The economic backdrop and market environment for fixed income remain attractive, and our investment approach is guided by several key dynamics: all-in yields are elevated; credit spreads in many sectors remain near all-time tights; and credit fundamentals are strong but diverging among industries more exposed to tariffs, technology shifts, and interest rates. Our positioning emphasizes income generation and diversification, with a preference for high carry instruments in defensive sectors, including senior commercial ABS and non-Agency RMBS. Within corporate credit, our investment-grade strategies still lean long financials and our high yield strategies remain up in quality. While there are an array of tail risks to our base case economic outlook, rigorously vetted higher quality credit offers attractive yields, potential price appreciation, and portfolio ballast to weather a range of outcomes.