Thank you for joining today's Whitefield Group Quarterly Webinar. I'm Monica Knight from Whitefield, and we'll get started straight away on the presentation. Today you'll hear from our Managing Director, Angus Gluskie, and Executive Director, Will Seddon, who'll cover Whitefield Income half year results for first full year as an ASX listed investment company, and Whitefield Industrials' Q3 update. We'll keep it compacted about 15-20 minutes, and then plenty of time for Q&A afterwards. Please drop your questions into the right-hand panel of your screen, and we'll get to those at the end. Okay, over to you, Angus. Thanks, Monica. All right. Welcome all. Today we are going to look at, firstly, the Whitefield Income half-year, and then we're gonna move on to our Whitefield Industrials third quarter. Thinking firstly about Whitefield Income, of course, the key characteristics for this strategy are that it systematically and actively invests in ASX 300 stocks to target the most productive window in each company's income generation and dividend payment cycles. The strategy benefits from the stronger recognition of income in share prices that occurs late in the six-monthly earnings cycle as that income certainty and dividend certainty increases. The fund generates the majority of its return as dividends, and that in turn allows us to or positions us to be able to pay very consistent monthly franked dividends. In addition, the strategy emphasizes investment in businesses that are profitable, cashflow, cashflow positive, dividend-paying, entities, as in the sectors and from the companies that are doing well as the economy changes over time. That approach brings with it two important characteristics. One is that the strategy dynamically orients itself and adapts to the economic conditions, and two, we're also invested in better quality businesses across the cycle. So how has it been going? So looking first at income and our underlying earnings. So you can see on that next slide that for the December half year, which is six months, gross income was just over AUD 11 million, profit after tax was AUD 7 million, and earnings per share were AUD 0.041 per share. So importantly, as the chart on the right shows, the income generation across that six months, and indeed across the year since listing, has been very consistent with our experience over the prior years of operation of the fund in an unlisted format. So overall, it's a very solid half year with the business operating well. In terms of dividends, we've been able to pay monthly franked dividends throughout recent months, so since we started that process in April 2025. The monthly dividend is at the rate of AUD 0.00583 per share, fully franked, and that equates to an annualized return of 7.6% per annum, inclusive of franking credits. We've also determined to pay the first six monthly top-up dividend of AUD 0.03 per share, again, fully franked. And if you annualize both the monthly and that six monthly top-up dividend, the annualized rate of dividend is now at 8.2% per annum. It is, it's worth just contrasting the stability of the two dividends. Obviously, the base level of dividends are very consistent, so their dividends are designed to provide investors with that consistency of cash flow. The six monthly top-ups are going to be variable, and they will be dependent on the conditions in investment markets, our actual earnings across a six-month period, and any needs that we have to retain profit. In terms of investment returns, I'll just hand it across to Will, to talk to those. Thanks, Angus. So for that period, the Whitefield Income portfolio generated portfolio gross income, so inclusive of franking credits of 5.1% and 10.7% for the full or the rolling one-year period. On total return, also including franking and after all expenses, that came in at 11.8% for the half year, bringing the rolling one-year to 20.2%. And that one-year figure was about 20 basis points ahead of our equal weighted benchmark. That really masks a couple of important points under the surface. The first being that it was also about 8% ahead of the more commonly used market cap weighted equivalent value index, and also that the total 12-month period was really made up of two very distinct half years. So in that first half, the return of the portfolio was very strong and also about 3% ahead of the benchmark. And in the second half, the portfolio delivered that very solid 8.118% return. But that was a little bit less than the index return, which was a really an exceptionally strong 14% return, and that was driven by several, smaller, not profitable companies, which delivered outsized returns. So where it typically wouldn't be invested in that kind of business, yet the portfolio's managed to more or less keep pace with it, which is a pretty good outcome. On the next slide, we can just see the sectoral exposures at quarter end, and also the top 15. As always, I'll just make the point that this portfolio is also always rotating its capital to the companies that are situated in those more favorable parts of their income recognition cycles. So these figures are constantly changing on the exposures, and you can see the on the following slide, this next one, you can see how that ebbs and flows at a sectoral level, month to month, looking right back over the last five years. And so not only can you see the typical seasonal pattern within a year, as dividends are timed at different points throughout a year, you can also see across years how, as the economic and financial conditions and trends change, the portfolio's quite freely able to rotate to wherever those opportunities are highest. Angus? Thanks, Will. All right, the next chart on Whitefield Income relates to