The Contrarian Emerging Markets strategy, established in 2006, targets opportunistic credit and special situations globally, with particular expertise in complex cross-border investments.
Split among office locations in Greenwich (global headquarters), London and Hong Kong, the Contrarian Emerging Markets team, led by Portfolio Manager Xiao Song, has global language capabilities crucial in sourcing deals and understanding legal documentation in local languages. The team is able to leverage Contrarian’s entire intellectual capital base of investment professionals to source, analyze and execute investment opportunities.
The Emerging Markets strategy has an opportunistic global mandate, and targets both capital appreciation and yield capture. Investments have historically included credit (stressed, distressed, and defaulted corporate and sovereign debt), equities (select stressed and post-reorganized situations) as well as opportunistic short positions (primarily alpha shorts with specific catalysts).
The Emerging Markets team focuses on deep fundamental credit research combined with local and international legal analysis to identify opportunities with hard catalysts to unlock value. The team’s rigorous research process includes a thorough understanding of business risk, cash flows, asset values, and sources of repayment, with a strong focus on downside protection. Additionally, the team’s extensive experience in emerging markets since the strategy’s inception in 2006 includes a deep well of institutional knowledge regarding key Emerging Market issuers, jurisdictional risks and global restructuring regimes.