Matt Jones

For the past few years, investors have been rewarded for owning what is already working but it is becoming increasingly important that they understand what is driving this success and what the risks might be, says Matt Jones, Fidelity International portfolio manager for the Fidelity Research Global Equities Fund.

He says that as markets have grown more concentrated, with a relatively small number of stocks driving a significant share of index returns, factors such as momentum have become powerful forces in investment performance.

“When something works for a long time, it can start to feel less like a risk and more like a certainty, but investors should be questioning what is driving returns beneath the surface. Momentum can be thought of as a bit like a wolf in sheep’s clothing. When enough capital crowds into the same ideas for long enough, many roads eventually lead to the same destination. The distinction between quality, growth and momentum can begin to blur. The challenge is that momentum often looks safest right before it becomes most vulnerable.”

He says that one of the more interesting characteristics of momentum is that it tends to reinforce itself.

“Strong performance attracts investment, and that flow of investment pushes prices higher. Higher prices then attract more capital. The cycle continues until it doesn’t. None of this means momentum is inherently bad. Indeed, momentum has been one of the strongest drivers of market returns in recent years.

“But for investors, it’s worth considering whether portfolios are benefiting from deliberate exposure to momentum, or whether exposure has simply accumulated over time as a by-product of portfolio construction.”

Jones says many investors may not be aware how concentrated their portfolios have become.

“When we talk about concentration, most people immediately think about stock or sector weights, but concentration can also exist at a much deeper level. For example, you could have multiple asset managers, across multiple strategies and mandates, and yet still end up heavily exposed to the same underlying factor, such as momentum.

“But at the same time, true diversification is becoming more difficult to achieve. It’s not about having more investments, it’s about owning different return drivers. That’s becoming increasingly relevant in a world where data is widely available – if everybody has access to the same data and increasingly the same AI tools, where does genuine diversification come from?

“Some of the most persistent sources of returns come from areas that are harder to replicate. Fundamental insights, deep company research and forward-looking views remain valuable because they involve judgement, context and interpretation, not simply historical datasets. The future rarely looks exactly like the past. What makes fundamental insight powerful is that it’s inherently forward-looking. It combines data, experience, company engagement and judgement in a way that purely backward-looking models cannot.

“Investors should ask themselves: How much of a portfolio’s return profile is dependent on a narrow group of stocks, sectors or factors that continue to dominate? How diversified are the underlying alpha sources? What risks are they actually being paid for taking? Some investors may conclude their existing exposures remain appropriate. Others may identify areas where diversification could be improved.

“For investors navigating an increasingly concentrated market, thinking about whether portfolios are sufficiently diversified should market leadership change is invaluable.

Momentum can be a powerful tailwind when it is working but the challenge is ensuring it’s not the only engine powering the portfolio,” Jones says.

Now in its third year, IN Day has evolved as an important milestone for Australia’s alternative investment industry.

The 2026 program features speakers and investment professionals from HSBC Global Investment Research, Perennial Partners, Terra Capital, Tribeca Investment Partners, L1 Capital, Senjin Capital, Colter Bay Capital, Pacific Equity Partners and other specialist alternative investment managers and family offices.

Michael Gallagher, Chairman of the Alternative Future Foundation, said IN Day was created to give the alternative investment community a different kind of industry forum.

“IN Day started three years ago to bring together leading alternative investment managers, family offices and sophisticated investors for genuine conversations about where opportunities are emerging and how capital is being allocated.

“We deliberately wanted it to be different from a traditional investment conference. It’s not about product pitches or sales presentations, it’s about bringing smart people together to openly share ideas, challenge conventional thinking and hear directly from specialists who are investing in private and alternative markets every day.

“Today, IN Day has grown into an important event on the alternative investment calendar and a key part of Sydney Alternative Investment Week. This year’s calibre of speakers and participating firms is exceptional, and the agenda reflects many of the issues investors are grappling with right now – from the global macro environment and commodities to Asia, AI and the changing role of family office capital.

“Importantly, there is also a purpose behind bringing the industry together. The funds raised through IN Day support the charities of the Alternative Future Foundation, so the day is not only about sharing investment ideas and building stronger industry connections but using our collective network to create a positive impact.”

