Good morning, everyone. Welcome to this analyst presentation for the interim results for Impax Asset Management Group PLC. I'm Paul French, Director of Communications, and we're joined today by Chief Executive and Founder, Ian Simm, and Charlie Ridge, the Chief Financial Officer. Please make sure you are on mute. This presentation is being recorded. There'll be a Q&A at the end, and if you'd like to ask a question, please use the raise hand functionality. Without further ado, I'll hand it over to Ian. Well, thank you, and hello everybody. I think this is our second video analyst presentation, so look forward to getting some feedback as to how we're doing. Paul is going to kindly drive the slides, and on the next slide you can see the headlines for the Impax Asset Management results from the first six months of our financial year, ending 31st of March 2021. Just pause and wait for the slide to come up. The next one, please. Maybe there's a little bit of delay. I'll keep going. Asset Under Management rose during the first half of the year to a record GBP 30 billion. That's actually slightly more than double what it was 12 months previously at the end of March 2020. The increase over the first half was fueled in particular by very strong record net inflows. We had GBP 6.8 billion of net inflows over the period, and markets were, of course, positive. During the period, we did finalize the acquisition of Pax World Management, the final financial reconciliation, if you like, which we'll describe as we go further on. Looking to the future, we do believe we've got a very solid platform for further expansion. I'm hoping the slide's going to change, because I can't see on my screen a change yet. Do jump in, Paul, if there's a problem with the slides. Can I check with everyone else, can you see the highlights slide, the H1? I'm seeing slide three, highlights. Okay. I think we're good, Ian, so if you keep going. Okay. Don't manually. Yeah, on page four then, the financial performance in summary. Charlie will go through this in a bit more detail later. Revenue up very strongly, nearly 50% increase in revenue to just over GBP 60 million for the first half. Adjusted operating profit before tax and diluted earnings per share all up strongly as well, as was shareholders' equity. We've announced a doubling of the interim dividend to GBP 0.036 per share, which will be payable shortly. On the next slide five then, the market backdrop here for Impax continues to be very strong. The transition to a more sustainable economy, which of course is the summary of our investment backdrop landscape, is increasingly strengthening, both in fundamental terms as more money gets allocated to infrastructure, for example, with the Biden administration plans in the United States, China's new Five-Year Plan, et cetera. Also increasing concern about environmental problems, particularly climate change, leading to long-term policy targets, for example, to improve or raise the share of clean energy in the economy in OECD nations, and also move towards zero emissions transportation as two examples. Of course at the same time, oil and gas companies are under a lot of pressure to stop investing further in fossil fuel exploration, and that's leading to a change of cost of capital for them in favor of their new businesses in renewable energy, for example. Investment opportunities are expanding very broadly and we're also seeing a lot more asset owners around the world allocating to the sustainable economy. That's been a rising trend over the last five years, but it's certainly accelerating from our vantage point. Against that backdrop, Impax is really well positioned. We have been investing in this area for over 20 years. We're seen as authentic by clients and prospective clients because we have been doing nothing else for two decades, and we've had to make this area successful if we were to survive. Which of course we've done, and we've profited and expanded quite nicely. The model that we are following, the business model, is to scale up our small number of carefully selected investment strategies on the basis of a relatively fixed set of costs. With plenty of capacity and headroom still to go and a broad distribution model, then we do believe we can carry on expanding the business and margins accordingly. Over on the next slide then, the recent period has brought further success for distribution. In the U.K. we launched a second mandate with St. James's Place and achieved a record level of AUM for our Irish UCITS platform, which is sold now particularly in the U.K. and Ireland, but also now in certain countries in continental Europe. Continental European distribution was again very strong, Scandinavia being a highlight. In the Asia Pacific region, we announced a new partnership with Fidante, part of the Challenger Group, to cover the Australia and New Zealand market, and that came on the back of more client wins with Australian institutional investors. We are confident about more expansion there and the continuation of our mandate, in Japan, which indirectly is from Nomura, has brought further strong flows in the period. Finally, North America, we've seen further expansion of our Pax World Funds range through a whole host of intermediary clients, and we've