While many asset allocators might view emerging market debt as volatile and a tactical investment, there's perhaps more strategic value in the asset class than many give it credit for, Aaron Grehan, Aviva Investors deputy head of Emerging Market Debt and hard currency portfolio manager explains in an interview with Matthew Smith. Grehan argues that blending of investment grade and high yield could change the frame of reference for many institutional investors who consider EMD highly volatile to something more defensive.