Event details:
IN Day 2026
Wednesday, 16 September 2026
The Fullerton Hotel Sydney

The recently launched evergreen vehicle is focused on mid-market hybrid capital and special situations investments, providing investors with access to a corner of the market Alceon believes is underserved: the space between traditional private equity and private credit.

Until now, Alceon has deployed this strategy via the firm’s balance sheet and closed-end investor syndicates. The Partners Fund institutionalises this capability into a single-access defensive-growth product, with investment applications accepted quarterly.

The Fund’s launch coincides with tighter macroeconomic conditions that present a unique opportunity for the Fund’s flexible mandate to provide solution capital that often falls outside typical private credit and private equity mandates.

Alceon is co-investing 10% alongside investors in the Fund (up to $40 million), demonstrating its conviction in the strategy and strong investor alignment. Targeting a net return of 12-15% p.a., including a cash yield of 5% p.a, the Fund will be led by Co-Portfolio Managers and Hybrid Solutions team Managing Directors, Daniel Chersky and Justin Lal.

“We are delighted to provide advisers and investors with a new avenue to access a strategy that we believe offers exposure to the defensive attributes of credit, combined with the growth upside of special situations,” said Mr Chersky, Managing Director, Head of Hybrid Solutions at Alceon. Mr Lal added “The Fund’s uniquely flexible mandate positions it well in the current environment where structuring capability and speed of execution is critical, especially where refinancing pressure and stress are present.” Hybrid Solutions at Alceon is focused on designing and delivering bespoke, flexible capital solutions for companies, real asset owners and specialty lenders. The strategy is industryagnostic and invests across the capital structure from senior-secured loans, hybrid instruments and structured equity – tailored specifically to each situation.

Kellie Wood

Investors should prepare for a more selective fixed income market over the coming quarter, as economic data increasingly takes precedence over central bank guidance and divergence between economies creates new opportunities, according to Schroders head of fixed income, Kellie Wood.

Wood says investors should be less focused on trying to predict the next global rate move and instead look for markets where the economic and policy outlooks are diverging.

“The next quarter is going to be about the data, not what central banks say they are going to do,” said Wood.

“For investors, that means being more selective about where they take duration and credit risk, rather than assuming all bond markets will move in the same direction.”

Wood believes Australian fixed income is well placed as softer inflation gives the RBA greater scope to move towards lower rates, while the US still faces a more uncertain inflation outlook.

“We continue to see a strong case for Australian bonds relative to US Treasuries. For investors, the opportunity is not simply that Australian rates could fall, but that the separation between Australia and the US creates an attractive relative-value opportunity.”

With credit spreads already tight, Wood says investors should focus on the income available from high-quality credit rather than relying on further spread compression to drive returns.

“Credit continues to offer investors attractive income, but we think security selection will become increasingly important.

“We favour high-quality Australian corporate and bank credit, where strong balance sheets and demand provide a solid foundation for returns.”

Wood says the changing market environment means investors need to think beyond whether central banks are cutting or holding rates.

“Investors have spent a long time focusing on the next central bank decision. The more important question now is where the economic data is taking us,” Wood said.

“That creates opportunities for investors who are prepared to look across markets, sectors and the yield curve rather than simply making a broad call on bonds.”

Emanuel Datt

Datt Capital’s chief investment officer, Emanuel Datt, says this ASX reporting season is exposing dispersion at the stock level and that the underlying results have largely matched guidance and haven’t justified the “doom and gloom” narrative running since March.

“But forward guidance for FY27 has turned more conservative, and that’s because of the recent softening in sentiment. So our positioning is becoming a little more conservative. It’s not a good environment or a bad one, it’s really just a rotation towards conservatism,” says Datt.

“Yesterday we saw that CBA’s results have put them in a far better spot than other banks like Westpac. It really demonstrates the dichotomy between performers and non-performers, and how the market is treating it. Westpac was sold off five-odd per cent, CBA is flat. Any underperformance is being punished by investors taking a risk averse approach to equities right now. It reaffirms the importance of fundamental stock picking,” he says.

“The RBA Governor’s recent comments have reinforced caution amongst investors. The Governor didn’t rule out further rate rises. She said inflation could rear its head again. Markets love certainty on the direction of rates, but my read is that rates will probably stay steady, though the option to hike remains if inflation picks up again. That’s feeding into what we’re seeing in equity markets. I don’t think there’ll be a cutting cycle, because inflation is still front and centre for the RBA.”

