Okay. Hello, everybody.

Welcome to the interim results for Impax Asset Management Group plc for the six months to March 31st of March 2026. You've been to or attended one of these events before, you'll remember the agenda, which is basically a an overview, highlights, and business update, and then Karen will give the financial update before I I round off.

There won't be any presentation of appendices. I think just in summary, fair to say that the world of asset management is changing and changing quite rapidly.

There is definitely a move to very large firms with a trillion dollars or more under management at one end, but also if you like a a splitting or or bifurcation of the market in which boutiques are of increasing interest to the major asset owners of the world if they bring if those boutiques bring something that's different, that's specialist, and that can offer products and services that are not easy to find elsewhere. In that context, Impax finds itself in a very strong position with a medium- to long-term outlook because we are really the global leader in this area of what we would call the transition to a more sustainable economy.

We do use the word sustainability as a short hand, but essentially this is the idea that the the world is moving inexorably towards the need for more resource efficiency, for less pollution, for smarter materials, and those factors and similar factors are producing opportunities to make money because frankly they're quite complicated, they require detailed understanding of technology change and regulatory change, and it's those areas that provide us as a specialist investment group with an opportunity to uncover hidden gems, if you like, both in equities and in fixed income. In addition, what we can do with our client relationships is expand beyond just the pursuit of great risk-adjusted returns and offer them information around where policy is heading, where difficult and and complex scientific debates like extreme weather projections are are going, and also compare and contrast for them what's going on in different parts of the world in these topics.

This is where Impax Asset Management sits in the the global asset management universe, which I hope you've now understood or probably knew already, is a a very strong resonance, or has a very strong resonance with where the whole of the asset management sector is going. The additional point which on this slide is that we've very deliberately set up our business to be scalable.

We focused on areas of the market that have a very lot or have high degree of liquidity. We've positioned our products to be able to generate outperformance relative to global benchmarks over the medium to long term in those areas, and we've set up our our business model to be scalable should underpin the the delivery of growth over that time frame.

Moving to the period that we're just reporting, clearly, as a public a publicly listed company, then we have various obligations to report data and give outlooks. Of course, there is a bit of a constraint around the the rest of this presentation.

Essentially, just summarizing what our our key messages are as set out on this page, we do think that the fundamentals around this transition to a more sustainable economy are strengthening. That's illustrated quite nicely with the concerns around energy security, particularly heightened by the Iran situation, which in May 2026 is is a major topic.

There's also real interest and and concern around where weather patterns are going, the opportunity to cope with new types of of threats, and business growth in the the food sector, water supply, etc., etc. Very pleased to be able to report that our investment performance is has turned the corner.

The end of April this year for a calendar year-to-date perspective, 70% of our assets under management have beaten their benchmarks, which is quite a significant improvement on what's happened over the last two or three years when, frankly, the AI-dominated revolution has really skewed markets, and as I'm sure you all appreciate, active managers like ourselves have struggled to keep up with those generic benchmarks. Notwithstanding the improved investment performance, then the flows in and out of our funds and products have yet to turn positive.

This is not unusual in the context of a period in which investment performance is moving from from relatively poor compared to generic benchmarks to relatively good or stronger. We can't yet forecast when the flows are going to turn around, but the lag effect, if you like, is is quite common.

In that context, we are focusing very much on positioning the business for the recovery. Diversifying and and launching new products, building out our client partnerships, working very assiduously on cost reduction and efficiency, and of course making sure that our clients and everyone else realize that our balance sheet remains very strong, and that the the largest investor group is actually management owning 18% of the business.

On the next slide, Karen going to take you through the numbers, I think it's probably good idea to for me to move on from this. If you want to refer to those later, please do so.

Karen will cover them in a bit more detail. Next slide.

This is then now follows a set of slides that, if you've followed us for a while, you will have seen before. We're trying to provide continuity.

The green bar in the middle is the assets under management that we reported at the start of our financial year, which is the 1st of October 2025. Everything to the right of that green bar to the blue bar is what's happened during the reporting period, and to the left of the green bar is the the previous six months.

As you can see from comparing the height of the bars, yellow, green, and blue, we were able to grow very slightly assets under management in the previous six months, but they've dropped in this six months. Flows on a net basis negative in both both periods, and then market movement in the period we're reporting was was substantially lower than it was pre-September or October the 1st, 2025.