the on-market trading of the company's shares relative to underlying asset backing. So you can see on that chart that the bars represent the asset backing and the line, the share price. So the company's been trading at a moderate premium to asset backing since listing. Some points on this are also shown on screen there. We do have a strongly growing base of investors, which is certainly supportive of good pricing on market. We did issue more capital in November, which reduced the premium slightly during December. But as you can see, the premiums expanded again in January, indicating to us that demand for the company's shares continues to grow. So thinking just about the capital raising, the capital, we ran a share purchase plan for existing investors, and also did a placement, to introduce some new investors to the, company, in November last year. So capital increased by AUD 79 million as a result of that issue, and there was a good, strong take-up, both from existing investors, as well as new investors. And indeed, the placement was closed, somewhat earlier than we expected, due to very strong demand. Coming now to Whitefield Industrials, which just completed its third quarter of its financial year. It has a March year end, so December was represents nine months into its year. Industrials holds a diverse portfolio of ASX 200 stocks, ex- resources. Gives people an overweight exposure to that non-resource Australian range of business sectors, which benefit from Australia's high affluence, high population, and relatively politically stable economy. Its stock selection is based on our quant analysis framework, which targets the most reliable areas of value accretion versus its benchmark. So looking at its results for the nine months, we just note net profit after tax was AUD 15 million, and earnings per share were AUD 0.125. And those outcomes are essentially similar to the numbers in the prior year. But just explaining a little bit behind that, underlying earnings growth from the majority of the portfolio saw a small increase in earnings across that period. However, there were a couple of special dividends, notably the ones from Westpac and Woolworths, in the prior year, which weren't repeated in the current year, so that offset some of that underlying earnings growth. You know, looking through into this current quarter and the reporting season that's on at the moment, we have started to see some good earnings growth and dividend increases coming through there. But we really need to see the reporting season play out, and we'll be reporting on that in our full year result in a few months' time. Looking next at dividends. Industrials pays dividends six monthly, and the next six-monthly dividend is payable in June 2025. At this time, we just note that we'd expect the half-year dividend for that June 26.. Sorry, June 26th to be similar to the dividend we paid last half year, which is AUD 0.105 per share, fully franked. However, the final determination of that dividend occurs following our March financial year-end, and obviously dependent on conditions at that time. But at this stage, we pretty much expect it to be in line with that prior dividend. Chart on the right there shows the very steady growth in long-term dividends for shareholders over time. So that growth chart goes back to 1970, and you can see that the company has maintained or increased its dividend consistently since the introduction of the imputation system in the late 1980s. Will, looking at the investment returns there for Industrials. Yeah, so that was a really positive nine month period for industrial shares and for the portfolio, but also for performance versus benchmark. So the portfolio, this is before franking, came in at 8.6% for the nine months, and that compared to the benchmark at 7.9%, so a nice margin ahead. It's also worth pointing out that the portfolio is now ahead of benchmark across the nine month, one year, two, three, five, 10, and you can't see it here, but also the 40-year time period, so really consistent outperformance. On this next slide, we can just see the exposures at the end of the quarter. So the overweights were emphasizing industrials, REITs, and consumer staples, and the underweights were targeting companies in the healthcare, consumer discretionary, and financial services sectors. Thanks, Will. All right, in terms of asset backing and price for Whitefield Industrials, the asset backing at the moment remains higher than the current price, and while the difference is narrowed, it continues to provide opportunities for buyers. So a buyer and holder of Whitefield shares, and this is just to give people an indication of the benefit that can be gained if you are able to buy at a discount. If, for example, you're able to buy at a 10% discounted price, the company's obviously got 10% more assets generating return than the price that's been paid, and that means that an investor would earn an 11% per annum return if the underlying portfolio generated a compound return of 10% per annum. In other words, 10% on the 10%. Obviously, that 1% per annum outperformance, because you bought it at a discount, is nice over 25 years. If you held the stock that long, that's gonna mean your ultimate investment outcome is about 25% more than otherwise. Of course, if the premium or discount changes, it might move favorably, it might move unfavorably, that would also impact your return. But if you think about those two elements, it gives you a good understanding of the potential benefits that can be obtained by buying at a discount periodically. All right, today, we're also going to just talk about a couple of themes that are relevant to markets at the moment. So I'll just hand across to Will to talk