Rencontrer Carlos

Carlos de Sousa

Strategist and Portfolio Manager

6 années chez Vontobel

Zurich

Vontobel Asset Management AG

Genferstrasse 27

CH-8022 Zurich

Switzerland

Carlos de Sousa a rejoint Vontobel en janvier 2021. Il est Portfolio Manager/Strategist au sein de l’Emerging Markets Team de la Vontobel Fixed Income.

Avant de rejoindre Vontobel, il était Lead Emerging Markets Economist chez Oxford Economics, une organisation leader en matière de prévisions mondiales et d'analyse quantitative. Avant cela, il était boursier de recherche chez Bruegel à Bruxelles, un think tank spécialisé en économie, où il menait des recherches orientées vers la politique en mettant l'accent sur l'économie européenne. Au début de sa carrière, il travaillait comme économiste chez Ecoanalitica à Caracas, où il était responsable des prévisions macroéconomiques pour le Venezuela et plusieurs pays des Caraïbes et d'Amérique centrale.

Carlos est titulaire d'un master en politique macroéconomique et marchés financiers de la Graduate School of Economics de Barcelone et d'un master en philosophie de l'économie de l'Université Erasmus de Rotterdam.

Fonds apparentés

Insights apparentés

Fixed Income Boutique

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6 juil 2026 Fixed Income Quarterly

Somewhat reopened is good enough for EM fixed income

EM fixed income stayed resilient through the war-induced shock. As oil prices fell, inflation remained contained. Capital inflows resumed after a brief interruption and sovereign rating upgrades continued. We believe the asset class is supported by elevated global risk appetite, attractive local-currency yields, and diversification away from US assets.

Fixed Income Boutique

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1 avr 2026 Fixed Income Quarterly

EM Bonds: resilience amid oil shock and geopolitical uncertainty

We believe EM fixed income is better positioned today than four years ago, despite uncertainty around the duration of the war and the disruption of oil supply. If de-escalation materializes in the short term, EM bonds may rebound amid a resumption of pre-war trends, including diversification away from US-centric portfolios.

Fixed Income Boutique

12 déc 2025 Fixed Income Quarterly

Optimistic outlook for EM bonds

Looking ahead, we expect continued inflows, rising demand, and reduced supply to support EM hard-currency bonds. For EM local-currency bonds, we believe the current macroeconomic environment remains favorable, despite our conviction in a USD bear market being lower than it was a few months ago.

Fixed Income Boutique

8 sep 2025 Fixed Income Quarterly

EM local-currency: more reasons to maintain our high conviction

Strong performance of EM local currency bonds has been driven by a bearish US dollar and fundamental factors supporting sustainable appreciation toward a stronger equilibrium.

Fixed Income Boutique

8 sep 2025 Fixed Income Quarterly

Rating upgrades and renewed inflows support EM hard-currency bonds

Accelerating rating upgrades and renewed inflows into the asset class are likely to support EM spreads relative to their historical levels and other credit markets. Absent a major global shock, we expect EM bonds to remain resilient, offering stable carry even if capital appreciation becomes more difficult to capture.

Asset management

6 juin 2025 Viewpoint

King Dollar’s crown is tilting and why emerging markets may benefit

The US dollar’s reign is faltering, and we believe a prolonged dollar bear market is underway – a scenario that has historically been a tailwind for emerging market economic growth and asset valuations. However, not all emerging equity markets respond equally to the dollar’s decline.