Next slide. Couple of slides coming out which look quite busy, but essentially the first of those two slides here is listed equities, how has our performance been, and the next one is going to be fixed income.

This is the listed equity slide. We're looking at, or showing you, four of our largest, or the four largest strategies or funds that we run in listed equities.

Water, Leaders, Specialists, Global Opportunities. Those certainly in the case of three of them are Impax jargon, but essentially Leaders and Specialists are thematic funds, whereas Global Opportunities is best seen as as a core equity fund with a a moderate thematic tilt.

Each of the pairs of bars, blue and and orange, are in the case of blue, the performance in the calendar years to date of our funds or strategies, and in the case of orange, the benchmark. If you take Leaders, for example, in the top right, you can see in the the highlighted box, which is calendar year-to-date, that the blue bar is bigger than the orange bar, we've been outperforming the the benchmark, whereas in the previous four years, we were underperforming the benchmark.

That's the same story for Water and Specialists, so that's illustrating the point that I was making before, that we've we've now been able to return to investment outperformance in significant percentage, 70% of our assets under management. By contrast, Global Opportunities hasn't quite kept up with the benchmark, so that is the one which is behind calendar year-to-date.

Next slide. Feel like I'm a bit of a schoolteacher, but I hope you'll bear with me as I try to explain these complicated slides.

Anyway, this is fixed income and same format. Our four largest fixed income strategies, and it's exactly the same arrangement.

If you look at the the red boxes, then you can see that calendar year-to-date, moderate, but but still measurable outperformance compared to benchmarks. Actually in the previous four years, generally speaking, these strategies have, more often than not, outperformed their benchmarks, which of course means that the track record from a a communication perspective, when we talk to prospective investors, is is stronger.

Although these funds under management are still relatively modest, that's quite a powerful story to tell. I'll come back to that in a moment.

Next slide. The breakdown of our assets under management and revenue by various criteria are shown here.

On the left, again, blue bar is what we were reporting at the end of of March this year compared to to the period 12 months earlier. I think the key key points, without getting lost in the detail, are: on the left, Active Thematic Equities, which would be that Leaders, Specialists, Water, and a couple of other strategies from two slides ago, is still nearly three-quarters of sorry, two-thirds of the assets under management.

Noticeably, or notably, then Systematic Equities and Fixed Income are larger percentages. If you add those two together with Private Markets, I think we're we're we like we like to to note or draw your attention to the fact that nearly a quarter of the assets under management are outside listed equities.

The objective is to to grow those. By region in the middle, not much change, but notably we have North America is over a third of our client base and the EMEA region, outside the UK, as the majority.

Revenue by product type, probably the thing to point to there is the BNP Paribas mutual funds, which are around a quarter of our revenue, and they've been our largest external shareholder, if you like, for nearly 20 years, actually, and and remain our, if you like, most important client from a revenue perspective. Next slide.

Just focusing in on where we are in May 2026, I think it's just important to look at what's going on in energy markets, in the AI revolution or the trends for AI, in wider environmental factors. These news snippets essentially point to the what I was saying at the start, which is that energy security and and clean energy issues are really very prominent at the moment, and prospects for many of the companies in this space have have improved quite considerably.

Meanwhile, the AI stocks are not dominant in markets in the way that they've been in the last couple of years, and that means that areas of the market that are not in the AI space have had an opportunity to to bounce back on a relative basis. Then there's plenty of evidence that the the risks around extreme weather and other environmental factors is starting to to really impact on corporate decisions and investor risk about long-term prospects for for earnings in some areas.

Next slide. In that context, we do believe that with our thematic tilt, our or our investment thesis, that we've got a quite a strong position.

The chart here on the left shows the breakdown of our one of our leader strateg[ies?] , by subsector.

This is a a definition that we've we've created over 20 years ago. Hopefully you can see from a qualitative perspective that that broadly speaking these areas are well, let me start again.

The bar charts show that that there's broad spread of exposure that this strategy offers to energy efficiency, digital infrastructure, resource efficiency, and several other groups, or sectors. On the right you can see the mapping of the energy security and AI infrastructure build-out to those subsectors, illustrating that this leader strategy does have broad exposure to these pretty prominent themes.

Next slide. A couple of slides now just showing how the net flows broke down.

Remember the the number from the the bar chart stack from five or six slides ago. This is the the breakdown of of how that's changed both by by distribution channel.

Again, the blue bars are the the period that we've just reported on, and the orange bars are 12 months previously. Anything to the left of the line is negative, and, of course, on this chart we don't have anything to the right of the line, which would be positive.

The outflows basically are are where the bars are longest. I think the the positive point from this slide is that with BNP Paribas, the outflows have been materially less negative.

Not out of the woods yet, but there is a there's a a set of indicators which we think over time will lead to better results from a flows perspective from our wholesale channels, including this one. The next slide is just rounding off the channel breakdown.

The left, the distributors from the the rest of the EMEA region, on the right, the Asia Pacific region. Next slide.

Then the next one, please. Our strategy really breaks down into six components.

Reading across the top, we are looking to organically grow our listed equities offerings, and then build scale in both fixed income and private equity. Then on the bottom, we already have a nicely diversified global distribution network, but there's still some work to do to expand and deepen those.

That will include, in the middle on the bottom, our work with client partnerships and brand differentiation, which, as I was saying right at the start, is a is a big opportunity as many of our competitors drop away from this area, given the the relative underperformance of the whole space. Then, of course, we are committed to running an efficient, agile, and scalable operating model.

A little bit more color on those six factors over three charts. First of which is this one.

Going from left, in listed equities, then we are further enhancing our investment process, team structure, and launching some new products, including our first ETF product in the United States, which will probably be the first of several. In fixed income, we've now integrated the Sky Harbor and Absalon brat teams and client groups into a cohesive and cohesive investment team with a strong connection to our Sustainability Centre, which does provide for quite a differentiated offering for the market where that fixed income sustainability link is not very well provided for by by competitors.

Then in private markets, ongoing progress with the commitment and exit of our third and fourth funds, and then a plan to to raise additional capital. Next slide, please.

Our client work continues to to build. This idea of a specialist manager in the transition to a more sustainable economy is increasingly differentiated and and popular, supported by the work of our Sustainability Centre around thought leadership.

We are extending our work to build relationships with major institutional asset owners. We've we've hired a senior executive with a very strong background in that area who joined us in January, and we are working with several new potential partners on co-developing investment solutions.

Meanwhile, as I've just mentioned, many of the larger branded asset managers are pulling out of this space because they are unable to justify continuing to market the funds that have got weak historical, let's say, two-, three-year track records against generic indices, even though in many cases they've they've also seen a turnaround in performance. Then the third slide in the series is this one.

Our our operating model really depends, of course, in part on our talent, and with a a brand in this area, we are continuing to find that we're a very attractive target for external talent. We've also got a very high staff retention rate and a very good track record in in succession planning, which has been implemented in context of a number of senior individuals retiring in the last couple of years.

Then efficiency and technology. We have, as we've seen a reduction in the assets under management, we've had a couple of rounds of reducing the number of people who worked at Impax.

If you can see the footnote, we ended the period at 269 individuals, down from a peak of about 315, and there will be another 30 redundancies, most of which are already announced, in the second half of our financial year. That's underway at the moment.

We've made those adjustments with a very explicit focus on not reducing our capabilities or growth potential. As I said at the start, there is a a very strong focus on efficiency, and with the adoption of technology, including AI AI, then we do believe that we can we can contribute to margin preservation through through that initiative as well.

I'm now handing over to Karen, I think.

Thank you, Ian, and good afternoon, all. I would like to take you through the financials in some more detail.

To start with, sort of saying that for those that are following sort of guidance closely, there's no surprises relative to the recent market updates that we have had. As Ian has articulated, that challenging environment for net flows has continued, and with that backdrop, the results that are simply summarized in revenue headwinds countered by our continued cost discipline, what's supported by a strong balance sheet.

Just running through the numbers very quickly, underlying operating profit for the first six months of £11.3 corresponding asset £7.4. The reduced AUM has seen revenue decline to £58.8 from a half one in '25, and with costs continuing to reduce to £47.5 million, which is more than £8 million below where we were this time last year.

