OpenList — Long Only

Vontobel Emerging Markets Debt

Fixed Income · EM · Hard Ccy Bonds

Figures refer to the share class ISIN LU0926439729, currency USD, clean share class.

Fund documents

For the share class shown above.

Factsheet: not publicly available (not found in the public sources checked).

KID (PDF, 28.07.2026)All documents on fundinfo

Key facts

Management company
Vontobel Asset Management S.A.
Asset class
Fixed Income
Geography
EM
Strategy
Hard Ccy Bonds
Share class currency
USD
Share class inception
15.05.2013
Fund size
6065 million (as at 14.09.2026)
Management fee
0.55%
Performance fee
No
Liquidity
Daily
UCITS
Yes
Risk grade (SRRI)
3 (WSP fund database, as at 22.08.2026)
Registered in Switzerland
Yes

Price history

Fund and benchmark rebased to 100 at 30.09.2021.

70809010011012020222023202420252026106.8119.3Fund (share class shown)Benchmark70809010011012020222023202420252026106.8119.3Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y03.10.2025103.9100.6
3Y29.09.2023146.5129.5
5Y30.09.2021119.3106.8
Since 201328.04.2017142.5124.6

Total return: distributions reinvested.
In USD, the currency of the share class shown.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.

Performance against the benchmark

014YTD: Fund 4.58%YTD: iShares JP Morgan $ EM Bd ETF USD Acc 1.47%YTD1Y: Fund 9.32%1Y: iShares JP Morgan $ EM Bd ETF USD Acc 6.33%1Y3Y p.a.: Fund 13.94%3Y p.a.: iShares JP Morgan $ EM Bd ETF USD Acc 9.15%3Y p.a.5Y p.a.: Fund 3.85%5Y p.a.: iShares JP Morgan $ EM Bd ETF USD Acc 1.53%5Y p.a.2025: Fund 14.87%2025: iShares JP Morgan $ EM Bd ETF USD Acc 13.58%20252024: Fund 13.83%2024: iShares JP Morgan $ EM Bd ETF USD Acc 5.99%20242023: Fund 14.27%2023: iShares JP Morgan $ EM Bd ETF USD Acc 10.60%2023Fund (share class shown)BenchmarkYTDYTD: Fund 4.58%4.58YTD: iShares JP Morgan $ EM Bd ETF USD Acc 1.47%1.471Y1Y: Fund 9.32%9.321Y: iShares JP Morgan $ EM Bd ETF USD Acc 6.33%6.333Y p.a.3Y p.a.: Fund 13.94%13.943Y p.a.: iShares JP Morgan $ EM Bd ETF USD Acc 9.15%9.155Y p.a.5Y p.a.: Fund 3.85%3.855Y p.a.: iShares JP Morgan $ EM Bd ETF USD Acc 1.53%1.5320252025: Fund 14.87%14.872025: iShares JP Morgan $ EM Bd ETF USD Acc 13.58%13.5820242024: Fund 13.83%13.832024: iShares JP Morgan $ EM Bd ETF USD Acc 5.99%5.9920232023: Fund 14.27%14.272023: iShares JP Morgan $ EM Bd ETF USD Acc 10.60%10.60Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN LU0926439729, currency USD, clean share class1.170.901.934.5814.8713.8314.279.3213.943.856.851.29-3.24
BenchmarkiShares JP Morgan $ EM Bd ETF USD Acc0.77-0.13-0.121.4713.585.9910.606.339.151.536.870.65-3.57
Differencefund minus benchmark, in percentage points0.401.032.053.111.297.843.672.984.792.32–––

Within the list: OpenList — Long Only

Compared with the fixed income funds on OpenList — Long Only (15 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.

This fundGroup medianPosition
Return 1Y9.325.183 of 15
Return 3Y p.a.13.948.491 of 15
3Y p.a. over its own benchmark4.792.094 of 15
Volatility 3Y6.854.8313 of 15
Sharpe ratio 3Y1.290.863 of 15
Max drawdown 3Y-3.24-2.6011 of 15
Management fee0.55%0.60%7 of 15

Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.