US exceptionalism is unlikely to disappear in the near term, but the conditions behind its extraordinary outperformance may be shifting

US equities have delivered years of outsized returns, but a narrowing gap is emerging between the case for continued American dominance and the case for a more diversified global approach.

The US retains genuine structural advantages, including its position at the centre of AI innovation, favourable demographics and deep capital markets. But these strengths are increasingly priced in. US equities trade at a historically high valuation premium to global peers, raising the bar for future returns. Compounding this, market gains remain heavily concentrated in a small group of mega-cap technology companies, meaning slower earnings growth, tighter regulation or unexpected disruption at any one of them could have an outsized effect on the broader market.

At the same time, opportunities outside the US are becoming more attractive. Europe’s industrial automation and advanced manufacturing sectors, Japan’s governance reforms and improving returns on equity, and India’s demographic and infrastructure tailwinds are drawing growing investor interest. A more multi-polar geopolitical environment, in which governments are seeking greater independence in critical industries, is also expected to support a broader distribution of investment opportunities across regions and sectors.

US exceptionalism is unlikely to disappear in the near term, but the conditions behind its extraordinary outperformance may be shifting. None of this implies abandoning US equities outright. Rather, it points less to a binary choice between the US and the rest of the world, and more to a broader, balanced opportunity set beyond the market’s recent winners.

Read the full insight.

James Barker

Australian small cap industrials are emerging from one of their most volatile years in recent memory, with Ellerston Capital pointing to a combination of AI infrastructure spending and a deepening national productivity problem as reasons the sector is entering what they describe as “its most attractive set-up in years.”

The Ellerston Australian Emerging Leaders Strategy returned 17.1 per cent net over the June quarter, outpacing the S&P/ASX Small Ordinaries Accumulation Index by 13.8 percentage points and the Small Industrials Index by 8.7 percentage points.

James Barker and Jack Briggs, portfolio managers on the Ellerston Australian Emerging Leaders Strategy, say the quarter marked a turning point not just in performance but in market leadership.

“After a year dominated by resources, Small Industrials beat the Small Ordinaries by 5.1 percentage points in the quarter alone,” Barker says. “That rotation matters because it suggests the market is turning back towards fundamentals rather than commodity price momentum.”

Briggs says the dominant theme running through the strategy’s investment universe is the build out of AI infrastructure and electrification. “Order books at electrical services and data centre contractors are now extending into 2028 and 2029,” he says. “That’s a level of forward visibility these businesses have rarely had.”

Underpinning this thesis is a bleaker macro backdrop. Australia has just recorded its first negative decade of productivity growth on record, averaging -0.2 per cent a year across FY21 to FY25, with FY25 alone down 0.7 per cent. Real income per person has barely moved in six years.

“When output per hour worked is flat, a company can only grow revenue by employing more people,” Barker says. “Costs rise in step with sales, margins compress and growth becomes something a business has to buy rather than something it generates.

“Artificial intelligence is the most credible circuit breaker available and that smaller companies are structurally better placed to capture the benefit than large incumbents.”

Adoption remains early with around 12 per cent of Australian businesses, but Briggs says that should be read as opportunity rather than shortcoming.

“The bulk of the productivity gain has yet to be captured. And because smaller companies don’t carry the legacy systems and restructuring drag that slow larger businesses down, the margin gain from AI adoption falls disproportionately to them,” says Briggs.

Barker adds, “This is a rare case where Australia is not simply a price taker in a global technology cycle. We won’t own the platforms, but we do own the two legs that follow; the build out itself and the productivity gain from adoption. Both are investable and both sit in the same part of the market.”

The strategy holds several companies it regards as direct beneficiaries of the build out, including Southern Cross Electrical Engineering and GenusPlus Group, alongside SKS Technologies and Mayfield Group across its wider coverage universe.

On the adoption side, Briggs points to holdings such as Vista Group as examples of software businesses with proprietary data and embedded workflows that the market, in his view, “wrongly assumes generic AI models can replicate.”

“The companies that convert AI adoption into operating leverage will simply grow faster than the economy around them,” Briggs says. “And almost none of them sit in the ASX 20. This is why the opportunity is difficult to access through index exposure.

