Investment Approach

• Focus primarily on hard currency sovereign debt, with smaller strategic allocation to corporate debt, and tactical allocation to local currency debt.
• Integrate proprietary credit research and relative value analysis.
• Establish independent credit rating at the country and corporate issuer level.
• Add value through active country allocation and individual security selection decisions.
• Limit risk through diversification.
• Employs a long-term investment horizon, and manages risk through diversification.
• Environmental, social and governance ("ESG") factors with particular focus on those considered most likely to have a material impact on the performance of the holdings or potential holdings in the funds’ portfolio are assessed. These ESG factors, which are incorporated into the investment process alongside financials, valuation, macro-economics and other factors, are components of the investment decision. Consequently, ESG factors are not the sole driver of an investment decision but are instead one of several important inputs considered during investment analysis.