Good morning, and thank you for joining the interim results presentation for ICG Enterprise Trust, covering the six months to 31st of July 2022. I'm joined by Portfolio Managers Oliver Gardey and Colm Walsh, who will give a run-through of the materials which are available on our website. At the end, we'll be taking Q&A. Questions can be submitted at any point through the online portal, and we will pose them to the portfolio managers. At which point, I'll pass over to Oliver. Thanks, Chris, and thank you all for your time today. I want to start by saying how proud we are of the resilience of our investments during the first half of fiscal year 2023, against a macroeconomic backdrop that became increasingly challenging. The portfolio delivered an NAV per share total return of 10.9% for the period and 24.2% on an LTM basis. Continued strong revenue growth and EBITDA growth of our top 30 companies demonstrate the strength of our portfolio construction and our focus on defensive growth. We've seen continued realizations and uplifts to carrying value, demonstrating the strength of our underlying portfolio companies and indicating conservative valuations. Portfolio return on a local currency basis was 7.4% for the six months, due to the geographic diversification of our portfolio growth on a constant currency basis during these six months was 12.4%. We've seen such strong performance because of our focused strategy and dedicated team who have reacted effectively to evolving market dynamics. We allocated capital in a disciplined fashion to opportunities that we believe offer attractive risk-adjusted returns in this environment. We've been particularly successful in expanding our secondary exposure and invested in attractive secondary portfolios, which we'll talk about it during the presentation. As part of our ongoing focus to optimize the return for our shareholders, the board has resolved to commence a long-term program of share buybacks. This program will sit alongside the company's existing progressive dividend policy and will be executed at any discounts to NAV. On top of this, we have enhanced the disclosure on the portfolio, so more detailed disclosure on the financial and operating performance of the portfolio can be found in the appendix of this presentation and in the RNS. Now on to the half-year in review. The part that I would like to highlight here is the continued realizations that uplifts to carrying value of 25.2%. We also saw a number of larger realizations in the second quarter, resulting in total proceeds of over GBP 106 million. We believe that the ability to continue to sell assets at an uplift to NAV, and it reflects the continuing demand for high-quality assets and underpins our confidence in the valuation of our portfolio. I also would like to note that we are continuing to see robust realization activity after the period ended and remain broadly in line with our historical average realization rate. We are fairly balanced between new investments and realizations. During the period, we increased the size of our revolving credit facility to EUR 240 million from EUR 200 million previously, in keeping with the company's higher NAV. As you all know, we have a flexible mandate that enables us to deploy capital in primary, secondary, and co-investments. Here you can see the breakdown of performance between the three types of investments. All three areas grew well and saw positive growth, supported by a strong operational performance, which Colm will discuss in more detail later. We're particularly pleased to see that discretionary investments, which include our secondary and co-investments group, particularly strongly showing local currency returns of 9.3% and 9.9% respectively. As you can see, we've been increasing allocations to secondary deals as a proportion of the portfolio, and we have almost doubled our exposure to secondaries in the past 12 months, from slightly above 10% to just short of 20%. This has been supported by our manager, ICG, investing in resources such as hiring more team members who specialize in secondaries and co-investments. The investments in the LP secondary portfolios have been particularly successful, generating a 1.5x multiple on invested cost within the last 12 months. As a reminder, our third-party managers are a key source of origination for our discretionary investments, so primary commitments remain an important part of our portfolio construction. Effectively, we're planting seeds for the future here. I'll now pass over to Colm, who will take in more detail about the activity within the portfolio during the period. Thanks, Oliver. Now that you've seen the portfolio level performance, it's time to take a look at a bit more detail at the drivers of that performance, and in particular, the underlying performance of our largest company exposures. We continue to disclose the metrics for our top 30 companies, and we've also started to disclose key metrics for a wider subset of our portfolio during the period. The top 30 companies continued to deliver strong performance during the year, reporting double-digit revenue growth for the year to July 2022 of 27.5%, and EBITDA growth of 26.3% over the same period. We also saw some EBITDA margin expansion in a number of these portfolio companies. The net leverage of the portfolio companies has remained broadly in line with the level seen at the year-end. The performance of both the top thirty companies and the wider sample show consistent performance across the portfolio. The more detailed information on the performance