And valuation terms, what looks particularly attractive to you at the moment? You've been saying that valuations in much of your space have not responded at all to how this picture is changing.

Yes, it's interesting because, so I mentioned the big opportunity of infrastructure capital expenditure requirements, typically a driver.

I mentioned, you referred to it, power demand trends, de-risking.

We're starting to see some positive effects of pricing of the long-term contracts into the earnings of the companies in our portfolio.

So we're seeing a real accelerating trend of earnings outlook, lots of earnings guidance upgrades at the moment, and yet valuations remain on the lows.

If I look at the relative P of the global infrastructure world, it's still very close to historic lows, relative P's.

Why is that? Because I believe, again, to go back to the point, generalized investors are very influenced by interest rates.

impacted by that inflation of their costs.

Mm-hmm

... to renovate our infrastructure.

That's true for the US, it's true for the UK, for Europe, the whole of OECD economies.

We live in infrastructure built in the 1950s, '60s, '70s, and that explains that a lot of our bridges, roads, airports, pipelines are now 50, 60 years old.

Uh, those were decades during which investment in infrastructure used to account for 7, 8, 9% of GDP, as opposed to about 2.5% today.

So we, we have not invested our Developed economies have not inve- invested in infrastructure for very long now.

That explains the US IRA program, Inflation Reduction Act, you know, about seven hundred billion dollars to invest in infrastructure, renewable energy, but infrastructure overall.

Mm-hmm.

As a global trust, what would you say is the best country to invest in, in terms of government support for green energy assets?

Yeah, clearly the UK has been probably the most challenging market for utilities.

One reason being that regulators historically here in this country have been very strong and a key part of their mission has been to make sure that utilities groups would not over earn.

To an extent where they are sometimes being criticized for having been too harsh.

You know, that's particularly the situation in the water industry in the UK, where you've seen that the government has decided to actually dismantle and restructure Ofwat, the UK water regulator, in order maybe to transform it into an instrument which would both make sure companies do not over-earn, but also would be here to incentivize investment.

which is maybe an area which has come under criticism over the past few years, which the government wants to correct.

So I would say in general, the UK has been a difficult market.

And talking about discounts, would you agree that there's a bit of a mismatch in how private and public markets are valuing infrastructure at the moment? I know you're only invested in listed companies.