Investors brushed aside geopolitical and tariff concerns in June, favoring risk assets in an overall supportive market environment. This backdrop helped push Treasury yields lower from their May highs and propelled the S&P 500 up 5% to record levels, while returns on U.S. high-yield corporate bonds increased to 1.84%, according to the Bloomberg U.S. Corporate High-Yield Index. Broadly syndicated loans (BSL) returned 0.8% - a decline from the previous month’s 1.55%, but still well above 0.59% average over the last 12months, per the Morningstar LSTA Leveraged Loan Index (LLI). A strong technical backdrop, alongside risk-on sentiment across capital markets lifted prices in the secondary and pushed the year-to-date return to 2.81%. Attractive interest carry has made up for market value losses this year.