EMD

EMD is grinding higher (+2.0% 1-mo) driven by a broad 'Risk-On' rotation into Emerging Market Debt, which offers superior real yields as EM central banks aggressively cut rates. Despite the structural overhang of Western Asset's (parent co) SEC fraud charges from late 2024, the market is bifurcating the manager's legal troubles from the fund's underlying credit performance. The 'Steady Climb' signal confirms that yield-starved institutions are absorbing the 10%+ annualized yield, betting that the specific 'cherry-picking' fraud was isolated to other strategies.