launched new mandates, particularly for our Global Opportunities strategy. The next slide, and actually the next couple of slides, are just some background data. The investment performance, of course, is critical in our sector and pleased to report that the environmental markets funds, which are the majority of the assets under management that we're running at the moment, continue to perform very strongly against generic benchmarks. For example, the MSCI World or Country World Index, or ACWI as it's termed. This slide seven shows that data, and that's not just good short-term performance, but also very good performance over the medium term as well. On the next slide, the area of the business that we launched in 2015, our so-called sustainability lens strategies led by Global Opportunities, has had a less successful period than environmental markets, but still very strong medium and long-term track record. The short-term track record of Global Opportunities was held back by its growth tilt, which in the six-month period was a slight headwind as investors were looking for value stocks. Actually, we're finding in the start of the second half that's already reversing. The other funds in that area for us have also been performing pretty well. Then on page nine, you can see the breakdown of our assets under management increase. As I mentioned at the start, we've more than doubled our AUM over 12 months to GBP 30 billion. There are outflows from some of the distribution partner-led funds that we sub-manage. Outflows are not uncommon, but once again, they've been more than offset by very strong inflows. As you can see from this chart, we had a strong first half continuation of the strong performance in the second half of the previous financial year. Also at the end of April, one month into the second half of our new financial half, if you like, the assets under management had climbed further from GBP 30 billion to GBP 32.2 billion. On slide 10, there's a breakdown of our assets under management. We started showing this chart a couple of reports ago. On the top left, you can see the breakdown by investment strategy. The key message here is that we have a very broad range of investment products which are sort of nicely spread, so no single product dependency. The bottom left, we can see the breakdown of our distribution arrangements. BNP Paribas Asset Management remains the largest source collectively of our assets under management. We also have very strong representation both in retail-oriented and intermediary funds, for example, the Pax World Funds, and also in segregated accounts around the world. The top right, you can see that we are still skewed towards European distribution, but we are also very confident that North America will grow both in absolute and relative terms, given our strong foundation there and rising client interest. The bottom right just shows the scale of our listed equity business relative to the other areas which we do believe we can expand over the medium term. Over on page 11, this is the net inflows over the first half, H1, compared to the first half of the previous year and broken down into different channels. The left-hand area is U.K. and Ireland, where you can see the very strong contribution, again from our St. James's Place distribution partnership, which included the onboarding of a second mandate from St. James's Place, as I mentioned. The UCITS fund range shown at the top there growing nicely. BNP Paribas funds in the middle. All five strategies had strong inflows, and those funds today represent about a third of our run rate revenues. On the right, you can see contributions from other parts of the world. Pax World Funds as a standout in North America is a big increase on the previous first half, but contributions from all other sectors as well. On slide 12, the acquisition of Pax World Management, a business based in New Hampshire in the U.S., was closed or cemented in January 2018, and we agreed a three-year earn-out period with the shareholders and management team. That came to an end in January this year, during our first half that we're reporting. We have, at that juncture, bought the remaining shares, 16.7% of the business held by management at a pre-agreed price, which net of loans was $3 million. We've also paid a small amount of contingent consideration, which was due based on a formula linked to the growth of the assets under management. You can see in the bars on page 12 that the assets under management had grown quite steadily from $4.9 billion at a closing to today, over $7.5 billion. That shows very strong trajectory, and we believe that those Pax World Funds will continue to expand. The payment for the small amount of contingent consideration really is a reflection of the success of the acquisition, and we're fortunate that the formula was such that the payout was quite small in spite of very strong momentum and continued growth after the end of the formula period. Page 13, it's really important in this industry that we look after our people, that we get the right people in the business to start with. To that end, we have continued to recruit. We've increased our headcount by 10% during the period. Actually, by the end of the year, we would expect to have increased the headcount by something like 15% or maybe even close to 20%, depending on when people actually start work. We have been investing in the team as we've been growing assets under management. During the period, we have also really strengthened and built our office in Dublin, which is our European Union headquarters, so the center point for our EU marketing and for some client management as well. Our Dublin office is now at strength with a country head starting at the start of June. Very pleased with the progress there. We found some great people in Dublin in what's still a competitive market for talent. We're also very pleased with our recent staff survey. We had a 96% response rate and an 88% engagement score, which I'm sure you know, is the term for general level of staff satisfaction. That puts us right at the top of the tree in terms of peer comparisons and I think is testament to the effort that we've put in to make sure that we're running a healthy and an attractive culture within the office. We have strong values and we're looking after our staff both in terms of sort of wellbeing, but also the alignment of interest through equity ownership and management owns more than 20% of the business at the moment. In terms of systems and infrastructure, we have, during the period, the first half completed the integration of our trading systems onto a global trading desk. Further IT investment into, for example, a broader CRM, client relationship management, and of course, operational resilience, particularly in the context of cyber risk is crucial. We're continuing to invest in that area. In terms of the way ahead, the business, as I mentioned, is based on the scaling up of a small number of investment strategies. Having said that, we do have a successful track record of product innovation, we are continuing to look at opportunities to run new products. The Asian opportunity strategy that we launched at the end of calendar 2020 is now up and running and building a track record. We don't expect to bring client money into that for a couple of years, it is ticking away quite nicely in the background with great prospects. We are marching ahead with our private equity business. The New Energy Fund 3 investment period is running nicely with a majority of capital committed and good visibility on full investment over the next six to 12 months, potentially by the end of this calendar year. We're actively looking around to raise new capital in that area. I'll come back at the end and summarize. We'll now hand over to Charlie to give you the financial update. I'm now delighted to take you through Impax's interim results, which further demonstrate the strength of the business in numbers. First of all, looking at revenue. Oh, sorry, before I say that, two points to note. First one relates to Ian's description of the closure of the Impax New Hampshire acquisition. As a result of that finalization of the acquisition and indeed a full integration of the businesses that has been proceeding throughout this period, we no longer regard that business as a standalone segment. All of the results you now see are fully combined, reflecting the way that the business is now run. Second thing to note is we are talking to some adjusted measures versus IFRS and a reconciliation of these versus IFRS is in slides 28 and 29. Yes, talking to the revenue numbers first, the main story is the strong growth of net flows due to net flows and market performance in the listed equity business. The net flows delivered GBP 10.2 million of increase to revenue, which is predominantly due to flows in the period, but also includes a catch-up effect due to flows that landed in the second half of last year where we didn't receive a full period's income in that period. We now receive a full period in this half. The revenue margin is stable, you can see on the bottom right. By asset class, the revenue is very stable. Due to the growth in the listed equity business relative to the other two businesses, there is a decline in the overall average rate. What we focus on is the rate by asset class, and as I say, that is stable. The run rate margin revenue is GBP 139. That is GBP 139 million, that's considerably above double for the first half, reflecting the growth in assets over this period. Next slide, please. Thank you. In terms of the overall operating expenses and result, we see on the left here the cost split into three types of costs. Firstly, the non-staff cost has edged up due to a variety of smaller effects. For example, professional fees, payaways under fee share arrangements and the like. Clearly, at this stage, there is still very little in the way of travel within these numbers, which we would expect to come back when the restrictions lift at a much level. Staff costs have edged up as well. As Ian mentioned, we have brought on a number of people during this period, resulting in that increase, the variable staff has gone up in line with profitability. As a reminder, the way that this is determined, it's entirely formulaic. We take 45% of revenue, less non-staff costs and fixed staff costs to create a pool. That pool is used to fund all staff variable remuneration, be it cash bonuses, staff equity schemes or national insurance, social security, et cetera. That has