Good morning, ladies and gentlemen, and welcome to today's annual general meeting. My name is Margaret Towers, and I am pleased to address you as a Director and Chair of Platinum Capital Limited. I would like to begin by acknowledging that I'm speaking to you today from the land of the Gadigal people of the Eora Nation. I also acknowledge the traditional custodians of the various lands from which each of you are joining the meeting today. I pay my respects to their elders, past, present, and emerging. It is now 10:00 A.M., the appointed time for holding the meeting, and I'm advised that the necessary quorum is present. I therefore declare the meeting open. This year, we are again holding our AGM as a hybrid meeting, which gives you, our shareholders, the opportunity to attend the meeting in person or virtually. We hope that in doing so, we've been able to encourage broader participation among our shareholders. Before we proceed, I would like to hand over to Joanne Jefferies, our Company Secretary, to talk about a couple of housekeeping items. Good morning, everyone. Firstly, we'd appreciate that those attending in the room today could switch their mobile phones to silent. For those joining us virtually through the online platform, you'll be able to see the live stream on the left side of your screen, and the slides presented will appear on the right. At the bottom of the screen, you have buttons for "Get a Voting Card" and "Ask a Question," along with the Notice of Meeting and Online Meeting Guide. Please submit your votes online at any time during the meeting. We encourage shareholders who would like to ask a question and who are joining us virtually to enter your questions now so that we're able to address these questions under the relevant items of business in the meeting. You'll be prompted to enter your security holder number or proxy details before you can ask a question. To ask a question, click on the "Ask Question" button either at the top or bottom of the webpage. To ask an audio question, click on "Go to Web Phone" and follow the on-screen prompts. We will endeavor to answer all relevant questions from shareholders during today's meeting. The order for taking questions today will be firstly from those attending in the room, secondly from those who are posting their questions online, and thirdly from those using the telephone conference facility. Shareholders who have submitted questions ahead of the meeting, we will endeavor to answer those questions during the meeting today. Voting will remain open during the formal business of the meeting, and the Chair will give you a warning when voting is about to close. Lastly, a recording of this address will be made available on our website in the next couple of days. Thanks. Thank you, Joanne. Now to the formal business of the meeting. Please allow me to introduce my fellow board members, Dick Morath, Independent Non-Executive Director and Chair of the Audit Risk and Compliance Committee, and Ian Hunter, Non-Executive Director and a member of the Audit Risk and Compliance Committee. Joining us today from the Company's Investment Manager, Platinum Asset Management, is Andrew Clifford, the Co-Portfolio Manager of the Company's Investment Portfolio. Andrew will deliver an informal address and discuss his market outlook after the conclusion of the formal business of the meeting, and will also take any investment-related questions that you may have. We also have present the PricewaterhouseCoopers partner in charge of the audit of the 2024 financial statements and statutory reports, Mr. Craig Cummins. Craig will be available to answer any question you may have in relation to the conduct of the audit later in the meeting. Firstly, turning to the financial results and investment performance for the financial year ended 30 June 2024, the Company made a pre-tax operating profit of AUD 18.2 million and a post-tax operating profit of AUD 12.8 million for the year ended 30 June 2024. The Company determined a fully franked final dividend of AUD 0.03 per share, bringing the total dividends determined for the 2024 financial year to AUD 0.06 per share, which represented a grossed-up dividend yield of 6.1% based on the closing share price at 30 June. Having regard to the investment performance, the Company delivered an investment return of 3.7% for the year, measured by the percentage change in its pre-tax NTA. This is the return on its investment portfolio after fees, expenses adjusted for corporate taxes paid, capital flows, and assuming the reinvestment of dividends. The MSCI All World Index returned 19% over the same timeframe. The performance differential arose mainly as a result of the Company's underweight positions in U.S. technology stocks, vis-à-vis the index, combined with its higher exposure to China. As I've previously mentioned, Platinum's investment philosophy and approach delivers a highly differentiated investment portfolio compared to the index and to Platinum's peers, providing a source of return which is much less correlated to other managers and investments which you may already hold in your portfolios. The core tenets of Platinum's investment philosophy are price matters and is a key driver of