The surge in interest rates and Trump's protectionist talk won't necessarily sink emerging market bonds, says Samy Muaddi, fixed income portfolio manager at T. Rowe Price (TROW - Get Report) . Muaddi says sovereign macroeconomic fundamentals in emerging markets have gradually improved thanks to significant political reforms in key markets, tighter fiscal budgets, healthy current account balances, and strengthening growth prospects. All that progress argues for long-term support as investors gradually address their underinvestment to the asset class. Drilling down, Muaddi says emerging markets monetary policies and inflation expectations are increasingly unsynchronized with countries like Russia, Brazil and India set to cut interest rates, while others like South Africa and Colombia are likely to increase them. Meanwhile, new political leadership in markets such as Brazil, Argentina and Indonesia is helping to drive positive market changes in those countries.