Por: Citywire Londres
Rodrigo Barros: Calificado administrador de cartera AAA por Citywire.
Administrador de cartera con mejor desempeño en el sector de bonos corporativos latam en el primer trimestre de 2019.
Rodrigo Barros, Citywire AAA-rated manager of the Luxembourg-domiciled Credicorp Capital Latin American Corp Debt fund, was the top performing portfolio manager in the Latin American corporate bond sector in 2019 Q1, and saw inflows of $94.1 million in Q3 2019.
We spoke to the Chile-based PM about what has been behind his outperformance.
What do was the main driver of performance?
In the case of our funds, selection has been the main contributor for Alpha during the year. This has been very important in the case of Argentina and Brazil since we favoured companies that could be less impacted by political issues in those countries.
The main driver for performance in the asset class has been the appetite for fixed income assets in the globe. Central banks with an expansive stance have been very important for the allocation of global managers to fixed income and particularly to Emerging Markets Corporate debt.
In the case of Latin American Corporate Debt, in terms of valuation, we started the year with very attractive yields and low credit risk. Companies in the region started a deleverage phase since 2014 and they have a very comfortable maturity profile for next years.
What was your biggest allocation shift in H1 2019?
During H1 2019, we favoured Brazil over Argentina and Peru, moving from a 27% to almost 35% of our portfolio.
How do protests in Latin America affect your selection process?
It affects bond selection depending of the cause and the magnitude of the protest. If you take Chile as an example, protest can influence the sovereign risk in terms of spreads and possible actions on the credit ratings.
It can also have an effect on the macroeconomic variables like activity, consumer spending and other factors that can affect directly companies that have operations on those countries.
Do you have any non-rated bond exposure? How do you manage potential liquidity concerns of your clients?
No, we do not buy bonds without credit ratings. In terms of liquidity concerns, we are aware of this issue, so we try to only participate in bonds with a relevant amount outstanding.
Do you have an upper limit when it comes to capacity of the fund? If yes, what is it?
There is over $500 billion in Latin American Corporate debt outstanding, so we think that we can grow over $ 1 billion in assets without any liquidity restriction.