From Angola to Argentina, from Mexico to Moldova, our EM Debt investment team explores US policy uncertainty and potential flashpoints in the universe this year. As always in active management, identifying the winners and losers from shifting patterns is as an attractive source of alpha for the team’s portfolios. Key points: Markets are still growing accustomed to heightened uncertainty across a range of issues as the US adopts a more muscular, unilateral, and transactional approach to trade, international conflicts and its own alliances. As we enter 2026, it is clear that geopolitical fault lines should increasingly be considered through the prism of alignment or non-alignment with President Trump’s administration. Following US intervention and the arrest of Venezuelan President Nicolás Maduro at the start of the year, it is evident that geopolitical risks are reshaping emerging markets, with the potential for high levels of differentiation within this diverse universe.