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 The fund is fairly unique to its group. Mr. Nemerever’s team concentrates on instrument selection rather than country selection, using advanced analytical techniques to exploit inefficiencies in the pricing of sovereign credits. They make extensive use of credit default swaps to hedge default risk. They avoid making bets on duration, and instead keep duration in line with that of the benchmark J.P. Morgan Emerging Markets Bond index. They also avoid bets on currencies: More than 90% of the fund’s assets are denominated in, or hedged into, U.S. dollars. Mr. Nemerever joined GMO is 1993 after stints at Fidelity Management and Research Company and at State Street Bank. He is both a CFA and a Fellow of the Society of Actuaries. He is a past Director of the Fixed Income Management Society of Boston. Mr. Nemerever received his B.S. in mathematics from the University of Washington and an M.S. in Actuarial Science from Northeastern University.
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