Okay.

Um, but I'll name names.

I mean, the fir- fir- first one would be Halma, um, which is what I would call a hidden champion of the UK market.

It's actually performed extremely well.

Um, it, it's a beneficiary of the AI trade in, in its photonics division, um, and that's one that we still hold, but we have reduced the position for valuation reasons.

But it's an incredible story of Briti- a British company compounding over half a century.

Um, it started out as an oil and rubber conglomerate in the 19th century, but the modern Halma was s- floated on the UK Stock Exchange in 1972, I think, by the founder, David Barber, and his, his, his co-founder.

The trade

But why do you think it is that perhaps quality hasn't been as, as popular of late?

Yeah, it's a great question, and I think, uh, a lot of it is to do-- I think there's two ways to answer that.

One is in terms of the absolute returns have been lower than they were.

I mean, we, we launched Evenlode Income in 2009, so it's about 16 and a half years old.

After fees, the total return has been just under 10% per annum.

Um, but the returns over the sort of 2010s were a bit higher than 10% per annum, and over the last five years they've been single digit.

So, um, the, the, the reason for that has predominantly been valuation.

Do you have any kind of views on what that might be in terms of, you know, the value that's in quality and, and how that might kind of be, um, brought out in, in, in any way?