[MUSIC PLAYING] I'm Kay Herr, head of research for Global Fixed Income Currencies and Commodities at J.P. Morgan Asset Management. Research, of course, is integral to our investment process at J.P. Morgan. And most important in research is our people, our 75 analysts, both fundamental and quantitative, across all sectors, corporates, both investment grade and high yield, emerging markets and developed markets, as well as securitized and Tax-Aware research analysts. Our analysts are career analysts with more than 15 years of experience on average. This experience brings expertise in their sectors and their credits.

Our scale across fixed income produces a competitive advantage for us. Why? We have comprehensive research coverage providing a substantial investable universe for our portfolio managers. We also have close collaboration, not only among our fixed income sectors, but across the entire capital structure, including our equity research counterparts.

Analysts across fixed income sectors are united by a common process. Our process is rigorous, disciplined, and proprietary. It has three important tenets-- fundamental, which is the ability and, of course, the willingness to pay; quantitative, spreads in the relative value, both within and across sectors; and technical, the supply of new issuance as well as the demand from investors around the world.

In all that we do, we are stewards of your capital. Engaging with companies is an important aspect of research. Beyond engagement, the analysis of environmental, social, governance factors, and their effect on sustainable cash flow and our ability to access that cash flow is embedded in our entire investment process. Yes, 100% of our fixed income platform is ESG integrated. Beyond integration, we manage more than $30 billion in customized portfolios, thematic and positive tilts. We are looking to be thought leaders and solutions across research.

All of this research is delivered in Spectrum, which is a unified technology platform that's a repository for all of our research across fixed income and equity. So investment grade, high yield, both developed and emerging markets, as well as securitized and Tax-Aware research are all housed on Spectrum. It's easily searchable by author, ticker, sector, or team by PMs and analysts across all of J.P. Morgan Asset Management. Embedded in of all of our research notes is a comment on environmental, social, and governance factors and the ability to distinguish whether that comment pertains to something environmental, social, or governance, and also to designate and track engagement with companies.

We have tools to help determine and analyze our fundamental views, analytics to track upgrades, downgrades across emerging markets as well as developed markets, analytics to help assess relative value across fixed income sectors, and, of course, macroeconomic indicators.