Stone Harbor has "beefed up" exposure to Argentina and Venezuela (bonds up 46% YTD). They view Latin America as a "winner" in this geopolitical setup. As the Middle East becomes uninvestable or risky, capital flows to other commodity-rich regions. Argentina offers oil exposure and a reform narrative that is uncorrelated to the war in Iran. Long LatAm as a geopolitical diversifier. Argentina's idiosyncratic political risks and history of default.