That's as our efficiency programs continue to deliver, and as Ian has pointed out, without compromising our capability for growth. Finally, reflecting confidence in our cash position, the board has announced an interim dividend of 2 pence per share.

Unpacking that in a little more detail, on the next slide we talk about revenue. Really looking at the group revenue in half one, that £58.8 compared to £65.4 in previous six months.

Now, given on page six on the bar chart that Ian had walked across, there was £3.8 million billion of net outflow, and that has resulted in the largest impact, really, negative impact on that profit or the revenue that we have there. The improving performance that we have articulated, that's helping, uplifting the revenue line by that 2.8, and then it's pegged back just slightly by just some timing on our private equity fees to come in the second half.

To the right-hand side, you can see the average fee margin, a very key measure for the business, has held up well over 12-month period, slightly below where we were at half two, and that was really just because there was some favorable mix benefit in that period. Now, normally in these charts, we do show sort of run rates, but we haven't done that this year really for a few reasons.

The first really was that March point actually we report the AUM at that

Oh no, hang on. Can you hear me now?

Okay. I had just nudged it slightly.

Will I pick up again there just from the fee margin? Okay.

Yeah. I was just saying that the fee margin had held up well, at that 47, above 37 47 basis points, but was pegged back slightly from the September year-end position, which had benefited from just favorable mix.

Going to check you can still hear me? Yes.

Thanks, Ian. Now what I was saying was that we normally do talk about the run rates at the end of this period, but we have not included them just now for really two reasons in that there is sort of a bit of distortion perhaps in the run rates for the end of March.

Two reasons for that. One was really that the 31st of March, that last week of March, markets just really dipped and then recovered very quickly when we went into April, it would be somewhat misleading.

Most importantly for me is that the run rate would have included the impact, the IEM plc, which we know that we've had that tender, it has been announced in the market that just about £740 million has tendered. Now, we are working very hard in the background to redirect as much of that as we possibly can into the same strategy that we have for that fund, the run rates in themselves would just be a bit misleading.

In terms of where we think the revenue will outturn for the year, taking account of IEM, that is still factored into the range that we quoted to the market back in April of revenue outturn for the full year of a 100 between £109 and £113 million, we remain committed to that. Across the course of the year, we can expect the operating fee margin to remain in the region 47 to 48 basis points.

In terms of 2027, we normally try and give some guidance, whilst we see the performance improving, whilst we do see a bit of stabilization in the level of net outflow, we're in net outflow all the same, and we're being incredibly cautious about calling when we see that net outflow turn into positive flow. We're going to just update on that as the year progresses when we speak to the market.

Then looking, if I could move on to the next slide, in terms of looking at an area of cost where we continue to make meaningful progress with the cost completing the period at £47.5 million, and looking back across that bridge that we have there. We're active across all areas of the cost base.

We were able to remove about just over £1 million from really being very disciplined looking at fund expenses, fund subsidies, etc. The largest part of the cost saving, both in fixed and variable, come from staff costs, and that correlates from the numbers Ian mentioned earlier of the headcount reducing 9%, a further 9% from 296 to the end of the period at 269.

That sort of drives those very favorable improvement in the run rate on the cost, and we will see further savings in half two. As Ian has mentioned, we had the 30 headcount that we will reduce, as Ian says, has already been announced, and will leave the business across the second half of the year.

Combined with the changes made last year, it's over 70 heads that have been on a gross basis have been removed from the business, so that is quite significant, and we have been very disciplined in our approach to costs. We will see that full program complete over the course of the 12 12 months, and we retain guidance for 2026.

We're saying in the region of about £95 million, just below £95 million is where we think that will outturn. In terms of bringing that together in the operating margin of 19.2, just slightly down, but given the impact of the IEM plc, we will see a squeeze on that operating margin in the second half, and for the full year, it will be in the mid-teens.

A key message that I do have to give, because we have been so disciplined in cost space, we have retained our ability to grow, that cost base is so well-positioned for margin recovery when revenue stabilizes. If I could then move on to just talk very quickly about the balance sheet.

The cash finished at its low point. It's always low point at the half year, because looking back over the last six months, in terms of the cash decreased from operations, that's when we pay the 12-month bonus from the prior year.

