WEBVTT 00:00:00.000 --> 00:00:06.080 align:middle line:90% 00:00:06.080 --> 00:00:08.570 align:middle line:84% Welcome, everyone, and thank you for attending 00:00:08.570 --> 00:00:12.800 align:middle line:84% this 20th meeting, which is obviously an anniversary, 00:00:12.800 --> 00:00:14.480 align:middle line:84% and at the same time it's a beginning 00:00:14.480 --> 00:00:18.380 align:middle line:90% of a new era for this company. 00:00:18.380 --> 00:00:22.280 align:middle line:84% We are very excited to tell you about the opportunities, 00:00:22.280 --> 00:00:26.720 align:middle line:84% because clearly this will be different to what 00:00:26.720 --> 00:00:29.130 align:middle line:90% we had before. 00:00:29.130 --> 00:00:31.920 align:middle line:84% As you're well aware, the company changed its name, 00:00:31.920 --> 00:00:37.320 align:middle line:84% and it's now eligible to invest across the Middle East, Africa, 00:00:37.320 --> 00:00:40.260 align:middle line:90% and Eastern Europe. 00:00:40.260 --> 00:00:42.660 align:middle line:84% Obviously, on this slide, we want 00:00:42.660 --> 00:00:47.760 align:middle line:84% to show just that we still have assets in Russia. 00:00:47.760 --> 00:00:51.240 align:middle line:84% They are still part of [INAUDIBLE] fund, 00:00:51.240 --> 00:00:55.710 align:middle line:84% even after being discounted and frozen for now 00:00:55.710 --> 00:01:00.030 align:middle line:90% by different regulators. 00:01:00.030 --> 00:01:04.110 align:middle line:84% As you can see [INAUDIBLE] top five positions 00:01:04.110 --> 00:01:07.340 align:middle line:90% of that frozen assets. 00:01:07.340 --> 00:01:11.820 align:middle line:84% If we move on, this is the world of opportunities. 00:01:11.820 --> 00:01:14.940 align:middle line:90% So how this will be different? 00:01:14.940 --> 00:01:18.710 align:middle line:84% So what we have, in terms of the breadth of the markets, clearly 00:01:18.710 --> 00:01:24.170 align:middle line:84% we got biggest markets, which are South Africa and Saudi 00:01:24.170 --> 00:01:26.780 align:middle line:84% Arabia, at the same time just followed 00:01:26.780 --> 00:01:33.510 align:middle line:84% by the United Arab Emirates and Qatar, Kuwait, and then, 00:01:33.510 --> 00:01:38.580 align:middle line:84% smaller degree, Turkey, Greece, Poland, 00:01:38.580 --> 00:01:40.850 align:middle line:90% Hungary, and Czech Republic. 00:01:40.850 --> 00:01:43.190 align:middle line:84% Where we see opportunities in how 00:01:43.190 --> 00:01:45.320 align:middle line:84% we invested the fund, because we were 00:01:45.320 --> 00:01:48.710 align:middle line:84% able to do it from the beginning of February, 00:01:48.710 --> 00:01:51.170 align:middle line:90% we believe this would-- 00:01:51.170 --> 00:01:56.900 align:middle line:84% countries like Saudi Arabia, South Africa, and Greece 00:01:56.900 --> 00:01:58.370 align:middle line:90% look much better [INAUDIBLE]. 00:01:58.370 --> 00:02:01.190 align:middle line:84% That's where [INAUDIBLE] right now. 00:02:01.190 --> 00:02:05.540 align:middle line:84% And in terms of the risk factors which we see, 00:02:05.540 --> 00:02:10.009 align:middle line:84% the major one will be Turkey, where 00:02:10.009 --> 00:02:13.280 align:middle line:84% we're not certain about the outlook on the market. 00:02:13.280 --> 00:02:16.040 align:middle line:84% And it's probably likely to have some political turbulence 00:02:16.040 --> 00:02:17.030 align:middle line:90% as well. 00:02:17.030 --> 00:02:21.050 align:middle line:84% We're obviously all aware of the earthquake 00:02:21.050 --> 00:02:25.800 align:middle line:84% and just the social and economic impacts of that disaster. 00:02:25.800 --> 00:02:30.710 align:middle line:84% And in terms of cash in Kuwait, that's sort of temporary issues 00:02:30.710 --> 00:02:36.380 align:middle line:84% as we proceeding with the rollout of market access. 