Ian Lance

Thank you, Merrin.

It is indeed.

Yeah.

We've stuck to our value philosophy.

And I think the first thing that we would say is the timing of us taking on the assets were in some ways fortuitous, i.e.

we started the clock ticking at the end of October 2020.

If you cast your mind back then, we were right in the middle of the pandemic.

You know, people were wondering how long lockdowns were going to go on.

A lot of share prices had done very, very badly.

And simply what that means for a value investor is your opportunity set suddenly becomes incredibly interesting.

Yeah.

The market is offering you Marks and Spencers below a pound and NatWest Bank at the same price it was in the middle of the financial crisis and so on and so forth.

And so what we did was we basically used that to buy lots of those very, very cheap stocks.

And then stuck with them, by and large.

And I suppose if you look at the things that have done best over that period of the time, financials would be a big one of them.

You know, UK banks, which some people were saying you should never invest in a UK bank.

UK banks perform very, very well.

So have insurance companies.

Lots of other sectors that people say you should never really touch.

Airlines would be another example.