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MIF delivered a small drawdown in February, -0.01% (gross), following a spike in volatility as markets succumbed to the global impacts of coronavirus. The month started with a continuation of the ‘yield hunt’ trend, with T2 issues outperforming senior. In particular the major Bank 2024 calls achieved new tights in credit spread. In the last trading days of February the sell-off in risk assets accelerated, in particular in equities where the US had the fastest 10% decline in history. This spike in volatility impacted credit spreads and the February performance. Going forward, we don’t see supply as an immediate risk with major bank and regionals reporting very strong deposit growth and continued soft lending, and with spreads widening to levels last seen in mid-2019, credit is starting to look attractive.