returns, and once lost capital is hard to earn back, so one should protect against the impact of large market falls. In this regard, the Company has been true to label, delivering solid, absolute, compound annualized returns over time. The Company's 5, 10, and since inception compound annualized returns to 30 June were 5.6%, 7.1%, and 10.9% respectively, measured by its pre-tax NTA. As already mentioned, total dividends paid for the 2024 financial year were AUD 0.06 per share, representing a grossed-up dividend yield of 6.1% based on the Company's 30 June closing share price. This resulted in a total shareholder return, including franking credits, of 18.6% for the year ended 30 June. The slide behind me shows that our shareholders have benefited from the Company's ability to manage the level of fully franked dividend payments over time, with the Company delivering an average dividend yield of 5% over the five years to 30 June. As at 31 October 2024, we have the franking capacity to pay a fully franked dividend of AUD 0.0421 per share. Despite the operation of the on-market share buyback from 18 October to 25 April 2024, the Company's shares continued to trade at a discount to pre-tax NTA, in line with the broader global equity closed-end market. In order to address the discount, the Company announced a formal strategic review on the 26th of April. The purpose of the review was to assess the options available to the board to maximize value for the Company's shareholders as a whole, with the primary objective being to close the share price discount to pre-tax NTA. Following the announcement on the 26th of April, the board appointed an independent corporate advisor to assist with the assessment of a number of different strategic options that had been presented. Following a thorough review, the board was pleased to announce on the 24th of July its intention to pursue a scheme of arrangement with Platinum Asset Management's active ETF, Platinum International Fund, which is a quoted managed hedge fund, otherwise known as PIXX, subject to shareholder and court approvals. PIXX is an open-ended managed fund whose units are quoted on the ASX AQUA Market. If the scheme of arrangement is implemented, shareholders will receive PIXX units in exchange for their PMC shares, with the number of PIXX units to be issued to each shareholder calculated by reference to the relative NAV per unit of PIXX and the post-tax net tangible asset backing per share of the Company after adjusting for transaction costs and any impact to PIXX unit holders. This will enable shareholders to continue to access Platinum Asset Management's global equity investment strategy via an ASX quoted vehicle with the same investment objectives and strategy as the Company, and hold units in PIXX that will trade close to their net asset value, meeting the board's objective of reducing the share price discount. Ultimately, the board determined that a scheme of arrangement with PIXX was the most appropriate solution to permanently address the Company's share price discount. Since the announcement of the review, the Company's share price discount to pre-tax NTA has significantly narrowed. Under the Company's constitution, every five years, the Company is required to consider the discount at which the Company's shares are trading at relative to the Company's net asset value. The share price sunset clause was not triggered, with the Company's share price trading at an average discount of 8.3% of the Company's net asset value during the 12-week measurement period to 31 July 2024. Pleasingly, the Company's share price discount has continued to narrow even further, with the Company's share price trading at a discount of 7.3% to its pre-tax NTA as of the 8th of November. The Company signed a scheme implementation deed with Platinum Asset Management on the 1st of October 2024. Since announcing the scheme implementation deed, further work has been completed on the timetable, taking into account various factors, including the operation of the tax franking rules. As a result of this work, the indicative timetable of the scheme has been revised, as announced to the market yesterday. Under the revised timetable, the scheme is expected to be implemented in late July 2025, and as a result, the scheme booklet is now expected to be provided to the shareholders in May 2025. The Company has also engaged with the Australian Taxation Office and will be seeking a class ruling in respect of the scheme. The purpose of the class ruling is to confirm that the key tax implications of the scheme for shareholders. Full details regarding the proposed ruling will be provided in the scheme booklet. The board believes that the proposed scheme of arrangement is in the best interest of shareholders and looks forward to your support. Since 30 June to 31st October 2024, the Company has delivered an investment return of 2.6% measured by its pre-tax NTA versus a return of 6.1% for the index. While our long book contributed 1% for the month, unfortunately, our Chinese names gave up some of their strong September returns. Andrew Clifford will provide an update on the market and his outlook for the portfolio at the conclusion of the formal business of the