The problem is that investors’ needs have not changed: People still need cash flow predictability, at least from one component of their portfolio, and understandably so. We think it is still possible to find attractive returns if you are willing to dig deeper; of course, this requires more effort, time, and resources than it used to do. Often these are niche opportunities that are not easily accessible to retail investors and, in some cases, too niche for big players such as high-profile funds. Our job is to look for the opportunities that still exist in the market. We analyse both the primary and secondary markets in-depth and find it particularly useful to speak to management regularly better to understand the history and plans of each company. This is also beneficial in assessing real risk, as security is paramount; otherwise, all guarantees are worthless. We strive to balance the risk by analysing each company in-depth and constantly monitoring it. We pay attention to seniority, recovery levels, different maturities in the portfolio, exploitation of market volatility and the protection that higher coupons inherently offer. We also pay attention to duration to protect our clients’ portfolios against inflation and potential interest rate increases. We do not consider credit ratings to be an effective indicator. Although we do take them into account, we rely on our own thorough research using a model that we have developed and improved internally and that has proven effective in various market cycles. As a result, we have still managed to generate significant positive returns for our investors over the past few years, as our audited performance results can attest.