and the wider sample can be found in the appendix. We've now also started to provide a richer analysis which shows dispersion for all the key metrics. I'd now like to talk about our investment activity during the first half of the year. Our strategic focus on defensive growth, aiming to source investments which have the ability to grow even in difficult economic environments, has remained at the forefront of our investment decisions during the period. That's the things we do, but it's also the things we don't do. We've remained cautious and highly selective in our transactions. As I said, what you don't see here are all the deals we declined. That's over 90% of the discretionary opportunities received. We've also been highly selective in our selection of primary managers. We introduced one new manager in the period, Thoma Bravo, and we continue to back some of our long-standing top-tier managers. As Oliver mentioned, we've been able to benefit from ICG's expertise, and in particular, its expertise in structured transactions. During the period, we made two direct investments, both of which include some structural downside protection. These were Newton, a consulting firm, and Precisely, which supplies data verification software. Both are squarely defensive growth companies in any case, but the deal structures provide enhanced protection on the downside. As you can see on the right-hand side of the slide, we've taken advantage of a buoyant fundraising market during the period to commit some attractive bonds, which we'll be investing, sowing the seeds, if you like, over the next few years, in what we believe will be an attractive environment for new investments. This includes $85 billion of commitment to ICG secondary funds, as well as a number of commitments to long-standing third-party managers with whom we've built relationships with over many years. This includes managers like PAI and Gridiron. I'm going to now just spend a little bit of time just discussing a little bit about our relationship with Gridiron. Now Gridiron, not a household name, but it's a market-leading buyout manager. We introduced Gridiron Capital to the portfolio in 2016 as we embarked on our mission to expand our investment program to the U.S. The local presence from ICG meant that we already had strong institutional relationships, and the investment in Gridiron Capital came from an introduction from colleagues in our debt teams in our New York office. Now Gridiron Capital has a thematic hands-on approach. It focuses on three core sectors where it executes what it calls the Gridiron Playbook. It's based in Connecticut, away from Midtown Manhattan, where most of its peers operate. It sees itself very much as being a very different type of partner to the traditional approach. The culture of the firm strongly centers on partnership, and its principals have a heritage of entrepreneurship and running their own family businesses. It's very much an operational focus and not one that's reliant on financial engineering. We've now invested in three Gridiron funds, and one of them has been 1 of the best value generators in our portfolio. Indeed, it's the best performing fund of its vintage in the U.S. mid-market. Currently, four companies managed by Gridiron are among our top 30 largest exposures. They collectively account for 4.5% of our portfolio value. By committing to its funds and building a strong relationship with Gridiron, we've seen attractive co-investment flow, and we've been able to co-invest alongside the team three times in AML RightSource, Class Valuation, and most recently, Vistage. We believe that all of these deals are great exemplars of what we mean when we talk about defensive growth. The Gridiron story, it's a great example of how our primary program works. We benefit on the one hand from very strong primary returns, and that allows us to build up a strong relationship, and that allows us then to be able to invest in some of the manager's best ideas. It's also a relationship which has very much come about from being part of the broader ICG platform. I'd now like to go on to talk about realizations. In the period and post-period end, we've continued to see reasonable realization activity with continuing uplifts to carrying value, despite a fall in transaction volumes in the broader market. We saw 30 full exits as an average multiple to cost of just over 3x cost. As you can see from the representative logos in this slide, it's not the full list. We made no realizations from our top 30 companies in the period. The trend was therefore not skewed by any large realizations. It was broad-based, and we maintained a healthy uplift to carrying value of around 25%. It's worth noting too that after the period end, we received proceeds from the partial realization of IRI, and another top 30 company, DOC Generici, is in the process of being fully realized. Moving on now to give you a snapshot of what our portfolio looks like today. As you can see, the top 30 companies represent just over 40% of the total portfolio value. We believe that this balance of concentration and diversification results in a differentiated portfolio which has attractive growth characteristics. What it means is that our largest exposures make a meaningful difference to our overall NAV growth and NAV performance, but it also ensures that we're not taking significant single company or indeed single sector risk. As you can see from our geographical analysis, we've built up our U.S. exposure since 2016 through investing with managers like Gridiron you've