And when we're thinking about a strong growth in a fragile world, there are also many security driven opportunities that we see in equity markets. So take us through how you're thinking about that.

Yeah, absolutely, Grace. If you look into the world right now, you're seeing very high geopolitical tensions. You have cyber-attacks and we have climate risk. So therefore, the security becomes a very important theme right now. And that is interesting. It encompasses a lot of different things: national defense, reshoring and near shoring, as well as the resilience of supply chains, and the security from a cybersecurity and energy security perspective.

So when we look into corporates and governments, we're seeing how they are ramping up their spending. Very innovative spending, making a lot of investments, opportunities for investors. When you look into reshoring, for example, more than 320 billion of reshoring was announced since 2021. We're seeing how countries around the world increase defense spending, especially countries within NATO– but also energy.

Energy is going through a big transition because countries globally are trying to refigure it. What will be the right way going forward, in terms of securing energy sources, but also having clean energy?

That's a global theme, a multiyear theme. Cyber, also, is a risk that's front of mind for many of our clients in their own businesses and in their personal lives, as much as in the investment portfolio.

A very growing theme. Cyber-attacks now cost $10 billion per annum, which is a very big number and something that we're seeing a lot of corporates increasing their spending on.

Is this core asset because you're thinking of things which are essential services to everyday society. So it's roads, it's bridges, it's sanitation, it's water treatment, all of these things together. So pretty boring. Pretty defensive.

Purposely boring, but long-term contracts. So when you have those long-term contracts, these essential assets, it provides diversification. You know, this is something which is delivering returns or delivering growth. That's not necessarily tied to what's going on in the broader economy. The fact is, because it is such a core asset when you're thinking of those, these are elements which have very inelastic demand.

You always need these things. They’re at the base of what our societies, our municipalities are run on. So the fact that you have that stable demand, it is an asset that provides long-term, stable income. It can provide protection from inflation. But then when you add these different elements like AI demand, renewable energy demand–that's the growth.

So what I'm hearing is that we've got the defensive, more steady-eddy type of the infrastructure space, but also because of new capital expenditure that's being driven by governments and also companies, we've now got these new parts of the market delivering GDP-plus type growth.

Yeah, and we think both work in a portfolio. You have that stable, core income generating, low correlation to broad markets, but then you can combine that with the growth element, as well. And that's why it's a very interesting space. When you look since 2020, you've seen profits of the infrastructure companies grow by 16% per annum, but yet returns in the markets have only been 4%.

So that also gives a unique opportunity for investors to take advantage of that dislocation that is existing right now.