‘It’s a Carry World’: EM Trade Notches Longest Run Since 2008

Cathy Hepworth, head of emerging-markets debt at PGIM, a $1.5 trillion asset manager, identified carry trades as her highest-conviction investment theme across developing markets. Emerging-market trades have recorded their longest consecutive run since 2008, according to available market data. Carry trades involve borrowing in low-interest-rate currencies and investing in higher-yielding assets.

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