just seen and other leading funds, and that's now at a little under 50%. Which gives us a balanced exposure geographically between U.S. and European markets. Our sector exposure is also well-balanced. We're not heavily reliant on any one sector. It's worth noting too that the active approach to portfolio construction means a lot of the weightings within these individual sectors are from our discretionary deals. Very much focused on defensive growth, and very much focused on companies which have strong defensive characteristics. When we look at our technology exposure, it's to businesses like IRI, businesses that are profitable, fast-growing, and also cash generative. Not the kind of technology investments you may see in other portfolios, which are based off revenue multiples and have highly variable outcomes. Moving on now to give you a bit of an overview of what we mean when we talk about defensive growth, and it's something you'll hear from both myself and Oliver throughout this presentation. Our investment strategy is heavily focused on investing in buyouts of businesses that are profitable, cash generative, and have these defensive growth characteristics that we believe will just deliver strong and resilient returns across economic cycles. We've identified a number of themes that contribute to a business having these characteristics. It includes market positioning, the provision of mission-critical services, the ability to pass on price increases, and structurally high margins in their industry. You'll see on this slide some examples from our top thirty companies, some which you'll recognize from earlier in the presentation, such as Precisely and Newton, which are our two new direct investments in the period. Just like to highlight too, Travel Nurse Across America, that's another Gridiron investment, but one which is sourced exclusively from our primary fund investment. It's performed so strongly that it's now in our top thirty, and this is because Gridiron has taken an historically analog business, and through operational change, made it more effective and efficient through digitization. Now I'd like to move on just to give you the next slide, which shows the performance of our top thirty companies compared to the public markets over time. The graph you can see here shows how our portfolio compares in terms of EBITDA growth compared to the FTSE All-Share. Of course, this is not like for like as the constituency of our top thirty changes over time. What you can see is a pattern of strong, consistent growth over a period that includes a number of difficult years, and in particular, the period during the COVID pandemic. It's another reflection of the defensive growth nature of our portfolio. You can see the listed markets have a much more volatile performance, whereas that of ICG Enterprise is more consistent and resilient. With that, I'm now going to pass back to Oliver to conclude and to discuss our approach to shareholder returns. Thanks, Colm. Colm has talked you through the specifics of why we think our portfolio outperforms and how we're positioned to navigate these challenging markets. Most importantly, we have a strong and consistent track record of performing. You see here that our five-year analyzed portfolio return is 20.6%. On the right-hand side, you can see our five-year analyzed NAV per share total return is 16.9%. A 16.9% return also means that our portfolio more than doubled in the space of five years. The graph shows just how consistent we have been each quarter, with only two quarters where we have seen a downdrift, and one of those being COVID, where we were only down about 4%. We think this reflects very well comparatively to our peers. We're conscious that as our portfolio is performing consistently, we need to optimize the shareholder returns. In line with our progressive dividend policy, the board has declared a dividend of 7p per share in respect of the second quarter. That takes to the total dividends for the period to 14p, and for the first half to 12p. It remains the board's intention in the absence of any unforeseen circumstances, to declare total dividends of at least 30p per share for the financial year, implying an increase of 11.1% on the previous financial year. Let's talk about the buyback. As I mentioned earlier, the board have established a structured buyback program, and we believe strongly that a well-executed long-term buyback program delivers the following shareholder benefits. Firstly, a buyback program demonstrates the manager's discipline around capital allocation. Secondly, it underlines the board's confidence in the long-term prospects of the company, its cash flows, and NAV. Thirdly, a buyback enhances the NAV per share. Lastly, over time, a buyback may positively influence the volatility of the company's discount and its trading liquidity. Therefore, the board will review quarterly the size, the impact, and the mandate of the buyback program, in conjunction with its advisors, to help ensure it is working in the long-term interest of shareholders and is in line with the objectives outlined on the slide. I would now make some concluding remarks. As you know, our aim is to deliver attractive compounding returns across the cycle by identifying companies that have defensive growth characteristics. Our performance for the first six months of this financial year has delivered on that intention. In the coming quarters, we'll continue to critically assess opportunities that we source, and we have a very high bar, as Colm mentioned before, for executing transactions in today's environment. However, we are particularly excited about the secondary market as many pension funds and other institutional investors are over-allocated to private equity and are looking for liquidity solutions. Furthermore, we believe this is a great environment to also commit to third-party funds. Firstly, it allows us to deepen our strong partnerships with top-tier funds in a difficult fundraising environment. Secondly, our third-party commitments allow us to plant seeds for investments in the next two to three years, which will be most likely an attractive environment to invest capital in market-leading defensive growth companies. With our clear investment approach, flexible mandate executed by a dedicated and experienced investment team, we believe that the trust remains well-positioned to implement its strategy in these uncertain market conditions. We are very confident in our outlook for this year and beyond. I'd like to thank you very much for your time, and this concludes the results presentation. Colm and I are ready to take questions. Thank you very much. As a reminder, you can submit questions through the online portal. We have a couple of questions on the underlying portfolio companies. First, Colm, in your discussions with managers, how are your portfolio companies experiencing the current macro and economic environment, and are you seeing any differences between those in UK, Europe, and the US? It's a great question. I would say, listen, it is clearly a difficult economic and a volatile economic environment, and of course, that impacts our companies just like it does, companies throughout the economy. I think what we are seeing is the kinds of themes that we backed, the kinds of companies we backed are continuing to demonstrate resilience. When I look at our largest exposures, there are none that particularly worry me. I think they're all demonstrating an ability to cope very well. For example, you know, we look at companies like, Endeavor in the private schools market. Its biggest cost is labor, but it's been able to pass that through to its customers because of its strong market position. I think if anything, it's reinforcing our belief in the strength of the strategy. I don't think. When I look at our, you know, the difference between Europe, U.S., and the U.K., and clearly, the U.S. market has got greater protection from some of the energy worries that we have in Europe. Perhaps there is a greater degree of consumer confidence. That's helpful because a lot of our consumer businesses are either internationally focused or they're U.S.-focused. I would say that many of our U.K. companies are very internationally focused. The likes of Ranieri, it's a U.K.-based company. It's captured as a U.K. company in our stats, but the reality is that it's a very globally diversified company. I think that's true of quite a lot of our U.K. exposure. Thank you. Can we move on to higher interest rates at the moment, and specifically the impacts that higher debt costs are having on pricing and on deal velocity, generally? In terms of transaction volumes? Yes. I mean, clearly, we track the buyout volumes and M&A volumes. As a matter of fact, the volumes have fallen quite significantly. I suppose we're seeing in our portfolio is the impact is a bit more muted because what we're focused is on the mid-market, and a lot of the stats in recent years have been very skewed by big deals, and particularly big deals in the tech sector. Now those deals have just dried up, and they're not part of our universe in the main. Therefore, what you see in our portfolio in terms of realizations is a realization rate which is not as high as it's been in the last few years, but we still think is at a very healthy level. Clearly, rising interest rates do impact leverage buyouts, clearly. What I would say, though, is very much again as part of that defensive growth focus, our managers are very focused on stress tests. This is not a surprise to them. Rising interest rates is something they've planned for. Even when you look at the maturity profile of our portfolio, it's the average maturity is about three years, and that reduces the amount of refinancing risk that we have as well. You know, again, it's very similar to the broader macroeconomic pressures. It clearly is something which impacts companies, but we think that it's something that the kinds of companies we're investing in, the kinds of managers we're backing are very well placed to be able to deal with. In fact, over time, it's this kind of volatility that can often breed opportunity in our markets as well. I would like to add, when you think about where we have discretion in investments such as co-investments and secondaries, what we have done over the last couple years already in a more higher priced environment, we already anticipated a drawdown in terms of valuations. When we doing in our modeling of our investments, we always consider or we've considered over the past three years that the exit multiples will be lower than the entry multiples, which means that the underlying growth of the companies has to deliver the results rather than a multiple uplift. To the contrary, we're actually expecting a multiple contraction at exit. That gives us that extra cushion and comfort, particularly around the discretionary investments we've done. Could we pick up on that point on valuation multiple please, Oliver? The average valuation multiple is virtually unchanged over these six months. Could you explain or give some color around what's driven that, please? Yeah. I think what drives that necessity is that our overall multiple, if you compare that to the FTSE All-Share Index or compare it to some of our peers, has been always quite conservative and is certainly below our peers and is currently roughly in line with the public markets. Therefore, that's why we have not seen a correction to that multiple because it has been always on the conservative side. We get some extra comfort from that when you look at the exits we've seen coming from our portfolio, which have been at a substantial uplift of around 25% to the holding value. Thank you. We've had a couple of questions on secondaries, which I'll direct to you, Oliver. Could you elaborate somewhat on this opportunity? Are you seeing more activity than usual? In that context, how do you ensure that the transactions you execute are consistent with the defensive growth strategy of the trust? Yeah, great question. When we think about secondaries, and the current market environment, secondaries have been one of the fastest-growing sub-asset classes in private equity over the past decades. There's an underlying secular growth. What has happened over the last 12 months that, on top of that, you've seen now that a lot of the institutional investors are over-allocated to private equity because the denominator effect, which means the public market valuations in the portfolio have dropped, and the private equity hasn't dropped to the same degree. To the contrary, private equity has really outperformed public markets over the last two years. Therefore, a lot of institutional investors' private equity allocation has shot up and are outside of the range, typically they would like to be in. That is driving a lot of secondary sales, particularly since the pension funds and institutional investors wanna continue to invest in third-party commitments going forward, and therefore they need to release some cash and some commitments to reduce the allocation to continue to invest in private equity. The result of that is that we're seeing an absolute record amount of secondaries in the pipeline, and we believe that that will continue over the next 12-18 months. Every intermediary you talk to in the secondary market is inundated with deal flow. On top of that, the supply-demand balance is quite healthy and or is very much a buyer's market because the supply has increased so significantly. The actual capital coming into the secondary market has, because of the overall constraints in the capital markets, have been on a reduced level. Therefore it's a very good buyer's market. Now how do we make sure it's a defensive growth or that fits within our portfolio? Overall, secondaries, as you know, is incredibly capital efficient and that allows us to. It's very much within our defensive growth sentiment or strategy because we can analyze the companies, and therefore it has that defensive character because we can analyze and understand the portfolio. They are 4-5 year. Typically, our portfolio is already matured 4-6 years, and so we're much closer and have much better visibility on exits and performance. That gives that kind of defensive nature. However, we only do secondaries where we see also some growth, so we don't buy tail end. We buy typically secondaries which are in maturity between 4-6 years old. I think that gives that defensive growth characteristic of our secondary transactions we've bought. To give you an idea, as I mentioned before, we've over the last 12 months, we did a significant amount of transactions, particularly in three portfolios, and that is already performing at a 1.5 multiple of invested cost. Thank you. To follow up on that, we've had a couple more questions on the dynamics of the secondary market at the moment. Specifically around the discounts and what sort of discounts you're seeing in secondary transactions, whether there's a wide bid-offer spread and people are willing to accept reduced pricing to get transactions executed. If you could comment on that, please. Great question. There is always a limit in terms of how much, how big of a discount the sellers are willing to stomach, particularly when they're sitting on some very good assets and great managers and great portfolios. It is within the healthy range, and we're seeing what used to be, let's say, around par. The new par is around 10%-15% discount for quality managers. We do see those transactions being transacted. When you get to the kind of, let's say, above 20%, 25% discounts, that's when it gets difficult for sellers to accept that. We're seeing a very healthy acceptance, right now by sellers to separate themselves from very good portfolios at those 10%-15% numbers. While we're on the topic of discount, we've had a couple of shareholders observe the wide discounts that the listed private equity sector is trading at the moment. Specifically, you know, could you perhaps run through and explain, in your view, the reasons that the sector is trading at relatively wide discounts to NAV at the moment? Yeah. I mean, we think the discount is very anomalous, and we are firm believers that the discounts are way too large. Here are the numbers which give us confidence. First of all, the portfolio has grown, as you've seen in the slide Colm presented to you. Our EBITDA and revenue growth in the kind of 25% and above. That's very strong growth rates for a portfolio which is currently valued at 14x EBITDA. If you assume the sector is trading at 40%-50% discount, that puts our multiple down to high single digits, which we think for this quality of the