The Fund invests long and short in Emerging Market external debt, local rates, EMFX and FX volatility. It was established to take advantage of improving and deteriorating credit environments in global emerging markets. The team develops a macro view for each country it follows and expresses this view through the instruments that will provide investors with the best risk-adjusted return available. We believe strongly that having pools of long and short ideas resident in the portfolio at all times mitigates portfolio risk and portfolio beta. AUM reflects the aggregate of the Sovereign funds and is reported in USD.