The dividends, we pay the full-year dividend in March, and then, of course, we've finished our first ever share buyback in December, with a line of £10 million with the bulk of that, majority of that, taking place in the first half of our financial year. Whilst that is our lowest point for the year, we do expect that to grow over the course of the next six months back closer towards that opening position.

With that strong cash position and forecast, and just to remind that this time last year we signaled that the board had rebased dividend to a more sustainable level, and with that in mind, taking into account the lower earnings, we are announcing 2 pence interim dividend for the period. Now, that remains in line with our policy of 55% of adjusted profit after tax.

Really what that has done has really put the dividend on a footing that is fully covered, that it's a through-the-cycle position, and of course with room to increase as earnings recover. Then on the last page, that we continue to manage a very strong, debt-free balance sheet with shareholder equity of £106 million, sitting alongside that unchanged capital requirement, maintaining that healthy surplus.

In terms of seed, currently sat at £16.8 million, that's sort of a big part of our balance sheet and how we invest for the future. As part of our cost efficiency program, we have been able to identify just some low-potential funds that we had seeded in the past, we expect to see those merged, closed over the coming months, and that seed returning, just improving the quality of the capital.

In terms of our capital allocation priorities, they really haven't changed. In short, the key message from me really is we have a strong, liquid, debt-free balance sheet that really just gives flexibility to keep managing that dividend, to continue to invest in the strategy, the growth, and the diversification of the business.

I think, most importantly, it enables us to act from a position of strength during challenging times. With that, I'll hand back to Ian.

Just one slide to close. There we go.

I think just recapping on what I said at the start, there's a massive opportunity for Impax in this bifurcated asset management market. There's very little in the way of institutional-quality, sustainability-focused asset management service, and therefore we've got a real calling card with current clients and prospects all over the globe.

The business is still skewed in terms of assets under management and revenue to listed equities, and we have been trying to diversify that over the last five years with the two fixed income acquisitions and further investment in private markets. There's still some work to be done to diversify the business.

Meanwhile, the switch from a very narrow equity market to much broader market has been very helpful for us, hence the strongly improved performance calendar year-to-date. That, however, in terms of four months, is not enough to persuade clients that the areas that we're investing in have recovered strongly, and so a lot of prospective clients still sitting on the sidelines, and therefore we still have a net outflows position.

The exit tender from IEM plc, as Karen's mentioned, will or has kicked in in the last few days, so that will be an initial exit of about £740 million, to be offset over the next few months with hopefully a material switch of that money coming back into our UCITS vehicle. In the medium term, we are really doubling down on our marketing and outreach, more client partnership-type structures and new products.

Then, of course, as we've been saying, we've got a very ruthless focus with the board on both cost management, but also talent retention, and are very pleased to continue to report a strong balance sheet and financial health. I'm going to pause there, and Karen and I are very happy to take any questions.

The first objective with this ETF project is defense, actually, or defense, as Americans would say, which is that the mutual fund market in the US has some quite specific tax disadvantages, I won't go into the details, and therefore there is an opportunity to ensure that our mutual fund clients stay with us by offering them a more tax-efficient ETF. The first ETF we've launched is actually a conversion of one of the sub-funds within the mutual fund range into an ETF, and there's another 9 or 10 of those that could potentially be switched.

That's the focus at the moment. Once we've done that, in fact we're starting to see that to some small degree already, then the package of those funds will be much more appealing to new investors.

That's the project at the moment. That'll keep us busy for the next two to three years or so in that area.

I'll go for it. Okay.

I think, look, at this stage, we've not had the AI revolution in the business yet that's removing costs, but we're very active in our AI program. Really it has been a function really of small technology packages, new payroll systems, a new onboarding system for client group.

Really has been that. The business, from somebody fairly new to the business, got a very neat operating model, it is looked after its data incredibly well, and I'm actually quite excited about the opportunity that we will have from AI yet to be explored.

Just to add to that, we do have across the investment teams in listed securities a number of technology platforms that are not only making the research and trading processes smoother, but also reducing operational risk. Then in the sales and marketing area, there's a new package around the sales lead monitoring, which is proving to be very, very helpful.