“Around 68 per cent of the ASX 200 sits in banks, resources, property, supermarkets and utilities. Which we see the industries of the last boom, while information technology makes up roughly 3 per cent of the index, against about a third of the S&P 500. Neither the infrastructure builders nor the AI adopters we hold sit in the top 20 stocks by market capitalisation.”

The return dispersion has been stark. In FY26, the ASX 200 returned 6.1 per cent and the Small Ordinaries 8.1 per cent, against 28.6 per cent for Australian micro and small caps, ahead of the S&P 500 and in line with the Nasdaq. Large caps, meanwhile, are trading on roughly 21 times forward earnings for around 11 per cent growth, a multiple that is expensive relative to what is on offer further down the market.

The strategy targets Australia’s emerging leaders, which make up about 757 listed companies with market capitalisations between $50 million and $2.5 billion. This segment is both the broadest and least-researched part of the ASX, with many companies carrying little or no broker coverage.

They also point to a long run record of active management adding value in the segment.

Over the past 20 years, top-quartile small-cap managers have delivered approximately 4.7 per cent per annum of alpha and were positive at the one, three, five, 10 and 20-year horizons, a record top-quartile large-cap managers have not matched against the ASX 300 at any horizon.

“That reflects a structural inefficiency that’s best captured through deep fundamental research,” Barker says.

———-

Source: Ellerston Capital, FactSet, June 2026.

Joe Ziller

Global equity investors may need to rethink how they access the world’s fastest-growing industries, with traditional market indices underrepresenting many of the structural growth themes expected to drive the global economy over the coming decade.

Speaking at an investor briefing this week, Joe Ziller, Founder and Chief Investment Officer of Ziller Funds Management, said investors risk relying too heavily on backward-looking market benchmarks at a time when artificial intelligence, private capital and founder-led innovation are reshaping the composition of global equity markets.

“Investors have traditionally looked to listed markets to identify tomorrow’s winners,” Mr Ziller said.

“Increasingly, many of tomorrow’s most important businesses are reaching enormous scale before they ever list. That has significant implications for how investors think about long-term portfolio construction.”

At the briefing, Ziller highlighted analysis showing that structural growth themes—including artificial intelligence, digital infrastructure, fintech, cybersecurity and space technology—are expected to account for around 56 per cent of global GDP growth over the next decade, despite representing only around 32 per cent of today’s global equity index.

Mr Ziller said the gap reflected a broader structural shift in how globally significant businesses are now being created and scaled.

“The economics of company building are changing,” he said.

“For decades, founders were constrained by access to capital, the need for significant physical infrastructure and the challenge of scaling large workforces. Those barriers are falling simultaneously.”

He said the growth of deep private capital markets was allowing businesses to remain private for longer, while software-based business models required substantially less capital than previous generations of industrial companies.

At the same time, advances in artificial intelligence were enabling businesses to generate significantly greater output with fewer employees. Ziller also noted that AI-native companies are generating around US$3.5 million in revenue per employee—approximately six times that of traditional software businesses^[1].

“The result is that exceptional founders can build globally significant businesses faster than at any point in history,” Mr Ziller said.

“That means investors need to think not only about today’s market leaders, but about the businesses likely to shape markets over the next decade.”

Mr Ziller said founder-led companies had historically delivered strong long-term investment outcomes, with Ziller’s research showing founder-led businesses had outperformed broader global equity markets by around 3.3 per cent per annum over the past 20 years^[2].

“Historically, founder-led investing has been associated with entrepreneurial culture, long-term thinking and strong capital allocation,” he said.

“What’s changing is that many of the businesses driving the world’s most important structural growth themes continue to be founder-led, and their influence on global equity markets is increasing.”

Mr Ziller said this placed greater importance on understanding the quality of founders, business economics and long-term capital allocation rather than simply following benchmark indices.

“Taking an active view in this share of the market has never been more important,” he said.

———-

Notes:
[1] AI Is Quietly Reshaping What It Means To Scale A Company,” Forbes Business Council, councils.forbes.com, accessed August 2026
[2] Past performance is not a reliable indicator of future performance.

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Joe Ziller

Global equity investors may need to rethink how they access the world’s fastest-growing industries, with traditional market indices underrepresenting many of the structural growth themes expected to drive the global economy over the coming decade.

