Owen Rascovich

Because some of them report it without fees and without costs.

Is it pre-tax or post-tax?

So it's different reporting to an ETF.

It's just important that if you are comparing multiple LICs side by side, you're comparing the same metrics.

And then don't obviously go and compare a listed investment company that has 20% shares and 80% bonds with one that has the opposite.

You want to make sure that you're comparing a similar strategy across the licks.

So yeah, it's just make sure once again, you're comparing apples to apples, strategy, fees, and try and purchase them at a discount if you can, but that's not always the case.

Anything else, Kate?

Have we missed anything?

Well, you made the point earlier on about some of these licks have been around for many, many, many years.

I don't see that changing.

So I think at the very least, we will continue to see more of the same in terms of the good list investment companies will hang around.

Some of the bad ones will hang around too, probably not as long, but they'll hang around.

I don't think we'll see as many come to market.

And we definitely won't see the explosive growth that we have seen with ETFs because now you're seeing more ETFs become actively managed, which are very similar to a lick down the differences that you can get in and out.

So if we see more of that, that will be a genuine alternative, Felix.

But I don't think they're going anywhere.

There's a few reasons.

The incentives are so good across the board.

So you've got the incentives of the investment manager.