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Emerging Markets Debt

A top-down, bottom-up approach with a substantial multi-site team of dedicated emerging markets debt specialists offering a full range of investment strategies

  • Early investors in EMD where senior portfolio managers have been working together since 2000
  • Hard Currency, Local Currency, Corporate Debt, Short Duration and Blend strategies
  • Committed to ensuring portfolio risks are transparent and consistent with investment objectives with additional risk management oversight at the firm level

Overall Strategy Profile

Available as a Mutual Fund

Portfolio Managers: Rob Drijkoningen (left) and Gorky Urquieta (right)


Investment Philosophy

We believe that the transformation of emerging markets into financially sound, stable economies has created a new wave of attractive opportunities for fixed income investors seeking yield and diversification.

  • Emerging markets debt is an improving asset class that is less efficient than developed debt markets.
  • We believe active management is the best way for clients to achieve their investment objectives.
  • Bottom-up and top-down expertise deepens understanding of performance drivers, improves decision-making quality and incorporates multiple alpha sources.
  • An emphasis on fundamental research is the key to uncovering the potential of emerging debt markets.

Investment Process

The investment team utilizes an integrated top-down and bottom-up approach, incorporating multiple alpha sources. The top-down view determines the level of risk taken in the portfolios while the bottom-up research selects the underlying investments.

1. Top-Down Emerging Market Debt Asset Class Review

Incorporates analysis of global economic drivers, individual country fundamentals, technical factors including supply and demand, and market pricing.

2. Bottom-Up Country/Issuer/FX Review

Includes country credit worthiness, analysis of individual credits, assessment of currency drivers and analysis of local interest rate conditions.

3. Strategy Setting, Risk Management and Portfolio Construction

Team combines top-down and bottom-up inputs with risk management to create a model portfolio.

4. Portfolio Customization Process and Performance Evaluation
  • Ongoing process and performance evaluation.
  • Portfolios are adjusted for client-specific guidelines.

Proven Multi-Site Approach

Our presence across three emerging markets time zones allows us 24 hour-a-day market coverage, access to local in-depth knowledge and research and timely execution of investment decisions.


Portfolio Manager Industry Experience:
Gorky Urquieta – 20 Years
Jennifer Gorgoll – 16 Years

The Hague

Portfolio Manager Industry Experience:
Rob Drijkoningen – 24 Years
Bart van der Made – 17 Years
Raoul Luttik – 19 Years
Nish Popat – 21 Years


Portfolio Manager Industry Experience:
Prashant Singh – 11 Years


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Management Team

Rob Drijkoningen

Co-Head of Emerging Markets Debt

25 Years of experience

2 Years with firm


Gorky Urquieta

Co-Head of Emerging Markets Debt

21 Years of experience

2 Years with firm


Jennifer Gorgoll

Portfolio Manager

17 Years of experience

2 Years with firm


Bart van der Made

Portfolio Manager

18 Years of experience

2 Years with firm


Raoul Luttik

Portfolio Manager

20 Years of experience

2 Years with firm


Nish Popat

Portfolio Manager

22 Years of experience

2 Years with firm


Prashant Singh

Portfolio Manager

12 Years of experience

2 Years with firm


This material is intended as a broad overview of the portfolio managers' current style, philosophy and process. This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment or strategy is suitable for a particular investor. Information is obtained from sources deemed reliable, but there is no representation or warranty as to its accuracy, completeness or reliability. All information is current as of the date of this material and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Third-party economic, market or security estimates or forecasts discussed herein may or may not be realized and no opinion or representation is being given regarding such estimates or forecasts. Certain products and services may not be available in all jurisdictions or to all client types. Unless otherwise indicated, returns shown reflect reinvestment of dividends and distributions. Indexes are unmanaged and are not available for direct investment. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results.

We do not represent that the information contained herein is accurate or complete, and it should not be relied upon as such. Certain information contained herein has been obtained from published sources and/or prepared by third parties. While such sources are believed to be reliable, none of Neuberger Berman Fixed Income (“NBFI”) or any of its affiliates or employees assume any responsibility for the accuracy or completeness of such information.

A bond's value may fluctuate based on interest rates, market conditions, credit quality and other factors. You may have a gain or loss if you sell your bonds prior to maturity. Of course, bonds are subject to the credit risk of the issuer. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of the issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on the investor's state of residence. Neither Neuberger Berman nor its employees provide tax or legal advice. You should contact a tax advisor regarding the suitability of tax-exempt investments in your portfolio.

Debt securities of Emerging Market Countries may be subject to greater risk of loss of principal and interest than debt securities issued by obligors in developed countries and may be considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They may also be generally subject to greater risk than securities issued by obligors in developed countries in the event of deteriorating general economic conditions.

The market for debt securities of Emerging Market Countries may be thinner and less active than that for debt securities issued by obligors in developed countries, which can adversely affect the prices at which debt securities of Emerging Market Countries are sold. Economies in Emerging Markets are generally less well regulated and may be adversely affected by trade barriers, exchange controls, protectionist measures and political/social instability. There is a risk of volatility due to lower liquidity and the availability of reliable information.

Statements contained herein are based on current expectations, estimates, projections, opinions and/or beliefs of NBFI. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Moreover, certain information contained herein constitutes “forward looking” statements, which often can be identified by the use of forward looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” “plan” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Such statements are necessarily speculative in nature, as they are based on certain assumptions. It can be expected that some or all of the assumptions underlying such statements will not reflect actual conditions. Accordingly, there can be no assurance that any estimated projections, forecast or estimates will be realized or that the forward looking statements will materialize. Due to various risks and uncertainties, including those set forth herein, actual events or results or the actual performance of any security referenced herein may differ materially from those reflected or contemplated in such forward looking statements.

The macroeconomic forecasts by the EMD team rely on in-house research and a wide range of external research sources on 75 countries in the EMD universe. Global and regional aggregates are GDP-weighted if not specified otherwise. Forecasts may not materialize.

Investments in emerging markets entail risks which include the possibility of political or social instability, adverse changes in investment or exchange control regulations, expropriation and withholding of dividends at source. In addition, such securities may trade with less frequency and volume than securities of companies and governments of developed, stable jurisdictions. There is also a possibility that effective redemption of shares following an investor's redemption request may be delayed due to the potential illiquid nature of the assets. The legal infrastructure and accounting, auditing and reporting standards in Emerging Market Countries in which a Portfolio may invest may not provide the same degree of information to investors as would generally apply in developed countries. In particular, valuation of assets, depreciation, exchange differences, deferred taxation, contingent liabilities and consolidation may be treated differently from international accounting standards.