to those. Thanks, Angus. So the last year or so was really characterized by quite elevated, a spread of outcomes or differentials, in stock performances, and it created an opportunity or a larger opportunity than normal to generate investment returns that were differential to market indices. That was mainly due to, uncertainty around Trump's, agenda in his second term. The uncertainty now has cleared a little bit. It's at the... What he's actually trying to do is a bit clearer, but a lot of investors still hold that TACO view or that Trump always chickens out view, or at least kind of expect that once we get to the end of his second term, a lot of it'll just blow over. However, we think there's actually a much closer or much higher level of bipartisan alignment on policies and also on ideologies than many sort of expect or perceive. So if you just kind of work through them briefly, at the top there on the ideologies or the interventionist ideologies that frame his agenda, at the top there, you've got national and economic security ideologies that are actually, they're almost universally supported across both sides, on both sides of politics over there. And even at the other end, on economic nationalist ideologies, while it's not, it's a little bit more mixed, there are a lot of areas of overlap as well. Then, looking at his policy toolkit, most of those also enjoy moderate to strong alignment as well, and even the more contested items, for example, the very broad tariffs, bearing in mind both parties are aligned and both have been using the targeted tariffs, but the very broad tariffs, which are more debatable, they're likely to cause ongoing inertia beyond the current term, even if they're not supported beyond that. And if you think about how companies will respond, they will have spent billions of dollars reordering their supply chains, and they'll be reluctant just to walk away from those sunk costs. So we think what we're looking at is a fundamental reordering of the global trade and technology flows, and it's driven by a sustained government intervention and a state-backed, high-tech arms race. We'd expect that to result in a prolonged and elevated global CapEx, innovation, and inflation. We think that those drivers are likely to be, you know, an ongoing cause of wider dispersion of economic outcomes, and ultimately, that translates to ongoing elevated degrees of that opportunity that we've been seeing to generate investment returns at a differential to market indices. Importantly, for Whitefield Industrials and Whitefield Income, those drivers we think align quite closely with how those portfolios systematically sift through all the fundamental trends to differentiate between likely outperformers and likely underperformers. So if you think about the kind of durability or the elongated nature of these changes, that should be supportive of our earnings momentum as a factor or a metric. Elevated inflation should mean that quality metrics are once again a useful tool to discriminate between companies that can and can't sustain their profitability. And a return to more normal levels of interest rates should also be supportive of valuation metrics as well. So we're broadly pretty positive on the outlook for both of those companies. Thanks, Angus. ... Thanks, Will. So, well, look at this juncture, we'll kind of open it up for questions. You can type questions into the chat on screen there, and we'll look to answer them. We can see that there's a range of questions there already. So Monica, if you want to just throw some of those at us, and we'll try and answer them. Okay, sure. Okay, so starting with Whitefield Income, given that was where you started with the presentation, the question, I assume it's about Whitefield Income. It says, "Do you invest in the main banks and main miners on an equal basis? Okay. It's, it's within that portfolio, the holdings aren't equal, but they're very heavily diversified, so 70-100 stocks. We look at the total universe of the ASX 300 as in terms of potential opportunities, and then we filter that to select the stocks that we want. You do find in that portfolio, there'll be periodically banks, there'll be periodically miners of different kinds. So that's Whitefield Income. And then the next question, I believe this one came through reasonably early on, so we might have addressed it. Mm-hmm ... but you could just- Yep ... revisit a little bit. How important is net asset backing to the ongoing viability of the funds in your business? Should I be concerned if share price to NAV goes negative? Okay, well, the important thing to remember is that the underlying net asset backing is the factor that drives the returns. That's where we're generating income and returns in the portfolio. So ultimately, if you're a holder of shares, that's the thing that matters for you. It's a bit the same if you're invested in, you know, if we just take any other share, Macquarie Bank for example, it's the operation of their underlying business that's gonna generate you long-term return. The share price, you know, in the short run, is gonna vary all over the place. Okay? So always, I just reiterate, keep an eye on the asset backing. That's the thing that really matters. The only time the share price matters is the point at which you're a buyer and the point at which you're a seller. And in between, if you're a holder, everything you're getting, the returns you're getting are really coming out of the asset backing, and the returns we're throwing up from that. Okay. Another premium discount type question: What are the likely reasons- Yep ... why WHI price is trading at a premium and WHF at a discount? What steps, if any, is management- Yep ... taking to narrow the