meeting. Ladies and gentlemen, we now come to the items which comprise the formal business of the meeting, which are outlined in the Notice of Meeting. The Notice of Meeting was dated the 11th of October and was sent to all shareholders, so unless there are any objections, I will take the Notice of Meeting as read. No objections. The resolutions for consideration today may only be voted on by shareholders, including their proxy holders and Company representatives. Voting on each resolution will be conducted by way of poll. Each resolution set out in the Notice of Meeting is to be considered as an ordinary resolution and must be approved by a majority of the votes cast by shareholders entitled to vote and voting on the resolution. Shareholders attending the meeting in person should have a voting card on which they will be able to cast their votes. If you have not received your voting card, please see one of the Link Market Services representatives at the registration desk. Shareholders attending the meeting online will be able to cast their vote using the electronic voting card once their online registration has been validated. Please refer to the online meeting guide for assistance. Please ensure that you select either for, against, or abstain for each individual resolution requiring a vote. With respect to item A in the Notice of Meeting, I present the Company's financial report, director's report, and auditor's report for the year ended 30 June 2024 before the meeting. Please note that there is no requirement for shareholders to approve these reports. I now open the meeting for any questions or comments on the financial statements and statutory reports or any questions for the auditor relevant to the conduct of the audit. I will also take questions relating to the general business of the meeting. Firstly, are there any questions from anyone in the room? No? Secondly, are there any questions from anyone online? Chair, we've received a question from shareholder Nava Winayakan. How will the franking credit balance be treated in the transition to ETF? Or there is no issue as the franking balance will be depleted by the declaration of dividends for the periods ending the 30th of December 2024 and 30 June 2025. Thank you. Thank you for that question. The board is fully appreciative of how important franking c redits are to a large part of our shareholder community base, so we will endeavor to maximize franking credits to our shareholders. Chair, no further questions have been received through the online platform or the telephone line for this item. Okay, thank you very much. Resolution 1. The first resolution that will require a shareholder vote is the re-election of Ian Hunter as a non-executive director. The Company's constitution provides that a director may not hold office for a continuous period in excess of three years or pass the third annual general meeting following the director's appointment, whichever is longer, without submitting for re-election. Ian Hunter last stood for re-election at the 2021 AGM. He is therefore retiring from office in accordance with the Company's constitution and offers himself for re-election. I now call upon Ian to provide a statement in support of his re-election. My background is more on the tax regulatory accounting legal side rather than funds management. I haven't got a background directly in funds management, but I've also been an active investor and director of other LICs over the years, so I've got a good experience, I think, and good understanding of the position of shareholders in our company. And I think my sort of experience has been fairly relevant over the last 12 months and going forward, and I think we've been quite busy. So I think I haven't got anything else to say. No. Well, I certainly will endorse Ian in terms of the contribution he's been making and invaluable for his knowledge of the LIC market in general and the process that we're going through currently. Okay, thank you, Ian. The screen behind me shows the proxies received for and against this resolution. In regards to open proxies given to me, I will be voting in favor of this resolution. I will now take any questions or comments on the re-election of Ian Hunter. Firstly, are there any questions from the room? Secondly, are there any questions from anyone online? Chair, no questions have been received either online or via the phone line for this item. Thank you very much. Resolution 2, adoption of the Remuneration Report. Congratulations, Ian, I should say. The next item of business that will require a shareholder vote is Resolution 2 in the Notice of Meeting, the adoption of the 2024 Remuneration Report. While it should be noted that the resolution is advisory only and non-binding, the directors take shareholder input on this matter seriously. In accordance with the Corporations Act, the Company will disregard any votes cast by key management personnel whose remuneration details were included in the Company's 2024 Remuneration Report or by any closely related party or proxy holders of such persons. The screen shows the proxies received for and against this resolution. In regards to open proxies given to me, I will be voting in favor of this