This compartment invests in emerging markets fixed-income securities primarily denominated in US dollars and EM currencies utilising a high-conviction total return approach with an emphasis on long-term strategically driven exposures at the country level. The compartment applies a combination of top-down and bottom-up analysis to determine the most attractive risk reward positioning. The result is a combination of strategies ranging from country views to specific bond views, in which the degree of importance of either top-down or bottom-up assessments will depend on the global and country conditions.