The Bank of England is sticking to its tighter monetary policy, anticipated to leave interest rates on hold for the first half of the year. The central banks of the emerging markets, on the other hand, have been cutting rates as early as last summer. So, have emerging markets been ahead of the curve?

Behind the Screens is back with Natalia Krol, Managing Director and Co-Manager of the AA-rated Barings Emerging Market Debt Blended Total Return fund, joining us for the first episode of 2024. Natalia and Jock discuss why the emerging markets are quicker to cut rates, what this means for portfolio positioning and why this year's geopolitical landscape keeps her up at night.

Don't have time to listen to the full episode, jump to your favourite part:

• 01: 30 – The ECB, BoE and Feb have all held interest rate hikes, how does that impact you as an emerging market manager?

• 04:00 – Why have the central banks in the emerging markets been ahead of the curve?

• 06:30 - How do you work with the co-managers and wider team of analysts?

• 08:20 – What is the investment case for emerging market bonds?

• 10:45 – How is your portfolio positioned to take advantage of the opportunities?

• 13:30 – What keeps you up at night?

• 15:30 – An interesting statistic from the week.

This was recorded on Tuesday 30th January 2024. This podcast is only aimed at professional advisers and regulated firms and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of the podcast, remembering past performance is not an indication of future performance. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd. Square Mile makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This podcast represents the views and forecasts of SM at the date of issue and may be subject to change without reference or notification to you. Nothing in this podcast shall be deemed to constitute a regulated activity or an invitation or inducement to engage in investment activity and it is not a recommendation to buy or sell any funds or investments that are mentioned during this podcast.