Investment Strategy: Shift in EM debt: from local to hard currencies

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At the latest meeting of the ABN AMRO Investment Committee, no change was made to the overall asset allocation. It continues to favour stocks (neutral) over bonds (underweight) and retains a preference for commodities, and gold in particular.

The Committee today, however, did institute a shift within the bond portfolio. Within the allocation to emerging markets debt, the decision was made to sell unhedged local currency debt and to invest the proceeds in emergingmarkets hard-currency debt, dividing the investment equally between corporates and sovereigns.

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