Return against risk, 3 years

015Return 3Y p.a. (%)Volatility 3Y (%)017BNY Mellon Global Credit Fund: volatility 4.99%, return 5.71% p.a.BNY Mellon Global Short-Dated High Yield Bond Fund: volatility 2.47%, return 8.49% p.a.Barings Emerging Markets Local Debt Fund: volatility 9.69%, return 8.96% p.a.Barings Global High Yield Bond Fund: volatility 3.87%, return 9.06% p.a.DNCA Alpha Bonds: volatility 1.92%, return 4.53% p.a.H2O Multibonds FCP: volatility 16.10%, return 10.96% p.a.PIMCO Capital Securities Fund: volatility 4.44%, return 10.21% p.a.Robeco Corporate Hybrid bonds: volatility 3.06%, return 6.65% p.a.Robeco Global SDG Credits: volatility 5.02%, return 2.95% p.a.Solitaire Global Bond Fund: volatility 5.56%, return 13.61% p.a.TCW Global Income Fund: volatility 4.83%, return 6.20% p.a.TCW Multi-Sector Fixed Income Fund: volatility 3.61%, return 6.31% p.a.Vanguard Emerging Markets Bond Fund: volatility 6.54%, return 10.45% p.a.Vontobel TwentyFour Strategic Income Fund: volatility 4.32%, return 6.30% p.a.Vontobel Emerging Markets Debt: volatility 6.85%, return 13.94% p.a.This fund015Return 3Y p.a. (%)Volatility 3Y (%)017BNY Mellon Global Credit Fund: volatility 4.99%, return 5.71% p.a.BNY Mellon Global Short-Dated High Yield Bond Fund: volatility 2.47%, return 8.49% p.a.Barings Emerging Markets Local Debt Fund: volatility 9.69%, return 8.96% p.a.Barings Global High Yield Bond Fund: volatility 3.87%, return 9.06% p.a.DNCA Alpha Bonds: volatility 1.92%, return 4.53% p.a.H2O Multibonds FCP: volatility 16.10%, return 10.96% p.a.PIMCO Capital Securities Fund: volatility 4.44%, return 10.21% p.a.Robeco Corporate Hybrid bonds: volatility 3.06%, return 6.65% p.a.Robeco Global SDG Credits: volatility 5.02%, return 2.95% p.a.Solitaire Global Bond Fund: volatility 5.56%, return 13.61% p.a.TCW Global Income Fund: volatility 4.83%, return 6.20% p.a.TCW Multi-Sector Fixed Income Fund: volatility 3.61%, return 6.31% p.a.Vanguard Emerging Markets Bond Fund: volatility 6.54%, return 10.45% p.a.Vontobel TwentyFour Strategic Income Fund: volatility 4.32%, return 6.30% p.a.Vontobel Emerging Markets Debt: volatility 6.85%, return 13.94% p.a.This fund

Share classes on the OpenList

ISINCurrencyTypeMgmt fee1Y3Y
LU0926439562USDRetail share class1.10%8.6913.29
LU0926439729 (shown above)USDClean share class0.55%9.3213.94

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

This is an actively managed emerging markets hard-currency bond fund designed to achieve the best possible investment returns in USD. It can play the role of a specialist fixed-income allocation for investors seeking exposure to sovereign, quasi-sovereign and corporate debt across emerging markets, rather than a broad all-asset core holding. The product is intended for investors with knowledge and/or experience of these products, a medium- to long-term horizon, and the ability to bear losses up to the amount invested. Its Summary Risk Indicator is 3 out of 7 and the recommended holding period is 5 years, while its distinctiveness comes from spread optimization and event-driven investing across emerging markets and credit ratings, predominantly in hard-currency debt.