resolution. I will now take any questions or comments on the adoption of the 2024 Remuneration Report. Firstly, are there any questions from anyone in the room? No? Secondly, are there any questions from anyone online? Chair, no questions have been received online or via the phone line for this item. Thank you very much. Ladies and gentlemen, that concludes the formal business of the meeting. A representative from Link Market Services will now collect the voting cards from the floor. For those voting via the online platform, voting will remain open for a further two minutes, following which voting will close. Please ensure that you will cast your votes on all resolutions. The results of the poll will be announced to the ASX later today and published on Platinum's website. Andrew Clifford will shortly provide his informal address on investment performance and global markets more generally. He will also take any questions you may have in relation to these matters. If you are joining virtually, you will be able to ask questions of Andrew through the online platform, which will remain open. Please ensure that you stay online to hear Andrew. I now declare the meeting closed, and I will hand over to Andrew. All right, sorry, we're just counting down two minutes, so I won't hand over to Andrew. He can take a leisurely stroll from the second row. Thank you. That's the two minutes. The online voting will now be closed too, and I will hand over to Andrew. Thank you very much, Andrew. Good morning, everyone. So today what I'd like to do is really cover off on two topics. The first of those is investment performance, and then I'll speak about markets and where we're seeing opportunities. Now, when a fund manager talks about their investment performance and it has not been good, you always run a very fine line between providing an explanation versus providing excuses. So as I do this today, I want to be very clear that the returns that Platinum Asset Management has generated for Platinum Capital shareholders are well below any reasonable expectations that you may have had. Now, I think when we're talking about performance, I think it's always important to start with what our proposition to you was. And very simply, when we started out 30 years ago, we believed that we had a repeatable way of making money in markets. We also thought that it was important to cushion the downside of the large drawdowns that markets have from time to time. Our point of view was that we understood that as an investor, if you suffer large losses in markets, not everyone will have time to earn that back. We would also invest with absolutely no reference to market indices or benchmarks. We would be investing on the basis that each company we bought represented the opportunity to make good absolute returns. So why do we believe that we can make money in markets? Well, there are three, I think, fundamental elements to what we do. The first of these is that when you're making an investment in any asset, one of the biggest determinants of the return that you'll earn is the price you pay. Even the finest, highest quality growing company can be turned into a highly risky proposition if the price is too high. We also believe that the way you would find opportunities or companies that were mispriced was to seek out those areas that others weren't focusing on, those areas out of the spotlight, and to stay away from those companies that were the flavor of the day. And this is really all about understanding how stock prices respond to expectations. When you have very high expectations for the outcome from a particular company, that represents risk. They may meet those expectations, and you may well make money, but outcomes can be dire when high expectations are not met. And the opportunity is simply to do the opposite. Where expectations are low and they're exceeded, you'll make money. So where do we find these types of opportunities? Well, it's to focus on one of the most fundamental human elements that impact stock prices, and that is our emotions. We are heavily influenced by our cognitive biases and fear and greed. So for us, we've always looked to major buckets of opportunities in markets. One of those areas of temporary uncertainty, where something has gone wrong, whether that's for a company, an industry, or an entire country, where people are fearful of outcomes, that represents an interesting opportunity set. The other opportunity set that is provided by our biases is where there is significant change going on. As humans, we anchor to the here and now and find it very hard to believe in a world that is going to be dramatically different in five or ten years' time to the one that we see here and now. So where we see change going on, whether that's technological or regulatory, we know that markets are very slow to adjust and price in the upside or downside from those changes. So that's our offer to you. So what has been happening with our performance? Well, I'm going to start by talking about something that at Platinum, historically, we've just simply never talked about, and that is the index. Now, I think most of you'll know the World Index today is by geography split. The chart on the left-hand side