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Last year, uh,

what we saw is markets adjusted very rapidly to higher inflation and high in

interest rates.

And any company which was on the right side of a lot of the secular growth

trends that we see was negatively impacted by that.

It is clear to us that investors are, they're not thinking about the long term.

They're very much focused on short term,

they're focused on current risk management, but are missing the bigger picture.

So we think now is a very good time to invest in this area.

A lot of beneficiaries from these trends have been written off by the market.

The market is focusing on other areas. It's focusing on inflation,

it's focusing on interest rates.

It's not really looking at what the long term growth beneficiaries are going to

look like. For instance, cloud computing is an area where, uh,

growth remains very robust.

Companies still see this as very much a priority company society.

We're still dealing with how we move from this analog world to the digital

world, and it's increasingly clear that the digital world is,

is where we're heading. So with inflation,

biting definitely helps to be more cost efficient. Uh,

so we do not see this trend going away.

So any areas which are linked to this theme, for instance, semiconductors,

cloud infrastructure, data centers, tower networks,

these are all part of the cloud ecosystem.

We think now is a good time to invest in these areas that offer good value.

And the long-term growth opportunities look very attractive to us.