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[MUSIC]. So we think about the return objective of opportunistic fixed income. Is providing a positive return, whether interest rates are going up or going down. So the challenge in this market is, how can you try and achieve that income, achieve that return? Without sacrificing elements of safety and elements of liquidity. Over the past 25, 30 years, interest rates have been the primary way, and a good way, to drive returns in the fixed income market. But there are other ways to drive returns. There's ways to drive returns within the credit space, within the prepayment space. By offering the liquidity at certain times. The return is not just coming from interest rates alone. It is coming from a balance and a rotation across all of these potential ways to generate return of fixed income. With a very important security selection element underpinning it all. That is why I believe it's a, it's a very valid choice for a core holding within a fixed income portfolio. In a lot of markets, particularly like a high yield market, a new issue may be as small as $300 or $500 million in size. And so the allocation as to any one asset manager may be small. They may be as little as $20 or $50 million dollars. So you can imagine if you're managing 10s of billions of dollars worth of opportunistic fixed income investments. It will be difficult to buy enough of that if you're very, very, very large. To actually make a difference in the expect of return of the portfolio. We tend to own between 50 and 150 issuers. So each bond is relevant to the returns. The ability to access bond by bond ideas is an important piece of what we do. And it's something that I think we can do, given the size and scope that we are in the market. Not too big, but also not too small. When investors buy an opportunistic fixed income portfolio, they expect to see the majority of the portfolio invested in bonds. I think as an investor, you get a much better sense of what I own and what kind of risks I'm taking. Than when you see, you know, 38 line items of different swap contracts. In order to evaluate opportunities, particularly across different segments and sectors within the fixed income market. You need to have a common base and a common underpinning. That common underpinning is our macro view of the world. Macro view really sets a landscape for how we decide to place risks and other things in a fixed income portfolio. It gives us an objective view of markets. And then we can take that and apply our qualitative judgments and make investment decisions from there [MUSIC] We've built a process here where ideas are discussed and debated every day. It's easy to fall into the trap of thinking the same way that the market generally thinks. And we're particularly excited when we are a little bit different from the market. We think that's the source of opportunity. One of the things we talk a lot about if we disagree is, how high is our conviction? You know, is this a really good idea or is this a pretty good idea? If you disagree, you're gonna debate it for a while. But at some point if you still disagree, well that may just not be the best idea. It's the fact that we have a culture of, that's based on a lot of mutual respect. We create an environment where people feel comfortable challenging each other. It's not actually that hard to find good ideas. To generate the returns that we're looking for. The part that takes a lot of time and a lot of effort, is making sure that we have the downside well understood. [MUSIC]. It's really the best of Standish, it's the best of ideas that Standish has to offer. We go through our macro process down to our sector valuations. And into the bonds. [MUSIC]. It's the best ideas that Standish is breaking to the table on fixed income. [MUSIC]


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