I think in two senses, the first of those is just around the number of clients that we've got. As we've dropped down to that £22 billion or so,

24. Sorry.

£22 billion or so, then we've lost a number of clients, therefore there's a need for fewer people who are doing client-facing work. Then the other area, we've actually reduced the number of investment strategies and made some adjustments in our teams to make the whole process more efficient.

It's taken us about 15 months to both plan for that and execute, we've definitely been very thoughtful about each individual step. Yes, time will tell how quickly we'll be adding back as the recovery kicks in.

We've close oversight by the board, then we're very happy with the efficiency and effectiveness of that adjustment.

If you look mathematically at the liquidity of the underlying equity strategies that we are running, then it's well north of £50 billion compared to just shy of £20 billion today. In the fixed income strategies, at the moment we have a relatively small investment-grade offering, but that, of course, has enormous capacity.

In high yield, it's probably more like £10 to £15 billion, and then in private markets, we're in the sort of £1 to £5 billion. If you add all that together, then comfortably north of, say, £70, £80 billion, and potentially over £100 billion, in theory.

Look, I think it's really important to stress that we are a organization that's trying to generate attractive risk-adjusted returns, financial returns for clients, rather than fulfill any sort of ethical or political objectives around saving the planet or anything along those lines. In that context, because of our thematic tilt towards the sort of sectors that I was referring to earlier, then our efforts are really looking at growth of new markets, the risk around how companies will behave and thrive or otherwise in those markets, and that's the core of the service.

Now, I think the question implies that there's a broader pressure on corporates in all sorts of sectors or has been a pressure to provide reporting across a range of environmental and social and, to some degree, governance elements, for example, the CSRD Directive from the European Union. That reporting of requirements remains in place, however, it's quite likely that with the rise of populist governments, there will be a watering down of those requirements over time, or continued watering down of those requirements.

As you can imagine, many of Impax's clients are very keen to see high-quality reporting in those areas, and we have a Sustainability Centre of 17 people, which is really focused in part on making sure that we're fulfilling those expectations. Over time, I think the growth of the firm is going to come from being able to successfully demonstrate that we've got a great investment idea rather than in our strength or competitive advantage in reporting.

Yep.

Maybe that's one for me, actually.

I think so, more on the investment side, yeah. Okay.

I think the answer is at the moment it's bottom-up and very much dependent on individual initiatives and enthusiasm, which is strongly encouraged, as opposed to being coordinated centrally top-down. We have had about 12 months of experimentation around bottom-up initiatives, and we're now putting in place for the next phase more of a top-down structure.

As I'm sure as everybody appreciates, it's a fast-changing landscape, and we're trying not to be too prescriptive. Work in progress, I would say, but some quite interesting efficiency progress already achieved, particularly, for example, around researching new sectors or even to some degree new stocks more rapidly than we were hitherto able to do.

A

Yes, I think we are very pleased with the success of the three acquisitions so far, and that's given us confidence to think about doing more of that in the future. However, there's, I think, from our experience and how the rest of the market sees M&A, one needs to be measured and incredibly selective about the targets and the pace of M&A growth.

I think the objective remains to look for attractive acquisition targets, probably not too big because we don't want indigestion or a threat to our culture. We're not in a hurry, but the market does have quite a lot of distressed players out there who have been suffering from the same sort of Mag 7-dominated investment issues that we've just reported.

If we were to go back to the slide with the fixed income products, you would see there we have high yield in particular, and then small exposure to emerging markets, corporate debt, and investment-grade debt. At the moment we're just in those three areas.

We don't have a plan to expand, and I would have to agree that at the moment with very tight spreads, the opportunity for alpha generation is quite limited. That does appear to be a particular point in the market, we're being patient and trying to make sure that we've got outreach to prospective clients so they know what we do, such that when spreads start to improve, that we're well-placed to bring in some more clients, more money.

I think the best way of looking at this is that the tender has produced £740 million of exits, leaving just over £200 million remaining in the trust for us to carry on managing until further notice. That £740 million is particularly held by UK-based private wealth managers with whom we've got relationships.

I think that's the core point is that in that pool of capital, we've got very good connection to decision-makers. What we're offering, essentially, is a financially attractive switch or reinvestment of those moneys into our Irish UCITS vehicle, which has got the same underlying portfolio, to all intents and purposes.

