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JPMorgan to Cap Weights in Flagship EM Bond Index
September 16, 2025
JPMorgan Chase announced that it will lower the weighting cap on its flagship GBI-EM Global Diversified index from 10% to 9%. Analysts noted that the move will reduce exposure to large issuers like China, India, Indonesia, Mexico and Malaysia and redirect investor flows toward smaller markets such as Thailand, Poland, South Africa and Brazil. JPMorgan’s emerging-market index serves as the benchmark for more than $200bn in funds, making adjustments highly influential for global capital flows. The changes will be phased-in during 1H2026, according to a client notice seen by Bloomberg. Investors were supportive of the move and some encouraged JPMorgan to consider further cuts to the country cap over time, said sources.
In addition, JPMorgan placed Saudi Arabia and the Philippines on watch for possible inclusion in the index at a 2% and 1% weight respectively last Friday. A few major shifts to the benchmark came with the phased inclusion of Chinese bonds in 2020 and the addition of Indian debt in 2024, both of which drove significant inflows into those markets.
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