discount? Okay. Well, in a way, you should be more worried about managing the premium. You know, 'cause if you want to be able to buy at reasonably attractive levels, so closer to NAV is can be better as a buyer, so, rather than at a premium. But look, just the demand for income in this strategy is clearly the factor that's driving the premium to asset backing on Whitefield Income. In the case of Whitefield Industrials, you've got general, you know, more broadly based traditional, if you like, portfolios of shares in Australia, in the U.K., and in the U.S., trading at discounts, whether in closed-end vehicles, such as listed investment companies. The reason for that probably is that investment company investors are typically value-oriented, and I think they're looking at the price of assets around the marketplace at the moment, you know, general share valuations, and they're being cautious. They're saying, "We'd prefer to be a buyer at prices that are a little bit less than present." You know, that's understandable. It's not a Whitefield Industrials-centric issue. Our performance has been very good. We're outperforming benchmark, the actual outright returns are good, the costs are relatively low. So Whitefield Industrials is underneath the surface, it's doing particularly well. All we're seeing, though, is it's trading at a level that is very consistent with all the other listed investment companies in that particular asset class around the world at the moment. Look, those kind of discounts ebb and flow. It's a thematic thing. There'll be other times in the market cycle, where that discount narrows. Okay. An AI-related question: What's the effect of AI on WHF and WHI? Like, okay, I'm just gonna actually answer one last bit of the prior question, and then I'll throw across to Will on the AI one. Just on the 'cause I think the tail end of that question was, what are we doing about it? Look- And- ... in terms of Whitefield Industrials trading at a discount. The answer is, when every other LIC in that space in Australia is trading at similar levels, it's Whitefield Industrials can't do anything specifically to change that. It's much more a market-oriented thing, which and as I suggested, it will ebb and, you know, ebb and flow, and so you will see that change over time. The kind of things that we can do specifically, though, are the sensible things as follows: One of the best things we can do is continue to perform really well and run the portfolio really well and make sure those returns are visible to both existing investors and new investors. And if we encourage additional investors to, who may, for whom the product might suit, to come into the stock, then that kind of buying is just gonna help square up any kind of incidental on-market buying and selling of the stock, and that's the type of thing that would definitely help the discount narrow up there. So that's kind of common sense, but that is the best thing we can do. One of the other things that we can do is help to try and remove some of the misinformation that is out in the marketplace regarding LIC performance. I think people often mistakenly try and compare a listed investment company's returns based on share price or asset backing against benchmarks. Now, that's just a non-like-for-like comparison. LIC share price returns and LIC net asset backing returns are after we've paid 30% company tax, for which we give investors a franking credit. If you try and compare those that performance against pre-tax benchmark indexes, you're just going to understate the LIC returns by up to 30% of the return, which is the company tax rate. So, and that's a mistake that's being made by, you know, investors, advisors, commentators in the marketplace, and I think we're going out as much as we can to try and remove that misinformation and make sure people better understand the true performance that's being generated by listed investment companies. So going on to the next one, though, is: What's the impact of AI on the market? That's the million-dollar question. We do have some thoughts on that, and I'll just get Will to spell that out for you. Yeah. So there's kind of two broad ways in which it influences Whitefield Industrials and Whitefield Income. The first is through its influence on the markets and what we're investing in, and the second is its influence on our actual process. But on the first one, the influence of AI is one of the kind of, a component of that sort of thesis, I suppose, that I was trying to outline in those last couple of slides. It's very closely related to the political, economic landscape in the background in the U.S. We think that what this kind of backdrop is doing is really accelerating the rate of development of AI and all the associated things with that. And so what that does is really widen the range of potential outlooks for lots of different stocks across most sectors, really, some more obvious than others. And so that means. So that's a real contributor to why there is a much wider range or a larger potential to generate investment returns that are quite differential versus market indices. Because if one has a process or a strategy that's able to identify the winners from that playing out and avoid the losers, then obviously, those, those stocks can perform hugely differentially. And we think- what, what I was trying to sort of allude to there is that the way that'll play out in the fundamentals, which is what we use to differentiate between stocks, it should be quite closely aligned. 