The Venezuela Factor: Why High-Yield, Emerging-Market Debt Is Having a Moment

Venezuela bonds were up 100% even before the US ousted President Nicolás Maduro. Then they went up another 30%. And one actively-managed exchange-traded fund was positioned perfectly after buying the bonds in 2025. On this episode of Trillions , Eric Balchunas and Joel Weber speak with Jim Craige, portfolio manager of the Virtus Stone Harbor Emerging Markets High Yield Bond ETF ($VEMY), and Damian Sassower, who oversees emerging markets fixed income for Bloomberg Intelligence. They discuss why Venezuela bonds are surging, how Stone Harbor gained exposure, Craig's overall investing strategy, and how a restructuring might work. They also take a brief tour of VEMY's other holdings, including countries such as Lebanon and Ecuador that have also seen increased returns.

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The Venezuela Factor: Why High-Yield, Emerging-Market Debt Is Having a Moment is an episode from Trillions by Bloomberg.

This episode is 35:22 long.

This episode was published on Jan 15, 2026.

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