In debt to Russia's bears

Susan Payne, who leads the investment team, says: "Emerging countries are more defined by what they are not than what they are. They are not North America, western Europe, Japan, Australia or New Zealand. They often have less well developed capital markets and are generally going through a major economic transformation."

Payne currently favours Russian, Algerian and Brazilian sovereign debt, but the fund will make strong plays on a number of emerging countries as the opportunity arises. For

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