00:02:36.380 --> 00:02:39.830 align:middle line:84% In terms of the sectors, this is a classic emerging-market 00:02:39.830 --> 00:02:46.550 align:middle line:84% situation, where the financials and materials will dominate 00:02:46.550 --> 00:02:48.450 align:middle line:90% market for quite a while. 00:02:48.450 --> 00:02:52.320 align:middle line:84% We will be very excited to look deeper in the market. 00:02:52.320 --> 00:02:56.780 align:middle line:84% And these are our top 10 holdings. 00:02:56.780 --> 00:02:59.870 align:middle line:84% So as you can see, just in terms of the opportunities, 00:02:59.870 --> 00:03:07.490 align:middle line:84% we do like the companies related to materials and financials. 00:03:07.490 --> 00:03:11.540 align:middle line:84% The financial sector in the Gulf is a leverage 00:03:11.540 --> 00:03:18.350 align:middle line:84% on domestic growth and global interest cycle, which obviously 00:03:18.350 --> 00:03:19.400 align:middle line:90% helps them to generate. 00:03:19.400 --> 00:03:24.080 align:middle line:84% It's a very well-capitalized area, in terms of banking. 00:03:24.080 --> 00:03:27.340 align:middle line:84% And in terms of South African banks, 00:03:27.340 --> 00:03:31.100 align:middle line:84% I think just I will let Pandora to talk more about that, 00:03:31.100 --> 00:03:35.420 align:middle line:84% as well as just the opportunities in the commodity 00:03:35.420 --> 00:03:36.290 align:middle line:90% sector. 00:03:36.290 --> 00:03:39.260 align:middle line:84% Look, we're all aware, the prices of oil, 00:03:39.260 --> 00:03:45.780 align:middle line:84% [INAUDIBLE],, and gas, that's opportunity in the Gulf. 00:03:45.780 --> 00:03:49.370 align:middle line:84% I will pass it to Pandora for the next couple of slides. 00:03:49.370 --> 00:03:52.270 align:middle line:84% So I get the best bit, actually, to tell you 00:03:52.270 --> 00:03:55.540 align:middle line:84% what we are excited about and how we think about the region. 00:03:55.540 --> 00:03:57.610 align:middle line:84% There are three ways we think about the region. 00:03:57.610 --> 00:04:00.190 align:middle line:84% Firstly its mass-market consumption, 00:04:00.190 --> 00:04:02.560 align:middle line:84% secondly its commodities, as Oleg 00:04:02.560 --> 00:04:04.990 align:middle line:84% alluded to, and lastly its something 00:04:04.990 --> 00:04:08.230 align:middle line:90% we call "technology adopters." 00:04:08.230 --> 00:04:10.900 align:middle line:84% So firstly, on mass-market consumption, 00:04:10.900 --> 00:04:14.500 align:middle line:84% we know that 60% of the population in this region 00:04:14.500 --> 00:04:17.910 align:middle line:84% is actually under the age of 25 years old. 00:04:17.910 --> 00:04:19.700 align:middle line:84% And according to the UN figures, this 00:04:19.700 --> 00:04:23.270 align:middle line:84% is going to continue to grow into 2050. 00:04:23.270 --> 00:04:25.880 align:middle line:84% The very youthfulness of this population 00:04:25.880 --> 00:04:31.530 align:middle line:84% is absolutely brilliant as a base for consumption. 00:04:31.530 --> 00:04:34.890 align:middle line:84% They are also increasingly women. 00:04:34.890 --> 00:04:37.140 align:middle line:90% They're very tech savvy. 00:04:37.140 --> 00:04:39.420 align:middle line:84% They're obviously young, as I mentioned. 00:04:39.420 --> 00:04:43.190 align:middle line:84% And while it might not translate into naturally rising incomes, 00:04:43.190 --> 00:04:44.565 align:middle line:84% what it does gives us opportunity 00:04:44.565 --> 00:04:49.500 align:middle line:84% is to look at companies that are selling affordable product 00:04:49.500 --> 00:04:51.600 align:middle line:90% or differentiated products. 00:04:51.600 --> 00:04:55.230 align:middle line:84% One such example, which I'm sure Oleg can attest to, which he 00:04:55.230 --> 00:04:57.450 align:middle line:90% met last week, is [INAUDIBLE]. 00:04:57.450 --> 00:05:01.920 align:middle line:84% It's a company that holds, owns, and operates a chain of gyms 00:05:01.920 --> 00:05:05.160 align:middle line:90% in Saudi Arabia. 