Summary
- The Fund (Class I) returned 3.35% in the second quarter versus the J.P. Morgan EMBI Global Diversified Index return of 3.32%.
- Country selection contributed most to performance during the quarter, while issue selection offset its positive contribution.
- We expect further outperformance in local currencies versus the U.S. dollar in our Base Case on record inflows into the asset class.
Market Review
Sector Review “Broad Market”
Several high-profile events drove markets this quarter. Trump’s tariffs introduced significant unpredictability to global markets, as did the 90-day pause that followed on some of those tariffs. The U.S. began negotiations with key
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