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Virtus Stone Harbor Emerging Markets Debt Income Fund Q4 2025 Commentary (VSHCX)

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Market Review

Sector Review “Broad Market”

The global backdrop in Q4 2025 was decidedly supportive for emerging markets (EM). The U.S. Federal Reserve (Fed) delivered two more 25 basis-point (bps) rate cuts in October and December, bringing the federal funds rate down to

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