January 2025 Portfolio Manager Luis Olguin, CFA EM Corporate Debt Themes in an Evolving World In 2024, EM corporate credit performance was strong, with index returns surpassing 7.6%. The asset class significantly outperformed EM and developed market (DM) credit in all rating categories except CCCs. For 2025, while we believe return dispersion from the diverse opportunity set will offer ample investable opportunities, we highlight five themes that we believe will have a notable impact on EM corporate debt re ...