Emerging corporate credit markets have finally been gaining ground again, after five months in the red. The recent risk aversion began to ease off with US bonds dropping in volatility and the dollar index stabilising over the period. Yields on emerging corporate bonds also eased, as did yield spreads. On the credit side, high yield issuers outperformed their investment grade counterparts, a development taking place widely in an environment that is risk positive. The regions have posted positive performances, too. Latin America and Africa stand out with figures close to 2.5%. In the leading economies to which we are exposed, Brazil and the Ukraine have distinguished themselves with positive performances of around 3.5% and 3%, respectively, ahead of Nigeria and Argentina, which gained about 2.5%. Russia was also up, in the region of 1%. Meanwhile, Turkey remains behind and still in negative territory, but its situation seems to be stabilising on the domestic front. Note that we initiated an allocation on Indonesia after the market suffered a sharp drop during an episode of volatility on the corporate and currency markets over the last few months. In sector terms, all segments closed the month in positive territory. Given this environment, EdR Emerging Credit posted a good positive performance of more than 2%, which is about one point higher than the market itself. In general, a return to greater risk tolerance, combined with more generous valuation levels, promises attractive returns over a medium-term horizon.