This past quarter certainly witnessed the tug-of war between the policy trilemma facing central banks and climbing of the wall of worry that was characterized between positive carry and pull to par. We would not be surprised to see the next phase resulting in inflows that chase the recent returns and propel the asset class higher. We expect continued volatility that will permit for tactical positioning of capital driven by our top-down and bottom-up perspectives on the asset class and will therefore, continue to respect and embrace the volatility in the markets by planning the trade and trading the plan.