Investment strategy

The fund’s objective is to achieve the best possible investment returns in USD. It mainly invests in investment grade and non-investment grade bonds, notes and similar fixed- and variable-rate debt instruments issued or guaranteed by government, government-related, supranational or corporate issuers, predominantly in hard currencies across emerging markets. Stated limits include up to 75% in high-yield securities, up to 10% in UCITS/UCIs, up to 10% in CoCo bonds, up to 10% in ABS/MBS, and up to 25% in convertibles and warrant bonds; up to 33% may be invested outside the main investment universe in other asset classes and instruments including equities, money market instruments and bank deposits. The benchmark is the J.P. Morgan EMBI Global Diversified Index, used for performance comparison, while the investment team retains full discretion within predefined limits. The fund may use derivatives for hedging, efficient portfolio management and achieving the investment objective; the share class is reinvesting, and the recommended holding period is 5 years.

Investment philosophy

• The investment universe spans emerging markets and credit ratings, with a focus on hard-currency bonds, notes and similar interest-bearing securities issued by sovereign and corporate borrowers, alongside government-related and supranational issuers.

• Portfolio construction is based on in-depth research and a proprietary valuation model, with the team focusing on spread optimization and event-driven opportunities for a given risk level.

• The team dynamically adapts the portfolio to changing markets, aiming to seize opportunities and control risk while using the J.P. Morgan EMBI Global Diversified Index as a performance comparison benchmark.

• Current portfolio structure shows 268 positions, led by sovereign and quasi-sovereign exposure, with sector weights of 49.6% sovereign, 28.8% quasi-sovereign, 9.6% corporates, 6.6% supranational, 1.0% bond fund and 3.3% cash plus forwards.

• Risk and eligibility limits are explicit: up to 75% high yield, 10% CoCo bonds, 10% ABS/MBS, 25% convertibles and warrant bonds, 10% UCITS/UCIs, at least 5% sustainable investments, and derivatives may be used for hedging, efficient portfolio management and investment purposes.

Management team

The fund is managed by Wouter Van Overfelt and Dario Scheurer. The documents identify them under portfolio management for the fund.

The asset manager

The product manufacturer and management company is Vontobel Asset Management S.A., based at 18, rue Erasme, L-1468 Luxembourg. The documents state that it is part of Vontobel Group and that the product is authorized in Luxembourg and supervised by the CSSF. The fund itself is domiciled in Luxembourg and structured as a UCITS umbrella fund, with this strategy as a sub-fund of Vontobel Fund. No separate investment manager entity beyond Vontobel Asset Management S.A. is identified in the documents provided.

Strengths

The fund offers a broad and diversified emerging markets debt toolkit, investing across sovereign, quasi-sovereign, corporate and supranational issuers while remaining predominantly focused on hard-currency exposure. It combines benchmark awareness with full investment discretion, and the process explicitly targets spread optimization and event-driven opportunities using in-depth research and a proprietary valuation model. The portfolio is diversified by issuer and geography, with 268 positions and regional exposure spread across Latin America, Europe, Africa, the Middle East, supranationals, Asia and North America. Structural features stated in the documents include daily dealing, a reinvesting share class, swing pricing eligibility, Article 8 SFDR classification, and ongoing charges of 0.79% as of 28.02.2026.

Risks

The product is classified as 3 out of 7 on the Summary Risk Indicator, described as a medium-low risk class, with a recommended holding period of 5 years and no capital guarantee. The documents name market, fixed income, credit, interest rate, liquidity, high-yield, distressed securities, ABS/MBS/CLO, contingent convertible bond, derivative instruments, total return swap, leverage, emerging markets, currency, currency trading, ESG strategy, sustainability and operational risks. These risks are linked to the strategy’s investment in investment grade and non-investment grade emerging markets debt, including specific allocations permitted to high yield, CoCos, ABS/MBS, convertibles and warrant bonds, as well as its use of derivatives. Currency risk remains relevant because the portfolio holds exposures in currencies beyond USD before hedging, although after hedging the portfolio is predominantly in USD.

WSP report

The WSP report on this share class, as a PDF.

Download the WSP report (PDF)

Back to the list: OpenList — Long Only

Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.

This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative