http://www.ipe.com/news/HSBC_launches_two_...funds_28571.php has details of which country's bonds this fund will invest in and it seems like a hodge podge to me.
"The Emerging Inflation-Linked Bond fund invests in debt issued by nine major emerging countries: Argentina, Brazil, Chile, Colombia, Poland, South Africa, South Korea and Turkey."
Won't the risk of default be very different between countries such as Colombia and Poland? Poland is part of the EU and at peace. On the other hand large sections of Colombia are controlled by drugs gangs and Marxist rebels and not by the government.
I would have thought that the rationale for investing in Polish government debt would be very different for that for investing in Colombian government debt - so am not sure who this fund is aimed at.
However I don't know the answer to your question.
And actually I would be interested in finding out the answer to a related question.
Being a cautious investor I have a large portion of my savings in UK index linked bonds. However given that governments do sometimes default on their debt I'd like to diversify some of it into the debt of other developed countries. I would prefer not to this via a fund with an annual management charge - since the rate of return on these bonds is low the management charge takes out a big chunk of the returns - and I'm not sure what a fund manager could do to boost returns from these bonds they are pretty simple investments after all. So my related question is does anyone know the best way for a private investor in the UK to buy a direct holding of (say) Canadian or Japanese index linked government bonds (preferably inside a SIPP)?