But if I could start with a broad question, what were your high-level takeaways of the month just gone?

Look, Rob, I think I would say better than feared.

I think earnings coming into, there was concerns coming into reporting season that we would see a lot of downgrades.

And I think it's fair to say that earnings did come down a bit, but not as much as expected.

So if we look today, the ASX 300 S growth for next 12 months is 12%.

If you look at that by history, it's very healthy.

History is about closer to 5%.

But just in closing, what's the outlook for earnings and how are you, how are the portfolios positioned?

How are you thinking about that activity and that opportunity in the local context?

It's a really good question, Rob.

And again, it was probably in the top three things that companies were talking about at the Macquarie conference.

It's an viable step change that we're seeing in its very early stages, but it's moving at incredible speed.

We're still very early in trying to work out what the use cases for AI are and ultimately what the impact will be in terms of cost savings versus revenue benefits that we're going to see from companies.

It does feel a little bit like the Amazon moment to me sort of 10 years ago where there's this sort of euphoria that came and this pivot to with Amazon that everything was going to move online and we're never going to shop again in a retail shop.

And it feels a little bit like that in AI at the moment that everyone's going to lose their job and AI is going to replace everything.

All right, now look, just finally, can we just speak about positioning? How is the portfolio positioned in the current and the expected environments?