Could you maybe discuss some of the key changes?

Yes, the turnover in 2025 was 19% of gross assets, up from 13% in 2024.

That is still not high in absolute terms, but it is well higher than usual for the trust, and I think reflects the opportunities created by market volatility.

So the managers trimmed several strong performers, including TSMC, Broadcom, Philip Morris, Enbridge, Siemens, and Zurich Insurance.

They added to companies where share price weakness created more attractive prospective returns, including Medtronic, Merck, Bristol-Myers Squibb, Pernod Ricard and Diageo.

There were also several disposals, including Atlas Copco on valuation concerns and SQM and global waivers because of weaker dividend outlooks.

Now, new holdings included Rio Tinto for its diversified commodity exposure and more stable dividend, Intesa San Paolo for its attractive valuation and yield, and Infosys for its dividend growth credentials within the traditionally low-yielding technology sector.

So to close then today, could you summarize the investment case for