00:05:05.160 --> 00:05:07.320 align:middle line:84% According to them, for every gym they 00:05:07.320 --> 00:05:11.290 align:middle line:84% open that is women-focused they are actually full. 00:05:11.290 --> 00:05:11.790 align:middle line:90% True? 00:05:11.790 --> 00:05:12.300 align:middle line:90% Yeah. 00:05:12.300 --> 00:05:15.136 align:middle line:90% [INAUDIBLE] even waiting lines. 00:05:15.136 --> 00:05:18.420 align:middle line:84% So that's a kind of population growth 00:05:18.420 --> 00:05:21.150 align:middle line:84% through changes in the way people are consuming that is 00:05:21.150 --> 00:05:22.580 align:middle line:90% giving us a lot of interest. 00:05:22.580 --> 00:05:23.590 align:middle line:90% So that's number one. 00:05:23.590 --> 00:05:26.310 align:middle line:84% The second, as I mentioned, is commodities. 00:05:26.310 --> 00:05:28.170 align:middle line:84% The region has a breadth of commodities, 00:05:28.170 --> 00:05:32.340 align:middle line:84% everything from energy and oil in Saudi Arabia to platinum, 00:05:32.340 --> 00:05:35.520 align:middle line:90% copper, gold in South Africa. 00:05:35.520 --> 00:05:38.850 align:middle line:84% We are very excited about owning companies here 00:05:38.850 --> 00:05:42.690 align:middle line:84% that are solving for the energy transition. 00:05:42.690 --> 00:05:44.130 align:middle line:84% A good example of this, again, is 00:05:44.130 --> 00:05:47.430 align:middle line:84% copper, where it's used to bind, connect, 00:05:47.430 --> 00:05:50.730 align:middle line:84% anything with batteries, modules, electricals, 00:05:50.730 --> 00:05:55.140 align:middle line:84% networks in any wind, solar, or EV transmission product. 00:05:55.140 --> 00:05:59.130 align:middle line:84% Anglo American is a company we own in the fund. 00:05:59.130 --> 00:06:01.890 align:middle line:90% It is a diversified company-- 00:06:01.890 --> 00:06:04.980 align:middle line:84% not only has copper, it also has iron ore, platinum, 00:06:04.980 --> 00:06:05.790 align:middle line:90% and even diamonds. 00:06:05.790 --> 00:06:09.660 align:middle line:84% So we are able to take advantage of them holding 00:06:09.660 --> 00:06:11.790 align:middle line:90% a breadth of commodities. 00:06:11.790 --> 00:06:14.190 align:middle line:84% Lastly, with technology adopters, 00:06:14.190 --> 00:06:18.120 align:middle line:84% what we are thinking here is really about innovation-- 00:06:18.120 --> 00:06:21.900 align:middle line:84% companies that use technology and provide a service 00:06:21.900 --> 00:06:25.980 align:middle line:84% or leapfrog structural challenges in the continent-- 00:06:25.980 --> 00:06:27.540 align:middle line:90% for example, in Africa. 00:06:27.540 --> 00:06:30.870 align:middle line:84% One such organization is [INAUDIBLE].. 00:06:30.870 --> 00:06:34.440 align:middle line:84% Through its mobile money and its payment platform, 00:06:34.440 --> 00:06:36.690 align:middle line:84% it's making it easier for populations 00:06:36.690 --> 00:06:43.080 align:middle line:84% to access a bank account, buy insurance, and also pay 00:06:43.080 --> 00:06:43.700 align:middle line:90% for things. 00:06:43.700 --> 00:06:46.020 align:middle line:84% So an example of this is a company 00:06:46.020 --> 00:06:50.520 align:middle line:84% they own in Kenya, that you can use every single day 00:06:50.520 --> 00:06:52.530 align:middle line:84% and not actually need to use cash. 00:06:52.530 --> 00:06:54.488 align:middle line:84% So from the minute you wake up to the minute 00:06:54.488 --> 00:06:56.280 align:middle line:84% you go to bed, whether you're paying bills, 00:06:56.280 --> 00:06:59.340 align:middle line:84% paying for a taxi paying, for a coffee, 00:06:59.340 --> 00:07:03.910 align:middle line:84% or paying your rent bill, you can do this on their phone. 00:07:03.910 --> 00:07:07.880 align:middle line:84% So we like those kind of companies. 00:07:07.880 --> 00:07:10.710 align:middle line:84% And I'll take you through page 7. 00:07:10.710 --> 00:07:14.880 align:middle line:84% It's how a company actually makes it into the portfolio. 