Elbie Louw

Local emerging-markets debt strategies took a beating in the last quarter of 2024 but recovered spectacularly in dollar terms in the first half of 2025 with the widely-used JPM GBI-EM Global Diversified index recording a return of 13 percent for the six-month period.

Morningstar this week compares Comgest to Carmignac as it highlights why strong culture, stability, and long-term focus define top-tier asset managers.

Emerging-market corporate bonds slumped in early 2025, yet analyst-rated strategies from Loomis Sayles and Ninety One stand out for experienced teams, disciplined risk-taking, and distinct approaches amid rising global uncertainty.

Emerging markets struggled in the first quarter, but Neuberger Berman and Pimco’s global emerging market bond strategies still shine. One with conviction, and the other with diversification.

This week, we are comparing two asset managers rather than individual funds. When analysts evaluate a fund, they assess and assign ratings to its People and Process pillars while the methodology for Morningstar Medalist Ratings also incorporates and assessment of the Parent pillar. This Parent pillar is our focus this week.

The global government bond Morningstar category, launched in October 2024, reflects a growing fund landscape with 117 distinct offerings as of February 2025. Divergent economic structures, policy responses, and political backdrops shape investor sentiment.

Global emerging markets local currency bonds had a tough 2024, but two standout strategies—Capital Group and Colchester—weathered the storm with distinct approaches. Morningstar analysis reveals the key differences driving their results.