'Cause you can imagine, if you've got a company that was previously priced on a very high P/E ratio, but gradually they're starting to lose market share to some competing way or new way of doing things that they weren't able to capture themselves 'cause they weren't doing enough AI or whatever it is, we'll start to see that in downgrades to the estimates of... or analyst estimates of their future earnings, and we'll pick that up in our earnings momentum indicators. It'll also start to look overvalued, whereas it might have looked fair value before on the high P/E, 'cause of a good growth outlook, it starts looking overvalued. So quickly, a stock like that might go from being a one we'd like to hold to one that we'd like to avoid. The same kind of dynamics can are likely to happen on the, in the other direction as well. We think Whitefield Industrials and Whitefield Income are both pretty well-placed to kind of capture that in terms of what they're investing in. In terms of how we invest, we're always looking at ways that we can enhance what we're doing, and utilizing AI carefully and in a controlled and limited way, I think definitely offers some opportunities to improve what we're doing. All right. Thanks, Will. Okay. Monica, Okay, the next one here is around the turnover of the WHI strategy. Yep. Do the realized capital gains stay within the company, or does that, Uh, we- flow through to shareholders? Okay, so it's a much higher turnover strategy because we are rotating that capital continuously as we change stocks. We generally expect gains and losses to average out over time, and we crystallize most of our return actually as dividend income. So the actual gain amount is something that will fluctuate and tend to average out over time. But look, if in particularly good years, we might generate a net amount of gain on those underlying stocks. We can pay some of it out, but we want to be careful about that because we do want to preserve the actual capital base of the company, and indeed, ideally see it progressively increase over time. So, look, it's a decision that we'll make, based on the market conditions as they occur. Okay, next one. Can you give an actual example of a stock in the Whitefield Income portfolio on how the investment team would buy and then sell a stock to maximize the income generation for that stock's dividend policy? Okay. The best thing we could throw up there is a graph that we don't have in this- Don't include here. Yeah, we don't have in this presentation, but we had included it in earlier presentations. But basically, there's a faster pattern of income recognition late in a six-monthly earnings cycle for a company. In the early parts of a six-month cycle, just because income is uncertain, people don't know how much the company is going to earn, income is not particularly recognized. But then as we get closer to the end of the six-month earnings cycle and a dividend payment comes into focus, there's a greater recognition or a faster recognition in return through the share price in the lead up to the dividend date. So we'd typically, it depends on the stock, and it depends on how we're assessing it on other factors, but if it meets our metric, we'd be looking to invest ahead of that faster period of return recognition, and then crystallize the value that's been created as the company pays the dividend. And often those dividends or the drop-off in the share price at the date, the ex-dividend date, might be mispriced relative to the value of the dividend and its franking. And so post that ex date, we would then look to redeploy our capital into other opportunities. I was just quickly looking to see if I could find the slide, but I... on the fly. A bit hard to play around with the presentation. Exactly. I didn't want to inadvertently end the webinar or something like that. Okay. Should WHF NTA be calculated on a fair value of the stocks held? For example, CBA is overvalued as are many bank stocks. NTA, therefore, can appear inflated, maybe a lot to WH- Yeah, look, every investment fund in Australia and globally, or I probably can't say every, but just about everyone, are required under accounting standards, and general practice, to value based on current market values. So given that that's the standard protocol on which everyone does it and which indexes are calculated, we do need to do it on the same basis. Mm-hmm. Okay, then someone's asked- On that, though, look, it's open to when investors need to, you know, conform their own opinions on whether the market's good value or poor value at any point of time, you know? So that's, you know, that's how investors might form their decisions about where they want to, where and when they want to add to their portfolios. Mm-hmm. This one's around data. Can you produce some data on net of tax returns for WHI, WHF versus some other Australian share ETF? You're probably thinking about net of tax returns after tax. You'd need to look at after-tax indexes, which are a very customized type of index, and then you've got to make assumptions about the tax rates for people. So that's a complex exercise that can be done, but it's complex. I think an easier way to do it is for people to look at before tax returns, which are comparable to indexes, and then... And that's a method that makes a bit more sense. But look, there's a generalized question: What's the best way to, you know, or an easy way to assess a LIC? I think a good way to do it, or a simple way of doing it, is look at the before-tax performance of the portfolio versus the before-tax performance of a benchmark index. That gives you a very good picture of how the portfolio has been managed. Has it been managed well? How has it performed? And then separately, you can look at the operating expense ratio of the LIC, and that tells you what the actual running costs of the operation are. And combining those two things, you quickly get a very good, an accurate picture