We made our biannual pilgrimage to Washington, D.C. to attend the IMF/World Bank Annual Meetings in mid-October. The meetings give the opportunity to catch up with policymakers, analysts, academia, and other investors, and allow us to debate the global macroeconomic outlook and grasp global investor sentiment.

Emerging market debt offers yield, diversification and a different risk mix from developed market bonds. It is an attractive offering, but that is not to say it is a straightforward asset class. Emerging market debt in local currency is not for everyone, but for many multi-asset and fixed-income portfolios it can play a valuable role. It can lift income, add currency exposure and diversify developed market rate risk. The key is to be selective, disciplined and transparent about how decisions are made.

The Monroe Doctrine continues to direct US policy toward Latin America, with consequences not only for diplomacy and security but also for investors watching trade ties, sovereign risk, and fluctuating alliances.