OutlookWe maintain our positive long-term outlook for the emerging markets debt asset class. However, we could see periods of volatility in the coming months, given the previously mentioned unresolved macro issues, slowing growth in China and the US “fiscal cliff” situation. Against this backdrop, we reduced certain holdings during the third quarter to capture profits and reduce the Fund's overall risk exposure. Should spreads widen from current levels, we would look to add to our risk exposure. 3 While we have maintained our local currency exposure, we have become more cautious in terms of local duration exposure given our outlook for 2013. Exceptions to this are our long duration exposures in Brazil, Mexico and India, based on country-specific events and opportunities. Looking ahead, we feel the gap between growth rates between emerging and developed counties will remain in place in 2013. We feel this should be supportive for the emerging markets debt asset class over the longer-term.
Global High Income Fund Inc. – Fund Commentary
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