is 65% the United States. Now, we have a few issues with that. First of all, it appeals to us as an investor to put two-thirds of your money into one geography. Makes no sense from any risk point of view. Secondly, and I'll show later, is that 1/3 of the World Index by industry is in one industry alone, the IT industry, where there are very common factors driving performance. Again, to our mind, to have 1/3 of your money tied up in one industry makes little sense from a risk perspective. But I want to put to you another part of index investing, which is how this industry is predominantly driven, and as an appeal to you to why this does not make any sense to be looking at this index. Imagine that you thought the Commonwealth Bank of Australia was a very fine investment to be made. You thought it was a great opportunity. I'm not saying that it is. I'm not saying it's not, and let's say also you were very or equally enthusiastic in your outlook for Microsoft. When you were forming your portfolio, you were investing in these two companies. If you thought the risk return of the two companies was similar, you'd probably have a similar amount of money invested in them. Perhaps that might be 3% in each or 5% in each, however you want to run your portfolio, but in the world of indices, what it will tell you to do is to own 25 x as much Microsoft as Commonwealth Bank, and I cannot see the sense in it. Now, the other part of this chart, and it's the way I see the world or we see the world, is the chart on the right-hand side shows the World Index represented a very different way. It is the equally weighted index. That means that the 3,000-odd companies that are in the World Index all get an equal weighting. In that index, Microsoft and the Commonwealth Bank would each be one 3,000th of that index. And as I said, we look at and build portfolios on a stock-by-stock level. We make our decision at that level. And so when we look out at the world and look at the opportunity set, because that 3,000 companies, it's a pretty good representative of the universe in which we invest in, what you will find is the biggest opportunity set today is China at 24%. The U.S. comes second at 22%, and there is no other country of any real significance after that. Really interesting. So let's think about how this has meant for markets in recent years. So this chart shows the World Index, and that's that dark blue line that is racing upward ever on. And the lighter blue line is the equal-weighted index. So when we talk about the equal-weighted index, I'll refer to it as the average stock. What has been the performance of the average stock? And you can see in the years from the end of the GFC or the bottom of that bear market through to 2018, there was not a lot of difference. In fact, the average stock did a little better than the market. Now, if you look at the long history of these things, by country, by region, and over longer periods than this, you'll generally find there is quite a close match, although in a lot of time frames, the average stock does better than the index. Then something started to change at the beginning of 2018, and you've seen this huge divergence open up. Now, in terms of what Platinum Capital has been doing through that period, you'll see in that period from the bottom of the bear market in 2009 through to 2018, we were pretty much in line with the market, a little bit ahead. Now, given our investment approach, that, I would put to you, was actually a very good outcome. We were around 70% net invested through that period, so we're not fully exposed to markets. And also, what I would stress is we're in very different assets to that index. So when you think about your portfolio and the overall what we bring to it, we're bringing genuine diversification, I think lower risk, arguably. But yes, the returns were only a little bit above market in that period. But I still think that's a good performance in what was a pretty strong bull market through that period. But what has happened? Let's just sort of dig a little deeper into this divergence between the World Index and the average stock. Well, first of all, I think we all know this. A big part of it has been the U.S. has done spectacularly better than the rest of the world. So the World Index since 2018 is up, or sorry, the U.S., I should say, is almost up threefold, while the rest of the world is up around 50%. And that's been driven by, I think, again, something that we all know about. Excuse me, this chart's about a couple of months old, I think, so it shows the Magnificent Seven stocks diving down. They've had a good bounce back from there since. But the point of this chart is this: the Magnificent Seven have compounded up at 25% per annum for what is coming is over six years now, which is really an unheard-of bull market, particularly for companies of that size. Now, the S&P has obviously done very well as a result of that. but if we take the Magnificent Seven out of the S&P, it's done 50%. The rest of the U.S. is in line with what the rest of the world has generated in that time frame. so since 2018, there has really been one place to be, and that has been to be invested in those large U.S. tech stocks. Now, where