So perhaps just as a starting point, you can walk us through some of the buckets that you use and then an overview of what factor investing actually looks like.

For us, a factor, and there's a lot of material being written about this.

You'll see it in the news and it all seems very complicated, very mathematical.

But what a factor actually just is, is some characteristic of a company or a share that which we believe has some future predictive power.

It's going to tell us how the stocks can do over the next month, over the next year.

And if we actually go back in time to the 50s and 60s, we start with people actually identifying this first sort of factor, which is actually our CAPM model.

which many of your listeners would be aware of, which was just saying that actually how risky a stock is has some component of where its returns are coming from.

Carry on.