simply gone up in line with profitability. The overall operating profit really does demonstrate the scalability of the business. This is up 62% to GBP 20.7 million. That compares to the revenue, which was up 31%. We're very pleased to see that operational gearing coming through. You'll also note that the operating margin has gone up strongly as well. Indeed, by the end of the period, the run rate was running at 35.6% operating margin. One slight note of caution, however, as Ian mentioned, we are continuing to hire, and as at the end of March, there was around 10 or so open headcounts. We're to adjust for assuming those people had actually been hired at the end of March, then that margin would be just below 35%. Next slide, please. In terms of the trends, what this is telling us is that in terms of staff, which clearly is our most important cost, on average basis, the staff has increased by 10%. Again, I come back to the revenue increase of 30%. Also the type of staff we're hiring, you can see on the bottom left, the average of fixed cost has edged downwards in spite of annual pay rounds, et cetera, demonstrating that we've been hiring for the most part at the mid and junior levels, which we've always said will be primarily the case. On the right, you can see the efficiency of the investment team. The investment team has increased, but by a smaller rate than the rest of the firm, where we need to continue to invest in things like client service, IT, and compliance faster than the rate of growth in the investment teams, resulting in the amount of assets per investment team member growing by 39% per staff member, as you can see on the bottom right. Very scalable business is the key message there. We move on to the next slide. Thank you. In terms of what this all means for earnings, we can see that the operating profit has risen significantly since H2 2020 due to the rise in operating profit after tax. You'll note on here one item, foreign exchange losses, just a comment on that. This is not really a true loss. It reflects the intercompany structure we have whereby we are required to take revaluation of that structure through the profit and loss account, but there is an offsetting amount for this within our equities. It's quite hard to spot because there are other effects within the equity statement, but it is basically a noneconomic loss. In terms of dividend, the board, as Ian mentioned, has decided to double the interim from GBP 0.018 to GBP 0.036, reflecting the progress of the business and the optimism for how we are positioned. This is three times covered and means that we're very well positioned for a strong full-year dividend when we get to that point. Just reminding you that our policy is to pay between 55% and 80% of adjusted profit after tax, which we introduced last year. We can move on, please. Coming now to the balance sheet. The balance sheet is straightforward. There's no debt and basically comprises cash, working capital, and then intangibles related to our acquisition. The cash being the most interesting, we focus on that here. You can see that cash has actually dipped over the period, and this is completely standard for Impax. We have a cyclical pattern whereby we reach a high at the end of September, and then in the next six months, we pay out year-end bonuses that have been accrued over the year. As you can see here, the dividends, which are the final dividend that was paid in the period as well. Nonetheless, the cash generation is very strong, and after paying for dividend and the seeding of a new internal capability of GBP 2 million, we have GBP 35 million of cash left, cash in the balance in the bank account, as it were. On the right is an illustration of how we regard that GBP 35 million. We need to take a risk buffer. We are a financial services industry. We also need to take a risk buffer in case of something going wrong as required by the rules. After that, we then earmark things we are aware of that are coming up in the near term, so in this case, the interim dividend, leaving something like GBP 10 million unallocated to do things such as further seeding or business development, et cetera. It is a comfortable balance. Can we move on? Thank you. The last slide looks at the shareholder register. A couple of points to note. We did issue a couple of million shares in the period. This related to primarily issuing shares to our employee benefit trust in respect of staff equity awards. These equity awards that I have already explained are being expensed through the profit and loss account as a deduction from the bonus pool, we needed to issue some shares to be able to make those awards. More generally, in terms of how we're managing these staff share awards, we clearly have the ability to issue shares as I just described, but we also have an ongoing purchase program where from time to time, we may make purchases into the EBT in the open market, depending upon other uses of cash and availability of shares and pricing. The graph on the left, therefore, seeks to demystify the shareholder register and shows the net shares in issue at the top, which is 132. Then it shows the progress to date in terms of net purchases. On the flip side, the open unexercised and unvested awards of GBP 6 million. One way