The International Opportunistic Fixed Income strategy seeks non-U.S. global bond investments offering, in our view, the best combination of high real yield and attractive fundamentals given our macroeconomic outlook. This value-based strategy maintains a primary focus on sovereign debt with a goal of unlocking the potential performance benefits of mean-reversion tendencies in interest rates and currency valuations. To avoid the inefficiencies of global bond benchmarks, the team takes a benchmark-agnostic approach and limits investment to only the 10-20 countries and currencies it considers attractive investments. 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 allows the investment team wide latitude and flexibility to opportunistically own non-investment-grade sovereign debt and credit.