Peru, Brazil and Egypt power GSAM's EM fund

Bets in Peru, Brazil and Egypt helped Goldman Sachs Asset Management's emerging market debt fund outperform the index by 2.5 percentage points in 2006.

The fund, co-managed by Owi Ruivivar, Ricardo Penfold and Sam Finkelstein in New York, returned 11.5%, compared with 9% for JPMorgan's EMBI Global emerging markets index over the same period.

The team has invested in Peruvian debt for several years, and in 2006 benefited from a rating upgrade for the sovereign to one notch below investment grad

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