William Blair Investment Management (WBIM) yesterday today announced the launch of the William Blair Emerging Markets Debt Local Currency SICAV fund in Taiwan, expanding the firm’s fixed income offering in the market.
The launch marks WBIM’s fourth SICAV registered in Taiwan, following the earlier registrations of the Emerging Markets Debt Hard Currency SICAV fund, US Small-Mid Cap Growth SICAV fund, and US Large Cap Growth SICAV fund.
The new fund aims to deliver risk-adjusted returns through investments in local currencies and local interest rates across emerging markets. The strategy combines top-down macroeconomic analysis with bottom-up country and security selection, using a dedicated emerging markets debt team with investment professionals located across Boston, London, The Hague, and Singapore, according to a statement.
The fund is managed by Marcelo Assalin, partner and head of emerging markets debt, and Lewis Jones, local currency portfolio manager on William Blair’s emerging markets debt team.
The broader team comprises experienced portfolio managers and investment specialists across sovereign debt, local rates, currencies, and corporate credit. As of 30 June 2026, the team managed approximately $1.2bn across emerging markets debt strategies.
Actively managed and unconstrained by a benchmark, the strategy has the flexibility to pursue opportunities across a broad and diverse frontier markets debt universe through active country allocation, duration and yield curve positioning, and currency selection, while maintaining a disciplined approach to risk management.
The fund also offers strong income potential through access to the attractive real yields available across emerging markets debt, according to WBIM, in the statement.
“We consider that emerging markets local currency debt remains one of the most compelling yet underappreciated segments of the global fixed income market,” said Lih-Yann Tan, CFA, CEO of William Blair International (Singapore) Pte. Ltd. and head of Asian distribution for WBIM.
“Many emerging market economies today are supported by stronger policy frameworks, attractive real interest rates, and favourable long-term growth prospects. We believe the combination of compelling real yields, diversification benefits, and improving fundamentals makes the asset class an attractive opportunity for long-term investors.”
The William Blair emerging markets debt team believes the outlook for emerging markets local currency debt remains constructive, supported by favourable technical conditions, and attractive opportunities for selective active investors.
Many emerging market central banks remain in a position to maintain a patient policy stance, while healthy external balances, sustained foreign direct investment, and generally stable current account positions continue to support the outlook. While periods of volatility may continue given the evolving geopolitical and macroeconomic backdrop, the asset class continues to benefit from resilient economic fundamentals, supportive technicals, and attractive absolute yields, WBIM said.
“Investors often view local currency debt primarily through the lens of currency movements, but the opportunity set extends well beyond foreign exchange,” said Jones.
“The asset class offers exposure to both local bond markets and currencies, creating multiple potential sources of return. Country-specific fundamentals are increasingly driving investment opportunities across emerging markets, while attractive real yields and supportive macroeconomic conditions continue to underpin opportunities across select local rates and currencies.”