portfolio is an incredible bargain. We think that the reason for those discounts and why the sector overall is trading at a big discount is that the investors have not quite gotten confidence in the portfolios because they think it's private equity should be riskier than public equities and therefore should be trading at bigger discounts. As you can see in the slide I presented in terms of our quarterly performance, and if you look back at what happened during the GFC as well, sorry, the global financial crisis, as well as during COVID, you'll see that typically private equity is trading at, you know, somewhere around less or maximum half of the beta of public markets. We think that the discounts you're currently experiencing in the market are way too big and create a great buying opportunity for the sector. As you look at your strategy of the investment with ICG Enterprise Trust, would you consider your mix between primary, secondary, and co-investments as an advantage, compared to co-investment only funds? Mm-hmm. Perhaps to phrase that question slightly differently, could you talk a little bit about the benefits as you see it of the flexible mandate that the ICG Enterprise Trust has? Yeah. We think this flexible mandate gives us a great opportunity to really actively construct the portfolio. When you think about it, let's compare this to a pure co-investment portfolio versus a pure fund of funds portfolio. What we're striving for is about a balance of 50/50 between third-party funds and discretionary investments. The discretionary investments, which we call investing in the best ideas of our fund managers, allow us to be very flexible in constructing the portfolio and actively constructing the portfolio, which is particularly important when you're navigating through challenging markets as we are experiencing. That allows us to shift more from co-investment investments which can be or continue to be at higher prices to opportunities where we see particular opportunities, for example, in the secondary. It gives us that extra flexibility to co-actively construct the portfolio, as well as to actively construct a portfolio which fits our defensive growth mandate. We can pick specifically the best ideas from our managers in the defensive growth sector. Versus if you're building a fund, if your portfolio is a pure fund of funds portfolio, you're very much dependent on what the funds you invested in are gonna actually deliver, so it's a much more passive investment style, and it's very difficult to adjust those funds or fund strategies because they have ten-year lives to the current market environment. On the co-investment side, you're also very dependent on what the managers provide you with. Therefore, there's a limitation in terms of how much you can twist the portfolio. At the same time, also what it is, it provides more risk because a pure co-investment portfolio has a higher single asset risk or is more concentrated and less diversified. Versus we're providing a portfolio with, we're about the main value drivers or 80%, 70%-80% of the portfolio is driven by about 80 investments and 40%-50% are driven by the top 30. It gives you plenty of diversification. Thank you. We have a couple of questions on the underlying portfolio column. First of all, on leverage, one of shareholders observed that our leverage multiple of 4.3x is inevitably lower than the average. In your view, does that reflect conservatism at the underlying GPs or within us as manager or as a result of something else? I think it's two things. I think on the one hand, it's conservative structuring. We don't tend to back managers, you know, I talked about Gridiron. We like managers that are operationally focused, not focused on generating returns through financial engineering. I would also say it's a testament to the cash generation within our portfolio as well. Because what you see is the leverage multiple today. In most cases, that's much lower than the leverage multiple at the inception of the deal. What's happening is we're investing in cash-generative companies, they're delivering, and that cash generation results in the debt going down over time. Overall, I think I agree with the premise that it is a reflection of the, you know, defensive and relatively conservative nature of the strategy. Can you talk briefly about Chewy? How that- Chris, you know me talking briefly about Chewy is a difficult thing. How that is performing and why we don't consider EBITDA as a relevant metric for it. Yeah. Just a quick update on Chewy, please. Sure. Chewy, for the uninitiated, and I'll keep this brief, Chewy is an online pet food retailer. It's our collectively with PetSmart, it's our largest single company exposure. PetSmart is a bricks and mortar pet retail business, and Chewy is an exclusively online e-commerce retailer. PetSmart's private, Chewy's publicly listed. For those of you who follow the Chewy share price, it is as you might expect, given the sector it's in, pretty volatile. It's volatile largely due to market sentiment. It's a very good company though. It's a market leader in what it does. We don't use EBITDA as a metric here. It does have a very small EBITDA relative to its revenue. The reason for that is that because it's so its revenues are growing so fast, it invests any excess cash in growing its customer base. The return on capital it gets from that makes sense in the context of the overall investment. Chewy could be much more EBITDA positive than it is, but because of where it is in its growth cycle, it's investing in new