First State expands emerging market debt fund range

First State has launched a local currency emerging market debt fund following the dramatic sell-off in the sector seen at the start of the year.

Managed by senior portfolio manager Manuel Canas, it will attempt to exploit the sell-off which has left many currencies trading at multi-year lowws versus the US dollar.  Canas and the team will buy a portfolio of local currency-denominated fixed income securities, offering access to the typically higher yields on offer in the space. This is the second fund to be launched by the emerging market debt team, led by Helene Williamson (pictured), following the launch of the £43m First State Emerging Markets Bond fund in 2011. Canas said: "The First State Emerging Market Local Currency ...