were we when this was all going on? well, we weren't oblivious to it, and we weren't ignoring it. We know all of the names that in that Magnificent Seven. We've known them well. We owned Microsoft from 2009-ish through to 2014-2015. We've owned Google or Alphabet, as it's known now, since 2012 through to today. We still own it. And we also owned Facebook from 2016 when they were in a crisis with the Cambridge Analytica scandal through to relatively recently. It's not that we weren't looking here. We were. We invested, but in no way did we put the weighting in these types of stocks that the index has. The other thing that we did was we simply left too early. And that was a function of two things: that market enthusiasm around the stocks, high expectations were building, but it also reflected what was happening in the rest of the market, which is that large parts of the market were derating, and we were seeing better value elsewhere. But there is no question that we have missed a big opportunity here. And we do think deeply about where we go wrong. And we look back at this, and I think while we appreciated the very finer points of these great internet companies, what we didn't appreciate simply was how the benefits of the internet, which brought us all of these wonderful stories around new media, cloud computing, software as a service, we simply didn't see the benefits of that accumulating in this small number of large companies. So I think it's fair to ask what lessons have we learned from this? And I think it is that we simply should have been far more persistent in our following up of the opportunities that these companies represented rather than being so, I guess, ready to move on and look elsewhere when you have these very, very large opportunities. So today, there's clearly another one of these that it's in front and center today, and that is artificial intelligence. And I'm not going to speak at length about AI, but what I can assure you is that we have played in that AI space in the last two years and very successfully so, though today we are selling, and it's not owning NVIDIA, it's owning a whole range of other companies, but we have substantially taken those positions down, which were at once 20% and now around 10% of the portfolio. We are not going to invest in AI just because we have to, but we are not going to take our eye off the ball in the case of what is now clearly another very large opportunity set. So to finish up on performance, when I look at these numbers, our 10-year return, absolute return of 7.3%, well, global markets over a long period of time have given you about 8%. Again, I'd stress that we've done this in a somewhat different way to other assets that are likely to be in your portfolio. It's an adequate outcome. I suspect if I went back to you in 2014 and said we were going to give you 7.3% a year for the next decade, you might have been quite pleased with the guarantee of a result like that. But nevertheless, I think that's okay from an absolute point of view. Against that average stock, which is the next line down, the equal-weighted index, you can actually see that we've pretty much matched that on the longer time frames, the three, five, and 10-year periods. And so what I take from that, I know that's not the game. That's not what we're here to do, is to beat that. But what I take from that, given our investment approach, is simply that our stock selection skills haven't completely abandoned us. I believe they are intact. But nevertheless, the result against the actual market is well below. And that is where we are today. I guess the question simply is, what comes next? So let's have a bit more of a look at this phenomenon of what has been happening in markets over those last 10 years. So the U.S. has been a phenomenal outperformer, as we've already shown. But in history, that's not always been the case. If you look back over the last five decades, there is a pattern that is shown here of periods of U.S. outperformance followed by periods of underperformance, which I think is a sort of a reversion to the mean is naturally what you would expect. But we've now had this period of 13 years where the U.S. has outperformed all else. It's the longest in that time frame. I think the question is, when that started back in 2012, what exactly did the U.S. look like? Before I get there, all I would note is that in our long history of investing in global markets, back then was when we had our biggest weighting in the U.S. market. What was capturing our attention? If you go back to 2012, the U.S. economy was a mess in the aftermath of the GFC. Unemployment was 8%. Housing markets, which was the center of the downturn, were down 70% from the peak. There was very little political appetite for stimulus. If you remember, back then, it was all about governments all over the world had to balance their budget. They had to show fiscal discipline. Interest rates were already very low, but consumers and businesses were paying back their debt. Simply, in the way we look at markets, expectations were very low. So how did this translate at a stock level? Well, here are some of the fine companies of the last decade: Microsoft, Apple, Moody's, Mastercard. They