The Emerging Markets Debt strategy seeks global bond investments offering the best combination, in our view, of high real yield and attractive fundamentals given our macroeconomic outlook. This value-based strategy maintains a primary focus on emerging markets sovereign debt with a goal of unlocking the potential benefits of mean-reversion tendencies in interest rates and currency valuations. To avoid the inefficiencies of broad emerging markets bond benchmarks, the team takes a benchmark-agnostic approach that limits investment to only the 10-15 countries and currencies considered most attractive. For over two decades, the Global Fixed Income team has achieved its risk-adjusted returns by implementing a process of country rotation through the broad global fixed income universe. The strategy may also invest, to a limited degree, in emerging markets corporate debt when value is overstated relative to history.