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here beware the ides of march is the best i could come up with and just when we look back at the 12 months to the end of march uh 26 um if any of you had rung me sort of middle end of february i'd have been quite um uh happy with what was going on we'd uh we delivered these fantastic set of numbers across the top line um in the first 11 months of the financial year And then, OMG, what happened in March? Well, the orange man decided to really trash our performance and lots of other things.

So very disappointing response.

We took a lot of chips off the table.

I took nearly £100 million out of the market in the first fortnight of March.

But essentially that, in many respects, we are a long-term investor and the consequences were, We couldn't avoid really what happened in the market entirely.

Now, of course, we've been here before and markets bounce very quickly.

Kleppier.

the property investor around the table, how do higher interest rates impact how you put a portfolio together? Do you make many changes when rates go up or if you expect them to go up? Or if we are now at a point where maybe rates are coming down, how will that impact what your portfolios look like?

Yeah, I think at the end of the day, we tend to look at...

So first of all, I cover real estate equities rather than physical real estate.

And our view is that investors... across the globe have been, to some extent, ill-served by these pure physical property funds because of the issue around gating, et cetera, which George mentioned.

But putting that to one side, yes, absolutely, the equity market sees interest rates as a key driver.

We see it as important but not crucial in as much as we like to talk about real estate equities as the...

We're very much at the value end of the equity trade, but we're at the growth end of the bond trade.

What does diversification look like in that world?

that coming from?

And where is it now? So that's a very good question.

It was broad spread.

Some of it was from M&A where we were seeing either consolidation or private companies coming in and acquiring public companies that they felt were underpriced.

I mean, that was less of a component compared to previous years, but it was still a feature.

The second was that we were continuing to see strong rental growth and very high running yields from sectors that were essentially a little bit out of favor.

And so our biggest winner in those 11 months was actually European shopping centers.

so i think we've been under owned we've been