After a challenging 2022 in which we witnessed one of the largest dislocations, in terms of both depth and breadth, we remain constructive on the medium to long-term prospects in our markets. Whereas 2022 was challenging for both sides of the “60/40” portfolio, we believe the 40% fixed income component of portfolios will provide compelling returns both in absolute and relative terms going forward and thus, emerging market debt should be an important return driver of fixed income portfolios. Further, we believe private credit/asset backed lending in emerging markets will continue to provide equity-like expected returns but benefit from strong risk mitigation factors including seniority, credit quality and collateral packages. Lastly, we expect special situations to continue to provide compelling non-correlated returns.