We were not able, for a variety of reasons, to have a sort of tick-the-box switch, the money has come out first and therefore needs to be reinvested, and therefore it's almost certainly going to take one or two months to know how much money moves across. At the moment, I'm afraid I can't give a steer, because frankly don't know how much is likely to move across.

What I can say is that this trust has been around for nearly 25 years. It had a and still it does actually have a pretty liquid share base, and therefore anyone who wanted to get out has had an opportunity to get out.

There's been strong buybacks in recent years, and therefore I think it's reasonable to assume that high percentage of that money would like to remain in the underlying strategy, which crucially is not available for anyone else. This is a unique investment product, and we're offering an attractive route to give the clients of that trust access to that investment idea through the UCITS fund.

That's very much our intention. We Impax Asset Management are the manager of the UCITS fund, just to clarify if that needs to be clarified,

we are expecting that fund to grow with the switch, and therefore are very much committed to high-quality investor relations. I will double-check after this meeting that we've got a detailed plan to do that, and if anybody's dissatisfied with the client service that they see going forward, please drop me a line, and I'd be very happy to address any concerns anyone has.

I think it's fair to say that we have been encouraged by the trend of earnings expectations in both the energy security-related areas and in the, if you like, derivative parts of the AI space, for example, power generation or water supply. I think it's fair to say that across the fund management team, that we have been increasing in those areas, but it's very much on a stock-by-stock basis because business models, of course, vary considerably, and there is a lot of hype and overvaluation, in our view, in many parts of the AI space in particular.

I think fusion sadly is pre-earnings and almost certainly pre-revenue to any significant degree. Because we don't invest in really early-stage businesses, and also if you look at, say, a company like Rolls-Royce, which is pioneering the small modular reactor market with a number of international players, then SMR is a tiny part of their business.

The SMR, small modular reactor, trend, which is likely to produce some real assets in the ground in 10 to 20 years from now, is not really a driver of stock prices. Very interested in fusion from a sort of theoretical perspective, but it's not really a feature of our investment work at the moment.

We're definitely open to commercially attractive ideas to launch more ETFs, and that would definitely be part of our considerations as we expand the ETF thinking outside that US mutual fund range I referred to before. Nothing concrete to signal at the moment.

In terms of Europe, then we certainly wouldn't rule it out, and I do notice as I'm sure you've all appreciated, that a number of other managers are launching European ETFs. At the moment, there's no material tax advantage that I'm aware of for European ETFs in the way that there is a tax advantage for US ETFs, or investors in US ETFs.

Given our relatively modest resources for this particular type of work, then we're at the moment just focused on the US for this part of business development.

Let me start. I'm sure Karen will add her own.

I think the reason for emphasizing this turnaround in investment performance is that what we've found over many, many years, as our peers and fellow travelers in this space also find, is that if investment performance is good, then the flows follow. The investment performance and risk the fund managers are taking is, for me, the absolute crucial starting point.

Then the second derivative or the second area, which is a derivative of that, of course, is the pipeline and the health of the client relationships is the second area to look at.

Look, I would just add then is the flow, the day for the equity business, the day-to-day flows, particularly for BNP, that's where we can see a turnaround. Can you hear me?

No?

I'm sorry about this technology. Normally this is incredibly reliable.

Can you hear now?

Sorry. The microphone's just let me down badly today.

What I was going to say is that I follow very closely then the flows for the equity business, particularly for BNP. When we see a turnaround in flow, that's where we expect to come from in the first instance.

Then, as Ian says, following the pipeline, but specifically for fixed income, now that we've had the Global High Yield business for two years, we expect to see that pipeline now beginning to monetize.

Yes. Look, I think it's, for those of you that have known us for a long time, it's important to point out that we were about £7 billion under management in early 2018, and we're now three times the size of that, having been obviously much, much bigger.

The firm's had a very interesting journey over that eight-year period. We do find ourselves as a global leader in a particularly appealing area of the market, and because of that area of the market's lagged generic indices, as we've said, then we are definitely or we have been out of favor.

Asset management in the active equity space has been under a lot of pressure. We're not been immune, but I think there are signs of recovery, and with our strategy focused on a compelling market niche, then I do think we're really well-placed for growth over the medium to long term.

Thank you.