The VanEck Emerging Markets Bond ETF was up 3.61% in April, compared to 2.82% for its benchmark, up 1.06% for the Bloomberg Global Agg and down -0.21% for Treasuries.
YTD, the fund is up 2.69%, compared to up 1.03% for its benchmark, and down -0.04% for the Global Agg and down -0.31% for Treasuries.
Hungary was a large overweight and we took profits on the market-friendly election outcome, for example.
Our small but impactful Venezuela exposure rallied to less compelling levels, so we closed, etc.
Local currency exposure is lower at 44%, Carry is 6.69%, YTW is 7.22% and duration is 5.54.
tum3123/iStock via Getty Images
Emerging markets bonds continue to perform well during the most challenging geopolitical environment of our lifetimes.
