Belden Incorporated

So right down the spectrum, wherever we see the best business, and we're looking for real businesses, profitable, counter-generative, but also the best exposure at the best price.

And to pick physical AI as an example, we did indeed find a mid-cap company, a company called Belden, which we think is a pretty undiscovered but potentially crucial fabric that kind of underpinned the physical AI.

So the way we think about it is just like AI in data center needed network to make it work.

And people who invented, so people investing in networking equipment, players like Arista, which we have done, or Lumentum, or connectors like Amphenol, has been a very lucrative way to benefit from the data center AI growth.

And so we see, as the factories and physical infrastructure more broadly get wired up, And when I say wired up, I mean both wired networks and wireless networks.

Wi-Fi 7, the next iteration of Wi-Fi, is now industrial grade, so we'll see lots more things being connected using that.

You need a trusted industrial grade networking supplier, and Belden is that.

And we think that's a somewhat undiscovered enabler of physical AI in the industrial space.