$PEMB

The Virtus Stone Harbor Emerging Markets Debt Income Fund's Q4 2025 commentary highlights both challenges and opportunities within emerging markets. The fund notes a diverse range of economic conditions across regions, stressing the impact of geopolitical tensions and inflationary pressures. However, it expresses optimism for growth in certain segments driven by structural reforms. The commentary emphasizes the importance of active management in navigating these complex environments. As a result, investors are advised to pay close attention to emerging markets, especially in sectors benefiting from positive policy changes.