2024 could be a very good year for government bonds. Remember, we've had two terrible years for government bonds 2022, 2023 as inflation was rising as interest rates were rising. Now those big dynamics are likely to reverse in 2024. So if the Fed is cutting interest rates, if inflation is under control, then that makes having some duration some long dated, high quality government bonds in your portfolio, really quite important. So I think they'll do well in that kind of environment. I also think that higher quality corporate bonds, i.e. companies borrowing money through the bond market, will do well as well in that environment. So I want to look for good quality companies that have got lots of cash available to them. They've borrowed for a long time and are able to withstand what might be a fairly rocky economic outlook for 2024. First and foremost, given the uncertain macroeconomic outlook, we prefer investments that are underpinned by structural drivers and less exposed to cyclical or economically sensitive factors. We favour long-term themes such as infrastructure, the low carbon ecosystem and innovation, including AI. Second, we continue to believe that this is not a market for directional macro calls, but rather for selective stock picking. As companies deal with a high interest rate and a positive real rate environment, weakening demand and relentless innovation. They will continue to be winners and losers. In fact, the last few quarterly earnings seasons have shown a significant divergence in company results even within the same sectors, and such dispersion in fundamentals has been reflected in stock performance. Since 2020, the dispersion in price performance among stocks in the MSCI All Country World Index has been trending above its ten year median. We had a compression of price performance in the late summer autumn sell off, and we see this as an opportunity to put some capital to work. In fact, the dispersion has started to pick up again and we believe will remain a key driver of performance in 2024. In particular, at the moment, we see timely opportunity in some companies in the infrastructure space as the fears for higher for longer rates have brought companies to multi-year valuation lows, in the panic on so-called bond proxies. But a number of them have solid fundamentals and a strong demand outlook. As always, we need to remain selective, and proper research and due diligence remain essential, especially as we are faced with an uncertain macroeconomic outlook. And yes, I do believe there still are plenty of opportunities ahead for active investors.