Carmignac develops Emerging Market Debt team

Carmignac has reinforced its emerging market debt team through the promotion of Abdelak Adjriou and the appointment of a new fund manager, Alessandra Alecci.

Together, they will be responsible for managing the five-star rated¹ Carmignac Portfolio EM Debt. Abdelak also becomes co-manager of the fixed-income element of Carmignac Portfolio Emerging Patrimoine², a four-star rated¹ diversified emerging markets fund.

Abdelak and Alessandra previously worked together at American Century Investments on the firm’s macro fixed income strategy for five years, including overseeing a flexible total return EM debt strategy.

The pair have complementary investment styles, both combining bottom-up security selection and top-down research. They will determine asset allocation together, assessing the entire EM debt universe as well as calling on their experience in hard and local currency EM debt, frontier markets and currency trading.

Abdelak joined Carmignac in 2021 and has more than 20 years’ experience running fixed income portfolios. He previously managed emerging market debt funds during his time at HSBC Asset Management and American Century Investments. Abdelak retains responsibility for co-managing Carmignac Portfolio Global Bond, alongside Julien Chéron. This fund invests across global fixed income markets, including emerging market debt and currencies. It is five-star rated by Morningstar¹ and has delivered an excess return of +11.6% against its reference indicator over three years³.

Alessandra will join Carmignac on 11 September and be based in Paris. Previously she worked at American Century Investments, where she was portfolio manager and head of sovereign research, emerging markets debt, a position she started in 2015.

The appointment of a co-management team is in line with Carmignac’s team approach to fixed-income funds, with all its fixed-income strategies now jointly managed to encourage idea sharing and debate.

Edouard Carmignac comments:

“We are delighted to appoint Alessandra and Abdelak to manage our emerging market debt investments. They have a proven history of working successfully together and I am confident that the pair is the right fit to take our emerging fixed income expertise to the next level while embodying the spirit of collaboration and debate we encourage at Carmignac.”

Abdelak and Alessandra will be supported by Carmignac’s wider fixed income and cross-asset team on macro analysis and sector analysts on in-depth company research.

The funds (Carmignac Portfolio EM Debt and Carmignac Portfolio Emerging Patrimoine) were previously managed/co-managed by Joseph Mouawad who has left Carmignac. The investment process and objectives of the aforementioned funds are unchanged.

¹Morningstar rating as at 31/07/2023.
²Xavier Hovasse retains responsibility for Carmignac Portfolio Emerging Patrimoine’s equity element.
³Source: Carmignac as of 31/07/2023. F EUR Acc share class (LU0992630599). The reference indicator is the JP Morgan Global Government Bond Index. Absolute performance: Carmignac Portfolio Global Bond = -3.34%. Indicator = -14.93% Past performance is not necessarily indicative of future performance.