to interpret this graph is that there would be a slight dilutive effect were we to issue shares immediately to cover the unexercised option awards. These will have a number of years until they vest and indeed expire, so there's no rush to do that. Final point in terms of the share ownership. We regard the register as nicely balanced with BNP holding 14%, management 21%, and then 65% of free float. With that, I'll hand back to Ian. On the final slide, the outlook remains very strong. In the context of our investment philosophy, the transition to a more sustainable economy leading to great investment opportunities strengthening, we do believe that Impax's track record, our authentic brand, our loyal, stable team, which is well-aligned with shareholders, our successful investment track record, and scalable investment strategies, coupled with a broadly diversified global distribution capability, does put us in a really strong place for further growth. The capacity of the products that we have today should allow us considerable expansion from where we are in terms of asset management and also profitability. I would say the potential for Impax to scale further is very good. The summer months do tend to be a slower period for inflows, we're certainly not guiding that the second half will be as strong in terms of flows as the first half was. If market conditions remain neutral to broadly positive, there's no reason why net flows can't stay positive for the next period. I think with that, I will hand back to Paul and ask him just to coordinate some questions. Brilliant. Thank you, Ian. Just as a reminder, if you've got a question, please use the raise hand functionality. If you're on the phone, we'll go to those questions at the end because I realize you won't be able to raise your hand. Okay, starting with Jonathan at Berenberg, please. Good morning. Thank you. Three quick questions from me, if I can. Firstly, could you talk a little bit more about the U.S. opportunity now that the Pax World has been completely integrated into the business? Just give us a little bit of color on the sort of new distribution angles that you were talking about regarding sort of Merrill Lynch and some other key intermediary players. Second question. Global distribution looked very diverse in the period. Could you give us a bit of an indication on the lead time it took for some of those wins to come through? Is there any market difference between existing clients mandates, i.e. St. James's Place versus the new Cbus Australia mandate? Lastly, could you just give us a little bit of a flavor of how you see Asia sort of right-sizing itself within the mix of your overall global distribution platform? Thank you. Yeah, sure. Thanks, Jonathan. Looking in the U.S., I think we're well-placed in both institutional and intermediary channels. Since 2012, we've had institutional distribution, which has focused on consultant relations and foundations, endowments, family offices, and public pension plans. While in the intermediary channel, we've in particular enjoyed the benefits of the Pax World acquisition and the promotion of the so-called 40 Act mutual fund range, which is the open-ended investment company equivalent, if you like, in the U.S., distributed through the likes of registered investment advisors, broker-dealers, wirehouses, etc. In that context, a plan for the future involves more of the same. Consultant relations, really well established and strengthening, particularly as we introduce Global Opportunities. In the context of a new presidential administration, more focused on climate change, infrastructure, the clean economy, and sort of more interest in, let's call it responsible investing, then I think institutions are increasingly likely to seek out Impax. Meanwhile, the intermediary platform, then, of course, our funds are of great interest to the likes of Bank of America, Merrill Lynch, Morgan Stanley, and the other, if you like, private wealth managers, JP Morgan, who we've got a great relationship with. As their underlying clients are looking for more exposure to sustainable development, then Impax is a strong candidate for growth. To realize that, we're adding more people, more systems, and more sort of strategic focus. Very much taking a medium to long-term view for value creation there. In terms of the time it takes to convert new clients, I have to say it's quite unpredictable, quite varied. With some clients in Australia, for example, it has taken five years plus to turn a relationship into a mandate. That's in particular because of just the relatively low interest, I think, at sort of decision-maker level in the Australian market until recently in thematic investing around the environment. I have to say that given the environmental issues in Australia now, particularly around droughts and high temperatures, then that situation has changed very much for the better in terms of prospects for our flows. In other cases, we've been able to convert some new relationships into mandates within 12 months. I think Fiera is a good case in point in Canada, a new mandate, as far as I'm aware. We only met them in 2020, and within 12 months, they'd hired us. More broadly, in the context of our Asia Pacific strategy, I think we do believe that