitioned from EM equity to build a portfolio of hard currency sovereign and corporate debt.

In 2009, Søren and Chresten Hagelund refined the strategy to focus exclusively on Emerging Markets Corporate Debt, anticipating its expansion beyond the current Latin American dominance as demand for dollar funding grew among quality issuers.

The strategy’s longevity, combined with disciplined risk management and ESG integration, has delivered strong excess returns, high alpha, and resilient capital preservation through market cycles.

 

  • Søren Bertelsen

    Søren Bertelsen

    Chief Portfolio Manager

  • Chresten Hagelund

    Chresten Hagelund

    Senior Portfolio Manager

Performance (EUR Gross of fee) since start 2008

EMCD Performance Per Year

Investment Philosophy & Process

An Investment Philosophy Built on 3 pillars

  1. Understanding Market Characteristics:

    We aim to uncover potential inefficiencies and under-researched opportunities in the market.

  2. In-Depth Bottom-Up Research:

    We allocate significant time and resources to thoroughly research and value the investment universe, going beyond quantitative inputs from models.

  3. Robust Portfolio Construction:

    We focus on building a strong portfolio while minimizing downside risk through a comprehensive risk management framework.

 

Local Investors & Governance

We exploit selloff opportunities when transient investors exit, leveraging local intelligence and emphasizing governance to navigate family-controlled firms. 

IG/HY Crossover

The crossover space offers compelling risk/reward, uncovered through deep research and diversification. 

Sovereign Country Rating Caps

Many EM corporates are capped by country ratings—our analysis identifies better risk-adjusted returns beyond the ratings. 

Risk Management

We actively manage country and liquidity risk via macro insights and bank syndicate dialogue, focusing on listed issuers for flexibility.

A.I. Fraud Detection Tool

Our AI tool monitors accounting data to detect manipulation or fraud using proprietary and option-based models to estimate default risk. Integrated into our screening process, it helps prioritize promising research targets. For instance, it flagged potential fraud early in a Brazilian company – an alert that was later confirmed – in 2022. 

Sustainability and ESG Integration

ESG is an integral part of our  investment process and within the Emerging Markets universe this is no exception.

In fact, in 2007, BankInvest was the first to launch an Emerging Markets SRI Debt fund for institutional investors: the precursor to today’s ESG nomenclature. Five years later an EM Corporate Debt SRI fund was launched.

This is to prove that we just didn’t jump on the ESG bandwagon when it became trendy. Please find additional details about our Sustainability framework here