Jamin is sticking to NorthCoast's position in iShares J.P. Morgan USD Emerging Markets Bond ETF ( EMB ) for the time being. "Potential appreciation of the U.S. dollar from higher interest rates could negatively impact EMB, which is denominated in local currency, so that is a risk we are looking at." Investor optimism for future U.S. economic growth and higher inflation weighed on fixed-income holdings in November.