Kanish Chugh

And therefore, you come out with Tesla at the moment having 4.6%.

So it's not as much as large as what people may be more comfortable with that.

And that's something that we're very fundamentally aware of.

I was just going to add just one quick thing just on that country as well.

So

We sometimes focus so much on Tesla that people think, well, I'm buying a battery technology thematic, I'm buying ACDC, am I just getting US listed stocks?

It is a global portfolio.

So the largest country allocation is actually Japan in 27.4%.

You've got South Korean stocks, Australian names, US names, Chinese, European names.

So it is not just

one particular country and that's the other thing is this particular mega trend this particular thematic is really evolving very fast that it's you can't just be focused on one particular country it's it's really a global push and you're seeing global companies involved

That's right.

We've seen quite a lot of interest in sort of the last quarter of 2020.

And as we've started to push into 2021 as well, we've started to see a real big interest

I think in this idea of, I mentioned earlier, the post-pandemic recovery, sort of world governments are starting to look at this green stimulus program supporting that idea of, in particular, transport electrification.

So this whole idea of this thematic is going to be driven

driven by electric vehicles.

So in 2015, you saw mainly portable electronics, your mobiles, your laptops, et cetera, being the main demand on battery growth.

By where we sit now, electric vehicles are the bulk of that demand.

It's only going to increase, as I said.