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We believe the current yield pickup, potential for currency appreciation, relative stability and diversification potential provide support for Chinese domestic bonds.
Positions in Argentina and Sri Lanka help the Fund's performance, as does the Fund's lack of exposure to Brazil.
Like most credit oriented sectors, emerging markets high yield corporate bonds have rallied in recent months, and we believe an attractive opportunity remains in this asset class.
We expect EMFX to be the dominant driver of returns for the remainder of the year, and although further volatility is expected, we believe there is a strategic case for an EMFX recovery.
Emerging markets corporate high yield bond spreads continue to stand out following the March-April selloff, while the yield pickup compared to U.S. high yield corporate bonds remains wide.
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