this is best built on third-party relationships. We're working very successfully with BNP Paribas in Japan, and that's been the conduit for our Nomura relationship, which has been a significant contributor in H1. I mentioned the Fidante relationship in Australia, which we're very excited about. Given our research office in Hong Kong, we are also able to build our brand in the sophisticated sort of family office and foundation world, not just in Hong Kong, but also in Singapore, and I think in time, in Taiwan as well. We're keeping a close eye on mainland China. Yes, lots to look forward to in Asia. I think we're cautious about how rapidly that will grow. We don't want to be putting a lot of sort of P&L into building a big distribution presence. We have a brand in many corners of Asia. We've had a team there since 2007 doing investment work. We run Asia-only funds, we've got some great clients, the likes of Nomura, et cetera. I think lots to look forward to. Brilliant. Paul Bryant, Equity Development. Hi. Morning. Thanks, gents. Ian, could you give us a bit more detail on plans for private equity and fixed income, with the growth of listed equity kind of dominating now, but just to see where you see those elements of the business going? Yes, of course. With our private equity division, then the investment strategy really is well-placed for further growth. What we're doing is we're backing the developers of renewable energy and related infrastructure assets at the moment, particularly around Europe, to help them get their assets fully developed and then built. Once they're built, selling them to insurance companies, pension funds, infrastructure funds or utilities. The demand for successfully built operating assets in this area is enormous and growing. That strategy is well-placed for further expansion. Since 2005, we've been raising and running a sequence of 10-year limited partnerships, so-called NEF funds, New Energy Funds, and NEF III is the most recent of those, and as I mentioned, is now in a sort of well-advanced stage of investment. The rules around private equity marketing are quite restrictive, so we're not able to say anything concrete about the plans for new fundraising except to say that we are looking to raise more capital, and I think we'll be confident of having a fourth fund in due course with a similar strategy. Watch this space, and beyond that, I think we are ambitious to build out that business in private markets, potentially look at other types of industry. Taking a sort of medium to long-term view and not rushing. In fixed income, then I do think there is a strategic opportunity for Impax over time to expand our capabilities in certain fixed income areas, particularly those where the skill and value add comes from understanding company dynamics and company risk and resilience. I think it's too early to lay out our strategy in that area, but we would certainly expect to come back to shareholders over the next 12 months or so with more detail about our plans for fixed income. Certainly the potential there is quite significant, and that could give us quite a big platform for further growth. Fantastic. Thank you. Great. I'm not seeing any more hands up, so I'll just take it to the phones. If you've got a question, feel free to take your opportunity now, and please say who you are. Good morning. It's Bjorn Zietsman from KBW. If I may ask a question. Firstly, congratulations on a fantastic set of results. I just have two questions, if I may. One is around capacity issues. You've seen phenomenal growth in assets under management, and I just wonder, are there any sort of issues in terms of deployment of AUM, and is the investment pipeline able to handle this sort of inflow? Also, are there any capacity issues on the back end? I know you have said that you are hiring quite aggressively, but in the near term, do you have any sort of capacity limitations? Just a follow-up question, if I may. The GBP 32 billion of AUM, could you give an indication of what% is flows and market performance for the month of April? Yeah, sure. Thanks, Bjorn. In terms of the capacity of the investment strategies, we measure capacity based on a couple things. First of all, underlying liquidity of the stocks we want to buy across the portfolio, secondly, we don't want to own more than a certain percentage of individual stocks. Because market liquidity is quite volatile, the capacity numbers do sort of move around. If you take a step back and sort of look at those numbers smoothed over time, taking sort of averages over six to 12 months, you look forward, we do believe that we can double the size of the business to something north of $80 billion under management without any material contribution of flows into products that we don't have up and running. Today's strategies can scale to give us double the AUM in simple terms. In terms of fulfilling on our delivery to clients. Yes, I think the rate of onboarding staff, as Charlie hinted, has lagged somewhat the growth of assets. We are hiring rapidly, but we wanted to make sure that we're not hiring the wrong people and that the people that we are hiring are properly integrated. A little bit of a lag effect on hiring, but we have a fantastic HR director and a really excellent HR team, so