Emerging markets Fundamentally sound

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Despite the prospect of higher US interest rates, recent turmoil in the US corporate bond market related to the downgrades of Ford and General Motors, losses in the correlation market and rumors of hedge fund liquidations, emerging market debt has proved to be remarkably resilient in the last several weeks.

Versus year-to-date returns in mid-June of 2.01% and 0.17% for the widely followed Lehman Brothers credit and high-yield corporate indices respectively, the benchmark JPMorgan

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