I know we're gonna talk a lot about sort of the, uh, creating an environment, uh, later on, but just, just in terms of sort of, let's say, keeping the client portfolios on track, like what, like what are you looking for? Is it the consistency of positioning? Is it the turnover? Is it the style? Like how, how do you know if you're staying on track or if you're going off track?

So we don't have a house view, so we don't have kind of an investment committee led by me that dictates how we should be positioned in, in investment grade or high yield or US durational effect or anything.

So each individual team has an investment philosophy that underpins their investment process.

So for some teams, that might mean, um, they just do credit, so pure credit teams only doing sector and security selection.

For other teams, it might incorporate macro.

Some strategies do involve EMD, some don't.

Obviously, the EMD strategies do.

If ESG was removed completely, um, from anyone's thinking, how would the actual investing in portfolios be different to the way that people might be investing in today?