We believe opportunities will remain throughout 2022 to generate alpha in securitized credit. While we expect fundamentals to be strong across U.S. consumer-related securitizations and leveraged loans, the combination of heavy supply and uncertainty around inflation, monetary policy, and the labor market recovery could lead to a wide distribution of outcomes depending on the subsector. Furthermore, as spreads have tightened across much of the fixed income universe throughout 2021, we believe active management of sector allocations and interest rate positioning is of paramount importance for fixed income investors in 2022.