they're doing a fantastic job in addressing that. In terms of sort of systems, I mentioned the kind of investments we've been making. We've been planning for growth now for a long time. The systems are keeping up, and we certainly have no concerns at board level about rising risk beyond what everyone's worried about, which of course is cyber risk. Yeah, touch wood, I think the back end can keep up. In terms of April numbers, I don't have those to hand, but I believe that slightly more than half came from net inflow, so it was GBP 2.2 billion. Yeah. It's about half and half. Thanks, Charlie. Yeah. We had another strong month in terms of net inflows. Markets were also positive. Brilliant. Thank you very much. Thank you. Any other questions on the phones? I'm not seeing any more hands up. Yes. Good morning. It's Stuart from Peel Hunt. Go for it, Stuart. Hello? Hi, Stuart. Yeah. Please go ahead. Hello. Morning. It's Stuart from Peel Hunt, and I've got two questions, if that's okay. The first one is, you sort of made the point a couple of times in the presentation about accelerating allocations by asset owners. Is there any sort of data you have to sort of give us a picture of the market and how much has been allocated to sustainable type strategies versus more general strategies? The second question was on Nomura, and I think we've seen with some other asset managers that occasionally Japanese investors tend to rush into an asset class and then rush out again in relatively short order. Is there any sort of elevated risk there that sort of client leaves, and their longevity is not quite as what you'd expect of some of the other mandates? Thanks. Yeah. Thanks, Stuart. On the first point, I don't have any data to hand. I have to say that the definitions in this space do tend to be a bit fuzzy. ESG, sustainable strategies, climate change strategies, they're all defined slightly differently by different providers. I think Morningstar generally puts out some quite good data for both the U.S. and Europe, so we could look into that if that was helpful. I think it's sort of pretty obvious from statements by other managers, as well as ourselves, that the transition to a more sustainable economy, as we term it, or ESG, or responsible investing, is very much an area of strong allocation. I think we have seen the downside of some of those allocations play out recently, which is the reversing of some of the exuberance into renewable energy, only listed equity funds, which I think have seen a quite a strong sort of pullback as valuations have come back from just really eye-watering levels. Impax has stayed away from large portfolios of renewable energy and sort of tech stocks, for example, in the hydrogen economy because of our valuation discipline. We had similar experience of bubbles in some of those areas in 2007 and again in 2000, 2001. Plenty of experience of what can go wrong in pure renewable energy or tech areas. Yeah, there is a real need to run a kind of GARP or growth at a reasonable price discipline when you're investing in this area. In summary, the flows continue to be very strong. I think just based on just this combination of strong market growth that I was touching on at the start, plus this sentiment around the world now from man and woman in the street that they'd like their money run in a more responsible fashion, which does tend to sort of tilt allocations in favor of managers like Impax. Now I've forgotten your second question, I'm afraid. Nomura and Japanese. Nomura. Thank you very much. Sorry. Retail fund flows of Japanese investors. Yes are at much lower today. I think when we first started marketing in Japan around sort of 10, 12 years ago, that was definitely an issue, and there were new retail fund launches by the big brokers, including Nomura, almost sort of one a week across the market. It was quite a notorious market for money coming in and money coming out very rapidly. My understanding is that the Japanese regulator has clamped down on that three or four years ago, and the regulations and market guidance are such that that is no longer acceptable. Therefore, the number of product launches has dropped dramatically because the brokers, the distributors like Nomura, are really now trying to keep clients in existing funds. The fact that, I believe, over the six months post our launch, Nomura, I'm not sure they even launched any new strategies over that six months post the launch of the environment fund that is directed into Impax as a submanager, means that they're very much concentrated on looking after existing clients. I think the concern that you're referring to no longer applies in general in the market. We've certainly seen no sign that our Japanese clients, it's not just Nomura, but our Japanese clients are taking money out. Thanks, Stuart. Okay. Most helpful. Last call on any other questions. Okay, Ian, we'll hand it back to you for final comments. Yeah, great. Thanks, Paul. Look, thank you very much for joining. Really appreciate your interest and support for the company. Do come back to us with any further questions, comments, or feedback on this presentation, and as usual, we're always open for bilateral conversations if you'd like to discuss any details. Thanks again, and enjoy your day.