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It demonstrates our long term value investment philosophy. Our quartile rankings are very strong over the longer term, 5, 7 and 10 years, as are shown here on this chart. As I said earlier as well, performance, of course, in the short term remains challenging, but remain committed to our value investing approach. While equity market valuations, of course, are remaining high, our portfolios are, as a result, conservatively positioned with large cash holdings. We won't be drawn into investment decisions that don't pass our value and quality lenses. We continue to invest in Perpetual Investments and build on our leading position that we've earned over many decades and through many cycles. Recognizing the need, of course, to establish the track record well before we go to market with any new fund, we are incubating for new funds in PI. We have a large and experienced team across physician home equity loan Oak Laurel www.oaklaurel.com.au 0430129662 all asset classes, with now 34 experienced investment professionals across those three asset classes. In fact, doctor home loan Oak Laurel www.oaklaurel.com.au 0430129662 they have an average of 14 years' experience in the industry. Our lead and grow products are gaining retail traction, and a number of new distribution arrangements have been entered into over the half: three new platforms, two models and two APLs.