So is IAD essentially taking a negative view on AI?

Uh, n-no, and that distinction is important.

Um, technology was still forty point five percent of the portfolio at the end of August.

TSMC was the largest position at fifteen point one percent, and Samsung Electronics was second at ten point five percent.

So the trust has substantial AI exposure.

Um, um, it is underweight technology only because technology has become such an enormous part of the index.

Uh, what the managers have been doing is gradually taking profits in some of the initial AI winners as valuations have increased and, uh, looking further down the beneficiary chain.

But I understand that Fiona is becoming more cautious there.

And are the realizations giving us any early evidence on that?

I think they are useful initial evidence.

AGT received £134 million of gross realization proceeds in H1.

That included the full exit of Intelerad at more than 60% uplift to its previous carrying value, and Geomatic at a small uplift despite the transaction being signed during the public software sell-off.

and then alongside the partial realization of SEPTOE and four recapitalizations.

After the half-year end, HGT agreed the full sale of Quantios to Vista Equity Partners, with HGT receiving £13 million at a 31% uplift to carrying value.

I think that continued transactions at or above HGT's carrying value during weak listed software markets are useful evidence when assessing those valuations.

And before we close the conversation today, how would you sum up the investment case following the half-year results?

And what should our listeners watch for Among the Trust's smaller holdings?

There are several catalysts.

First, the Trust owns a 1% net smelter royalty over Caledonia Mining's Bilbo's gold project in Zimbabwe.

Caledonia is working on the remaining project financing with first production targeted for late 2028 and 2029 expected to be the first full year.

The trust's 2025 annual report estimated that at gold prices above $4,000 an ounce, the royalty could generate more than $5 million a year after withholding tax once the mine is operating.

Second, Silver Axis ramping up its Nueva Recuperada operation in Peru.

The company raised 69 million Canadian dollars through a five-year secured convertible debenture, and the trust invested 90 million Canadian dollars in that instrument.

To finish then, how would you sum up the investment case and also the main risks involved?

And what does the market look like underneath that headline?

I would say that valuations remained quite bifurcated.

The VN index was on roughly 11.6 times forward earnings at the end of July, but below 10 times when we exclude outliers.

These valuation levels seem, well, detached from the robust underlying corporate performance, with Vina Capital estimating a 22.3% earnings growth across the broader market this year, or around 16%, excluding Vingroup.

And valuations are actually closer to levels seen during market downturns.

WoW's own portfolio was valued at about 8.6 times the 2026 earnings, with expected EPS growth of 23.5% at the end of July.

That combination of value and earnings growth is one of the manager's main arguments for the opportunity today.

Taking a step back, what are the main reasons to remain constructive on Vietnam itself in the long run?

And what would you say is the core of PPET's investment approach?

I would highlight three things.

First, PPET partners with a concentrated group of leading European general partners or GPs, many of which are sector specialists.

Um, at the end of March twenty twenty-six, 17 core managers accounted for 74% of portfolio NAV, and, uh, PPETS ha- PPET has long-standing relationships with firms such as HG, Triton, PAI Partners, Nordic Capital, IK Partners, and Alto.

Uh, the managers' selection record is strong, I believe, as 79% of PPET's primary funds were in the first or second quartile by total value to paid in capital at the end of twenty twenty-five, um, based on Patria data.

Second, uh, PPET focuses on the European mid-markets, uh, which is defined as companies with enterprise values between one hundred and one billion euros at entry, uh, but with increasing emphasis on the lower end of that range, uh, so roughly one hundred to five hundred million.

Uh, this segment can offer attractive entry pricing and value creation opportunities, um, tends to use less syndicated leverage, and has exit routes that do not depend on the IPO market.

Moving on to deployments during the half, am I right in thinking that it was an active period for the trust?

How exposed is DBAG to the conflict and also the broader German economic backdrop?

Well, DBAG has no direct portfolio exposure to the region, but the conflict has weighed on market sentiment through lower listed company valuation multiples and a more cautious deal environment.

Activity across global PE markets started picking up in the second half of 2025 and into early Q1 26, but the war in the Middle East resulted in a pullback in activity.

However, I would note that KPMG recently said that with many markets back to pre-war levels, there is cautious optimism that the PED on market will improve and result in a stronger year than expected when the war started.

I think that the potential for higher deal making is underpinned by the $1.3 trillion of global dry powder, most of which comes from funds raised in 2022 and 2023, so putting pressure on GPs to deploy capital.

On the other hand, the possible turn in the US interest rate cycle may act as a restraining factor.

Now, in terms of Germany, GDP rose just 0.2% in 2025, but expanded 0.3% quarter on quarter in Q1 2026.

Could you maybe now talk about some examples of