Speaking at an investor briefing this week, Joe Ziller, Founder and Chief Investment Officer of Ziller Funds Management, said investors risk relying too heavily on backward-looking market benchmarks at a time when artificial intelligence, private capital and founder-led innovation are reshaping the composition of global equity markets.

“Investors have traditionally looked to listed markets to identify tomorrow’s winners,” Mr Ziller said.

“Increasingly, many of tomorrow’s most important businesses are reaching enormous scale before they ever list. That has significant implications for how investors think about long-term portfolio construction.”

At the briefing, Ziller highlighted analysis showing that structural growth themes—including artificial intelligence, digital infrastructure, fintech, cybersecurity and space technology—are expected to account for around 56 per cent of global GDP growth over the next decade, despite representing only around 32 per cent of today’s global equity index.

Mr Ziller said the gap reflected a broader structural shift in how globally significant businesses are now being created and scaled.

“The economics of company building are changing,” he said.

“For decades, founders were constrained by access to capital, the need for significant physical infrastructure and the challenge of scaling large workforces. Those barriers are falling simultaneously.”

He said the growth of deep private capital markets was allowing businesses to remain private for longer, while software-based business models required substantially less capital than previous generations of industrial companies.

At the same time, advances in artificial intelligence were enabling businesses to generate significantly greater output with fewer employees. Ziller also noted that AI-native companies are generating around US$3.5 million in revenue per employee—approximately six times that of traditional software businesses^[1].

“The result is that exceptional founders can build globally significant businesses faster than at any point in history,” Mr Ziller said.

“That means investors need to think not only about today’s market leaders, but about the businesses likely to shape markets over the next decade.”

Mr Ziller said founder-led companies had historically delivered strong long-term investment outcomes, with Ziller’s research showing founder-led businesses had outperformed broader global equity markets by around 3.3 per cent per annum over the past 20 years^[2].

“Historically, founder-led investing has been associated with entrepreneurial culture, long-term thinking and strong capital allocation,” he said.

“What’s changing is that many of the businesses driving the world’s most important structural growth themes continue to be founder-led, and their influence on global equity markets is increasing.”

Mr Ziller said this placed greater importance on understanding the quality of founders, business economics and long-term capital allocation rather than simply following benchmark indices.

“Taking an active view in this share of the market has never been more important,” he said.

———-

Notes:
[1] AI Is Quietly Reshaping What It Means To Scale A Company,” Forbes Business Council, councils.forbes.com, accessed August 2026
[2] Past performance is not a reliable indicator of future performance.

The post Global equity investors may be underexposed to tomorrow’s growth appeared first on AdviserVoice.

Emanuel Datt

Investment in energy has failed to keep pace with demand for more than a decade and the fallout won’t be a short-lived price spike, but a compounding structural deficit that is forcing investors to rethink their energy exposure today.

“This is a structural deficit, not a cyclical one,” says Emanuel Datt, CIO of Datt Capital. “Oil and gas fields are depleting assets by nature. Every producing field loses output year after year without continuous reinvestment and for more than a decade, the capital required just to hold global production steady has been falling short.

“Years of ESG driven divestment, political pressure and regulatory challenges have starved traditional producers of the capital needed to keep pace with demand, widening the gap between what’s required to sustain supply and what’s actually being spent. The crisis is not a lack of money to find new oil. It is a severe lack of investment to maintain existing production infrastructure.”

Global markets have long relied on spare capacity held by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) and the strategic reserves of countries such as United States, Japan and South Korea to absorb shocks.

“That cushion has worn dangerously thin. Strategic reserves have been drawn down toward floor levels in several countries, while OPEC+ spare capacity has shrunk as member nations struggle to hit their own production targets. This undersupply in energy investment has amplified the risk of more shocks. There is less of a buffer to account for the large supply disruptions, and the closure of the Strait of Hormuz from March 2026 laid that dynamic bare.

“Governments across the developed world discouraged fossil fuel investment before renewables matured enough to fill the gap, leaving a global energy system with less redundancy, less spare capacity and less investment than current demand requires, let alone future growth. Electrification tied to artificial intelligence (AI) infrastructure and broader technology adoption is only adding to the strain.”

In Australia, domestic gas prices are effectively set by liquefied natural gas (LNG) netback pricing to Asia. “Our local electricity costs are likely to stay firm regardless of near-term moves in international prices, compounded by government reluctance to approve new oil and gas developments at precisely the wrong moment,” says Datt.

