debt collectors exchanges make up other you know components within the fund maybe just give us a bit of feedback there

yeah so i mean especially the debt collection industry it's probably the industry which has done the best for us just on share price returns the last five years i think encore one of our holdings is best performing over one year and year to date and it's something we've held for about four or five years but anything from 30 basis points to three percent depending on the valuation in the us okay and they're just such a misunderstood industry and the market always panics at the bottom so we've yeah we've really managed to trade them off well there's a couple there's encore there's pure there's interim there's crook so yeah we've traded them off against each other and we've always found good upside and the advantage now in the us the industries been under pressure for a while other than the two big ones.

And Encore has just been cleaning up.

And the nice thing with debt collection business is you buy a book now at a good valuation and you collect it over for 10 to 12 years.

So it's a very strong cash flow generation.

And when you have competition, you can buy it at really good multiples.

So we're still quite happy with that.

trading off the exchange and onto

Just talk a little bit about what you've been doing there, and then we can maybe talk about some of the other names that have contributed to the banking sector.

So to start in the U.S. briefly, I mean, U.S. has been an interesting market for a while.

I mean, it's the largest market in the world by far.

Most capital, still our largest percentage of the fund.

But we've been cutting for a while now the investment banking percentage because those multiples have just gone through the roof well i mean i was actually talking to the team yesterday in the email and one of our big holdings there bank of new york has done extremely well and but it's now trading at 16 pe which for us looks expensive but compared to some of the other multiples out there for a company growing 15 earnings per year no balance sheet risk then you think well you can understand why the market's still buying it But generally, we've been moving out of the larger investment banks into some of the insurers and then into some of the more regional banks, which were cheap.

They've also started to re-rate a bit.

So now they're also getting closer to fair value.

Sure.