00:07:14.880 --> 00:07:19.920 align:middle line:84% We have around 10-plus analysts that look specifically 00:07:19.920 --> 00:07:23.010 align:middle line:84% at the stocks in this region, and they all 00:07:23.010 --> 00:07:25.500 align:middle line:84% follow the same process we all do. 00:07:25.500 --> 00:07:26.550 align:middle line:90% First things first. 00:07:26.550 --> 00:07:29.470 align:middle line:84% The first stage is strategic classification. 00:07:29.470 --> 00:07:31.290 align:middle line:84% The second one is an [INAUDIBLE] checklist. 00:07:31.290 --> 00:07:36.683 align:middle line:84% And lastly, they produce a five-year expected return. 00:07:36.683 --> 00:07:38.100 align:middle line:84% For the strategic classifications, 00:07:38.100 --> 00:07:39.320 align:middle line:90% what do they do? 00:07:39.320 --> 00:07:41.070 align:middle line:84% They look at the economics of the business 00:07:41.070 --> 00:07:42.750 align:middle line:84% in order to answer the question, is this 00:07:42.750 --> 00:07:44.990 align:middle line:90% a company we want to own? 00:07:44.990 --> 00:07:47.390 align:middle line:84% They look at, does it pay dividends? 00:07:47.390 --> 00:07:49.145 align:middle line:90% Does it have a high return? 00:07:49.145 --> 00:07:50.520 align:middle line:84% Does it have debt on their books? 00:07:50.520 --> 00:07:52.470 align:middle line:84% So those are the things that capture that. 00:07:52.470 --> 00:07:56.360 align:middle line:84% Secondly, they look at duration of the story. 00:07:56.360 --> 00:07:58.288 align:middle line:84% Because we have a very long-term lens, 00:07:58.288 --> 00:08:00.080 align:middle line:84% is this a company that's going to be around 00:08:00.080 --> 00:08:02.420 align:middle line:90% in the next 3, 5, and 10 years? 00:08:02.420 --> 00:08:04.200 align:middle line:90% They will determine that. 00:08:04.200 --> 00:08:05.900 align:middle line:84% And lastly, they look at the governance. 00:08:05.900 --> 00:08:08.510 align:middle line:90% Who's on the board? 00:08:08.510 --> 00:08:09.530 align:middle line:90% Who's at the board? 00:08:09.530 --> 00:08:10.910 align:middle line:90% Do they follow processes? 00:08:10.910 --> 00:08:12.440 align:middle line:84% Have they been banned from anything? 00:08:12.440 --> 00:08:15.950 align:middle line:90% They dig deep and look at that. 00:08:15.950 --> 00:08:19.190 align:middle line:84% The second part the process analysts follow 00:08:19.190 --> 00:08:21.060 align:middle line:90% is an [INAUDIBLE] checklist. 00:08:21.060 --> 00:08:23.780 align:middle line:84% It is 40 questions that are concerned 00:08:23.780 --> 00:08:28.330 align:middle line:84% with environmental, social, and governance questions. 00:08:28.330 --> 00:08:31.220 align:middle line:84% It paints for us a picture of where the company sits 00:08:31.220 --> 00:08:33.380 align:middle line:90% along these ESG lines. 00:08:33.380 --> 00:08:35.090 align:middle line:84% Secondly, they also fill out what we 00:08:35.090 --> 00:08:37.070 align:middle line:90% call a "materiality framework." 00:08:37.070 --> 00:08:39.350 align:middle line:84% this is simply looking at the company 00:08:39.350 --> 00:08:42.179 align:middle line:90% in context of its own industry. 00:08:42.179 --> 00:08:44.270 align:middle line:84% So if you take a mobile-phone company, 00:08:44.270 --> 00:08:47.150 align:middle line:84% how does it stack against other mobile-phone companies, 00:08:47.150 --> 00:08:50.390 align:middle line:90% along these ESG lines? 00:08:50.390 --> 00:08:54.140 align:middle line:84% Lastly-- which is where the numbers come in-- they produce 00:08:54.140 --> 00:08:57.650 align:middle line:84% what we call a "five-year expected return." 00:08:57.650 --> 00:09:01.430 align:middle line:84% They put together earnings growth, any dividends 00:09:01.430 --> 00:09:05.900 align:middle line:84% a company makes which is of great interest to us, 00:09:05.900 --> 00:09:08.300 align:middle line:84% any change in valuation, and lastly they 00:09:08.300 --> 00:09:12.770 align:middle line:84% adjust for a US dollar amount, which is the currency. 