A Country First Approach

Marathon's Emerging Markets team employs a rigorous, nuanced, and tactical approach to investing within the EM hard currency fixed income universe.


Invested in Emerging Markets Since Inception


Positions in EM Portfolio

25+ Years

Of Average Experience for our Emerging Market PMs

Marathon has actively invested in the Emerging Markets, for over 25 years, with a process enhanced by our renowned global credit platform that delivers unique advantages in credit selection, portfolio optimization, and execution.

Marathon's wealth of knowledge across our global credit platform enables the team to utilize our sourcing and execution expertise across asset classes.

Our investment strategies target an optimal risk-return profile, with investments throughout the EM hard currency universe in:

  • Sovereign
  • Quasi-sovereign
  • Corporate EM

Marathon's portfolios are carefully constructed within our dynamic framework, capitalizing on the team's deep experience in portfolio management and index architecture.

video image

Investment Strategies

Optimal Beta

Actively managed and differentiated approach to portfolio construction that provides an opportunity to capture the Beta of the asset class while generating Alpha above index returns.

ESG Optimal Beta

Actively managed and differentiated approach to portfolio construction that seeks to provide the Beta and ESG characteristics of the reference benchmark while generating Alpha above index returns.

EM Total Return

Combines the merits of our Optimal Beta approach with nuanced risk taking, conviction trading, and credit selection through rigorous value-based fundamental analysis and a keen understanding of underlying securities.


Marathon's significant expertise in portfolio construction enables us to utilize our core strategic principles in offering a Fund of One or Separately Managed Account for customized solutions to fit a variety of investment objectives, preferences, and market environments.

Investment Vehicles

  • Long-Only Funds
  • Fund of One & Separately Managed Account
  • Sub-Advisory

Contact Us

To contact Marathon's Emerging Markets team, please reach out to one of the key contacts below:

For Emerging Markets Transactions:

Andrew Szmulewicz
Portfolio Manager - Emerging Markets

For Investors:

Jason Friedman
Partner - Global Head of Strategy and
Business Development
jfriedman@marathonfund.com or