00:00Since the beginning of the year, investors and we know that two thirds of investable capital in the world sits in North America, that investors are actually starting to think about diversification for the first time. And if you look at the returning, the return profile that has changed significantly since 2023 is actually and that is actually forcing investors to diversify, which may net net benefit the rest of the world.
00:26Where are you investing right now?
00:28Firstly, our global investment portfolios have always been well spread. We're not a pure U.S. shop. We never believed in a portfolio made of seven stocks because that has inherent risks.
00:42Europe, I think, is attracting attention. China has quietly done extremely well and particularly very excited about the China tech revolution that's about to take off, which was actually spurred by an attempt to hold China back.
00:59Not just deep seek. Go to Wangzhou and see what goes on there. We're about to see the creation of the one man unicorn starting. But emerging market bonds are starting to look very, very interesting.
01:12Yeah. Well, I was going to say, in the U.S., we had a conversation about this in one of the panels yesterday. Credit widened out during the April scare, but we've come back in a lot.
01:22U.S. IG credit has tightened significantly. What are you seeing in EM credit in terms of opportunities there?
01:29Well, it depends what time of the month we talk to, Marta, because the markets have been so volatile.
01:33That's true.
01:34So we try to look through and say, where will markets be in three to five years' time rather than today?
01:41And my big message to all our investors has been diversification is the only thing that's going to pay and save you at this point. You've had 10 years of concentration. The world has moved back. And we are seeing – you never bet against the U.S. on a structural basis, as said yesterday here in Qatar by the management director of the KIA. He put it really well. But the case for diversification is stronger than ever before.
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