Luz Padilla of DoubleLine indicated in the call that while there may be less opportunities in emerging market government debt, there are still opportunities in emerging market corporate and local currency debt.

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He has also been scaling back on what he perceives to be risky investments, including emerging-market debt and corporate bonds.

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Investors would have been better off in investment grade corporate and emerging market debt.

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Outside of the precious metals, high-yield corporate and local currency emerging market debt are another trade favorite that has legs even if the equity markets turn positive.

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