Globally, yields on high-quality assets feel thin once adjusted for inflation and tax. Corporate balance sheets look sound, yet spreads are tight and carry is limited. Under such circumstances, emerging market debt offers a clear payoff profile. There is income and promising potential for capital gains through policy easing, currency strength, and credit improvement. The asset class is broader and deeper than a decade ago, with stronger institutions in many countries and a larger local investor base. That mix supports resilience through shocks.

European high yield entered 2026 with a compelling combination of resilient fundamentals, attractive carry and supportive technicals - yet also with enough dispersion to reward informed, selective investing. Against this backdrop, DPAM’s active, research‑driven philosophy may offer a distinct advantage for investors seeking stable income, downside protection and opportunities for incremental alpha.

After several years defined by disruption, windfall profits and extreme volatility, the container shipping industry is entering a more familiar, and more challenging, phase of the cycle. For investors, the next 24 months are shaping up as a period where fundamentals matter again: supply-demand balance, pricing power, cost discipline and balance sheet strength. This transition has important implications not only for freight markets, but also for the credit quality of the world’s largest shipping operators.