Hi. I'm Damien Buchet, chief investment officer at Finisterre, London-based specialist of emerging market debt. Since 2002, Finisterre has been providing a range of investment solutions across the emerging market debt universe, trying to deliver a most attractive risk return profile through all market cycles. 

We see ourselves as conviction-based, opportunistic investors, putting on par both top-down fundamental analysis and technical analysis, which is essentially the fine understanding of liquidity, volatility, supply-demand, and ownership patterns, which are so key in explaining your portfolio performance through market cycles. We're largely benchmark, agnostic, and unconstrained, yet we feel a strong need to balance this freedom with a strong sense of discipline in decision-making, portfolio construction, and trade management. 

As such, we're using a fairly innovative risk allocation process, which sits at the core of our flagship EMD total return strategy. So rather than thinking in terms of the traditional lines along asset classes, sovereign debt, corporate debt, local currency debt, we prefer to think of our investment universe in terms of income-generating assets, beta-generating assets, alpha-generating assets, or cash-like assets. 

So we divide our universe into those four groups. And the way the process works is that we start building performance with a cushion of income, which we then complement with capital gains from market timing using those beta market-sensitive assets or, the opposite side, adding value through special situations, which are generating alpha for the portfolio, either from the corporate space, special situations in sovereign space, or local frontier markets. 

The key belief that we have is that at different points in the market cycle, we need different portfolio structures. As such, our key focus regarding risk management is on adequately maintaining the right liquidity profile vis a vis the market conditions. It is so key because at different key turning points of the market cycle, we might need to quickly risk or derisk the portfolio. 

In terms of outcome, it's a strategy which has delivered exactly what it said on the tin over the past 10 years since it's been in existence at Finisterre. So this 90% upside, 50% downside, and a fraction of the volatility has been relatively consistently delivered by our teams. 

Now, in terms of outcomes, it's allowed us not only to adequately ride the cycle in terms of managing correctly the turning points in the cycle, in terms of upside versus downside, but also to sidestep most of the horror stories of the past 10 years in terms of sovereign crisis. This strategy remains, in our opinion, the best way to gain a consistent approach to the EMD space, which remains one of the most diversifying ways to accrue income to a global portfolio. Thank you very much.