During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom-line results. As we moved through the year, it became increasingly clear that an economic recovery was underway and that non-IG issuers were able to tap capital markets and cut costs to bridge the challenging environment. In this video, we discuss how non-investment grade credit earnings fared in the third quarter of 2020. In the credit sectors most acutely impacted by the pandemic, there were certainly pockets of distress as well as increased differentiation across sectors and business models. While the outlook has shifted dramatically with the news of a viable vaccine, we continue to believe that fundamental research and bottom-up credit selection will remain important drivers of portfolio positioning and performance in non-IG credit.