Entering 2025, bond yields remain attractive amid a resilient U.S. economy and uncertainty over policy shifts from the incoming administration. This is a broadly constructive environment for credit, and we maintain a diversified allocation across asset classes that prioritizes carry. We prefer higher quality credit, particularly within structured products, which typically offer a less competitive market, opportunity for excess yield over similarly rated corporates, and wide spreads relative to fundamental risk. Right now, security selection is critical—which we believe makes it an ideal time for actively managed fixed-income portfolios. Learn where we’re finding value.