customer acquisition. We remain pretty excited by Chewy's future prospects. The underlying. Every time we look at a defensive growth company, we identify an underlying trend, and pet ownership is a trend we see quite a bit for many of our managers. It's. There's been a significant increase in levels of pet ownership that got expedited during COVID, and Chewy also benefits from the shift to online retailing as well. It's a kind of. That combination gives you very strong underlying growth. While we appreciate from a shareholder perspective it's very volatile, you know, we do think that it's got good prospects. We'd also just note as well that the PetSmart Chewy deal collectively is one of the best co-investments that we've ever invested in. We're not allowed to publish the specific returns, but it is a very, very strong performer since we invested back in 2015. We've had a question on the longer term growth of the portfolio, noting the NAV growth of the fund has grown from about GBP 11 or GBP 12 to GBP 18 over the last three or four years. Colm, you've been with the investment trust for a very long time. Yeah. You know, over those four or five years, could you perhaps talk briefly about the, you know, key drivers of the, you know, results in such a strong growth in the NAV per share? Yeah. I'm feeling old now, but still think I'm a young man. But anyway, I think over the last four or five years, since. Of course that corresponds to a number of things happening, moving to ICG. Obviously Oliver joined three years ago. We've had an expansion in the team as well. I'd say that. The main thing is we've become. We've also broadened our investment strategy to the U.S. I think all of those things have contributed in some measure to the strong NAV growth that you see. I think we've become very disciplined, much better at executing discretionary investments, both co-investments, and as Oliver noted, secondaries. The expansion to the U.S. has given us just a bigger addressable market, access to some of the world's best managers. I think all of those initiatives, it's not one thing, it's lots of little things added up that I think has contributed to the strong performance. Perhaps one other thing worth noting as well is, you know, shareholders that have been with us for a while will know that we've also become much more efficient in terms of how we manage our balance sheet. We've a much more efficient balance sheet, much lower cash balances, and that reduces the level of cash drag, especially in a what was then a low interest rate environment. By reducing that cash drag, that's also helped to fuel NAV growth. That's a brief précis of the history. If we look forward, earnings growth has continued to be strong in this period. Are you anticipating any significant changes over the coming 6-12 months in terms of the underlying earnings of the portfolio companies? I mean, it's very obviously very difficult question to answer with any degree of precision. I think clearly the economic environment, particularly in Europe, is not as positive as it was this time last year. That all being said, I think there's a possibility for a degree of softening perhaps because these numbers that we've presented in the sort of mid-20s% revenue and EBITDA growth are exceptionally strong. I think it's difficult to suggest that we can keep at these levels forever. I don't have any... I think it's possible that there's a little bit of softening, but I don't have any specific worries about, you know, material changes in the outlook for our companies. I'm conscious of time here. Oliver, perhaps we'll finish with you. In what is undoubtedly a slightly more challenging macroeconomic environment, you've discussed the ability of the Enterprise Trust to invest in secondaries, co-invest in third party funds. Which area of that investment program and that strategy are you maybe more concerned about, and which are you more excited about over the near and over the longer term? That's a great question. I'm particularly excited about the secondary market in the next 12-18 months due to the dynamics we talked earlier. I am very excited about the third-party commitments we're doing because this is a great period to also continue to. I wouldn't call it upgrade because we already have a great stable of fantastic fund managers, but it just allows us to be continuously consistent and provide capital for the absolute top-tier funds in the market. This market will show obviously who really knows how to operate their companies. We think this is also from providing third-party capital to third-party funds gonna be very exciting because the next 2-3 years, four years will undoubtedly present some really attractive opportunities for our managers. The co-investments I don't wanna say that we're not excited about that, but this is an area where we are treading with extra caution right now, and that's why the investments you've seen over the last 12 months we've done, particularly the last nine months we've done, all have an element of very good downside protection. That is something we will continue to look for in the next 6-12 months as we think valuations are still gonna come down a bit, and therefore are presenting some interesting opportunities for us. We're very disciplined and phasing very carefully new co-investments into the program. Marvelous. Thank you ever so much, Oliver Colm. Thank you ever so much for joining us. That comes to the end of the presentation. The replay will be available on our website shortly. Thank you. Bye-bye. Thank you. Thanks very much.