00:09:12.770 --> 00:09:15.110 align:middle line:84% They produce a figure which is either 9-- 00:09:15.110 --> 00:09:19.430 align:middle line:84% anything between 0% to 10% or negative, and we 00:09:19.430 --> 00:09:20.390 align:middle line:90% make decisions. 00:09:20.390 --> 00:09:22.580 align:middle line:84% That's when we sit down and look at a company 00:09:22.580 --> 00:09:27.450 align:middle line:84% and decide whether that should enter the portfolio in a sense. 00:09:27.450 --> 00:09:29.870 align:middle line:84% So that, in a nutshell, is the opportunity 00:09:29.870 --> 00:09:32.370 align:middle line:84% in terms of the region and secondly 00:09:32.370 --> 00:09:37.390 align:middle line:84% in how a company actually makes it into the portfolio. 00:09:37.390 --> 00:09:42.720 align:middle line:84% So now, if we look how it's all assembled in the new portfolio, 00:09:42.720 --> 00:09:45.150 align:middle line:84% as we explained to you just before 00:09:45.150 --> 00:09:50.010 align:middle line:84% and you know for many years, generally JP Morgan 00:09:50.010 --> 00:09:51.300 align:middle line:90% is quality-biased. 00:09:51.300 --> 00:09:53.970 align:middle line:84% So if you want to put us in any particular bracket, 00:09:53.970 --> 00:09:58.800 align:middle line:84% we'll be looking for the quality business at a reasonable price. 00:09:58.800 --> 00:10:01.260 align:middle line:90% And that's the focus. 00:10:01.260 --> 00:10:04.860 align:middle line:84% In specific for this product, we will 00:10:04.860 --> 00:10:07.080 align:middle line:84% be extremely focused on the income 00:10:07.080 --> 00:10:09.960 align:middle line:90% generation for the company. 00:10:09.960 --> 00:10:14.340 align:middle line:84% And the other factor, we will be looking 00:10:14.340 --> 00:10:19.290 align:middle line:84% at the relatively dispersed positions 00:10:19.290 --> 00:10:21.900 align:middle line:90% in terms of market caps. 00:10:21.900 --> 00:10:25.380 align:middle line:84% When you look at this chart, one of what you probably 00:10:25.380 --> 00:10:27.660 align:middle line:84% will notice is just [INAUDIBLE] dominated 00:10:27.660 --> 00:10:30.510 align:middle line:90% by the trading companies. 00:10:30.510 --> 00:10:33.520 align:middle line:84% Explanation for that-- A, this region is very young. 00:10:33.520 --> 00:10:37.350 align:middle line:84% So to get to quality of the premium, 00:10:37.350 --> 00:10:41.250 align:middle line:84% we need to have five-plus years of the positive [INAUDIBLE].. 00:10:41.250 --> 00:10:45.570 align:middle line:84% Just remember, five years ago, just Saudi Arabia and UAE 00:10:45.570 --> 00:10:47.680 align:middle line:90% was not part of MSCI at all. 00:10:47.680 --> 00:10:50.760 align:middle line:90% So that's a massive change. 00:10:50.760 --> 00:10:53.880 align:middle line:84% The other factor is for the region dominated 00:10:53.880 --> 00:10:57.220 align:middle line:90% by the commodity names. 00:10:57.220 --> 00:10:58.720 align:middle line:90% And that's a massive factor. 00:10:58.720 --> 00:11:03.060 align:middle line:84% So, for us, as we will be progressing through the time, 00:11:03.060 --> 00:11:05.760 align:middle line:84% I'm sure 5 years down the road, 10 years down the road, 00:11:05.760 --> 00:11:08.190 align:middle line:84% you will see this picture, slightly different, 00:11:08.190 --> 00:11:09.930 align:middle line:90% as a structure of the region. 00:11:09.930 --> 00:11:12.240 align:middle line:90% And its depth will evolve. 