were trading on very low multiples of earnings, from 9 x to Microsoft through to 16 x for Mastercard, which is the expensive one of this group. Interestingly, D.R. Horton, which is listed there, was the one housing stock, so the company in the middle of the crisis. It was the one that, because of its balance sheet and the quality of their business, it was the one that you could believe would survive. Now, we know what came next. Over the next decade, these stocks were up 10x-14 x. It's been extraordinary. But I think there's another interesting point to be made on this slide. Apple, one of the finest companies of that era, merely made you 10 x your money. D.R. Horton, a housing home builder, a very fine home builder, but still a pretty ordinary industry, because of the extraordinary low expectations a decade ago, made you 11 x. This is what I mean when price is everything when we invest. So we come through to today. These companies now trade on valuation multiples of three times higher than they were back then. Earnings have been good, but valuations have been a huge driver of the returns we've earned. D.R. Horton is on two and a half times book value and 12 x earnings in a time where its earnings are clearly at a cyclical peak. The question then becomes, or sorry, I shouldn't say. I think the other thing to be cautious about is that there is a lot of talk today about investing in the wonderful companies. Of course, all of those companies are wonderful. This was actually Buffett's. I believe Buffett was the first to really talk about the wonderful companies. The interesting thing when you look back with Buffett's wonderful companies is in the 1970s, his wonderful companies, 1970s and 1980s, were newspaper companies and TV stations. In the 1990s, it was Coca-Cola and Gillette. No one would describe any of those businesses as wonderful today. And in fact, there's a long-established pattern in history, which this chart shows. We start here in 1990, but you can take any starting date you like. You could make it 1988 or 1993. And if you look at what the top 10 companies of the day were, you will find a decade later, in most cases, two survive. In this chart, you'll find in one case three survive the next decade as one of the top companies. But I guess that's a whole lot of history. The question is, although it does tell you a bit about the potential of returns that we might expect from the U.S. market today, but the question is, what place looks like the U.S. of 2012? And the answer is relatively straightforward to anyone. What looks like the U.S. of 2012 is China. It has a lot of similarities. It has some differences, and that main difference is the geopolitical situation, but let's go through the similarities. The economy is struggling after years of the COVID lockdowns. The housing market, again, the center of their crisis. Housing sales are down 70%. Until recently, the recent weeks, there's been limited political appetite for stimulus. Interest rates have been cut, but borrowers are not keen to take on debt. It is an action replay. When we look to the companies, this lists some of the finest companies you'll find in China: Tencent, ZTO Express, JD, AIA Group, and again, you can see they are trading on low multiples of earnings given the quality and the growth prospects. Again, at the bottom is China Resources Land, the developer that will absolutely be guaranteed to get through this property crisis, trading at half of book value, which includes some of the finest shopping malls in China akin to a Westfield's business. Now, one of the things that—and I'll just get you to note before I come off this slide—that each of these companies are paying you either good dividend yields or they are buying back their stock, such as a very good percentage of their earnings are flowing back to shareholders. Now, valuations, sorry, those valuations I first mentioned were September at the lows of the market. The market obviously has had a rally, and they're a little bit higher. But I think the question in people's mind, given the geopolitical risk, is that, well, who's ever going to buy the Chinese stock market? With this, I'd say that really depends on your point of view. Maybe if you're a U.S. investor, you might just go, "This is just way too hard. I'm not even going to consider it." If you're a Chinese investor, your perspective might be very different. As a Chinese investor, where have you put your money for the last 20 years? You've put it in two places. You've put it in property, or you've put it in fixed interest products, which gave you a very handsome return. They are no longer palatable places to put your money. Here we have the situation where yields are attractive. Indeed, we are seeing yield funds being set up in China to take advantage of this very phenomenon. But I also think what we need simply is a little bit of good news around China to see the companies we're invested in do well. Are those companies going to go up tenfold over the next decade? That would be a bold prediction. I can't say that. But what I can say is to see them double from current levels is very easily imagined. And look at this chart. What this chart What this chart shows