A shifting macro environment has given investors plenty of reasons to rethink allocation models and adjust portfolios to navigate the new risk/return paradigm. Sharply rising inflation resulting from ongoing labor shortages and supply chain challenges has proven to be more persistent than transitory. For income-focused investors, the contraction in global real yields (yield minus inflation) since the 2008/2009 Global Financial Crisis has made it increasingly difficult to source suitable investments for their portfolios - without deep risk tradeoffs in terms of duration, credit quality, or liquidity. Rising inflation simply adds to the existing scarcity of yield across the globe.