00:11:12.240 --> 00:11:17.190 align:middle line:84% And if anyone would ask me, 10 years ago, [INAUDIBLE] Saudi 00:11:17.190 --> 00:11:19.290 align:middle line:84% Arabia [INAUDIBLE] the biggest market globally 00:11:19.290 --> 00:11:23.610 align:middle line:84% in terms of market cap, I may not believe in that. 00:11:23.610 --> 00:11:26.850 align:middle line:84% But here we are, 10 years fast-forward, 00:11:26.850 --> 00:11:28.920 align:middle line:90% and [INAUDIBLE] is the case. 00:11:28.920 --> 00:11:32.910 align:middle line:84% It is not as deep as China or America yet, 00:11:32.910 --> 00:11:36.480 align:middle line:84% but, as you can see, the difference 00:11:36.480 --> 00:11:40.050 align:middle line:84% between this new benchmark for the company 00:11:40.050 --> 00:11:44.670 align:middle line:84% and what we had before, it's 600-plus names 00:11:44.670 --> 00:11:45.670 align:middle line:90% in the benchmark. 00:11:45.670 --> 00:11:49.620 align:middle line:84% So it's by far more diverse, in terms of opportunities. 00:11:49.620 --> 00:11:52.890 align:middle line:84% Which makes us very excited, because ultimately it's 00:11:52.890 --> 00:11:55.230 align:middle line:84% completely upside down from what we 00:11:55.230 --> 00:11:57.630 align:middle line:84% used to have with the Russian market, 00:11:57.630 --> 00:12:00.030 align:middle line:84% where the index was extremely small 00:12:00.030 --> 00:12:02.920 align:middle line:84% and opportunity set was quite limited. 00:12:02.920 --> 00:12:07.200 align:middle line:90% So that's how this all come up. 00:12:07.200 --> 00:12:09.480 align:middle line:84% As you can see, just, again, old story-- just, 00:12:09.480 --> 00:12:11.280 align:middle line:90% we focused on return on equity. 00:12:11.280 --> 00:12:12.840 align:middle line:90% That's a prime driver. 00:12:12.840 --> 00:12:15.090 align:middle line:84% When we discuss companies, this is 00:12:15.090 --> 00:12:17.740 align:middle line:84% one of the key factors which we can see them. 00:12:17.740 --> 00:12:20.880 align:middle line:84% So, relative to the index, we will 00:12:20.880 --> 00:12:24.420 align:middle line:84% be in the companies which generate high income 00:12:24.420 --> 00:12:27.595 align:middle line:90% and high return on equity. 00:12:27.595 --> 00:12:29.220 align:middle line:84% Finally, I just want to make a summary. 00:12:29.220 --> 00:12:32.370 align:middle line:90% 00:12:32.370 --> 00:12:35.370 align:middle line:84% The company will continue to be focused 00:12:35.370 --> 00:12:42.070 align:middle line:84% on generating the maximum returns from diverse portfolios 00:12:42.070 --> 00:12:43.490 align:middle line:90% in the new region-- 00:12:43.490 --> 00:12:47.890 align:middle line:84% which is the Middle East Africa, and emerging Europe. 00:12:47.890 --> 00:12:53.050 align:middle line:84% We continue to focus on the high-quality businesses. 00:12:53.050 --> 00:12:55.810 align:middle line:84% As I told you before, we are quality-biased, 00:12:55.810 --> 00:12:58.850 align:middle line:90% so that's a priority for us. 00:12:58.850 --> 00:13:03.220 align:middle line:84% And we believe [INAUDIBLE] we have depth and strength 00:13:03.220 --> 00:13:07.300 align:middle line:84% in the team, to provide and just properly explore 00:13:07.300 --> 00:13:08.440 align:middle line:90% this opportunity. 00:13:08.440 --> 00:13:11.940 align:middle line:90% 00:13:11.940 --> 00:13:14.620 align:middle line:84% Finally, just, this is the market 00:13:14.620 --> 00:13:19.300 align:middle line:84% which is right now just sort of still 00:13:19.300 --> 00:13:22.480 align:middle line:84% going through the evolution stage and expansion stage. 00:13:22.480 --> 00:13:27.490 align:middle line:84% So the number of names, the type of names, which we all 00:13:27.490 --> 00:13:30.400 align:middle line:84% have in the portfolio today and five years down the road 00:13:30.400 --> 00:13:33.130 align:middle line:90% will evolve significantly. 00:13:33.130 --> 00:13:34.720 align:middle line:90% Just to give you ideas-- 00:13:34.720 --> 00:13:39.250 align:middle line:84% for last year, we had more than 20 IPOs. 00:13:39.250 --> 00:13:44.630 align:middle line:84% Here to date, we have 5 IPOs already, in two months. 00:13:44.630 --> 00:13:48.760 align:middle line:84% So markets evolve, grow, and that creates 00:13:48.760 --> 00:13:51.660 align:middle line:90% very exciting opportunity. 00:13:51.660 --> 00:14:07.000 align:middle line:90%