There are 3 factors that have driven a strong outperformance for the fund over the last 7 years – two of them driven by buying businesses that have visibility of strong earnings growth and investing behind promoters / management teams with a history of strong capital allocation, measured by Return on Incremental Capital. The year gone by, showed similar trends for Itus with our portfolio companies growing their earnings-based cash flows by 19.8% and continuing to maintain their gross margins during inflationary times, which shows their pricing power. Showing this discipline has ensured that we consistently outperform across cycles.