Headline portfolio metrics were actively managed during the quarter in response to fluctuating expectations of the future path of central bank rates and a favorable technical backdrop that supported credit spread valuations. The portfolio’s interest rate exposure remained subdued relative to traditional investment grade bond strategies, given the Strategy is primarily focused on credit spreads. Alternatively, credit exposure increased opportunistically in March to capitalize on the supportive technical backdrop. From a geographic perspective, the portfolio increased non-domestic exposures quarter-over-quarter, which proved prescient as domestic credit spreads underperformed. More recently, we are looking to shift exposure back to CAD-domiciled issuers with relatively attractive valuations. Sector-wise, profitable TMT, financial, and energy-infrastructure holdings were trimmed and reallocated to defensive sectors like industrials and consumer staples. In terms of credit quality, the portfolio reduced AA-rated and BBB-rated positions in favor of A-rated issuers and modestly reduced its net short position in high yield. We believe the Strategy is well positioned to continue to navigate ever-changing markets and generate strong risk-adjusted returns, given its alternative toolkit and focus on credit spreads, which we believe are well supported despite rich index-level valuations.