Ian Lance

You've got an activist investor in the form of Elliot has come in and taken a stake.

And there's a bit of U-turn going on in terms of the strategy.

And we think, therefore, you've not just got the recent rise in oil prices.

You've got actually a self-help story going on there as well.

We have, although I should say we have been trimming the banks, not because we necessarily think that they're expensive, but you go back a few years, they were very, very cheap.

I mean, you literally could buy UK banks on five times earnings, half book, six or 7% dividend yield.

Those days are gone.

So now they're more like 10 times earnings, one times book, you know, slightly over.

So they're no longer so cheap.

And I think the second thing is when we look at the...

the dynamics of the industry, things are pretty much as good as they could be at the moment in terms of net interest margins are high, loan defaults are low, et cetera, et cetera.

And so you just say to yourself, look, they've done well.

They're now more fully valued and conditions probably don't get much better than this.

So we have been trimming those.

I think another interesting story where we do seem to be quite contrarian here is WPP.

WPP is definitely contrarian.

So obviously, WPP is the advertising agency.

It was put together by Martin Sorrell through a series of acquisitions.

It's definitely lost its way in the last few years.

But again, you've got management change about six months or so ago.