Fierro Capital Management is an investment management firm. The firm manages a value-oriented fund focused on Emerging Market high yield, distressed and special situations. The fund targets equity-like returns over the cycle while minimizing potential impairment to capital. To achieve this goal, the fund’s strategy uniquely combines rigorous, fundamental, bottom-up analysis with an opportunistic approach to markets. Our process looks for opportunities across the capital structure of sovereigns and corporates, generally finding the most value in discounted, hard currency bonds. We strictly avoid the use of portfolio leverage.