Summary

• The Brazilian real and Australian dollar contributed to absolute fund performance, as did duration exposures in Latin America.
• Currency positions detracted from absolute fund results, as did sovereign credit exposures.
• EM debt indexes largely fell during the period. USD-denominated sovereign credits detracted from absolute fund return.

Key Takeaways

• Markets: Growth data was mixed over the first quarter of 2026, showing fourth-quarter outcomes weak in the United States as a result of the government shutdown, modest but stable in the euro area and

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