Hugh Lam

We've constrained it.

What I mean by that is it reflects a little bit more to what you would expect with the MSCI world.

So, in fact, you know, if you look at the holdings in INCM, yes, there will be a few tech companies, Apple, Microsoft, etc.

But again, you're, you know, some investors might be like, you know, they're not necessarily income paying companies.

But the idea is you're still capturing growth within the global economy.

And I think that's a very important point.

We want to get income, but also capital growth for that strong total return.

Now, a few company examples, you know, we have Pfizer in there.

Global Pharmaceutical Company.

People know that name.

MUFG, maybe people don't know that.

That's Mitsubishi Financial Group in Japan.

Japanese Bank.

And finally, Coca-Cola, which everyone knows that one.

Yes, everyone knows that one.

And again, these are all companies that have passed the screens.

And so the yield on INCM is just above 3%.

Might sound a bit low, but it's a lot, lot higher than the underlying yields on the MSI World or Global Equities, which is at around 1%, 1.5%.

You're getting still that income, nearly double, but you're still capturing growth within the global economy.

We've had some conversations around Australian government bonds, really because it's a similar sort of story.