here simply is how the Chinese market has performed when it's got a little bit of good news. So there was a big package of stimulus measures centered on solving problems in the property market back in May, and we had a quick 20% gain. Little evidence of that making any difference saw the market fade. And then recently, of course, we've had the big stimulus measures announced, a huge rally. And of course, it's fading now as we wait to see whether there are any green shoots in the economy. But it's very clear that the government has started to make the moves to turn that economy around. Can I give you any clear evidence that's happening? There's little bits and pieces of anecdotal evidence from the property market that sales are improving, but there's nothing there that you can say, "Absolutely, this is going to happen." But there's no question in my mind we will continue to see further government action to get that economy moving. And with that, I believe the companies we own there who have actually had very good earnings over the last five years, by and large, their earnings have still grown. Particularly lately, they've been growing. We're starting on low valuations. I think they'll do spectacularly better in an improved economic environment. So just one last thing to finish on, and I want to remind you about the role that we play in your portfolio. And as I said at the very start, we think it's very important to protect investors from the big downsides that we get in markets from time to time. And the reason, if you look at our actually long-term record of outperformance, it predominantly comes from those periods where we have protected on the downside. So I'd just like to leave you with a reminder that actually this is one thing that we've done pretty well for you over time, including the most recent downturn in 2022. So thank you very much for your attention. I'll stop there and very happy to take questions on anything you might like to ask about. Mr. Clifford, there's no questions from the online portal. Last one. Yep. Okay. So. The effect from an investment point of view. Yes. Yep. Yep. Sure, so the question was for those online who might not have been on here. That was just our thoughts on Trump, so I think I guess we should assume he's going to do what he said he would do. I think our underlying assumption has sort of been that he would get elected, and so obviously, we need to think about what does that mean from an investment point of view. Obviously, the thing that stands out are tariffs and somewhere like China, so if you look at our portfolio, we really have avoided direct exposure to companies that are going to be hit by those tariffs. If you look at what happened last time, China's trade in aggregate actually continued to do very well. Their exports to China have - sorry, from China to the U.S. have fallen dramatically. And then interestingly, places like Mexico or Vietnam or Thailand have seen huge growth in exports to the U.S. So I think what we're seeing is to get around those tariffs, people have exported. Companies have partially built their product and then had further value add done in second destinations. So I think also when you think about some of the things China exports, if you think about, I don't know, a running shoe, by the time that arrives in Walmart, the actual price the Chinese manufacturer is getting, I mean, I'm sort of making up a number, but it's very low. It's like maybe $0.20 in the dollar. So when you applied a 60% tariff to that, you're talking about when it comes through at $100, it's a lot less. Now, I think undoubtedly, if he really follows through with these big tariffs, this is all else being equal, the U.S. economy, the global economy is going to be growing less quickly than it is. But whether it's dramatic enough to really create a major problem, I just don't know. It's very hard. We're in a dynamic world where lots of things compensate. You change one thing over here, things change over there. It's a bit of an investment thing. We have one of our new holdings, a company called DSV, one of the world's largest freight forwarders. And of course, a freight forwarder, it gets paid every time an item is moved. And so now there's additional trade volume effectively as we move from one country to another. Other things with Trump, I think the most frightening thing potentially for the U.S. would be if he genuinely and is in some way able to follow through on his plan to deport undocumented immigrants. I mean, this is a huge part of the growth in the workforce. It's a huge part of the workforce. I think that could have very dramatic ramifications. But of course, it's easy to say you're going to deport 10 or 20 million people. It's another thing to actually pull that off. And you're letting me off lightly. Anyway, I'll be around for a little while if you want to come and have a chat one-on-one. Thank you. Thank you, Andrew. I thought that was very informative. Ladies and gentlemen, the results of the poll will be announced to the ASX later today. And on behalf of the board, I would like to thank all shareholders for your ongoing support and invite you to join us for some refreshments outside. Thank you all very much.