Hugh Lam

Coming back to that, to stories of Franklin Nevada Gold Royalty.

So again, you're not owning the actual mine, but you're getting revenue from that mine.

Very, very high margins.

Finally, Genmab is another company in there.

So Genmab is in the pharmaceutical space.

What they do is they develop an antibody for blood cancer.

They lease out their IP to companies like Roche and Novartis.

And again, the beauty of that is those companies have to pay GENMAB the right to use that IP for that drug.

So these are very capital light sort of businesses, very high income, very, very diversified income stream.

I say diversified because, you know, from a portfolio construction perspective, we feel that ROI or ROI provides very, very nice diversifying characteristics to a traditional 60-40 bond portfolio.

What I mean by that is typically we've seen during periods of higher inflation, high interest rates like we see ourselves in now, ROI tends to do quite well.

compared to stockings and bonds at fall during that period.

And we've had that episode just during the month of March.

Royal just shot right up while the global equities just kind of fell down the line.

So, Royal 67 basis points.

We do have a lot of information on that.

We have a white paper that we've written on it if you wanted more information to understand what royalties are.

But that's my pick.

And in terms of income, look, it's distributing around 5.5% to 6% income and it pays out monthly as well.

That's pretty good.