Laurence Hulse

So in this case, six, most of our peers are six or 7% in what we do in the small cap market.

But our target returns are 15 and they've been pretty much that until recently around the Iran war.

So you can quite quickly open up a very large spread to this compounding hurdle that then means nothing.

So ours resets every year as well on top of the high watermark.

Yes, correct.

We get asked, how have you done this?

How have you grown a fund?

How has it performed well?

And I think you alluded to that at the start of Difficult Market.

We live and breathe this.

I do nothing else.

I'm pretty selfish with my time.

If there's not something to do with stock picking, looking after the stocks we've got, or talking to, relating to, finding clients, I just don't do it.

And again, that was one of the reasons to spin out and do something entrepreneurial.

There isn't time for kind of wider top co-office agendas.

So as we sit today to the last fact sheet at the end of May, the NAV is plus 35%.

That is net of some running costs.

That's a net number of all those costs we talk about.

It peaked at an even more attractive number of about plus 50 towards the end of last year before Hummers and Iran and the Strait, or Schrodinger's Strait as I call it with a friend,

opened up or not, or closed.