He also highlights the widening gap between paper markets and physical supply conditions. Futures and algorithmic trading react instantly to headlines, from Washington, from OPEC, from the Middle East, producing volatility that often has little to do with actual supply and demand.

“For investors with a long time horizon and the stomach for short-term swings, that disconnect is an opening. When paper-market selling pushes prices below what physical fundamentals justify, patient capital can buy in at a discount to intrinsic value. Investors can panic and sell based on short-term headlines, whereas seasoned contrarians who are prepared to bear the volatility are able to purchase assets that will structurally benefit in the near term,” notes Datt.

Oil prices spiked sharply through March and April 2026 before pulling back just as sharply, even as the physical supply picture barely moved. Meanwhile the Japan Korea Marker (JKM), the LNG benchmark for East Asia, is tipped to rise materially as the northern hemisphere restocking season approaches, with gas storage across Europe and Asia still running well below seasonal averages.

Australia’s geology, energy infrastructure and engineering capability give it a competitive position that only strengthens as global supply constraints tighten.

Datt draws a parallel with the 1970s, an era of energy shocks, geopolitical discord and stagflation, when energy was one of only two sectors to deliver real returns above inflation. The mechanism, he says, is the same today: physical scarcity, sovereign debt pressure and currency debasement are pushing capital toward tangible, real-world assets.

Datt says, “We view energy as the ultimate safe haven. Capital historically rushes into tangible, irreplaceable real-world assets when fiat systems face structural crises. Nothing runs the physical world like energy.”

Rather than chasing speculative explorers, Datt Capital’s approach favours established producers with strong balance sheets capable of sustaining dividends through volatility.

“We are seeing opportunities in midstream energy, with current positions in New Hope Corporation, Yancoal and Whitehaven Coal. We believe seaborne thermal coal prices will climb materially in the second half of FY2027 as LNG shortages, driven by Qatar’s reduced market access, push European and Asian buyers to compete for scarce supply, with thermal coal stepping in as the substitution fuel of choice.

“We are also looking at upstream oil and gas, where the focus is on companies with high operating leverage, disciplined capital allocation and a track record of returning cash via dividends and buybacks. Over the past decade, Australia’s five largest energy producers have shown that rising energy prices flow almost directly to the bottom line, given the fixed-cost nature of established production infrastructure.

“Ancillary services and equipment providers, by contrast, are seen as less compelling given the commoditised nature of that work and its lower scarcity value relative to upstream and midstream assets.”

Sebastian Mullins

The July tech sell off is a sign of crowded positioning and not a broken AI investment case, says Sebastian Mullins, head of multi asset and fixed income at Schroders.

“The speed of the sell-off reflected just how stretched positioning had become in technology stocks rather than a collapse in the underlying investment case for AI,” said Mullins.

“Markets had become heavily concentrated around a handful of AI beneficiaries. Once sentiment shifted, leveraged positions quickly unwound, amplifying the move lower.”

While semiconductor stocks and AI-linked markets fell during July, earnings season reinforced the strength of the sector, with Microsoft, Amazon and Apple posting strong results and boosting capex plans.

“When the chips were down, the hyperscalers didn’t fold,” said Mullins.

“The long-term structural growth story remains intact.”

Mullins said the macro backdrop still points to resilient growth, not recession.

“While markets have become more volatile, we’re not seeing the conditions typically associated with an economic downturn,” he said.

“Consumer spending remains healthy, earnings continue to surprise on the upside, inflation is easing and our recession indicators remain benign.”

Risks persist, including central bank policy uncertainty, higher oil prices and ongoing tensions in the Middle East, but Mullins says this is unlikely to derail the broader investment outlook.

“There are still reasons to be cautious, particularly around policy uncertainty and the eventual pace of AI investment,” he said.

“However, the recent correction has also removed some of the excesses that had built up in markets, creating a healthier backdrop for investors. Periods like this often create opportunities for long-term investors willing to look through short-term market noise.”

“Our view remains that economic growth is holding up. Inflation is gradually moderating and earnings momentum continues to improve. That combination continues to support risk assets over the medium term. While volatility is likely to persist, we believe investors should stay focused on the long-term outlook rather than reacting to short-term swings.”