To what extent do UK and the global interest rate expectations shape how you think about a property allocation, both, I suppose, its quantum and its composition?

Yeah.

So, I mean, it's probably just worth sort of briefly taking a step back to explain what the property exposure is that we have, because it will provide some context to some of the answers.

But what we've done is essentially rather than going down that more traditional route of going into a pooled vehicle, we've actually set our own fund up, which has two investors, both of which are portfolios that we run in the Jupiter Merlin team.

And I guess the reason for doing that is because we want to avoid things like gating risks, things like cash drag that you often see within that space.

And I guess more broadly have a more tailored sort of design to that fund and the exposures that we want in order for our investors to get exactly the exposure that we're looking for.

I mean, back to the question, though, in terms of, I guess, interest rate expectations, you know, of course, they have an effect on how we think about property.

And George, with the approach that you have as a multi-manager, you mentioned you've created your own fund, but is diversification something that you're thinking about and how are you trying to achieve that given the structure that you've created and the fact that you outsource