of how the company's performed. And then we all know if a company, such as us, pays tax at 30%, we pass that on via a 30% franking credit. So you're put in exactly the same position as though, as if we hadn't paid tax in the first place. So the taxes ends up being an in and an out. Okay, next one is on the bonus share plan for WHF. It's a fantastic and financially attractive way for me to continue accumulating more shares in WHF while I'm at a higher tax bracket. Is there any reason why you might turn off this availability in future? Look, while there's continued investor demand for that reinvestment plan or substitution plan, we'll certainly attempt to keep it going. I think the only thing that the only reason I could envisage that you might ever have to turn switch that one off was if there was a you know a change in regulation or tax laws that just then meant that it didn't stack up to give reasonable value for investors. But we can't see that happening at the moment. Mm-hmm. This one's: What is the MER in percentage terms for WHI and WHF respectively? Yep. WHF's, at the last year, sat at around, just over 0.4%. And WHI, which runs a much more intensive strategy, which necessitates there's a higher cost of operation, its operating expense ratio is around 1%. With WHI, do you sometimes sell stocks, if they run up too much before going ex-dividend? ... I'll answer that more generally. If we were holding a stock, for example, with the intent to receive a dividend, and that was our initial expectation, if by chance that stock no longer or conditions change, and that stock no longer stacks up on basic fundamental metrics for us, then we would be prepared to sell it instead of waiting to receive that dividend. If we felt that the negatives were going to play out in the timeline between us coming to that conclusion and the dividend ex-date. Otherwise, if we don't think it's gonna play out in that timeline, we'd be able to hold it and in the knowledge that we were shortly going to exit the stock. Will WHI ever offer a DRP, a dividend reinvestment plan? Look, I can't say never, but it's really a strategy about generating and paying people dividends. I recognize there are some investors who don't necessarily need the income or want that income flow, and they'd be happier to see it reinvested. But look, at this stage, we think it'd be too complex to have a reinvestment plan covering all those monthly dividends. So we're not offering it at this time. If people do want to reinvest in the company, they do need to do that by taking up shares, either on market or on the occasions that we offer a share purchase plan, for example, to take up additional shares through the means such as that. Mm-hmm. Okay, and looks like just one more. Will WHF and WHI keep mailing out materials to investors? Some people like it. I, I know that people like it. I used to-- I'd be a really hard copy person with lots of files everywhere. But look, the one thing I'll point out, times are changing, and Australia Post is changing. So the mail, the cost of mailing and the frequency of mail is becoming, the frequency is becoming less, the cost is going up as a result, and that's, that trend is only likely to continue. So I, I just think in the interests of efficiency and using the most efficient systems that are available out there in going forward, I would really strongly encourage investors to go across to the email, communications by email rather than hard copy and mailing. Those- and that, look, that's not unique to us. That's the case for every either investment or service that you deal with in Australia these days. Costs of mailing are gonna go up. We don't want to burden you with high costs of mailing. So I think, if you can do it, please cut across to using the electronic means of transmission. Email is the best method. Mm-hmm. Okay, we've just had one more pop in in that time. Why are the dividends in WHI... I'm not sure if this is so much the same in reporting periods, when the companies in which you invest may increase their dividends over time, as compared, for example, to WHF? Yeah, so just because in Whitefield Income, a lot of that return we're generating a lot of that return and paying it out to investors, so a lot of the return is received as income. We're paying that out to investors. It means we're not retaining as much of the return as we do in Whitefield Industrials. And that, of course, means your capital base won't grow as quickly because we're not retaining and building that capital base in the same way. And again, look, it's why I say Whitefield Income, as its name suggests, it's an income distribution product. If you want to grow your capital base, and some investors certainly do, then you can make the choice, the personal choice, to add to your investment, and by doing that, you're building your capital base and the amount of income you earn over time. So it's worth remembering. It's a product with different characteristics, and so you might need to treat it in different ways. Okay. Well, I think that that brings us to the end of the questions. So thanks, everyone, for those thoughtful questions and for joining us today. There were a few questions that were in a similar vein to the ones that had already been answered, so I sort of felt that they jumped over those. So if anyone felt theirs wasn't fully addressed, then please feel free to reach out directly, and we'll be happy to follow up. Our next Whitefield webinar will be in May. Do them quarterly, and we'll update on results and market conditions again then, and we'll send details through closer to the time. So thanks everyone again for joining us, and enjoy the rest of your day. Signing off now. Thanks, Monica. Thanks, everyone.