SK Square Co., Ltd.

And Eurobank reflects the strength of the Greek financials in a higher rate environment with an improving domestic credit cycle.

Some of our largest detractors include Nora, Acton, and SK Square, all of which are casualties of the July momentum unwind in tech rather than any of the deterioration in their investment in CapEx programs.

Nora is a very clear case.

China's domestic equipment cycle remains early.

The strategic imperative behind it has only strengthened, and the pace of customer at CapEx is the variable we're watching closely.

Acton's networking demand and SK Square's underlying asset values were similarly intact throughout the pullback that we saw during the quarter.

So you talked on Lenovo as a top contributor.

Can we go a little bit deeper on that? What does it illustrate about how capital allocation decisions play out?

And in fact, if you look at the memory stocks today, they're trading around about three to four times price earnings multiple.

And we have significant exposure to the likes of SK Square, which is almost half that level.

So call it circa two times earnings and to a big exposure to the Samsung preference shares, which also traded significant discounts.

So some very, very cheap stocks.